Larry Kudlow, Bonnie Boy, National Economic Council discussed on Bloomberg Markets
Theo. Director of the National Economic Council, Larry Kudlow, coming up in moments to talk about the jobs report this morning, which disappointed 245,000 jobs created economists looking for 460. It's down from a revised lower 610,000 created in October. But pull the market doesn't seem to be too bothered. No, you're right. You're right, Bonnie. I think that you know the job of state again was disappointing as you pointed out here, but as we've seen really over the last several weeks several months Market is really focusing on these vaccines and kind of what that means for the economy. We think about 2021. Can you start discounting a better economy opening up if you will in 2021 maybe made 2021 as these vaccines start to come into the population on allow the economy's to open up a little bit. But in the interim Bonnie Boy. The pandemic numbers air really grim. They're going to get worse and we're just seeing it across the country on. That's what we have to deal with. That's what the economy has to deal with, and that's what the labor market Has to deal with, you know, over the next several months, at least some other concerning figures. If you get granular, the average hourly earnings mother reminds, it did improve more than economists were looking for, but still pretty bold 3.3%. Your rear. That's 4.4% of growth. And then weekly hours stayed the same. And 34.8 labor force. Participation also came down. And you don't want to see that, Paul, you want to see people continuing to try to get work. Yeah, exactly. And Bonnie, you know this. This data goes really just to the first half of November. So you know, doesn't even reflect you know some of the increasing rates of shutdown we've seen across the country in the back half of the month here, so Again, I think is what we've heard from many economists. Bonnie is that and from you know, the health care community is that the next several months are gonna be very difficult from the pandemic perspective from the number of cases diagnosed the hospitalizations And obviously that has personal impact, But it will also have an economic impact. Azzawi kind of go through the next several months here, And if you're you know, a business a small mid size of large business. You're gonna be a little bit cautious. Here, it appears, And so that's gonna be reflected in the data. And, of course, finding, you know, we get those jobless claims every Thursday morning, and they paint a similar picture. Some fresher dated two out of 10. Just a few moments ago, we got durable goods orders. They came in, as expected for a final number in October of 1.3% positive X, transportacion and air a little bit better than forecast. In fact. Exactly Right. So anyway, coming up, we're gonna Jonathan Ferrell Bloomberg television. He's gonna be chatting with Lawrence Kudlow, director of the National Economic Council, talking about those job numbers, Vanni, and so we're gonna have to see what Mr Coelho has to say. Let's go right now to Jonathan Farrow and Larry Kudlow. For our audience worldwide on Bloomberg TV and Bloomberg Radio. We could get the White House reaction to this number. I'm very pleased to say that joining us now is Larry Kudlow, National Economic Council director Larry Let's start right there. Downside surprise on the payrolls report. People waste fate to in the last hour, the last 90 minutes, all say the same thing. This makes it more likely to get a deal down in D. C. Does it make a difference to you, Larry? Well, look, I just want to say, I don't think This is such a bad jobs report. Okay, It may have come in..