nela: this is the irony.cognize the pain point they will face in the labor market because skills have never been so easy to acquire and so hard to retain. technology is moving fast. as soon as you learn that coding language, it's already changed. my first piece of advice is to really involved with the technology -- involved with the technology -- evolve with the technology. our survey shows that nondegree holders feel just as unprepared as degree holders. engage with people, interact with them, collaborate, learning from different demographics. you have the benefit of five demographics under one worksite. use it to your advantage. lisa: another aspect of this transformation which is interesting, the skills are harder to replace with ai are the things are traditionally more blue-collar, people who are making things, building things, teaching people, caring for people, etc. are you going to see some of the office related jobs shrink and these others really build out? nela: at adp research, we actually quantifie

nela: we are seeing a lot.ve lost leverage from the heyday of the great resignation where they were clearly in the driver's seat. nobody is in the driver's seat right now and the labor market. it is pretty calm and quiet. pay growth has declined. we are seeing the lowest pay growth since 2021, so that is significant. also, we have to look at hours worked, and that is where companies are kind of fine tuning their labor cap. layoffs are very low. historical lows for the past two years, but the number of hours people are working have been declining consistently over the past year and a half. that means workers are making less. also, i will point to the data that came out this week. everybody made a big hubbub about it opening. people are staying put in their jobs, and that means there's been very little turnover in this labor market. lisa: i agree with you, 1.9 percent, tied for the lowest rate of quits going back to 2020, raises eyebrows about how much agency workers feel. i'm wondering the why behind this. is it

nela: you make a very important point.n hitting that 2% target and not as focused at anchoring to 2%. that is a degree stronger than hitting a 2% target. the fed has 400 phd economists whose job is to run these scenarios and they do it with -- for decades. this is not outside the fed's capacity to run scenario analysis about policy changes. they will have to be watch bill -- watchful of where the consumer is. jonathan: appreciate you. going into this week's federal reserve decision and the economic data as well, no doubt if this move continues chairman powell will be asked about it on wednesday. house prices, the s&p 500 is another. lisa: does it give him more room to express confidence could cut again and remove political pressure from him? how much that leans into some of the rally we have seen at the front end of the yield curve, the likes of mark side and are -- sidner saying they will cut anyway. jonathan: if he disagrees he will come out and say so. we will hear that on wednesday after the press conference. lisa: i'm

for more, i'm joined by nela richardson, chief economist at adp.ed their own private sectorjobs report earlier in the week showing fewer postings than expected. let's start there with that upside surprise any drugs figure today but contributing the pirate payrolls or a to b figure early in the week. what are some of the key takeaway is for you? are some of the key takeaway is for ou? , . , for you? these are very different _ for you? these are very different pause - for you? these are very different pause in - for you? these are very| different pause in terms for you? these are very i different pause in terms of for you? these are very - different pause in terms of how the data is collected. the data takes into account the number of people on payroll and we did see a downshift in december to 122,000 jobs created and if i go to the government report today, its number of paycheques are not necessarily number of people that they are using as the raw input into that state it and it is a survey, not administrative. why is this important? because what th

our colleagues will be speaking to the adp chief economist, nela richardson. >>> and we'll be hearing from u.s. treasury secretary, janet yellen today. you can tune in later on at 4:10gmt. >>> comments have nvidia ceo, while meta takes another step to boost ties with president- elect trump. we'll bring you the details after this break. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. (auctioneer) let's start the bidding at 5 million dollars. (man) robinhood gold members get a 3% ira match. while the wealthy hoard their perks, our retirement contributions are boosted by 3%. now with robinhood gold. z's bakery is looking to add a pizza oven, arissa's hair salon wants to expand their space, and steve's t-shirt shop wants to bring on more help. wit

also french pastries the nela raman, caramelized crust the times even praised the bakery's chocolateakes as hsus. that's a good word for analysis. alright, artists festival organizers and nonprofits that are looking to make arts part of their programs can apply online. >> for one time grants to support their work and strengthen the arts culture berkeley. so these grants allow programs to fund new individual works or events and create new arts programs applicants for each category can attend separately designed webinars. if you want to learn more about the guidelines and eligibility and how to apply the grants range from $5,000 for individual projects to $10,000 for arts, nonprofits, deadlines range from february 19th to march. 12th. all right. take a look at this animal control rescued a hair and saturday. it was tangled apparently in a fish line with a hook in its beak. so this was in a tree out at fisherman's wharf. officials had to use that ladder truck. you see there to reach that struggling heron. it was taken to a vet and they were able to remove that fishing hook that hair and

nela gonsalves, executive director from one treasure island. i have a very short report this month at our food pantry on the 17th. we served over 200 households with hams and turkeys and gingerbread houses and toys, and we gave residents who are in the new housing development grocery carts so they can wheel their groceries from the food pantry all the way back up to star view court in isle house and masayo mae. so it was a very lovely celebration. our construction training program began this monday. on january 6th, we had 11 candidates that are enrolled in the training, and our job broker and employment services are set tew year, and the tax site will launch on february 6th. that's where we provide low income san franciscans and island residents with free tax prep services if they make $75,000 or less. and so we're excited to run that program again in partnership with the united way bay area. as far as community events, we are currently in the process of hosting nert training, neighborhood emergency response trainings. first one was last saturd

up next, nela richardson of adp joining us.jonathan: a second straight week of losses on the s&p 500, coming into monday and the losses continue. on the nasdaq, the bond market, commodities as well. let's get the fixed income first. yields up again by two basis points. yields climbing for seven convective sessions. it wasn't just payrolls on friday, a few hours later we got the inflation expectations read. that wasn't pretty, either. annmarie: the idea that some people were saying you can basically discount some of the strength by saying the visionary impulse in the wages is shattered. we got the university of michigan sentiment survey, people said this is the republicans feeling fine about inflation and democrats feeling terrible about inflation ahead and it led to the highest inflationary going back in 2008. nonetheless, it puts that much more pressure on that cpi print and it just speaks to how jittery this market really is. jonathan: the director said nearly one third of consumers spontaneously mentioned tariffs, up from 24