Nick Timiraos
speaker
252 appearances
6 recordings
1 series
first heard Sep 2017
last heard Nov 2024
Nick Timiraos’s voice in public audio — every appearance, attributed to the second.
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Appearances
So the question is, we're slowing, but to what?
Are we normalizing and we're just going to kind of go back to where we were and then we'll
hold there at a low 4% unemployment rate for some time?
Or are we passing through what feels like a steady state, normal, soft landing, but it's only a moment in time and three months we'll be able to better tell which indicator that we're seeing out of the report last week is the right one to focus on.
Is it the fact that 272,000 jobs were added, which is very strong
Or is it the fact that a separate survey that calculates the unemployment rate actually showed employment declined in May?
We'll have a better idea on that later this summer.
Everybody's going back to the drawing board here and saying, gee, this is going to be now more expensive, longer lasting, and it raises concerns about things that we weren't having to worry about back in March.
For example, if people aren't paying their rent, if landlords aren't collecting rent, that could put stress on businesses, that puts stress on the banking system.
Well, the Fed really sees the economy being driven by the virus right now.
So at their meeting this week, they're looking at a situation where you have outbreaks in more parts of the country and the prospect that the job growth we saw in May and June, which had been a positive surprise,
that there may not be any job growth in July, which would of course be a significant setback.
And so they're really looking at the spread of the virus as a concerning development because it means that millions of people employed in industries that are going to require people to feel confident spending money indoors and gathering in large groups, those consumers are just not going to re-engage in the numbers that we would need to see for there to be a sustained, continued economic recovery.
That's right.
We've seen more Fed officials say that they're disappointed in the public health response in the United States.
Boston Fed President Eric Rosengren said that he had thought infections would be receding in the U.S.
this summer the way that they have in Europe.
That hasn't happened.
And he said that's because we just haven't been as successful with social distancing, steps like wearing masks.
And also our testing regime just hasn't been as successful as it has been in other places.
Showing 101–120 of 252 · page 6 of 13
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