Host: Welcome back. The October jobs number came in hotter than expected: nonfarm payrolls rose by 165,000, above nearly every forecast. Joining us is Jan Hatzius, Goldman Sachs Chief Economist, to discuss the report, the midterms, markets, data centers, and more. Jan, it is great to have you.
Jan Hatzius: It is great to be here.
Host: There is nothing wrong with this number, I assume you agree. Do you think it marks the beginning of something new?
Jan Hatzius: Definitely nothing wrong with it. It is a very solid report, certainly as far as payrolls are concerned. There is some month-to-month volatility, but we think the underlying trend in job growth is probably back above 100,000. That is more solid than it was earlier in the year.
What we are not seeing is sustained downward pressure on the unemployment rate. It edged down a little, but it has remained in the 4.1% to 4.2% range….
