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US Consumer Sentiment Drops to Seven Month Low · Bloomberg Intelligence

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  Speaker 2: Let's go to join Sue, University of Michigan Surveys of
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  Speaker 2: Consumer Director. Let's talk about this umished data, Joanne, a
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  Speaker 2: little bit weaker than expected on the surface.
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  Speaker 3: What can you tell us?
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  Speaker 4: So it came in a little bit weaker, It declined
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  Speaker 4: from last month, but it was actually a very pervasive drop.
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  Speaker 4: We sought across all demographic groups. Republicans, Independence, Democrats alike.
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  Speaker 4: All declined from last month and very much. So this
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  Speaker 4: is a worry about inflation coming back in the year ahead.
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  Speaker 5: Yeah, speaking of that, I mean that one year inflation
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  Speaker 5: expectation ticking up to four point three percent. That's one
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  Speaker 5: hundred bass points higher than what was estimated and the
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  Speaker 5: prior read that seems very significant.
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  Speaker 6: Can you walk us through that?
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  Speaker 4: Absolutely, So this is a huge jump. We very rarely
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  Speaker 4: see such a huge one month jump in year ahead
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  Speaker 4: inflation expectations. So overall consumers are just really worried about
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  Speaker 4: the negative impacts of tariffs, and they're really expecting tariffs
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  Speaker 4: to yield quite a bit of inflation in the year ahead.
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  Speaker 4: We're seeing a little bit of movement on the long run.
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  Speaker 4: I think consumers are waiting to see how things unfold
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  Speaker 4: before they really update their expectations over the long run.
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  Speaker 2: And again, the emish current conditions came in at sixty
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  Speaker 2: eight point seven. Consensus was seventy three point seven. Last
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  Speaker 2: period was seventy four. What's the again? Kind of a
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  Speaker 2: big drop? Does that surprise you the magnitude of the drop.
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  Speaker 4: The main reason for the dropping current conditions is that
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  Speaker 4: buying conditions for durables really plunged this month. And the
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  Speaker 4: main reason for that is that over the last couple
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  Speaker 4: of months, a lot of consumers spot like you needed
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  Speaker 4: to buy durables now to avoid price increases in the
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  Speaker 4: future because economic policy like tariffs. However, with tariffs on
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  Speaker 4: imminent the ones on China already implemented, people are kind
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  Speaker 4: of getting concerned that it's already too late to avoid
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  Speaker 4: those high prices for durable So that's why current conditions
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  Speaker 4: really took a time.
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  Speaker 2: Very good joined Sue.
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  Speaker 3: Thank you so much. Joined Sue.
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  Speaker 2: She's the Surveys of Consumers Director at the University of Michigan.
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  Speaker 5: You got those jobs numbers today and the immediate reaction
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  Speaker 5: in the market, in particular that you Mish sentiment which
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  Speaker 5: is the weakest, and seven months inflation expectations moving one
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  Speaker 5: hundred basis points higher for the next year. Joining us now,
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  Speaker 5: Lindsay paeisga is a chief economist.
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  Speaker 6: Over at Steefel.
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  Speaker 5: Can we just talk about the U Mish numbers for
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  Speaker 5: a second and the reaction within the market and that
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  Speaker 5: big jump in inflation expectations.
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  Speaker 6: What do you make of that?
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  Speaker 7: A concern for the market recognizing that inflation is likely
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  Speaker 7: to prove much stickier in nature than the Fed had
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  Speaker 7: previously anticipated. And this not only calls into question the
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  Speaker 7: Fed's earlier decision to stop short of what we've long
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  Speaker 7: argued should have been a much higher terminal level, but
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  Speaker 7: it also calls into question now the Fed's ability for
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  Speaker 7: further downside relief, and so you see the market responding
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  Speaker 7: to that, with yields pushing higher this morning after this
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  Speaker 7: morning's jobs report and the confidence report.
