The US economy added fewer jobs in January than expected — growing by only 143,000 non-farm payroll jobs — though the unemployment rate declined and average hourly earnings grew.
Interactive Brokers chief strategist Steve Sosnick and Agile senior portfolio manager Noelle Corum join Morning Brief with Seana Smith and Brad Smith to discuss what the labor market data shows about inflation.
The increase in earnings "could cause inflationary pressures down the road" because "higher wages do tend to lead to higher inflation," Sosnick says, noting that "that’s probably a good kind of inflation."
He explains that egg and coffee (KC=F) prices increasing "is not a good price cause of inflation. The fact that more people have more money to spend and feel better about it, especially if they can actually save some … that’s sort of a healthy way if you’re going to start having a little bit of inflation."
Also catch Steve Sosnick’s comments on what the January jobs data signals about the Federal Reserve’s next moves.
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