ADP Beat Is Sign of Labor Slack, Says Danny Blanchflower

The video discusses the relationship between the ADP report and payroll numbers, noting a low correlation but highlighting significant figures. It analyzes labor market data, including unemployment trends and wage growth, emphasizing the importance of weekly earnings. The discussion extends to labor market slack, estimating a gap of 8-9 million jobs from full employment, and critiques the Federal Reserve's perspective, suggesting a closer alignment with Donald Trump's views on labor market realities.

What contradiction does the speaker mention regarding the Fed's statements and public sentiment?

Who does the speaker believe is closer to reality regarding the labor market slack?