WEBVTT - June Jobs Report Surpasses Expectations 0:00:00.720 --> 0:00:03.720 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.800 --> 0:00:06.320 Jason Kelly. We're right here every day bringing you the 0:00:06.400 --> 0:00:11.160 latest news from the world's of business and finance, plus technology, politics, economics, 0:00:11.240 --> 0:00:14.280 all harnessing the power of Business Week reporters and editors, 0:00:14.440 --> 0:00:16.439 and of course Carol that's part of a team of 0:00:16.520 --> 0:00:20.439 twenty seven hundred journalists and analysts more than a hundred 0:00:20.480 --> 0:00:23.280 and twenty countries and Jason. You can download Bloomberg Business 0:00:23.280 --> 0:00:26.239 Week on iTunes, SoundCloud, bl Bloomberg dot com. You can 0:00:26.280 --> 0:00:28.640 also listen to our radio show at two pm Eastern 0:00:28.680 --> 0:00:31.560 on Bloomberg Radio every weekday, or watch us on YouTube 0:00:31.600 --> 0:00:36.960 by searching Bloomberg Global News. Every time we approach Job's day, 0:00:37.159 --> 0:00:39.639 I can speak for Carol and myself when we say 0:00:39.680 --> 0:00:42.120 and think, we want to know what Chris Luke thinks 0:00:42.120 --> 0:00:44.240 about all of this, no matter which way it goes. 0:00:44.560 --> 0:00:46.680 He is a senior fellow at the University of Virginia 0:00:46.720 --> 0:00:51.200 Miller Center. Of course, a former Deputary Deputy Secretary of Labor. 0:00:51.240 --> 0:00:53.200 I get that. I sort of trip on that almost 0:00:53.200 --> 0:00:56.160 every time. I'm sorry, Chris for me, former Deputy Secretary 0:00:56.200 --> 0:01:00.000 of Labor under President Obama. He's on the phone with us. Now, Chris, 0:01:00.000 --> 0:01:02.680 how are you. I'm doing good. Thank you for having me. 0:01:02.960 --> 0:01:05.160 All right, well, it's good to have you back. Um. 0:01:05.240 --> 0:01:09.080 So your initial reaction, like your gut reaction to this 0:01:09.720 --> 0:01:12.240 and and maybe more important as you saw it, all 0:01:12.280 --> 0:01:14.560 sort of filter through what do we need to take 0:01:14.600 --> 0:01:17.480 away from this job's report, both monthly and UH and 0:01:17.560 --> 0:01:20.600 then the weekly jobless claims. So there was a lot 0:01:20.600 --> 0:01:25.440 of data today. Gut reaction was good, with a lot 0:01:25.480 --> 0:01:28.920 of caveats. You know, we always tell people the monthly 0:01:29.040 --> 0:01:32.360 jobs data is really kind of looking way back, and 0:01:32.360 --> 0:01:35.800 in this case, it goes back really to the pay 0:01:35.880 --> 0:01:39.800 period that began on June eighth. So in that second 0:01:39.800 --> 0:01:44.520 week of June, the economy clearly was recovering. But when 0:01:44.520 --> 0:01:47.880 you add that with the weekly jobs claims, you started 0:01:48.000 --> 0:01:51.680 get kind of a mixed picture because we're continuing to 0:01:51.720 --> 0:01:54.160 have again, if you add in not only the people 0:01:54.200 --> 0:01:58.360 applying under the normal unemployment program, but the new pandemic 0:01:58.400 --> 0:02:01.800 program for gig workers, it's about two million people applying 0:02:01.840 --> 0:02:06.320 for unemployment every single week, new people applying, um and 0:02:06.480 --> 0:02:08.760 you know total right now, but thirty one million people 0:02:08.800 --> 0:02:11.840 on unemployment, which is not really going down. So if 0:02:11.880 --> 0:02:14.200 you put all of this together, you get a sense 0:02:14.240 --> 0:02:17.840 of an economy that was reopening. By the beginning of June. 0:02:18.240 --> 0:02:22.280 Jobs were coming back, and that recovery may have slowed, 0:02:22.400 --> 0:02:25.600 and we don't really know how much it is slowed. 