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  Speaker 2: So, lindsay, what did you take away from the jobs
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  Speaker 2: report this morning?
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  Speaker 7: Well, it was somewhat disappointing on the headline, no doubt,
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  Speaker 7: falling to a three month low in terms of that
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  Speaker 7: monthly job creation number. But what we see is a
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  Speaker 7: lot of that was likely weather related weakness. And when
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  Speaker 7: we look at the other components that strong upward momentum,
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  Speaker 7: a stronger than expected monthly jump in average hourly earnings,
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  Speaker 7: the unemployment rate taking down to an oppressive four percent. Again,
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  Speaker 7: this continues to set the stage, or set the tone
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  Speaker 7: of tight ish labor market conditions, supporting the Fed's assessment,
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  Speaker 7: as we saw in that January FOMC statement that Committee
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  Speaker 7: members are moving away from concerns of emerging weakness on
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  Speaker 7: the labor market side and conceding now that labor market
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  Speaker 7: conditions are likely to remain not only stable but solid
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  Speaker 7: going forward into twenty twenty five.
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  Speaker 5: The risk, though, has to be the TEARFF question. I
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  Speaker 5: forgot to turn on my mic. I love that I
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  Speaker 5: knew that on a Friday, and you saw that in
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  Speaker 5: you mish. Like both groups from both sides of the aisle,
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  Speaker 5: are worried about inflation expectations related to tariffs, particularly when
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  Speaker 5: it comes to say, durable goods and buying them now
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  Speaker 5: rather than later. We also saw wages take up in
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  Speaker 5: the jobs number. All of that is an inflationary spiral.
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  Speaker 6: No, well, it can be. It depends.
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  Speaker 7: Tariffs in and of themselves are not inflationary if we're
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  Speaker 7: talking about a one time price increase, but they absolutely
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  Speaker 7: can be inflationary if they result in this tit for
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  Speaker 7: tag retaliatory cycle that we saw during Trump's first term
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  Speaker 7: back and forth with China. So again it's going to
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  Speaker 7: depend on the scope and the intensity of these programs.
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  Speaker 7: But also from an immigration standpoint, policies that further restrict
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  Speaker 7: the labor supply in this country could exacerbate the already
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  Speaker 7: present divide between labor demand and labor supply, and as
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  Speaker 7: you mentioned, continue to put upward pressure on wages. At
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  Speaker 7: the same time, the administration has talked about raining in
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  Speaker 7: the size of government, reducing outlays, finding areas of waste
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  Speaker 7: and inefficiencies which could more than offset some of those
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  Speaker 7: inflationary pressures in the marketplace. So it remains a big
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  Speaker 7: question mark, but it does appear that investors looking at
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  Speaker 7: markets reaction, it does appear that investors are concerned about
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  Speaker 7: the upside risks to inflation at this point.
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  Speaker 2: So, putting all that together, Lindsey, what's your view of
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  Speaker 2: the consumer right here?
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  Speaker 7: Well, I think the consumer is still very solid. The
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  Speaker 7: consumer continues to prove very resilient in the fame of
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  Speaker 7: a difficult environment, years of elevated prices, elevated borrowing costs,
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  Speaker 7: the resumption now of student debt payments. That being said,
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  Speaker 7: there are a lot of challenges facing consumers potentially further
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  Speaker 7: higher prices or further increases in borrowing costs at this point,
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  Speaker 7: but we also have to look at the fact that
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  Speaker 7: consumers are incredibly savvy and with real growth in income
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  Speaker 7: excuse me gaining momentum, as well as access to other
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  Speaker 7: supplemental factors like four oh one k's hardship withdrawals credit cards,
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  Speaker 7: it's clear that consumers still have a good amount of
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  Speaker 7: spending and borrowing power left. But again, those challenges are
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  Speaker 7: very real as we look further into the new year.
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  Speaker 6: All right, Lindsay, thank you so much. Really appreciate it.
