Bloomberg Businessweek

US employers unexpectedly cut jobs in July and hiring in the prior two months was revised lower, suggesting the labor market is weaker than previously thought after surprising strength earlier this year.
Nonfarm payrolls decreased 23,000 last month following a combined 103,000 downward revision to the May and June figures, Bureau of Labor Statistics data showed Friday. The unemployment rate fell to 4.1% as labor force participation continued to slide, and wage growth slowed.
Bloomberg's Tom Keene and Damian Sassower break down the numbers with:
Claudia Sahm, Chief Economist at New Century Advisors
Constance Hunter, Chief Economist at EIU
Kristina Campmany, Senior Portfolio Manager at Invesco
Andrew Hollenhorst, Chief US Economist at Citi
Stephanie Roth, Wolfe Research Chief Economist
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

OpenAI said the artificial intelligence models behind an attack on Hugging Face Inc. began communicating with each other through undetected message boards, working together to break out of their testing environment as early as May. The researchers said that the roots of the breach went back to when OpenAI scientists gave an experimental AI system a new task to complete, and the models demonstrated a propensity to cheat on their assignments and showed persistence in trying to complete a given task. The incident has fueled calls for more thorough safety reviews of AI models, and OpenAI has slowed its research to focus on enhancing responses to security anomalies, warning that governments and businesses should expect hackers to intentionally deploy AI agents in a similar fashion.

For more, Carol Massar and Tim Stenovec speak with Maggie Eastland Bloomberg News Tech & Industrial Policy Reporter and Rachel Metz Bloomberg News AI Reporter
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

US President Donald Trump has periodically spoken by phone with Federal Reserve Chair Kevin Warsh since he took the role, people familiar with the matter said, the latest sign of Trump’s effort to exert greater influence over the central bank.

Trump and Warsh have spoken multiple times since the latter was confirmed in May, with Trump inquiring about Warsh’s forecasts and opinions but not pushing him to take any specific course of action, one of the people said, speaking on condition of anonymity to discuss the private conversations. One person said they speak irregularly, and another said their calls are infrequent. It’s unclear if the two have discussed monetary policy.

“President Trump has repeatedly stressed that he is giving Chairman Warsh the space he needs to restore confidence and competence in Fed decision-making,” White House spokesman Kush Desai said in an emailed statement. “While the President has his First Amendment right as an American citizen and duty as Commander in Chief to voice his thoughts about the Fed, he has also repeatedly reaffirmed Chairman Warsh and the Fed’s independence.

On this episode, Carol Massar and Tim Stenovec speak with:
Mike McKee, Bloomberg TV and Radio International Economics & Policy Correspondent Enda Curran, Bloomberg News Senior Federal Reserve Reporter
Hema Parmar, Bloomberg News Hedge Fund Reporter on Situational Awareness Returns to Investing With $400 Million Bet
Matt Winkler, Bloomberg News Editor-in-Chief Emeritus on 'Follow the Money All the Way to Carney’s Canada
Adam Zambanini, CEO, Trex on earnings, state of manufacturing, competition in the sector, TAM, recyclables and materials/wood-alternative composite decking and residential railing products
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Child safety online has become a national issue. The US surgeon general has called for warning labels on social media sites. Congress has held hearings taking CEOs to task. And lawsuits claiming harm to thousands of kids have been piling up in the courts.

For more, Carol Massar and Tim Stenovec speak with Olivia Carville, Bloomberg News Investigative Reporter
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The people, companies and trends shaping the global economy. Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.

Kalshi is being defended by a team of Milbank lawyers in court fights that could upend US predictions markets, including a new suit by New York Attorney General Letitia James claiming the company operates as an illegal gambling business. The New York suit poses the greatest potential threat to Kalshi because state law gives the AG wide powers, and could potentially bring the company to its knees, according to sports betting and gaming attorney Daniel Wallach. The cases, which have yielded mixed results, could eventually be headed to the US Supreme Court, testing a Milbank litigation practice boosted by the addition of lawyers such as Neal Katyal and Josh Sterling.

On this episode, Carol Massar and Tim Stenovec speak with:
Robert DeNault, Head of Enforcement and Legal Counsel at Kalshi
Larry Aschebrook, Founder & Managing Partner of G Squared and Bailey Lipschultz
Wayne Ting, CEO at Lime
Conn Davis, CEO of Byrna Technologies
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