) ended the week with gains. The big driver of the market action was the May employment report, which showed the US added 272,000 jobs last month, nearly 90,000 more than economists had been expecting.joins the show to explain how the May jobs report may impact Biden's campaign, in a reflection of the electorate's shifting economic priorities. Lyft CEO David Risher also sits down to discuss how the company plans to achieve a 15% annual growth rate in gross bookings.
That's what was in the uh household survey now again, it's more volatile, that particular contradiction. You just can't use this month to month data to really determine uh what the economy is doing and what the economy is capable of. What is he thinking as he heads into the room that day because they're also the FO MC is also deciding what interest rate, what monetary monetary policy is gonna be.I would think, I think they're going to say, what does this mean for our preferred inflation gauge P ce deflator, you know, we might call it uh inflation for the things you can still afford for rapidly changing basket.
So if we're still waiting for the fed to cut at some point in the future, Steve and we are seeing those price pressures continue to weigh on consumers. Um So I think the Federal Reserve will be doing what the ECB has just done and they'll take down policy rates a bit now, literally, for investors, it really matters.That certainly wouldn't be a uh a positive catalyst.Um But, you know, I think this time around, if it's just dialing back and sustaining the expansion all on 1995 uh then I think that we're in a decent place.
Uh We, we all know the economic argument here, the inflation rate, the annual rate of change has dropped from a high of 9% to 3.4%.Um yeah, well, maybe the rate is coming down but the prices went up and they're staying up and everybody has their own personal uh inflation gauge whether it's uh the price, price of roast beef or hamburger or milk or your rent.
I'm so fascinated by this because when I think about Lyft versus Uber, obviously your biggest competitor, who, how are customers making that choice?Are they making it because they think Lyft is a better experience or are they just looking at the apps and saying this is the lower price and it's gonna get to me sooner?Who's faster right now.It's right on like you're not going to see a big gap there and they do with price.
Um So something else when it comes to the drivers though is that obviously regulation is something that you um and Uber for that matter, I've been talking about around the country most recently, Minneapolis, I believe there was sort of a back and forth about whether a minimum wage was gonna be required for the drivers, I believe in the end.So how, how do you view those kinds of, I won't call them battles but, you know, obstacles perhaps or around the country.
Um There's a couple of expansion questions I wanna ask you, you guys are in Canada now, your Canada numbers were really good anywhere else. We're not the airline business, but I tell you what, it's great to be able to earn sky miles on Lyft and it's great to be able to get a notification saying this Delta flight is a little bit late, so you probably don't have to leave for another 10 minutes.
But I want to take a look at some other areas of the market that we saw move on the heels of this jobs report.So we've seen the small cap index remain really under pressure as we've gotten this higher for longer mantra from the fed. But it sort of speaks to this narrative that perhaps we don't need the fed to cut rates in order to see this resiliency and stocks.
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