0:02:25.639 --> 0:02:27.720 And again, as we always say, we're still in the 0:02:27.760 --> 0:02:30.320 middle of a public health crisis. And until you resolve that, 0:02:30.880 --> 0:02:32.760 you really can't get a good sense about where that 0:02:32.800 --> 0:02:36.720 the economy is going. We're still what about nineteen million 0:02:36.840 --> 0:02:41.240 in terms of those who are on unemployment benefits that 0:02:41.280 --> 0:02:44.680 are out of work. Yeah, I mean, if we simply 0:02:44.720 --> 0:02:47.000 look at the number of people who apply the under 0:02:47.040 --> 0:02:50.400 the traditional unemployment program, it was one point four million 0:02:50.440 --> 0:02:53.360 this week, which is more than double the worst week 0:02:53.400 --> 0:02:56.519 we ever had during the Great Recession. So the numbers 0:02:56.560 --> 0:02:59.720 are still elevated. They've come down a lot, but we 0:02:59.760 --> 0:03:02.720 all need to understand that just in the months of 0:03:03.160 --> 0:03:06.400 March and April we lost about twenty two million jobs. 0:03:07.000 --> 0:03:10.280 We've picked up about seven seven to eight millions. We've 0:03:10.320 --> 0:03:12.880 picked back up again. Um, but these numbers, and we 0:03:12.919 --> 0:03:17.000 always say jobs created, uh, and we probably this month 0:03:17.080 --> 0:03:19.520 it's simply need to say jobs were stored to people 0:03:19.600 --> 0:03:21.880 because you know, one of the quirky things about the 0:03:21.960 --> 0:03:25.120 data as you see. You know, just in healthcare employment, 0:03:25.919 --> 0:03:29.960 a hundred and ninety thousand UH dental jobs were created. 0:03:30.560 --> 0:03:33.040 I suspect we didn't have a hundred ninety thousand new 0:03:33.120 --> 0:03:36.680 dentists last months. I think because all dental assises were 0:03:36.720 --> 0:03:41.000 closed they reopened. So again, this is positive with a 0:03:41.000 --> 0:03:43.160 lot of caveats, right, I just look at my own world. 0:03:43.200 --> 0:03:44.960 I mean I went and had a root canal, like like, 0:03:45.040 --> 0:03:47.040 these are things that I had were not do you 0:03:47.080 --> 0:03:48.640 know it's not I'm going to go back to my dentist. 0:03:48.680 --> 0:03:50.600 So like, yeah, I get that it wasn't a brand 0:03:50.600 --> 0:03:54.840 new dentist. It was not a brand new dentist. Yes, no, no, no, hey, Chris, 0:03:54.920 --> 0:03:57.960 I feel like a more constructive conversation at this point. 0:03:58.040 --> 0:03:59.400 I mean, these numbers are going to be what these 0:03:59.480 --> 0:04:01.680 numbers are. I mean, we have shut down our economy. 0:04:01.720 --> 0:04:03.440 We're finding our way back, whether it was a republic 0:04:03.520 --> 0:04:05.280 in the White House or a Democrat like this is 0:04:05.320 --> 0:04:08.480 what you're dealing with. It's really tough. I do wonder though, 0:04:08.520 --> 0:04:10.720 when we get on the other side of this, are 0:04:10.840 --> 0:04:14.040 there companies industries are saying you know what, we really 0:04:14.040 --> 0:04:16.560 don't need those kind of workers anymore, or you know what. 0:04:16.680 --> 0:04:19.200 I know there's that demand side of what the economy 0:04:19.240 --> 0:04:21.400 is like and what's going to be needed. But I 0:04:21.440 --> 0:04:23.520 do wonder if this is going to be a real 0:04:23.600 --> 0:04:26.599 readjustment and kind of the types of jobs that ultimately 0:04:27.000 --> 0:04:30.920 stay with us and those that ultimately go away. Yeah. 0:04:31.040 --> 0:04:33.680 I mean, look, I I'm in Uh, I'm in the 0:04:33.760 --> 0:04:37.080 DC area right now, which is you know, partially reopened. 0:04:37.600 --> 0:04:40.599 I even think in a reopened economy, people just aren't 0:04:40.600 --> 0:04:42.960 going to go to restaurants, uh if they can do 0:04:43.080 --> 0:04:46.040 take out. Uh. You know, we know that people aren't traveling. 0:04:46.040 --> 0:04:48.880 People aren't going overseas because you know, U S systems 0:04:48.920 --> 0:04:51.679 can't leave the country functionally, at least going to Europe. 