WEBVTT - Day Two at the US Open 0:00:01.360 --> 0:00:05.680 This is Bloomberg Business. Wait inside from the reporters and 0:00:05.880 --> 0:00:09.440 editors who bring you America's most trusted business magazine, plus 0:00:09.520 --> 0:00:13.680 global business finance and tech news. The Bloomberg Business Week 0:00:13.720 --> 0:00:27.120 Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. 0:00:30.720 --> 0:00:33.159 Jam in a little pop pana talk Man, I love 0:00:33.200 --> 0:00:35.080 that song. Kind of takes me back. 0:00:35.440 --> 0:00:37.760 You are listening and watching Bloomberg Business Week and talking 0:00:37.800 --> 0:00:39.240 about hitting. 0:00:39.200 --> 0:00:40.000 With your best shot. 0:00:40.120 --> 0:00:45.040 I feel like, man, the jobs report this morning just 0:00:45.440 --> 0:00:46.800 kind of firing on all cylinders. 0:00:46.800 --> 0:00:48.200 Would you call it a Goldilocks report? 0:00:48.320 --> 0:00:49.159 Well, exactly like. 0:00:49.200 --> 0:00:51.360 I feel like it kind of checked all the boxes 0:00:51.360 --> 0:00:53.080 that the Fed needed to do. And so let's just 0:00:53.120 --> 0:00:55.639 get right to it. Because our own Molly Smith, she's 0:00:55.640 --> 0:00:58.200 Bloomberg News Economics editor. She's a fan of tennis, and 0:00:58.240 --> 0:00:59.720 we're going to talk about that in just a moment. 0:01:00.040 --> 0:01:02.400 We think she's actually off today, Are you off? 0:01:02.520 --> 0:01:05.480 No, I've worked. I actually went on the Bloomberg Markets 0:01:05.480 --> 0:01:08.280 Show this morning and they said that for every time 0:01:08.360 --> 0:01:11.280 someone mentioned it was a Goldilocks report, that added to 0:01:11.319 --> 0:01:14.720 the shot counts. So in case anybody is keeping track. 0:01:14.760 --> 0:01:17.840 It's like it's a sip of honey for you, I. 0:01:17.840 --> 0:01:18.400 Will take that. 0:01:18.520 --> 0:01:20.880 It's like the AI shot game and then the Goldilocks 0:01:20.920 --> 0:01:24.680 economy shot game. Let's talk though the jobs report and 0:01:24.720 --> 0:01:26.640 we say goldilocks because it kind of right. 0:01:27.120 --> 0:01:30.480 It's not falling apart, but it's easing. So walk us 0:01:30.480 --> 0:01:31.400 through it. What was important? 0:01:31.440 --> 0:01:33.200 No, I think that's exactly the way that we've been 0:01:33.240 --> 0:01:36.480 describing it to just like this. Actually, my editor came 0:01:36.560 --> 0:01:38.320 up with us when I really like this a controlled 0:01:38.400 --> 0:01:41.920 cooling of the job market. Yeah, so we've got a 0:01:41.959 --> 0:01:44.840 moderation in hiring, which has been the continuing trend. And 0:01:45.680 --> 0:01:47.600 I wouldn't be surprised to see if the print that 0:01:47.640 --> 0:01:50.120 came in today was revised lower a month later, because 0:01:50.120 --> 0:01:52.360 that seems to be happening just about every month that 0:01:52.400 --> 0:01:55.360 we get a jobs report. We also saw slowly wage 0:01:55.360 --> 0:01:57.800 gains and higher unemployment rate, but for what we would 0:01:57.840 --> 0:02:01.040 call a quote good reason, because it reflected more people 0:02:01.080 --> 0:02:04.120 coming into the labor force, so greater participation is. 0:02:04.200 --> 0:02:06.680 You know, I heard Mike McKee, International Economics and Policy 0:02:06.680 --> 0:02:10.160 correspondent on Surveillance talking about this this morning. The bankruptcy 0:02:10.200 --> 0:02:13.200 of the Yellow Trucking Company thirty thousand jobs not included 0:02:13.520 --> 0:02:15.760 in this month's report as a result of what we 0:02:15.800 --> 0:02:19.079 saw there, how should we read into those one off scenarios, 0:02:19.120 --> 0:02:22.560 because when we learned of Yellows bankruptcy, we also knew 0:02:22.919 --> 0:02:25.920 that thanks to the economic data, there are a lot 0:02:25.919 --> 0:02:28.800 of trucking jobs out there, or these uneployed truckers to 0:02:28.840 --> 0:02:29.560 go get they. 0:02:29.480 --> 0:02:32.200 Very well could have been scooped up already. And you know, 0:02:32.320 --> 0:02:34.480 speaking of one officer, I mean it's hard to tell. 0:02:34.520 --> 0:02:37.680 But how however long the Hollywood strikes are going to continue. 