Larry Summers Sees a ‘Relatively Strong Economy’ After US Jobs Data

Welcome to the Wall Street Week newsletter, where the best minds on Global Wall Street give you some investing food for thought from our conversations on Bloomberg Television. I’m David Westin, and this week we talked with special contributor Larry Summers about US jobs numbers, GE’s Larry Culp and Scott Strazik of GE Vernova about the final step in the restructuring of an American icon, and Zanny Minton Beddoes of the Economist about the future of the Chinese economy. If you’re not yet a subscriber, sign up here for this newsletter and for daily markets analysis from Bloomberg Surveillance.

US jobs numbers out on Friday pointed to what special contributor Larry Summers called “a relatively strong economy.” But he also noted that “job growth remains considerably more rapid than underlying population growth.” The US also has “huge deficits,” he said, with “more spending to come — substantial investment in renewables, substantial capital costs of various kinds associated with artificial intelligence, an aging population — meaning more dis-savers — [and] less capital flow from abroad.”

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