00:00JPMorgan Asset Management's Priya Misra still concerned about the labor market writing quote
00:04we continue to characterize the job market as a low hire low fire one despite the higher than
00:09expected payrolls on Wednesday. The market's a bit fragile in terms of hiring trends and
00:13breath. Priya joins us now. Priya why are you still concerned about it when nobody else seems
00:19to be that concerned about it including the Fed which was before the holidays and seems to have
00:23forgotten about what might be fragility in the labor market. Sure so I think we've had a lot
00:28of data. There's you know right from whether it's ISM employment that look like it was sort of
00:33stabilizing. The Fed's already cut a lot. So I think the Fed is hoping that the labor market is
00:38stable. You know we do think it's sort of stable but it's stable at a low level. You look at
00:43whether
00:43it's household surveys whether it's business surveys. Hiring numbers are still weak. And then
00:48you know yesterday's report was good. But when we look at that breadth of hiring it's really education
00:54it's health care. We're getting older. That's sort of a secular trend. It's not clear that we're sort
00:59of seeing this upswing or any sort of re-acceleration. So in our view we're in this low
01:04hire low fire. But I think we're one number away from you know nervousness again. If you see initial
01:10claims pick up. If you see another challenger job survey picking up. I think the market will get
01:14nervous that if we're transitioning from a low hire low fire to a low hire pick up in firing. I
01:21think then
01:21the market gets really nervous because I think the market wants to move on to this broadening that
01:26you know this broadening out of the recovery. The fact that you know maybe we're sort of re-accelerating
01:30with the tax refunds. And I think that then starts to become a question. So I would say we're stabilizing
01:36but we're not re-accelerating.
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