0:02:37.680 --> 0:02:40.320 That also subtracted from payrolls quite a bit, so that 0:02:40.400 --> 0:02:43.400 one eighty seven thousand number for the added jobs in 0:02:43.440 --> 0:02:45.600 the month would have been even stronger if not for 0:02:46.000 --> 0:02:49.359 the effect of those two events. Yeah, I mean, it's 0:02:49.480 --> 0:02:53.600 it's we saw really a pretty broadcase, broad based gain, 0:02:54.080 --> 0:02:58.160 especially though in the service producing industries, in healthcare and 0:02:58.240 --> 0:02:59.840 you know some of these industries where we've had a 0:02:59.840 --> 0:03:02.000 lot a lot of those labor shortages. So still continuing 0:03:02.000 --> 0:03:03.360 to climb back, which is a good sign. 0:03:03.440 --> 0:03:05.800 What I thought was really wild and cool and interesting 0:03:05.880 --> 0:03:08.200 is people coming back to the workforce, right the labor 0:03:08.240 --> 0:03:10.400 participation rate and also what they talked about, was it 0:03:10.560 --> 0:03:13.440 the participation rate for prime age workers in terms of 0:03:13.480 --> 0:03:16.000 it rebounding, That to me is significant. The people on 0:03:16.040 --> 0:03:18.000 the sidelines who were like, I'm out are all a 0:03:18.000 --> 0:03:18.600 sudden back in. 0:03:18.720 --> 0:03:20.640 Yeah, it took them some time. I don't know what 0:03:20.680 --> 0:03:23.400 these people have been doing, and we've all obviously been working, 0:03:23.480 --> 0:03:26.160 but they're back now, and a lot of them are 0:03:26.160 --> 0:03:28.480 back so and that's really helping to ease the wage 0:03:28.520 --> 0:03:31.920 pressure picture a lot so more of the when we 0:03:31.960 --> 0:03:34.520 hear supply and demand of labor coming back into balance, 0:03:34.560 --> 0:03:35.640 that's where you see it happening. 0:03:35.840 --> 0:03:37.680 So if you're a Federal Reserve Chair J. Powell and 0:03:37.680 --> 0:03:39.920 you're sitting there at your Bloomberg terminal at eight twenty 0:03:40.000 --> 0:03:44.200 nine fifty nine this morning, waiting for those prayers, saying 0:03:44.240 --> 0:03:46.080 your prayers, waiting for those numbers to come. 0:03:45.960 --> 0:03:48.520 Across A thirty twenty nine, he is like, I'm out 0:03:48.560 --> 0:03:49.040 to the beach. 0:03:49.160 --> 0:03:51.000 I'm good here today. 0:03:51.080 --> 0:03:53.000 These numbers hit. What are you thinking? 0:03:53.720 --> 0:03:55.840 I think it's just I don't know what more you 0:03:55.840 --> 0:03:58.600 could really ask for. You know, this is like showing 0:03:58.680 --> 0:04:01.600 exactly the soft landing case that he's been preaching would 0:04:01.640 --> 0:04:04.040 be possible and would have has been his base case 0:04:04.080 --> 0:04:07.600 all along. So I mean I'm obviously, you know, you 0:04:07.600 --> 0:04:09.440 can't take too much of a victory lab and they're 0:04:09.480 --> 0:04:11.560 going to be careful not to. But we'll hear from 0:04:11.600 --> 0:04:15.760 more FED speakers next week and then predictably, the call 0:04:15.840 --> 0:04:17.719 right now is that the September decision is going to 0:04:17.720 --> 0:04:18.920 be to leave rates unchanged. 