The US didn't add as many jobs as Economists expected in August the labor Department says 142,000 jobs were added Slightly below Economist expectations of 160,000 and the unemployment rate Dropped slightly from 4.3 to 4.2% CBS News business analyst Jill Slesinger joins me now in studio 57 so It's my understanding from what Economists are telling CBS news that This isn't necessarily bad news for the Labor market but it's maybe a sign of Some softening yeah I mean this is Exactly what the Federal Reserve wants They wanted the economy to cool down They wanted the labor market to cool Down and we could not certainly sustain A market that was adding a half a Million jobs a month we didn't want Labor shortages so a combination of Maybe higher interest rates new uh Influx of people into the labor market a Lot of immigration in the last couple of Years has really helped kind of put the Labor market Back in Balance and this is Actually a good thing another part of This report that I thought was really Good was that wages are rising on an Annual basis faster than the inflation Rate it doesn't make up for the fact That prices went up so much but it does Help as workers start to see that the Difference between what they're making And the cost of things really does start
To narrow quite a bit but the numbers That we got today aren't necessarily Enough for the FED to say you know what Things are slowing down so much that Instead of 25 basis points we're going To cut by 50 basis points yeah I mean to Be clear this is an investor fantasy That I think that after the July report The that so we were talking about August Now the July report if you remember in The very beginning of August we got this Massive sell-off and people are like oh My god there are fewer jobs we're going Into a session telling us whoa whoa whoa Put the laptop away yeah exactly and by The way a half of a percentage point Would have been maybe cons consistent if This particular report showed a much Deeper deterioration what's the FED Telling us you know we saw Jerome pal Speak just a few weeks ago in Jackson Hall Wyoming and you know what he said He said hey inflation moving in the Right direction labor market cooling From that redh hot Pace we're happy that Really does argue for a quarter of a Percentage point at the September 18th Decision and you know what they may not Go by a quarter of a percentage point Every single meeting maybe they'll go by A half a point if the numbers get worse Maybe they'll skip a meeting if things Look better so it is truly data Dependent so I'm looking at the stocks
On my phone which I don't do every day For the record I don't I do this after We get these reports and I need to see How it's reacting down slightly what's The reaction whatever who cares I mean Honest to God I could just pull my hair Out these well okay yeah investors Wanted something different who cares by The way way often times when I was a Trader a hundred years ago okay and Often times we say that the first Reaction to data is often the wrong Reaction so let's be uh kind of smart About this we're long-term investors You're watching out there you're Thinking about what should you do do Nothing just like you don't want to do Anything when the market collapses you Don't want to do so much when the Market's going up stick to your Long-term game plan these day-to-day Gations it's noise and I'm happy to tell Everybody that the noise that is Happening today has nothing to do with You great are we at the point where I Can call you a dollar dollar Jill yet uh It depends uh I I I think so but it has To have a lot of emphasis you know in Other words you cannot say the r okay After dollar so let's try it again ready You go now dollar dollar Jill thank you Great to be with you all right