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  Speaker 5: Lindsay Pieza joining us chief economist over at Steefeld.
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  Speaker 5: One stack we're watching today is Huntington Bank shares. Over
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  Speaker 5: the last two days, they're up by about one percent.
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  Speaker 5: They had an investor day yesterday where they laid out
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  Speaker 5: their strategy for the next few years and where their
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  Speaker 5: growth opportunities are, and the market took it really well.
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  Speaker 5: Zach Wasserman is chief financial officer at Huntington, a national bank,
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  Speaker 5: and he joins us here in the studio. Thank you
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  Speaker 5: so much for joining us. We appreciate this.
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  Speaker 3: It's a pleasure to be with you.
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  Speaker 5: So I think Huntington, and I think a company that
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  Speaker 5: lends a lot to average people and small businesses and
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  Speaker 5: sort of knows.
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  Speaker 6: The economic roots.
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  Speaker 5: But you guys are also trying to expand that and
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  Speaker 5: become something different.
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  Speaker 6: Can you walk me through that?
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  Speaker 3: Sure? Yeah, you know the businesses.
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  Speaker 8: We've been performing exceptionally well recently, and one of the
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  Speaker 8: reasons is because we're driving expansion both geographically and in
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  Speaker 8: our commercial business, expanding in a number of special de
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  Speaker 8: vertical areas and national business lines. Just this year, we've
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  Speaker 8: launched into three new states, North Carolina, South Carolina, and Texas,
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  Speaker 8: and we've also established eight new specialty verticals that are
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  Speaker 8: national for example of funds financed vertical that's supporting private
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  Speaker 8: equity clients, one that's focused on the mortgage ecosystem, and
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  Speaker 8: other national commercial areas.
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  Speaker 2: Talk to us about loan growth, what I do know
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  Speaker 2: about the bank of business.
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  Speaker 3: That's an important driver. So talk to usbout loan growth,
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  Speaker 3: where it's coming from, where.
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  Speaker 2: You're seeing it, and is it kind of in line
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  Speaker 2: with what you were expecting.
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  Speaker 8: You know, we've actually had very strong loan growth of
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  Speaker 8: the last two years. If you take us to back,
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  Speaker 8: much of the industry has been in a pretty neutral position,
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  Speaker 8: not actually growing. Huntington has grown outperformed that by about
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  Speaker 8: ten percentage points. And for us, the growth is coming
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  Speaker 8: from both our core business, which is consumer small business,
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  Speaker 8: and then mid corporate typically private commercial clients, and then
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  Speaker 8: also these new initiatives that I just mentioned before launching
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  Speaker 8: into three new states, a number of specialty businesses.
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  Speaker 3: So we're seeing a nice breadth of growth.
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  Speaker 8: Actually, one thing that's actually you know, a nice indication
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  Speaker 8: of the economic strength as we're seeing strong demand from
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  Speaker 8: small businesses from our regional banking business, typically in the
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  Speaker 8: kind of smaller middle market client set. So it's a
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  Speaker 8: it's been a healthy dynamic we've been.
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  Speaker 6: Seeing before you were in this position.
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  Speaker 5: You also was chief financially financial officer to Visa, and
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  Speaker 5: I know that Huntington is trying to get into the
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  Speaker 5: payments business in a particular way too. What's the what's
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  Speaker 5: the market for that? And how do you guys play
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  Speaker 5: and compete in that?
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  Speaker 8: You know, the market for payments is incredibly broad, and
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  Speaker 8: if you think, if you took a.
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  Speaker 6: Step back to categorize it, actually like is that zell
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  Speaker 6: or like what is that?
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  Speaker 3: You know, it is so broad. The one that really
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  Speaker 3: needs to to zoom into it.