0:04:18.960 --> 0:04:20.560 Help me, though, because I'm looking at a two year 0:04:20.640 --> 0:04:23.640 note that definitely popped up right. There's my charts all 0:04:23.640 --> 0:04:25.200 along the Yelk curve, the five and the two and 0:04:25.279 --> 0:04:27.120 the two year wented a yield to four point eighty six. 0:04:27.120 --> 0:04:29.560 I've got a ten yere at four one sixty seven, 0:04:29.760 --> 0:04:31.640 and we definitely did see a bit of a pop 0:04:31.640 --> 0:04:35.159 in the equities and they pulled off the higher rate moves, though, 0:04:35.440 --> 0:04:36.560 is telling. 0:04:36.320 --> 0:04:38.760 Us what I mean? I think that you still have 0:04:38.800 --> 0:04:42.320 November on the table. That's you can't be ruled out. Jamie. 0:04:42.360 --> 0:04:45.039 That very clear at Jackson Hole last week that they 0:04:45.720 --> 0:04:47.719 have to keep their options open. And I think most 0:04:47.720 --> 0:04:50.480 economists right now would tell you that November is very 0:04:50.560 --> 0:04:53.440 much a live meeting, even though September more or less 0:04:53.440 --> 0:04:55.400 seems locked in to hold steady and. 0:04:55.320 --> 0:04:57.440 In terms of the market pricing and rate cuts for 0:04:57.560 --> 0:04:58.920 next year, still happening. 0:04:59.760 --> 0:05:03.200 Maybe be a bit less so, but yeah, I mean 0:05:03.240 --> 0:05:06.600 the moves today just very much showing September being unchanged 0:05:06.680 --> 0:05:08.799 pretty solid before you, Maerica. 0:05:09.000 --> 0:05:11.400 One more, okay, hire for longer? How long? How long 0:05:11.440 --> 0:05:11.960 does that mean? 0:05:12.400 --> 0:05:14.800 Don't we all want to know? Tim? If I need 0:05:14.920 --> 0:05:16.320 answer to that, I wouldn't be sitting here. 0:05:16.400 --> 0:05:17.320 No, actually. 0:05:19.040 --> 0:05:22.400 She would be here, she wouldn't be talking to She 0:05:22.440 --> 0:05:23.799 would actually be like a box. 0:05:24.000 --> 0:05:24.120 Right. 0:05:24.960 --> 0:05:26.560 The President's the President's suite. 0:05:26.839 --> 0:05:27.640 That sounds nice. 0:05:27.640 --> 0:05:29.680 One more just to attack on to Tim, what's the 0:05:29.720 --> 0:05:31.760 next focal point in terms of economic data points? 0:05:32.040 --> 0:05:35.040 Oh goodness, not a whole lot going on next week. 0:05:35.080 --> 0:05:37.760 It's really more in the FED speaker front, so hearing 0:05:37.800 --> 0:05:39.599 from a few of them next week, and then they're 0:05:39.600 --> 0:05:43.520 in blackout before the September fo MC meeting. So it 0:05:43.560 --> 0:05:46.640 would be interesting to see just you know, we've seen 0:05:46.640 --> 0:05:49.120 some of these factions coming about in the committee of 0:05:49.120 --> 0:05:51.160 like where the doves are, where the hawks are, how 0:05:51.200 --> 0:05:54.560 people are interpreting the data. So we'll give it a 0:05:54.640 --> 0:05:59.360 nice clear picture next week of like where everyone stands. 0:06:00.440 --> 0:06:04.000 Oh okay, well, Molly, I mean fifty weeks a year, 0:06:04.200 --> 0:06:05.840 you know, I see you around the office, and we're 0:06:05.880 --> 0:06:09.040 just basically we're just doing a countdown to these two weeks. Yes, 0:06:09.640 --> 0:06:12.440 you told me before the show, this has been like 0:06:12.480 --> 0:06:14.880 the best week of your life running around the US Open. 0:06:15.400 --> 0:06:17.640 What have you seen? What are you excited to see tonight? 0:06:17.920 --> 0:06:19.880 Who's on your who's on your list of winners? 0:06:19.920 --> 0:06:21.960 I really have had the best week. Nothing can take 0:06:22.000 --> 0:06:23.839 away from this. Have been absolutely glowing. 0:06:24.640 --> 0:06:26.520 So do you love the sport? 0:06:26.680 --> 0:06:29.839 I do. I've played forever. I used to teach I watch. 