Relentless Hiring In Healthcare & Government Doesn’t Care About Fed’s Interest Rate Hikes | Eric Pachman’s Data-Visualizations On Why Inflation & Hiring Are Sticky

Speaker 0: Forward guidance is brought to you by VanEck, a global leader in asset management since 1955. You'll be hearing more about a VanEck ETF later on. But for now, let's get into today's interview. I am very happy to be joined by Eric Pacman, chief analytics officer of Bank Creek Capital Advisors. Eric, welcome to forward guidance.

Speaker 1: Thank you so much, Jack. Thank you for having me.

Speaker 0: Eric, we first got in touch based on your work, which really is incredible, about the differences between CPI inflation, which, you know, mainstream news organizations talk about, and PCE inflation, which the Federal Reserve is the that's their official target. And those different weightings and the different contributors to that. But let's hold off on that for just a minute because I wanna talk to you about the May employment number, the nonfarm payroll, which came out in 272,000 jobs added, above forecast. So, you know, the the market took that as, you know, bond selling off, stoc

Tell tell us about your work.

Speaker 1: Well, so let me let me back up a little bit. And have you seen the movie Inception?

Speaker 0: Yes.

Speaker 1: So, hopefully, everybody has seen this movie. It's wonderful. So, you know, when you're gonna, like, go one one dream down and then 2 and then 3 and then 4. And once you get, like, 4, 5, 6 dreams down, like, you almost never make it out. You get trapped.

That's been my life for, like, the past 2 to 3 weeks. So, I've had this podcast kinda on my calendar and really, really wanted to get this labor done this labor project done before we talked because I was just fascinated by this database. And and I have been pulling my hair up, trying to get, the visualization tool, on our website, and I'm proud to say that it is literally now up as of 1 hour ago. So, you anyone can go to our website. There's no paywall.

It's free for anyone to use. And, I've defaulted it to May data, and then to we'll we'll get into this, but display all the 2 so you'll be able to see kind of, like, private education and health care and stuff like that. But you'll see the number. I mean, it ties to 272. And then the idea is that, like, you know, I come in here and tell you what I I think about it.