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  Speaker 8: You know, we have a number of card based payment products,
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  Speaker 8: so think consumer cards, commercial cards, but also importantly treasury management,
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  Speaker 8: and that's really the biggest driver right now we're seeing
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  Speaker 8: in payments growth supporting commercial clients with the ability to
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  Speaker 8: accept payments and then make payments in essentially every form
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  Speaker 8: you can imagine, Alex, so big big growth driver there.
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  Speaker 8: One of the things that we've done recently is invest
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  Speaker 8: to expand our merchant acquisition capability. Merchant acquiring is when
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  Speaker 8: a company accepts payments electronically, and it's often the lynchpin
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  Speaker 8: of their business. The lifeblood of the company is how
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  Speaker 8: they accept payments. So we launched a merchant acquiring business
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  Speaker 8: just in October and it's been going incredibly well. So,
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  Speaker 8: you know, kind of almost every area there's growth in
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  Speaker 8: payments for sure, but for US treasury management and commercial
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  Speaker 8: payments in particular as a major growth driver.
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  Speaker 2: Talk to us about your long portfolio, specifically your exposure to.
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  Speaker 3: Office, yeah, real estate.
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  Speaker 8: You know, office and commercial real estate generally for Huntington
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  Speaker 8: is a very small exposure. Actually, typically for large regional banks,
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  Speaker 8: the average commercial real estate within the loan portfolio might
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  Speaker 8: be fifteen or twenty percent of the loan book. For US,
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  Speaker 8: it's nine percent, so we're relatively smaller. In a office
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  Speaker 8: is only one percent of that nine Give you a sense.
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  Speaker 8: With that being said, you know what we're seeing in
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  Speaker 8: that commercial real estate environment is this is gonna this
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  Speaker 8: is gonna be a situation that plays out over multiple years. Thankfully,
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  Speaker 8: we are seeing a fairly orderly process of refinancing and
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  Speaker 8: generally seeing pretty sound ability for our commercial real estate
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  Speaker 8: developers to maintain their financing and to successfully roll through maturities.
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  Speaker 3: But it'll take a while to run through.
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  Speaker 8: To give you a sense, something like twenty percent of
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  Speaker 8: the portfolio matures any given year, so this will be
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  Speaker 8: you know, on average, it will take five years to.
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  Speaker 3: Really roll through.
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  Speaker 8: So I think that's a kind of an industry dynamic
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  Speaker 8: we're seeing, which this is a dynamic that will play out.
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  Speaker 3: Over quite sometime.
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  Speaker 5: What part of this encompasses any kind of M and
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  Speaker 5: A versus organic I guess you know, for.
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  Speaker 3: Us, we're focused on organic growth. You know, M and A.
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  Speaker 8: It can be a tool for banks to grow, certainly,
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  Speaker 8: we've seen m and A in the industry over time.
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  Speaker 8: With that being said, it can also be distracting to
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  Speaker 8: the progress that the companies making on organic growth. And
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  Speaker 8: for us Alex we're seeing so much progress on our
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  Speaker 8: organic growth initiatives, both acquiring customers but also importantly putting
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  Speaker 8: more and more focus around the value added fee services
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  Speaker 8: that come around that come to them, namely payments, wealth management,
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  Speaker 8: and capital markets, and so, you know, just the customer acquisition.
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  Speaker 8: We're seeing the success in those businesses. That's where our
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  Speaker 8: focus is. To give you a sense in the fourth
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  Speaker 8: quarter just that we just closed a ten percent year
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  Speaker 8: over year revenue growth really driven by those organic strategies.
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  Speaker 3: What's a typical corporate customer for you guys?
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  Speaker 8: You know, often, Paul, they are middle market companies that
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  Speaker 8: are private.
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  Speaker 3: That's the most typical company, you know.
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  Speaker 8: You know, the regional banks serve a really important niche
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  Speaker 8: within the overall US economy because you know, the client
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  Speaker 8: set that we are servicing are typically you know, focused
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  Speaker 8: on their local market.
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  Speaker 3: They want a bank with a.
