00:21:39 · John Coogan, Hunter Somerville, Jordi Hays
[00:21:39] S0: Anyway, we should move on to the jobs report because even though AI is getting better so is The US employment picture. The US added a 162,000 jobs in August. Sheesh. That is a lot of jobs. Also, what's interesting is that the the Wall Street Journal had an op ed They're [00:21:59] S3: a violation. [00:21:59] S0: Had an op ed just I mean, it just printed today. It it went to it went to print online yesterday. But saying, why we'll have to get used to meh job reports. The economy doesn't need to generate all that many jobs to keep the labor market steady but that won't keep low job growth from feeling dissatisfying. So economists think or they thought that Friday's jobs report will show The US added seasonally adjusted 53,000 jobs in August. The number came back a 162,000. Three times what these what these economists what were the economists doing? A sleep at the wheel. They're on summer vacation maybe. Who knows? That would be a step up from July's unexpected loss of 23,000 jobs which of course was now revised upwards. So we actually did add jobs in [00:22:49] S1: Oh, got an upwards revision. Yeah. [00:22:50] S0: Upwards revision. [00:22:51] S1: You don't see that much. No. Usually [00:22:54] S0: Narrative violation. Usually. [00:22:56] S1: Yeah. That's a narrative violation.
00:22:57 · John Coogan
[00:22:57] S0: There's a whole bunch of interesting there's a whole bunch of interesting dynamics going on in the economy. The the the Wall Street Journal has been doing a great job highlighting the the the main street millionaire, the small town entrepreneur, what's happening in the broader real economy, not too focused on what's happening in tech and tech jobs where obviously a very small employee base can create a really outsized outcome. Nothing shows that better than Hugging Face. Couple 100 employees, dollars 12,000,000,000 outcome. And that's not the nature of The US economy. That is the power law. That is the the outlier. And But it's easy to track and say, oh, well, like if if you're making a $12,000,000,000 business with just a couple 100 people, there's not going to be any more jobs. But that's not the way The actual US economy works. So what is going on with The US economy? The August jobs report is out and it is good. It blew past expectations with The US adding a 162,000 jobs. Economists polled by the Wall Street Journal said that The US would add 53,000. That comes after both the June and July jobs reports were revised up to 31,021 respectively. So the unemployment rate remained at 4.1% which is historically low which indicates that we generally have a healthy labor market. The jobs added were fairly broad based from the Wall Street Journal. Food services and drinking places were a standout. Let's go. With an increase of 59,000 jobs and people were worried about this post World Cup slump. You remember this? Yeah. Yeah. And so it seems like whatever happened there, whatever gyrations happened, people are still dining out. People are still going to bars and so they're hiring.
00:24:44 · Jordi Hays, John Coogan
[00:24:44] S1: I think it's quite possible that recent model advances are allowing people to have more power lunches. Yes. Might have historically been a Friday thing. Yeah. Maybe now they're adding Monday, Tuesday, Wednesday. [00:24:56] S0: Sort of a Thursday. Let Astra take the wheel scenario [00:25:00] S1: Yeah. [00:25:00] S0: After 1PM in many offices across the country. Yeah. Could be a could be a thing. [00:25:04] S1: Could be that. [00:25:06] S0: Similarly, local government education gained 42,000 jobs after losing 58,000 jobs in the prior months. Manufacturing was among the sectors registering job gains as was healthcare as has always been the case. Healthcare continues to boom. The information and finance sectors shed jobs while economists are divided over how artificial intelligence will divide the market. Those sectors are generally viewed as among the most exposed to technology. At a minimum, the report is an argument against the Fed lowering rates in September. Before the report, markets have been roughly divided on the prospect of a hike. It also seems that the AI jobs apocalypse is still on hold at least for another month. And of course we'll discuss this on the show. Let me tell you about Shopify while Jordy queues up the next story. Shopify is the commerce platform that grows with your business and lets you sell in in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Do you have anything? Because I got a big story here we can read through, but it's a long one.