0:04:52.080 --> 0:04:54.320 So we know that travel will be down. We know 0:04:54.400 --> 0:04:57.040 that a lot of companies have basically said, hey, you 0:04:57.080 --> 0:04:59.599 work remotely for the rest of the year, which has 0:04:59.680 --> 0:05:04.160 been a cascading impact through real estate and through mom 0:05:04.160 --> 0:05:06.960 and pop, delis and all of the other services that 0:05:07.000 --> 0:05:09.560 support companies along the way. Now, there may be other 0:05:10.279 --> 0:05:12.440 other industries that pick up along the way, but I 0:05:12.480 --> 0:05:14.880 suspect those are not the ones that are going to 0:05:14.960 --> 0:05:18.039 be as job intensive and so you know a lot 0:05:18.080 --> 0:05:22.560 of the broader structural changes we've seen in the economy 0:05:22.880 --> 0:05:26.359 will probably be accelerated as a result of this. Like 0:05:26.440 --> 0:05:29.719 what specifically though, Well I think of this. You know, 0:05:29.800 --> 0:05:32.520 I as a person who probably eats more fast food 0:05:32.560 --> 0:05:34.760 than I should. Uh, there is you know, you can 0:05:34.880 --> 0:05:37.400 order online on your mobile app. You can also use 0:05:37.400 --> 0:05:40.279 a touch screen, and I suspect in this environment, uh, 0:05:40.440 --> 0:05:42.120 they're just gonna start to move to that. And it's 0:05:42.160 --> 0:05:45.680 not to say you don't need people, you know, handling 0:05:45.680 --> 0:05:48.080 the food, but it's going to be a lot fewer 0:05:48.120 --> 0:05:51.760 of those people. Um, you know, and I think a 0:05:51.800 --> 0:05:53.640 lot of the companies are going to realize, you know what, 0:05:53.680 --> 0:05:57.080 we just don't need in general this many people around 0:05:57.120 --> 0:06:00.839 the company as much as possible. So you know, we see, um, 0:06:00.880 --> 0:06:02.680 you know, we might end up having a full recovery, 0:06:02.839 --> 0:06:05.240 or you know, we might just kind of be operating 0:06:05.279 --> 0:06:08.880 at this kind of seventy level for the foreseeable future, 0:06:09.200 --> 0:06:11.280 which in many ways I think is the worst outcome 0:06:11.320 --> 0:06:15.680 because you'd have a half open economy. Was still all 0:06:15.760 --> 0:06:18.680 of the increased infections and death. You know, we did 0:06:18.680 --> 0:06:21.040 tease that this week was interesting. I feel like over 0:06:21.040 --> 0:06:23.039 the last week or so that we are now once 0:06:23.040 --> 0:06:28.600 again UM seeing updates on the virus from the White House. UM. 0:06:28.880 --> 0:06:32.400 Vice President Pence is often conducting them. And what's interesting 0:06:32.480 --> 0:06:35.320 is the tone has changed. They seem much more organized, 0:06:35.920 --> 0:06:38.039 and you know, we were kidding that now they're saying, okay, 0:06:38.040 --> 0:06:41.040 wear a mask, you know, but the tone has changed. 0:06:41.080 --> 0:06:43.400 And is it just a case tell us about crisis. 0:06:43.480 --> 0:06:45.640 I mean, you don't have the playbook initially when the 0:06:45.680 --> 0:06:47.880 crisis hits, and you do learn as things go along. 0:06:48.160 --> 0:06:50.919 What do you make of the progression in terms of 0:06:50.920 --> 0:06:55.400 how the administration has handled the pandemic? Well, I really 0:06:55.400 --> 0:06:57.880 think it's been the tale of two administrations. I mean 0:06:57.960 --> 0:07:00.840 you've got even this week, while you had the Vice 0:07:00.880 --> 0:07:04.760 President UM encouraging mask wearing, you had Secretary asar Uh 0:07:04.880 --> 0:07:08.919 test on TV last weekend expressing concerns. Obviously Dr Fauci 0:07:09.040 --> 0:07:12.400 this week testifying too. And then you have the President who, 0:07:12.600 --> 0:07:16.080 while yesterday he said, you know, he's encouraging people to 0:07:16.080 --> 0:07:19.480 wear masks, he again said that he thought this would disappear. 0:07:19.920 --> 0:07:22.240 And I think that's kind of the challenge. I mean, 0:07:22.720 --> 0:07:27.000 you know, UM, below the president, you've got the wheels 0:07:27.040 --> 0:07:30.000 of government that are moving, um, that are ensuring that 0:07:30.400 --> 0:07:33.960 you know, states get ventilators and PPEs and trying to 0:07:34.000 --> 0:07:37.880 issue guidelines. But ultimately, the president has the biggest bully 0:07:37.920 --> 0:07:40.920 pulpit um and I think the kind of lack of 0:07:41.000 --> 0:07:45.400 consistent messages coming from him, I think have undermined a 0:07:45.480 --> 0:07:47.920 lot of