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  Speaker 8: Company that is deeply embedded in the community and knows
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  Speaker 8: them personal, but importantly can bring down to them the
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  Speaker 8: power of a large bank in terms of specialized capabilities.
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  Speaker 8: It's actually one of the reasons why we've been so
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  Speaker 8: successful in these new geographic launches.
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  Speaker 3: How about private credit? Is that a competitor to you? No,
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  Speaker 3: It's funny.
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  Speaker 8: We get this question all the time and the answer
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  Speaker 8: generally is no. Okay, you know, private credit is looking
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  Speaker 8: for the sort of you know, the kind of loans
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  Speaker 8: that they finance are typically where there's more leverage, where
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  Speaker 8: there's more yield to be had. Because of the risk,
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  Speaker 8: that's not the core client for Huntington. And so we
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  Speaker 8: actually were up on stage at our investor day yesterday
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  Speaker 8: and our head of Commercial Business mentioned that only in
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  Speaker 8: two cases last year across our entire business did we
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  Speaker 8: see commercial borrowers actually go to a private credit facility
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  Speaker 8: away from our own lending facility.
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  Speaker 3: All right, Zach, thank you so much. We appreciate that.
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  Speaker 2: Zach Wasserman, chief financial office of Huntington National Bank located
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  Speaker 2: in Columbus, Ohio, Miller Columbus, Ohio as well.
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  Speaker 6: So he's still banks there even here.
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  Speaker 3: Well, he's a player.
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  Speaker 2: I think it's just this is old, this is a
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  Speaker 2: Miller account.
• 14:04
  Speaker 6: Okay, this is different. Gotcha.
• 14:08
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• 14:22
  Speaker 6: Right back to the market and what we're seeing right now.
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  Speaker 5: We saw the job's number coming a little bit of
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  Speaker 5: a disappointment, but then we had revisions higher. So the
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  Speaker 5: idea was that relatively neutral for the jobs world. Average
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  Speaker 5: hourly earnings though beating expectations, and then we got you
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  Speaker 5: missed around ten and that really jolted markets as well,
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  Speaker 5: falling to the lowest and seven months. Also, the inflation
• 14:41
  Speaker 5: expectation for one year rose one hundred bases points.
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  Speaker 6: It was a very big jump. We wanted to get.
• 14:47
  Speaker 5: More into all of this and sort of encapsulate what
• 14:49
  Speaker 5: is happening within the jobs market. Kate Dushane is CEO
• 14:53
  Speaker 5: of RGP joining us.
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  Speaker 6: What was your biggest takeaway?
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  Speaker 9: Well, I think this job's report really a mixed bag.
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  Speaker 9: We saw some numbers moving lawyer lower, as you said,
• 15:05
  Speaker 9: but also others getting revised higher. So I think it's
• 15:09
  Speaker 9: it's fairly neutral given the pressures from the LA wildfires
• 15:13
  Speaker 9: and some of the frigid weather that we've all endured
• 15:16
  Speaker 9: in January across the country, so we have to just
• 15:20
  Speaker 9: keep watching what's happening in the couple of months to come.
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  Speaker 2: So, Kate, I guess one of the big issues is
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  Speaker 2: what this might mean just from an overall labor market.
• 15:31
  Speaker 2: But my takeaway would be, I've got a market that
• 15:34
  Speaker 2: seems at four point one percent, it feels kind of
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  Speaker 2: fully employed. I've got wages that are rising faster than inflation.
• 15:41
  Speaker 2: Is that what you see when you when when you
• 15:43
  Speaker 2: talk to your clients out there in terms of their
• 15:46
  Speaker 2: view of the labor market.
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  Speaker 9: Yeah, I would still say this is a really strong
• 15:51
  Speaker 9: labor market. I think we have seen in our client
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  Speaker 9: base employers or excuse me, employees staying put. So as
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  Speaker 9: companies now are starting to increase some of their transformation
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  Speaker 9: projects again, they're turning to other labor sources like outside
• 16:13
  Speaker 9: talent to supplement the teams that exist within their environments.