0:06:29.880 --> 0:06:31.560 I mean, the reason why I got into journalism. I 0:06:31.680 --> 0:06:33.800 was hoping to be a tennis commentator more so than 0:06:33.839 --> 0:06:37.000 an economy one. But I've got a nice. 0:06:36.839 --> 0:06:38.400 Come all right, we'll be right now. We got about 0:06:38.440 --> 0:06:40.280 seven minutes where you can be a tennis commentator. 0:06:40.360 --> 0:06:43.640 Right now, we'll waste it, Okay. I just came from 0:06:43.720 --> 0:06:46.160 before I came over here was watching the top men's 0:06:46.200 --> 0:06:49.360 doubles team in the world. I think they're doing well 0:06:49.440 --> 0:06:52.679 up in the third set right now. This is Neil 0:06:53.279 --> 0:06:56.680 Scubsky and cool and Woolcough. Those are the two names 0:06:56.680 --> 0:06:58.520 sometimes I get tripped up on. But they're playing a 0:06:58.520 --> 0:07:01.279 Colombian team and it is fiery in there. Some of 0:07:01.320 --> 0:07:04.520 the South American crowds. You know it is a Seahart 0:07:04.520 --> 0:07:08.800 producer right now, he's pomped. It is crazy. I think 0:07:08.920 --> 0:07:12.560 the best match I've probably ever seen in my twenty 0:07:12.600 --> 0:07:14.720 something years of coming to the US Open might have 0:07:14.840 --> 0:07:18.280 been yesterday when I watched a Brazilian woman play an 0:07:18.320 --> 0:07:21.880 American woman in the singles on Court seventeen, which is 0:07:21.920 --> 0:07:24.320 one of the smaller stadium courts. But the atmosphere is 0:07:24.480 --> 0:07:27.920 electric and you better believe the Brazilians were there in force. 0:07:28.040 --> 0:07:31.560 Obviously the Americans were as well. It was fire. This 0:07:31.680 --> 0:07:34.040 was Taylor Townsend and Beatrice Hadadmia. 0:07:33.720 --> 0:07:37.840 Fire meaning what the strength, the force, the power, what 0:07:38.120 --> 0:07:40.480 I mean, the sheer game of course, the shop making 0:07:41.080 --> 0:07:43.640 also really rare to see two lefties going at it, 0:07:43.960 --> 0:07:46.160 so that was a lot of fun and just you know, 0:07:46.200 --> 0:07:48.000 I think it also for a lot of people who 0:07:48.080 --> 0:07:50.720 come here and maybe you're not really familiar with tennis, 0:07:50.760 --> 0:07:52.560 you don't watch it the rest of the fifty weeks 0:07:52.600 --> 0:07:54.400 of the year, like I do, you think of it 0:07:54.400 --> 0:07:56.640 as maybe a more quote gentlemanly sport. 0:07:56.760 --> 0:07:59.640 You know, it's quiet, the little golf clap. This was 0:08:00.200 --> 0:08:03.160 like a soccer match or football, but you know it was. 0:08:03.480 --> 0:08:05.720 It was insane in there, like the people were out 0:08:05.720 --> 0:08:07.960 on their up, on their feet after every point. 0:08:08.000 --> 0:08:09.840 Do you like the first week or the second week better? 0:08:09.880 --> 0:08:10.240 First? 0:08:10.400 --> 0:08:13.160 I do too well, doubtedly, because I mean I think 0:08:13.200 --> 0:08:16.000 the biggest secret of coming to the US Open is 0:08:16.040 --> 0:08:18.920 like stay out of ash, yes, and just go around 0:08:18.960 --> 0:08:21.160 to the courts. The outside courts, you see the best 0:08:21.200 --> 0:08:22.960 tennis players in the world. You can get up close 0:08:23.000 --> 0:08:25.600 to them. Sometimes you walk up to courts people are 0:08:25.640 --> 0:08:27.200 in a third set or a fifth set, You've never 0:08:27.240 --> 0:08:29.040 heard of them, and you literally get to be in 0:08:29.080 --> 0:08:31.720 the front row and see the best tennis you've ever seen. 0:08:31.760 --> 0:08:33.440 Which speaks to what we talked about with the team 0:08:33.480 --> 0:08:35.319 over at ay IBM in terms of what they are 0:08:35.320 --> 0:08:38.040 doing is a lot of the other courts don't get 0:08:38.040 --> 0:08:40.120 a