what you know, other people in his administration 0:07:47.960 --> 0:07:49.880 are trying to do. I mean, you continue to see 0:07:50.160 --> 0:07:53.000 a fairly significant number of people in this country who 0:07:53.040 --> 0:07:55.400 you know, are not wearing masks right now. You've got 0:07:55.400 --> 0:07:59.680 a lot of states which you know, while encouraging masks 0:07:59.680 --> 0:08:02.000 that got and there's encouraging masks, are not mandating them 0:08:02.000 --> 0:08:03.720 as well. And we know that's you know, one of 0:08:03.760 --> 0:08:06.600 the simplest things you can do. And so um, yeah, 0:08:07.000 --> 0:08:10.080 there certainly has been an increased, a ramped up level 0:08:10.080 --> 0:08:13.080 of concern and engagement this week, but I think it 0:08:13.080 --> 0:08:15.200 would be a lot more effective if the president got 0:08:15.240 --> 0:08:19.080 on board as well. And so, Chris, we love talking 0:08:19.080 --> 0:08:21.160 to you about all branches of government because you've worked 0:08:21.160 --> 0:08:23.040 in all of them, and I wonder what you make 0:08:23.120 --> 0:08:27.960 of Congress's response at this point, either from a stimulus 0:08:28.000 --> 0:08:32.920 perspective or for a stimulus slash rescue perspective, or from 0:08:32.920 --> 0:08:36.760 the perspective of sort of setting the political and and 0:08:36.800 --> 0:08:40.480 the tone around this. Yeah, I mean it's interesting. Um. 0:08:40.480 --> 0:08:43.079 You know again, just on this mask wearing issue, I mean, 0:08:43.600 --> 0:08:47.240 Speaker Pelosi has been, you know, very open about her 0:08:47.280 --> 0:08:49.640 wearing a mask and is basically now requiring that if 0:08:49.679 --> 0:08:52.040 you show up at a committee room as a House member, 0:08:52.080 --> 0:08:53.880 you have to wear a mask or you'll get kicked out. 0:08:53.920 --> 0:08:57.520 So she's trying to set that, um example of leadership. 0:08:57.760 --> 0:09:00.439 I do think on the stimulus may think this is 0:09:00.480 --> 0:09:03.040 gonna be problematic, and I think you know what I 0:09:03.080 --> 0:09:05.400 hope does not come out of today's jobs numbers is 0:09:05.440 --> 0:09:08.319 that people read it and say, you know what, mission accomplished. 0:09:08.360 --> 0:09:10.080 We don't need to do anything else. I mean, we 0:09:10.200 --> 0:09:13.800 know that these extended unemployment benefits are expiring at the 0:09:13.880 --> 0:09:18.440 end of July. Fortunately, the Senate this week extended UM 0:09:18.520 --> 0:09:22.760 the PPE program or the PPP program for small businesses. 0:09:23.040 --> 0:09:25.320 That's a good thing. But again we continue to talk 0:09:25.360 --> 0:09:28.400 about this next wave of layoffs that might come from 0:09:28.480 --> 0:09:31.600 state and local governments that are just strapped right now, 0:09:31.960 --> 0:09:34.400 and unless Washington provide some help, we're gonna start to 0:09:34.440 --> 0:09:37.640 see layoffs. I mean, even this week we saw Mayor 0:09:37.679 --> 0:09:42.360 Deblasio saying, you know, he might be furloughing workers in 0:09:42.400 --> 0:09:46.680 New York. In Maryland, yesterday, Governor Hogan uh Is announced 0:09:46.679 --> 0:09:50.040 he's cutting four million dollars from the state budgetal impact 0:09:50.160 --> 0:09:53.240 services and employees as well. So, um, we are not 0:09:53.320 --> 0:09:55.640 out of the woods and and so. And I think 0:09:55.679 --> 0:09:59.320 that's sort of the problematic aspect of today's positive job numbers. 0:09:59.320 --> 0:10:02.480 I think people will read it in the wrong way. Well, 0:10:02.480 --> 0:10:04.640 I think your point is so smart, Chris, and that 0:10:04.920 --> 0:10:06.920 this whole idea of that you've got to go the distance, 0:10:07.000 --> 0:10:09.160 right And you can see certainly with the president, and 0:10:09.200 --> 0:10:12.080 I'm not being critical, it's just obvious that he has 0:10:12.120 --> 0:10:14.880 moved on to running his campaign. And at the same time, 0:10:14.920 --> 0:10:17.280 like I think about the financial crisis, it wasn't like 0:10:17.360 --> 0:10:21.440 one program and we were fixed. We still, you know, 0:10:21.520 --> 0:10:23.880 to some does some extent you know, are thinking about 0:10:23.880 --> 0:10:25.720 that and still dealing with it, like you have to 0:10:25.800 --> 0:10:28.880 continue to be on it. Yeah, I mean, look, the 0:10:28.960 --> 0:10:30.920 lesson we learned from the Great Recession is that we 0:10:31.000 --> 0:10:35.240 did not put enough stimulus into um into the country, 0:10:35.280 --> 0:10:37.280 and we we kind of backed off way too quickly. 