Cathie Wood Says Strong Jobs Report Signals New Economy Formation

ARK Invest founder Cathie Wood said Friday’s jobs report was strong, with nonfarm payrolls rising by 162,000 and household survey employment increasing by more than 500,000. According to ChainCatcher, she said the average workweek also increased and that the economy was operating well in August. Wood said many people will see more inflation and Federal Reserve tightening, but she sees a larger shift underway. She pointed to overall inflation at 3.7%, while other measures are closer to 2%. She also said oil prices could fall toward $30, stocks are hitting record highs as interest rates rise, capital spending has broken above a more than 20-year ceiling, Bitcoin is moving away from gold, and companies embracing artificial intelligence are creating jobs faster. Wood said these are not isolated signals and may mark the start of stronger real growth and powerful technology-driven disinflation. She added that consensus is pricing in the old economy, while she believes a new economy is forming.