lot of attention, but they're taking now the footage 0:08:40.400 --> 0:08:44.199 and they're creating AI generated commentary and that they're finding 0:08:44.360 --> 0:08:46.840 people want that, they want to know what's going on 0:08:46.640 --> 0:08:48.240 and on some of the other courts around here. 0:08:48.360 --> 0:08:51.120 I think what a lot of casual tennis fans probably 0:08:51.160 --> 0:08:54.320 also don't have a great grasp of is just how 0:08:54.360 --> 0:08:56.720 good you have to be to part of my language, 0:08:56.720 --> 0:08:59.000 but suck at the US Open. Like, if you're a 0:08:59.080 --> 0:09:01.840 singles player and you lose in the first round, you 0:09:02.000 --> 0:09:04.120 still were among the top one hundred and twenty eight 0:09:04.120 --> 0:09:05.840 players in the world. A lot of them had to 0:09:05.880 --> 0:09:08.040 go through several rounds of qualifying to get in there. 0:09:08.200 --> 0:09:10.599 You're still going to see amazing tennis. And it's a 0:09:10.640 --> 0:09:12.560 lot better than, like you said, Tim going into ash 0:09:12.600 --> 0:09:14.160 and seeing a blowout in the first week. 0:09:14.280 --> 0:09:16.840 Can we talk women, yes, because now that all right, 0:09:16.960 --> 0:09:19.479 Venus was here but she's out unfortunately. 0:09:19.880 --> 0:09:21.440 And then Serena we know not here. 0:09:22.480 --> 0:09:24.880 I think I saw her last match last year, but 0:09:24.960 --> 0:09:27.520 we never know right whether or not she could come back. 0:09:27.640 --> 0:09:30.160 Serene Aving, Yeah, I don't know. She's had her second kid. 0:09:30.160 --> 0:09:30.720 A couple of weeks. 0:09:30.840 --> 0:09:32.680 She did just have her second kid. What are we 0:09:32.760 --> 0:09:35.080 looking forward to in terms of the next generation when 0:09:35.120 --> 0:09:36.480 it comes to women, We know that there's already a 0:09:36.480 --> 0:09:37.199 few names out there. 0:09:37.320 --> 0:09:40.120 Yeah, I mean, I think like there's it's really never 0:09:40.160 --> 0:09:42.040 been a better time in recent years to be a 0:09:42.040 --> 0:09:44.920 fan of Americans tennis, and the women are really doing 0:09:44.960 --> 0:09:46.400 so well on the front of the men as well. 0:09:46.400 --> 0:09:49.520 But I'm really excited about Cocoa Goff and Jess Pigula 0:09:49.679 --> 0:09:52.360 like everyone else. I saw them play in doubles together 0:09:52.440 --> 0:09:54.320 the other day. Actually, I think they were the only 0:09:54.320 --> 0:09:56.000 players in the world right now where we are top 0:09:56.040 --> 0:09:59.400 ten in singles and doubles. Each of them really impressive, 0:09:59.480 --> 0:10:02.400 not easy to do. So they are really just like 0:10:02.520 --> 0:10:04.960 riding a ton of momentum from the summer hardcore season 0:10:04.960 --> 0:10:08.959 into the US Open. The other top three seeds are 0:10:08.960 --> 0:10:11.920 also doing incredibly well on the single side, so it's 0:10:11.920 --> 0:10:14.280 not I haven't been too many big upsets yet. I 0:10:14.280 --> 0:10:17.120 think most of the women are really it's it's been 0:10:17.120 --> 0:10:18.959 a I'm just having a. 0:10:18.880 --> 0:10:21.800 Blast watching them, you know, it's pretty amazing. You mentioned 0:10:21.840 --> 0:10:23.959 Jess Pagoula, she's also doing mixed doubles. Like, she's not 0:10:24.000 --> 0:10:26.599 playing mixed doubles today. She like, wait, wasn't she just 0:10:26.640 --> 0:10:29.080 playing last night? And ash, why is she out here today? 0:10:29.120 --> 0:10:31.559 And then I saw it was mixed doubles. She's doing everything. 