0:10:37.320 --> 0:10:39.840 And you know this past week you had the said 0:10:39.880 --> 0:10:43.880 Chairman J. Powell saying to Congress, don't get complacent, uh, 0:10:44.120 --> 0:10:46.680 you know, in your in your economic response. And I 0:10:46.679 --> 0:10:49.280 feel like we're getting a little complacent right now. And 0:10:49.360 --> 0:10:52.360 the irony about the president's you know, kind of quote 0:10:52.440 --> 0:10:56.439 unquote transition to greatness is that actually more stimulus would 0:10:56.440 --> 0:10:59.400 help the economy and probably would help his re election prospects. 0:10:59.800 --> 0:11:02.760 You Unfortunately, you know, there's this dynamic obviously with Senate 0:11:02.760 --> 0:11:06.760 Republicans concerned about debt. Obviously, how Democrats have a pretty 0:11:06.800 --> 0:11:09.079 expensive bill out there. So I'm hoping when they get 0:11:09.080 --> 0:11:12.280 back from July four, um, cooler heads prevail and they 0:11:12.320 --> 0:11:15.280 find some kind of compromise because we need that stimulus 0:11:15.320 --> 0:11:18.440 in the economy. Absolutely, all right. Always great to catch 0:11:18.520 --> 0:11:20.079 up with you. Never enough time. I feel like we 0:11:20.120 --> 0:11:22.800 always have fifty eight more questions for you. But we 0:11:22.880 --> 0:11:26.599 appreciate you coming with us on this day, as you 0:11:26.640 --> 0:11:28.920 do most jobs, stays Chris Lew Senior Fellow, University of 0:11:28.960 --> 0:11:33.000 Virginia Miller Center, former Deputy's Victory of labor under President Obama. 0:11:33.080 --> 0:11:35.880 Johnnius on the phone from the DC area, This is 0:11:35.920 --> 0:11:39.760 Bloomberg Business Week with Carol Masser and Jason Kelly on 0:11:40.000 --> 0:11:44.400 Bloomberg Radio. I defy anyone to listen to this sentence 0:11:44.440 --> 0:11:47.000 and not want to read this story. Sean Murphy was 0:11:47.040 --> 0:11:49.480 an epic weed smoker, a devoted Tom Brady fan, and 0:11:49.520 --> 0:11:53.000 the best cat Burglar that Lynn, Massachusetts had ever seen. 0:11:53.400 --> 0:11:57.040 I mean, it's irresistible, it is you're in, it is 0:11:57.120 --> 0:11:59.480 coming to a theater near you. Let's just put that 0:11:59.520 --> 0:12:02.960 out there. Absolutely, and to boot the stories written by 0:12:02.960 --> 0:12:05.199 one of our all time favorite writers at Bloomberg Business Week, 0:12:05.240 --> 0:12:07.920 Zeke Fox, finance reporter for Bloomberg. He joins us on 0:12:07.960 --> 0:12:12.880 the phone and Zeke, this story is incredible. How did 0:12:12.880 --> 0:12:17.360 you find out about this? Well? I was I had 0:12:17.840 --> 0:12:20.600 read a little bit about the about the case. It 0:12:20.679 --> 0:12:23.760 was made the papers when the rings were stolen there 0:12:23.760 --> 0:12:28.240 when they were recovered, and uh, these are we should 0:12:28.280 --> 0:12:30.800 point out sorry, these are super Bowl rings. These are 0:12:31.160 --> 0:12:35.280 um New England Patriots or excuse me, New York Giants 0:12:35.280 --> 0:12:41.080 super Bowl rings stolen by a Patriots fan. Yis yeah, 0:12:41.160 --> 0:12:44.680 So after the infamous helmet catch super Bowl Super Bowl 0:12:44.720 --> 0:12:47.679 forty two and two thousand and eight, when the Patriots, 0:12:47.720 --> 0:12:50.960 who were on their way to an undefeated season and 0:12:51.120 --> 0:12:55.160 we're upset by Uli Manning and the Giants. Uh, this 0:12:55.559 --> 0:13:00.679 kapt burglar slash furniture mover from Lynn, Massachusetts stole the 0:13:00.720 --> 0:13:06.120 Giants Super