BlackRock's Rieder Sees 'Significant Softening' of Labor Market

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00:00Are you just flying blind? I mean, this data, it depends what you look at. You can say the economy

00:04is great or things are falling apart. Yeah, it's funny. Thanks for having me on, by the way. You

00:10know, it's a funny thing. I found that the industry's obsession with these individual

00:16days, and by the way, the pay report's a great, great economic indicator, the CPI report. There

00:21is so much information that comes through the system. By the way, my favorite, I read tons,

00:27maybe too many corporate earnings reports, and I look at what's happening with hiring,

00:32inventory management, receivables, et cetera. So there's still, I mean, you know, would I rather

00:36have the data? For sure. By the way, I think the markets become hamstrung, and I think part of why

00:41the markets are acting in this sort of paranoid, you know, what do people know? What's the information

00:45out there manner today? I think the, but, you know, I feel pretty good about knowing the structural

00:52direction of travel. I think the economy's in good shape. There are parts of it. It's not

00:57operating on all its cylinders, which we're talking about. CapEx is great. High income

01:01is doing well. Low income in the consumer side, not so much. But I feel pretty good about

01:06understanding, and listen, I think we have a softening of the labor market that is quite

01:11significant, and you see that, as you mentioned, the Challenger jobs report. You see that playing

01:17out. You certainly see that when I look at all the corporate earnings in terms of that.

01:20We have a softening labor market, and if we had the number today, I think it would have

01:24been reflective thereof.