July's weaker-than-expected jobs report fueled fears that the Federal Reserve's focus on fighting inflation has come at the cost of the labor market's health. American Staffing Association chief economist and head of research Noah Yosif explains,"Markets clearly had a panic attack over July's jobs numbers. However, once they took a step back to look at the broader picture, they were able to course correct. July's numbers were certainly not great.
Indicating the tight labor market that made the great resignation possible is a thing the past joining me now is Noah Yosef American Staffing Association, chief economist and head of research, Noah, thank you for being here.So first of all, just give us a big picture what you're seeing from where you sit and in the the staffing realm particularly.
In addition, we're seeing that productivity amongst workers is also increasing as a result of higher borrowing costs through monetary policy.So when looking at the big picture, we're seeing that the labor market is fairly healthy. But revisions have largely been positive sometimes going 30 40,000, 40,000 jobs higher than was initially expected.
And so therefore, what we're seeing right now in the staffing industry is more of a lull in employment that is going to rebound once we see that borrowing costs uh are alleviated due to an inc increase or a decrease in in uh interest rates.Thanks, Julie stocks closing mix to start the week as Wall Street braces for key economic data in the coming days here with more on the trading day takeaways.
So when we have one of these huge repositioning events and people get scared out of the market like they did with the Japan liquidity situation, guess what?And then you see the indexes move up and down by large amounts, you see the VICS go from 15 to 60 that's kind of the dynamic there.Well, it's what gets, let me just go back to the chart here over time with confidence in a bull market, it just gets rebuilt.
And one of the things that uh, well, we can go there, one of the things that, that took us into this liquidity crunch and all of that that you alluded to is what's been going on with the Y so what, what we even heard as much talk after the yen carry, unwind, what's happening?This um the NASDAQ basically bounced back to where we were three months ago.The US dollar versus the yen is actually even lower in there.
And so is the, the question I've been asking folks right now is essentially, are we at a point where this valuation is attractive again?This is a question that we posed to David Bonson earlier today.So there is a lot of both fundamental and certainly just valuation risk around the A I big tech trade and that there's plenty of more oxygen to come out of that and when it happens and how much it happens, I don't know, but it's going to happen.
The way I move its hands, the way I touch an object is all being processed as data to create a mental model.In the past, we've had to train engineers for years to speak the same language that computers speak, which is you know, programming languages and assembly language. That's especially important when it comes to Apollo's hands in something called dexterous manipulation.
Investments are flowing in backing from big tech companies like Amazon and Microsoft set new records for funding this year according to CB insights and it's about to get even bigger with humanoid robots taking their first steps into the real world.Figure A is trained its humanoid for use at a BMW plant.I'd say we're at step zero point.People saw what was happening with large language models and it's really taking that and applying it to the physical world.
I could put 1000 or a million humanoids and I can test a different version of the algorithm in parallel.Now, the company is developing foundation models to speed up the pace of learning so robots can copy any human movement just by observing.We are basically able to train the robot using text input or it can take, you know, speech input or it can take like demonstration or videos from the internet.
So if you look at the US, if every unemployed person got a job tomorrow would still be short millions of jobs. First of all, policy could come in place and all the companies that we are trying to create mostly trying to solve for all good scenarios, right?
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