0:10:31.880 --> 0:10:35.240 Yeah, and you know some players do that. It's I think, 0:10:35.280 --> 0:10:37.120 you know, I've listened to what some of the commentators 0:10:37.120 --> 0:10:39.000 have to say about it. A lot of them will 0:10:39.040 --> 0:10:41.280 tell you, you know, like great to play doubles, you know, 0:10:41.360 --> 0:10:43.360 really helps your singles game gets you at the net 0:10:43.360 --> 0:10:46.200 a lot more your reaction time, just getting more reps 0:10:46.200 --> 0:10:48.959 in in general, but the mixed being maybe that's a 0:10:48.960 --> 0:10:51.400 little too much, especially if you're a serious contender in 0:10:51.440 --> 0:10:53.480 the second week of the singles draw. 0:10:53.600 --> 0:10:55.640 But the problem is here in New York, some of 0:10:55.640 --> 0:10:57.960 these matches don't end until one or two in the morning, right, 0:10:58.000 --> 0:11:00.240 and then you're you're the problem for the player, and 0:11:00.520 --> 0:11:03.360 it's right for the tame and some of those players 0:11:03.360 --> 0:11:05.040 if they have a doubles or a mixed doubles match 0:11:05.080 --> 0:11:05.679 the next two day. 0:11:06.160 --> 0:11:08.240 Ben Sholton today too, doing a doubleheader. 0:11:08.280 --> 0:11:10.600 It's pretty incredible. How old are these guys are? They're young? 0:11:10.760 --> 0:11:13.480 Oh yeah, Ben's twenty, so you. 0:11:13.440 --> 0:11:13.800 Can do that. 0:11:13.840 --> 0:11:18.200 Remember doing all nighters getting out the same thing is twenty, 0:11:18.640 --> 0:11:21.439 Jess is twenty seven, Cocos nineteen, we bet it. 0:11:21.520 --> 0:11:24.200 Serena having her second baby. There is this trend and 0:11:24.240 --> 0:11:26.120 you write about it too. Have these women who've had 0:11:26.160 --> 0:11:27.440 babies and they're coming back. 0:11:27.640 --> 0:11:29.920 I think it's great. Hopefully you know we're seeing that. 0:11:30.000 --> 0:11:32.720 Also to tie in the economy angle, my boss would 0:11:32.720 --> 0:11:36.079 love that in the women's participation rate, that more women 0:11:36.360 --> 0:11:39.360 coming back to work as well, so obviously this kind 0:11:39.360 --> 0:11:42.520 of work being much more demanding after you've gone through labor. 0:11:43.160 --> 0:11:47.439 But it's it's amazing to see Carolyn Woziaki, he's playing tonight. 0:11:48.040 --> 0:11:51.200 Alina Spidelina is still alive. It's it's amazing. 0:11:51.559 --> 0:11:54.120 Yeah. Wassniyaki's match earlier this week was amazing. 0:11:54.240 --> 0:11:56.800 Yeah, to see her beat Patrick kavittov A, you know, 0:11:56.840 --> 0:12:00.680 a top ten or so player in straight sets. I 0:12:00.720 --> 0:12:03.720 mean she's back. That was incredible to see. 0:12:03.800 --> 0:12:05.640 Yeah, incredible journey. I mean not just having a couple 0:12:05.679 --> 0:12:07.680 of kids, but also her battle with her health issues 0:12:07.720 --> 0:12:09.520 that she's been battling over the last few years. I mean, 0:12:09.760 --> 0:12:11.920 the game she played the other night was incredible. Looking 0:12:11.920 --> 0:12:13.080 forward to seeing her to night as well. 0:12:13.760 --> 0:12:16.800 Speaking of battles, just thirty seconds left here. The pay issues. 0:12:16.840 --> 0:12:19.040 I know, the USTA has done a lot in terms 0:12:19.120 --> 0:12:21.240 of the Open, but there's still some work. 0:12:21.040 --> 0:12:21.480 To be done. 0:12:21.600 --> 0:12:23.320 The thing that people have to keep in mind is 0:12:23.320 --> 0:12:26.079 that it's the WTA. The Women's store and the men's 0:12:26.160 --> 0:12:28.720 Tour are two separate bodies. They have their own prize 0:12:28.720 --> 0:12:31.680 pools they dictate or yeah, their prize money, they dictate 0:12:31.720 --> 0:12:34.720 that separately. So optically, yeah, it doesn't look great when 0:12:34.760 --> 0:12:36.839 you're at a tournament that they award, let you know, 0:12:37.000 --> 0:12:39.520 a different amount to each player. But it's not as 0:12:39.600 --> 0:12:42.559 if one governing body is deciding that the women are 0:12:42.559 --> 0:12:43.520 earning less than the men. 0:12:43.640 --> 0:12:44.800 All right, we're gonta leave it there. 