A global Energy and Power business consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the
pick one data point to be happy about and the data point i think they re looking at isn t the unemployment rate because the unemployment rate went the other way, chairman jerome powell wanted it to go the opposite direction. it was the average hourly earnings that continued to kind of soften and that s what you saw the market react, hoping it will be a softer landing. that word to me is not in the vocabulary. soft landing would be ideal but there s more variables than just one data point. we re talking about 1.7 job openings for every available worker, the labor force participation is 62.3%, a percentage point below february 2020. there s still a lot of room, one data point to be happy with but lots to be there. the markets did like it. i want to get to what the imf
the other thing to pay attention to is as of november, we re talking about 1.7 job openings for every available worker. the labor force participation is 62.3%. still a full percentage point below where we were february 2020. so there is still a lot of room. it s one data point we want to get happy with. absolutely. yet as we were just showing, the markets did like it. i do want to get to what the imf has been saying in the last few weeks because they re not optimistic about global growth. most economies remain in fact more vulnerable than the u.s. economy and just see what s going on in china or in europe. some economists believe that a good u.s. labor market and a confident u.s. consumer, that it can actually help lift the global economy. do you think that s too optimistic an outlook in 2023. i love the key word, help. how much help is the question? yes, the u.s. is in a better position. would that help? sure it will. i have to be very honest here.
62.3%. that is strength. brian: that s definitely strength, and the worry people have is on housing. we don t have those numbers yet. interest rates, people are not going to go buy a house if the interest rates are high and everything stops. this is a strong labor market despite the housing slump, despite the layoffs of some of the big tech companies. we got a report yesterday from adp, private sector employment is really powering ahead, well over 200,000 private sector jobs reported. i will sum it up, it s a strong economy. in terms of the labor market. brian: stewart, who are you going to have in your show? all kinds of people, but not you. brian: [laughs] it has flown by for me. great to see you. meanwhile, straight ahead, bmw is teasing a new colad with arnold schwarzenegger in an epic way. later i will find out what a
rising slightly to 3.7%. those are the numbers, brand come over to you for some reaction. brian: thank you so much, garlic, appreciated, you set the table for us so you have jobless claims jobs attitude and 61,000, and employment up to 3.7% if we can, brian, let s start with you, right now the president keeps pointing to the fact that unemployment is relatively low saying we can t possibly be in a recession. the economy is struggling but not that much. microsoft laid off a thousand people, twitter is laying off half of their people so we will continue to see this. as people get laid off they will not be participating in the economy, i think we are already in a recession which will accelerate in the holiday se season. brian: 62% of the country is working, 62.3. that is up, 62.2 i should say before the pandemic it was 63.4. less people are working.