Bowl rings and spoiler alert. I wrote to 0:13:06.200 --> 0:13:10.319 him in prison and said, you know, I had heard 0:13:10.320 --> 0:13:13.440 a little about your about this story. By any chance, 0:13:13.800 --> 0:13:17.480 are you Patriots fan like me? Would you like to 0:13:17.520 --> 0:13:21.400 talk about it? And over the course of the last 0:13:22.120 --> 0:13:24.360 year or so, he's he's been telling me his story, 0:13:24.360 --> 0:13:27.360 and the true story of what happened is, you know, 0:13:27.480 --> 0:13:30.840 crazier than I even imagine. Well, this is a guy. 0:13:31.160 --> 0:13:33.760 I mean, the stealing of the rings is one thing, 0:13:33.840 --> 0:13:37.959 but he is quite a character right and has been, 0:13:38.520 --> 0:13:45.959 you know, stealing things for a long time. So he's 0:13:46.000 --> 0:13:49.800 from Lynn, which is a suburb on Boston's North Shore, 0:13:50.400 --> 0:13:52.480 and when he was growing up it was a pretty 0:13:52.720 --> 0:13:57.280 down and out place, and burglary was like a career 0:13:57.360 --> 0:13:59.920 path that a lot of or at least a good 0:14:00.080 --> 0:14:03.240 number of young people actually pursued and got taught by 0:14:03.679 --> 0:14:08.240 older generations of burglars. And burglars and lymb specialized in 0:14:09.800 --> 0:14:14.080 trying open the doors to pharmacies and stealing the pills 0:14:14.240 --> 0:14:17.080 to resell. It's a pretty easy thing that could be done, 0:14:17.120 --> 0:14:19.320 you know, in the cover of night, and you know, 0:14:19.360 --> 0:14:22.600 you could often get away with it. And Murphy was 0:14:22.680 --> 0:14:27.480 introduced to this world in middle school, I believe at 0:14:27.600 --> 0:14:30.360 Christmas time sleep over at his aunt's house. His cousin 0:14:30.760 --> 0:14:34.040 taught him how to do it. But before long he 0:14:34.080 --> 0:14:41.400 had moved on to much bigger scores. And so what's 0:14:41.440 --> 0:14:44.160 he I mean in your correspondence, like how would you 0:14:44.680 --> 0:14:46.920 describe You do a nice job describing him the story 0:14:46.920 --> 0:14:49.800 of but like how would you describe him to to folksy? 0:14:51.320 --> 0:14:57.640 So he really is like a typical Boston character. He 0:14:57.680 --> 0:15:01.040 loved the Patriots. He worked money through Friday at his 0:15:01.320 --> 0:15:05.680 real moving company, which really did move future people's furniture. 0:15:06.280 --> 0:15:11.160 He drove muscle cars. He liked to work on his Camaro, 0:15:11.320 --> 0:15:16.920 which had a custom red vul or interior um. He 0:15:17.080 --> 0:15:20.240 liked Motley Crue and other hair metal A lot of 0:15:20.240 --> 0:15:24.560 the times. He had a mullet and a biker mustache 0:15:25.240 --> 0:15:29.720 um and he liked He didn't really do drugs, which 0:15:29.760 --> 0:15:33.840 was the downfall of a lot of his contemporaries among 0:15:34.000 --> 0:15:38.560 Blend's burglars. But he really liked smoking weed and coming 0:15:38.640 --> 0:15:44.880 up with complex heists. I mean it's remarkable, you know. 0:15:44.920 --> 0:15:47.160 First of all, it's it's so well written. It's such 0:15:47.160 --> 0:15:49.400 a great read. And I'm not kidding that I could see, 0:15:49.480 --> 0:15:51.640 you know, certainly here we are working from home and 0:15:51.680 --> 0:15:53.800 we've all binged on Tiger King like this is I 0:15:53.840 --> 0:15:57.440 could see in a multi part series um on one 0:15:57.440 --> 0:16:00.160 of the streaming services. Because it's almost too good to 0:16:00.200 --> 0:16:03.680 be true, but it is true, um. And it's just 0:16:03.760 --> 0:16:07.280 this fascinating character, right who It was just a way 0:16:07.280 --> 0:16:09.960 of life for him, right in terms of where he 0:16:10.040 --> 0:16:12.920 was born and and and you know what he did, 0:16:12.960 --> 0:16:14.600 and as you said, he kind of builds up to 0:16:14.680 --> 0:16:17.960 his crimes. I mean ultimately though, and I'm going to 0:16:18.080 --> 0:16:22.880 say there's some interesting personal life stuff that went on too, 0:16:22.920 --> 0:16:26.440 in