Friday Business Report: US Jobs Report Revised 500,000 Jobs Fewer

Ebone Monet and Miro Copic, co-founder of BottomLine Marketing, talk about how the large downward revision in how many jobs were created since 2018 might impact the economy and consumer confidence. The downward revision suggests that the economy is more in maintenance mode, rather than growth mode. The silver lining in the announcement means that wage growth was likely higher than 3% (maybe as high as 4%), which explains why consumer spending has been so strong. They also discussed that the San Diego Sports Arena will get a new operator, moving aside the incumbent operator who managed the Sports Arena for 28 years. The new operator, Anaheim Arena Management owns the Ducks hockey club, in Anaheim, and the Gulls minor league hockey club in San Diego received a 3-year contract with two 1-year renewal options. The City Council must approve the contract and the new operator will start managing the Sports Arena in May 2020. This is part of a major redevelopment effort by the city of San Diego in the Midway district, where the Sports Arena is located. (KPBS News – 8/23/19)