00:25:06 · John Coogan, Jordi Hays
[00:25:06] S0: Similarly, local government education gained 42,000 jobs after losing 58,000 jobs in the prior months. Manufacturing was among the sectors registering job gains as was healthcare as has always been the case. Healthcare continues to boom. The information and finance sectors shed jobs while economists are divided over how artificial intelligence will divide the market. Those sectors are generally viewed as among the most exposed to technology. At a minimum, the report is an argument against the Fed lowering rates in September. Before the report, markets have been roughly divided on the prospect of a hike. It also seems that the AI jobs apocalypse is still on hold at least for another month. And of course we'll discuss this on the show. Let me tell you about Shopify while Jordy queues up the next story. Shopify is the commerce platform that grows with your business and lets you sell in in seconds online, in store, on mobile, on social, on marketplaces, and now with AI agents. Do you have anything? Because I got a big story here we can read through, but it's a long one. [00:26:10] S1: Yeah. On on the on the rates debate, the president was over on Truth Social [00:26:18] S0: Mhmm. [00:26:18] S1: Today asking for a rate cut and making a bunch of various threats [00:26:24] S0: Mhmm. [00:26:25] S1: Around halting trade with a number of of our trade partners if we don't get a rate cut. So hopefully, the market shrugs it off and that's all I
00:26:25 · Jordi Hays, John Coogan
[00:26:25] S1: Around halting trade with a number of of our trade partners if we don't get a rate cut. So hopefully, the market shrugs it off and that's all I [00:26:38] S0: have. Okay. Let's move on to some funny timeline post. The timeline. Because Logo Daedalus has a funny one here. Slop does not come from AI but from the heart of man. AI only reveals the slop that is already in the heart of man. What man desires is slop. The problem with the the problem is with man not the machines. Very eloquent. And then Tom Cruise says, not the real Tom Cruise, but a a non account says, I am joining the war on artificial super intelligence on the side of artificial super intelligence with a crazy screenshot that we need to keep on the screen too long. [00:27:17] S1: Moving. Keep [00:27:19] S0: AI outage of course and people are saying code with a without AI and it is the the Odyssey try and string this bow challenge. We really should have put Tyler to the test yesterday. Biz Buzz, do it. Python, good luck. You only have github. [00:27:36] S1: Tyler's first thing, he would go to chat and ask what programming language is good for somebody just getting into programming. And then realize it was down. Completely halted. Mhmm. This was a heartwarming moment. A tennis player who's retiring at the end of the year says his next career after tennis will be in finance. [00:28:01] S0: Let's go. [00:28:01] S1: And I just wanted to give a round of applause. That's great. Super super herbal.
00:28:01 · Jordi Hays, John Coogan, Hunter Somerville
[00:28:01] S1: And I just wanted to give a round of applause. That's great. Super super herbal. [00:28:07] S0: I have a new chapter coming next year. I'll be working in finance. I already signed to work in wealth management in a Swiss company. My next chapter is looking more in an office and working in finance. I I know some I know some former pro athletes who have gone into wealth management and it's a it's a fantastic fit. They've had fantastic careers. It makes a lot of sense. You can go play golf and tennis with your clients and you meet a lot of interesting people while you're on tour. It's a it can be a very very good fit, especially if you have the passion for it even before you wound your career down. But Major partnership news. Huge partnership [00:28:43] S1: Sam has partnered with Jim Riley at what is it? Carolina AI. AI. Charleston Let's pull up this video. [00:28:54] S0: Partners with Monaco. Let's watch it. [00:28:56] S1: This is big. [00:28:58] S0: As you know, I'm Jim Riley, cofounder of I do know. AI's come to to Charleston. It's already here. [00:29:08] S1: AI is coming to Charleston. It's already here. [00:29:09] S0: Partnering with Monaco, we can bring AI to all of South Carolina, which is what I wanna do. I really wanna bring AI to everybody in South Carolina. And with their help, their program, their AI, we can do that. So if you're a founder and you need assistance and want help identifying potential customers, people that will use your product, Monaco is the way to go. Just like how I'm [00:29:35] S3: using them.