terms of girlfriends and and how he went about that. 0:16:26.480 --> 0:16:34.680 But I mean, ultimately he was caught, right, Yes, So Murphy, 0:16:34.720 --> 0:16:37.560 if you talk to him, he'll say he's never really 0:16:37.600 --> 0:16:41.000 been caught because he doesn't consider it being caught unless 0:16:41.080 --> 0:16:45.280 he's caught in the act. The problem is that quite 0:16:45.320 --> 0:16:48.080 a few times he has been caught. He's spent almost 0:16:48.840 --> 0:16:51.720 i think even more than half his life in prison 0:16:52.120 --> 0:16:56.240 because the ways that the police work is not so 0:16:56.320 --> 0:16:58.440 much to catch people in the act, but to find 0:16:58.440 --> 0:17:00.760 out about things that happened, talk to people who might 0:17:00.760 --> 0:17:05.000 know about it, and prosecute the guilty party once they've 0:17:05.359 --> 0:17:08.800 identified them. It's kind of like a myth that they 0:17:08.840 --> 0:17:13.159 would catch a burglar in the act so much. Um so, 0:17:13.240 --> 0:17:18.239 he's frequently throughout his career, I guess I'll call it 0:17:18.240 --> 0:17:24.560 has been uh sold out by people who you know, 0:17:25.160 --> 0:17:28.280 had worked with him or who knew him. In the 0:17:28.400 --> 0:17:33.280 Super Bowl, Uh, theft was really no was they worked 0:17:33.280 --> 0:17:36.720 out like that too? Yeah, I mean it's really I 0:17:36.720 --> 0:17:40.840 mean there's also for for Patriots fans, and everything's turned 0:17:40.880 --> 0:17:43.600 out just fine for Patriots fans. Let's not le let's 0:17:43.640 --> 0:17:46.240 not shed any tears for for the Pats fans. But 0:17:46.800 --> 0:17:50.800 it does take you back to a really a really 0:17:50.840 --> 0:17:53.600 sort of pivotal time. And I mean that rivalry, and 0:17:53.760 --> 0:17:56.320 I mean I remember watching that game and he mentioned, 0:17:56.560 --> 0:17:59.399 you know, the helmet catch and and that was Peate 0:17:59.440 --> 0:18:02.840 Eli man uh in many ways, and so it's just 0:18:02.960 --> 0:18:06.359 it's a tail that really resonates in in time for 0:18:06.400 --> 0:18:12.080 a lot of sports fans more than as much as anything, well, yeah, 0:18:12.119 --> 0:18:16.040 I hope that it's Uh, it's something fun for sports 0:18:16.040 --> 0:18:21.199 fans who haven't had anything to watch for exactly. All right, 0:18:21.280 --> 0:18:23.159 So how do you fit it? Just before we let 0:18:23.240 --> 0:18:26.080 you go, how do you feel about Brady and Tampa? 0:18:27.560 --> 0:18:30.919 Oh well, I'm I'm a past fan myself, so I 0:18:30.960 --> 0:18:32.919 know I hate to see it. I hate to see if, 0:18:32.920 --> 0:18:35.040 but I'll still be rooting for him to do well. 0:18:35.400 --> 0:18:39.399 And Cam Newton, how are you feeling about that? I 0:18:39.440 --> 0:18:42.720 think you know he makes the past super Bowl contenders. 0:18:42.760 --> 0:18:46.800 I'm psyched to see what Belichick comes up with for 0:18:46.880 --> 0:18:49.440 him to do. Yeah, never bet against Belichick. I think 0:18:49.480 --> 0:18:51.679 that's the one. One of the takeaways that we all 0:18:51.760 --> 0:18:55.000 have this story. It's a must read, the perfect long 0:18:55.080 --> 0:18:59.280 weekend read. Carol can't recommend it enough. And love, love, 0:18:59.320 --> 0:19:02.680 love anything. Fox puts his mind to Ben Affleck maybe 0:19:02.920 --> 0:19:06.320 does the movie. Yeah, yeah, checks out. It's just it's 0:19:06.640 --> 0:19:09.560 such a great week and it is just kind of fascinating. 0:19:09.600 --> 0:19:11.879 The guy, like, you know, while I was in in jail, 0:19:11.960 --> 0:19:15.600 like taught himself law, right, I think, so we can 0:19:15.680 --> 0:19:18.600 represent himself and understand the law. Um, so it's just 0:19:19.040 --> 0:19:20.560 a great thing. I'll put it out on Twitter. And 0:19:20.560 --> 0:19:22.840 you guys pick up the magazine or check it out 0:19:22.840 --> 0:19:26.560 at Bloomberg dot com. So really fascinating. Um, Seek Fox, 0:19:26.800 --> 0:19:29.640 what I love talking to him? I could just imagine 0:19:29.640 --> 0:19:31.920 the communication. I mean, that's kind of a side story. 