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  Speaker 5: One of the biggest outside risks right now, like the
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  Speaker 5: impact of terrorists, for example, the unknowns that we think
• 16:23
  Speaker 5: are coming.
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  Speaker 6: How does it transmit into the jobs market.
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  Speaker 9: Right Sorry about that. Unknowns make everyone nervous and that
• 16:31
  Speaker 9: can be a dampening effect on the labor market. But
• 16:36
  Speaker 9: there's also tremendous pent up demand in terms of innovation,
• 16:42
  Speaker 9: technology transformation, digital transformation that's happening in our client base.
• 16:49
  Speaker 9: There's a push around cost cutting and supply chain optimization.
• 16:54
  Speaker 9: Those pressures in a business don't go away. So we
• 16:58
  Speaker 9: have some countervailing I would say pressure is happening in
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  Speaker 9: the marketplace that we see in our client base. I
• 17:06
  Speaker 9: would say, on the average, we are cautiously optimistic that
• 17:12
  Speaker 9: the environment for labor continues to improve throughout twenty twenty five.
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  Speaker 9: But there are uncertainties related to Trump's trade policies and
• 17:22
  Speaker 9: immigration policies, and how they all play out and what
• 17:26
  Speaker 9: the timing is will certainly impact what is the ultimate outcome?
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  Speaker 3: Kate.
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  Speaker 2: Yeah, you mentioned immigration, and as this administration begins to
• 17:35
  Speaker 2: perhaps implement some changes, what kind of impact do you
• 17:40
  Speaker 2: think that could have. If there's in fact lower immigration,
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  Speaker 2: maybe even forced deportations, how do you think that will
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  Speaker 2: be felt within the labor market.
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  Speaker 9: Well, it'll certainly impact certain sectors of the labor market
• 17:53
  Speaker 9: in certain industries.
• 17:55
  Speaker 6: You know, our.
• 17:55
  Speaker 9: Business is primarily professional services. You are looking at professional
• 18:01
  Speaker 9: and business services. Talent pools, and those, especially in this
• 18:07
  Speaker 9: hybrid environment, can often be delivered remotely, and we can
• 18:12
  Speaker 9: tap into labor pools that are global in nature. But
• 18:16
  Speaker 9: things like retail or construction or healthcare workers that have
• 18:22
  Speaker 9: to be on site. I think some of these immigration
• 18:25
  Speaker 9: policies will create supply and demand problems and put more
• 18:31
  Speaker 9: pressure there.
• 18:33
  Speaker 6: What about Doge.
• 18:34
  Speaker 5: We just heard Scott Beson talking about Doge. If we
• 18:37
  Speaker 5: cut a boatload of government workers, doesn't that just lead
• 18:41
  Speaker 5: to so much supply in the labor market and just
• 18:44
  Speaker 5: really tick that unemployment rate higher.
• 18:47
  Speaker 9: Well, it depends on the skill sets that are coming
• 18:50
  Speaker 9: out of that environment. So we need to learn a
• 18:53
  Speaker 9: lot more before I think we decide what the impact
• 18:58
  Speaker 9: will be. You know, typically about six percent of federal
• 19:02
  Speaker 9: workers retire or resign in a typical year. It's looking
• 19:06
  Speaker 9: like that could be much much higher given the activities
• 19:09
  Speaker 9: that we're listening to around Doze right now. But it's
• 19:13
  Speaker 9: really going to depend on what are the skill sets
• 19:16
  Speaker 9: coming into the marketplace and are they the kind of
• 19:18
  Speaker 9: skill sets that private industry is looking for to decide
• 19:23
  Speaker 9: what impact might.
