Episode summary
Daybreak Weekend: US Jobs, Made in Europe, China PMI Data | Bloomberg Daybreak: US Edition
Bloomberg Daybreak: US Edition
· · 39 min · Hosts: Nathan Hager
Summary
The episode previewed three macro themes for the week ahead: the February US jobs report, a new EU industrial policy push, and official China PMI data. In the US segment, Nathan Hager and Bloomberg’s Michael McKee argued that Friday’s payrolls release could matter for March Fed policy, with unemployment expected to tick up to 4.4% and job growth likely to stay concentrated in health care while firing remains low.
The market watch also focused on Target, CrowdStrike, and Broadcom. Bloomberg equities reporter Carmen Reini said Target’s comparable sales are still under pressure, CrowdStrike is being judged through the lens of AI disruption and software weakness, and Broadcom faces a high bar despite analysts expecting revenue and EPS growth above 27% and 28%.
In Europe, Caroline Heepker’s discussion framed the EU’s “made in Europe” plan as an effort to reverse de-industrialization, but one that is already drawing criticism from the US and resistance inside the bloc over protectionism and sovereignty. In Asia, Alan Wong said China’s official PMI data may still show weak manufacturing, as domestic demand remains soft and trade gains increasingly reflect front-loading and rerouted exports rather than a clean recovery.
Key takeaways
- Michael McKee said the February US jobs report could sway March Fed policy, with unemployment forecast to rise to 4.4% and payroll growth around 60,000.
- McKee argued the labor market remains “low firing” and that health care services is still the likeliest source of job gains.
- Carmen Reini said Target’s comparable sales growth has been negative for three straight quarters, even as the stock is up about 17% this year.
- Reini said CrowdStrike investors are more focused on AI disruption and software-sector weakness than on the old outage story.
- Reini said Broadcom may report adjusted EPS and revenue growth above 27% to 28%, but investors may still remain cautious on AI spending.
- Alan Wong said China’s export strength has been helped by front-loading and rerouting, while weak domestic demand and deflationary pressure still dominate the outlook.
Notable quotes
“this is an important number because we've had several Fed officials say uh particularly Chris Waller say that if we get the same kind of number this month, then he would think that he probably would vote to hold”
“The forecast at the moment is for it to tick up to 4.4% from 4.3. That might not move the needle for the Fed”
“we haven't seen much job growth anywhere else. There has been some in construction because of the AI buildout”
“it's also kind of gotten some shine as maybe, you know, moving in and kind of grabbing more market share in the chipm space”
“The so-called made in Europe plan will enforce strict rules to keep investment, factories, and knowhow inside the EU”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Daybreak Weekend, our global look at the top stories in the coming week from our Daybreak anchors all around the world. Straight ahead on the program, we'll look ahead to jobs data in the US and what they may mean for Fed policy. I'm Nathan Hager in Washington. I'm Caroline Hu in London where we discuss what the made in Europe plan means for countries and companies.
I'm Doug Krer looking ahead to the reading on sentiment among Chinese purchasing managers. That's all straight ahead on Bloomberg Daybreak Weekend on Bloomberg 1130 New York, Bloomberg 991 Washington DC, Bloomberg 929 Boston, DAB Digital Radio London, SiriusXM121, and around the world on Bloombergradio.com and the Bloomberg Business App. Good day to you.
I'm Nathan Hager. We begin today's program with some key economic data in the US. We get non-farm payrolls for the month of February at 8:30 a.m.
Wall Street time on Friday. For more on how this latest jobs report could affect Fed policy and interest rates, let's bring in Bloomberg International economics and policy correspondent Michael McKe. Mike, thanks for being here.
Of course, this comes after that surprisingly strong January jobs report. Is that going to be a one-off or could it be the start of a trend? Well, that's the question that this whole data release will turn on.
And for once, we can say that this is an important number because we've had several Fed officials say uh particularly Chris Waller say that if we get the same kind of number this month, then he would think that he probably would vote to hold instead of dissenting in favor of a rate cut on March 18th. So, it does have some implications. Of course, the other side of that is does unemployment go up?
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- us jobs report
- stock picks
- made in europe scheme
- europe defense energy manufacturing
- china pmi data
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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