0:19:31.920 --> 0:19:33.439 I mean, maybe that's how you do the movie. Like 0:19:33.640 --> 0:19:37.159 the reporter's perspective of reaching out and getting access to 0:19:37.240 --> 0:19:39.720 seek Fox. We'll have to work on that. I'll have 0:19:39.760 --> 0:19:43.760 to ask seek I don't know want to play him. 0:19:43.840 --> 0:19:48.320 I don't put that on on Twitter. This is Bloomberg 0:19:48.359 --> 0:19:52.800 Business Week with Carol Masser and Jason Kelly on Bloomberg Radio. 0:19:53.680 --> 0:19:55.920 All right, let's do a little business week economics. Now. 0:19:55.960 --> 0:19:58.959 Obviously we've been talking about it all day, the jobs 0:19:59.040 --> 0:20:03.040 report and the is data that have come out. Obviously, 0:20:03.080 --> 0:20:05.520 one of the strongest and most important voices that we 0:20:05.600 --> 0:20:09.320 turned to in the administration's Larry Cutlow, the chief Economic 0:20:09.400 --> 0:20:12.520 Advisor to the President. He caught up with our own 0:20:12.600 --> 0:20:15.600 John Farrow this morning on Blueberg Surveillance to talk about 0:20:15.600 --> 0:20:17.600 the job support. Here he talks about the trend of 0:20:17.640 --> 0:20:21.199 temporary workers getting back to work. Well, look, first of all, 0:20:21.200 --> 0:20:26.280 it's a spectacular number and it helps the overall situation enormously. 0:20:26.920 --> 0:20:29.840 So you know, that's really the key point. We've created 0:20:29.840 --> 0:20:31.919 a lot of jobs in the last couple of months, 0:20:32.359 --> 0:20:35.239 and the trends continue. I want to say one thing 0:20:35.280 --> 0:20:39.040 I was listening to that earlier conversation. I don't think 0:20:39.040 --> 0:20:43.960 people understand that relationship the rescue package that the President 0:20:44.080 --> 0:20:48.040 led with bipartisan support and Congress, and the p p 0:20:48.040 --> 0:20:52.840 P that Secretary manution uh fostered and implemented. It's the 0:20:52.960 --> 0:20:57.359 temporary layoffs, John, It's the furloughs that are coming down. 0:20:57.880 --> 0:21:03.439 We kept people connected their employers. Okay, they did receive assistance, 0:21:03.720 --> 0:21:06.760 but we kept them connected so that as the economy 0:21:06.880 --> 0:21:11.720 reopened and the businesses reopened, roughly a small business reopened. 0:21:11.920 --> 0:21:14.480 So we saw it again today. I mean, sixty three 0:21:14.480 --> 0:21:18.640 and a half percent of unemployed now are temporary workers. 0:21:18.680 --> 0:21:23.119 That number was seventy and was seven point seven million. 0:21:23.520 --> 0:21:26.760 I don't see why that trend can continue. That's the 0:21:26.800 --> 0:21:29.040 point I'm making. I don't I'm not sure. It's like 0:21:29.080 --> 0:21:32.920 an intellectual disconnect why that trend can continue a lot 0:21:33.000 --> 0:21:37.320 of temporary layoffs will go back to work. And certainly 0:21:37.880 --> 0:21:42.560 is Larry Cutler, the chief Economic codpiser to the President Carol. Yeah, absolutely, 0:21:42.600 --> 0:21:44.600 and I guess time will tell Jason right if that 0:21:44.640 --> 0:21:47.080 trend continues. I mean, he's making that point and we'll 0:21:47.119 --> 0:21:50.919 see uh in job reports to come. Certainly, that weekly 0:21:51.000 --> 0:21:53.600 number was a bit troublesome, So let's get more analysis 0:21:53.640 --> 0:21:57.359 of today's data set. Business Week Economics continuing with Bloomberg 0:21:57.400 --> 0:22:01.240 Economics senior US economist Lana shill Chiva joining a sound 0:22:01.240 --> 0:22:05.240 the phone in Long Island. So, Eleen, how did you 0:22:05.320 --> 0:22:08.240 and the Bloomberg Economics team read the data points that 0:22:08.280 --> 0:22:10.920 we got on the jobs market? Right? We got monthly 0:22:11.040 --> 0:22:14.800 jobs numbers backward looking and before we started kind of 0:22:15.200 --> 0:22:18.119 closing down parts of the economy again. And then of 0:22:18.160 --> 0:22:23.200 course we got the weekly numbers absolutely and both are 0:22:23.320 --> 0:22:27.840