• 19:24
  Speaker 2: Come an old topic, but one I like revisiting is
• 19:28
  Speaker 2: the whole hybrid work thing. What do you are you
• 19:30
  Speaker 2: seeing any trends evolving here or is it kind of
• 19:33
  Speaker 2: set in stone? Hybrid three four days? Is that kind
• 19:37
  Speaker 2: of the new normal now?
• 19:39
  Speaker 9: We really believe it is, and that's supported by a
• 19:41
  Speaker 9: recent Gallup poll that said hybrid has really landed in
• 19:47
  Speaker 9: the economy. Here, and we see that to be true
• 19:51
  Speaker 9: in our client service. I'd say the only industries where
• 19:54
  Speaker 9: that maybe is less true is in financial services, which
• 19:59
  Speaker 9: tends to want people on site. We saw that with
• 20:03
  Speaker 9: the JP Morgan announcement last month, and healthcare certainly has
• 20:09
  Speaker 9: been more on site than others. But otherwise, you know,
• 20:14
  Speaker 9: we think about seventy five percent of our clients are
• 20:17
  Speaker 9: solidly in the hybrid camp.
• 20:19
  Speaker 5: You have like twenty years of experience working with C
• 20:22
  Speaker 5: suites and helping them to manage transformation initiatives. So what's
• 20:27
  Speaker 5: your best guess on what happens with DEI.
• 20:32
  Speaker 6: So thank you.
• 20:33
  Speaker 9: I mean, we've certainly all been reading lots of headlines
• 20:37
  Speaker 9: about what's happening around DEE and I I think what's
• 20:41
  Speaker 9: getting lost is that businesses can deliver the best results
• 20:45
  Speaker 9: for their customers or clients when they can attract the
• 20:48
  Speaker 9: smartest and innovative talent from a wide range of backgrounds
• 20:52
  Speaker 9: and experiences.
• 20:53
  Speaker 6: And that's what we focus on.
• 20:55
  Speaker 9: It's really about what are the skill sets and perspectives
• 20:59
  Speaker 9: you need for the best problem solving and fostering an
• 21:03
  Speaker 9: environment where employees can do their best work is how
• 21:06
  Speaker 9: businesses will compete and win and that's what we focus on.
• 21:10
  Speaker 9: It's really about problem solving and getting different perspectives.
• 21:16
  Speaker 2: Is AI a do you think is a net positive
• 21:19
  Speaker 2: for employment or net negative? A lot of folks saying, Gee,
• 21:23
  Speaker 2: it may take some jobs away from from individuals, but
• 21:25
  Speaker 2: then others say, no, it's just simply going to improve their.
• 21:30
  Speaker 3: Potential. How do you think about it?
• 21:33
  Speaker 9: Yeah, I am more of an optimist that AI is
• 21:36
  Speaker 9: going to bring more productivity and I actually think more
• 21:39
  Speaker 9: engagement in the workforce. That, however, requires that people be
• 21:46
  Speaker 9: willing to upskill and I think reskill a little bit.
• 21:49
  Speaker 6: Certainly, there are.
• 21:50
  Speaker 9: Jobs that are very task oriented and repetitive task oriented
• 21:56
  Speaker 9: that could be very disrupted by AI. But moving into
• 22:01
  Speaker 9: more business analytics, project management, technology skills, coding skills, I
• 22:09
  Speaker 9: mean as long as workers are willing to engage in
• 22:12
  Speaker 9: some skill set acquisition, I think by and large, we
• 22:16
  Speaker 9: need AI to play a role as the digital worker
• 22:21
  Speaker 9: or we will not achieve the productivity goals that our
• 22:24
  Speaker 9: economy needs.
• 22:26
  Speaker 6: Kate, we really appreciate it.
• 22:27
  Speaker 5: I don't envy how difficult this time must be for
• 22:29
  Speaker 5: you your clients at Kate Dushane, CEO of r GP,
• 22:33
  Speaker 5: joining us from California.
• 22:37
  Speaker 1: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
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• 23:02
  Speaker 3: Yeah