0:12:45.600 --> 0:12:48.240 Oh wait, it's the Tennis channel calling. Oh wait, it's 0:12:48.480 --> 0:12:50.800 ESPN calling. Wait it's CBS Sports calling. 0:12:51.240 --> 0:12:53.080 You were really good. That was really fun. 0:12:53.240 --> 0:12:54.720 Let's stay here all day. 0:12:55.280 --> 0:12:57.439 ESPN's just right over there. Just walk on over, and. 0:12:57.520 --> 0:13:02.600 The economics editors, sports commentator a little bit of that. 0:13:02.760 --> 0:13:04.960 She does it all. Mollie Smith, Thanks so much. Enjoy 0:13:05.000 --> 0:13:06.600 the rest of it. You can tell you're having a ball. 0:13:06.679 --> 0:13:09.520 Molly Smith here Bloomberg News Economics editor on site with 0:13:09.600 --> 0:13:10.240 us at the Open. 0:13:10.360 --> 0:13:13.360 We're just getting started on this. It's Friday. Can you 0:13:13.440 --> 0:13:16.240 tell stick around? Everybody's coming back. This is Bloomberg. 0:13:18.080 --> 0:13:21.640 You're listening to the Bloomberg Business Week podcast. Catch us 0:13:21.679 --> 0:13:25.040 live weekday afternoons from three to six Eastern Listen on 0:13:25.080 --> 0:13:29.120 Bloomberg dot com, the iHeartRadio app, and the Bloomberg Business App, 0:13:29.400 --> 0:13:31.800 or watch us live on YouTube. 0:13:32.600 --> 0:13:34.920 Carol Masser along with Tim Stenoviek live at the US 0:13:35.040 --> 0:13:38.360 open here in Flushing Meadows, New York, of course, just. 0:13:38.360 --> 0:13:40.080 Outside Arthur Ash. 0:13:40.160 --> 0:13:41.720 We're going to get back to tennis in just a moment. 0:13:41.760 --> 0:13:43.880 Although I feel like Molly, what one incredible job of 0:13:43.960 --> 0:13:46.840 kind of melding the job market the economy and then 0:13:46.840 --> 0:13:48.120 of course talking tennis here. 0:13:48.080 --> 0:13:49.520 Right now that we need to do a little bit 0:13:49.520 --> 0:13:50.360 more on the job market. 0:13:50.400 --> 0:13:53.000 Yeah, let's talk about it. It was a deployment report 0:13:53.040 --> 0:13:54.960 that we got today that showed the US hiring picked 0:13:55.000 --> 0:13:57.600 up in August, wage growth slowed. It offered a mixed 0:13:57.640 --> 0:14:00.400 picture of both resilience and moderation when comes to the 0:14:00.440 --> 0:14:03.280 labor market. Pretty much what Jay Powell wants to see. 0:14:03.400 --> 0:14:06.040 Yeah, he's got to be pretty happy and feeling pretty confident. 0:14:05.760 --> 0:14:07.559 Well with us, and to give us an idea of 0:14:07.640 --> 0:14:09.320 what she's seeing when it comes to jobs here in 0:14:09.360 --> 0:14:11.400 the US. We are very pleased to go back with us. 0:14:11.440 --> 0:14:14.360 Amy Glazer, senior vice president at the staffing and Recruiting 0:14:14.400 --> 0:14:16.720 agency at DECO. She joins us on Zoom from Florida 0:14:16.760 --> 0:14:18.040 this afternoon. Amy, how are. 0:14:17.880 --> 0:14:21.360 You hey, Good morning, Good afternoons. Then I'm great. 0:14:22.800 --> 0:14:25.640 Yeah, we're doing pretty well here in six It's good 0:14:25.640 --> 0:14:27.680 to have you with us this afternoon. So what were 0:14:27.680 --> 0:14:30.040 your big takeaways from the employment report versus what you're 0:14:30.080 --> 0:14:31.600 seeing on at a deco. 0:14:33.000 --> 0:14:35.120 Yeah, so I think what we're still seeing it's definitely 0:14:35.160 --> 0:14:38.720 a talent driven market. Although you did the unemployment tick 0:14:38.800 --> 0:14:41.320 up thirty basis points. You know, that being offset by 0:14:41.320 --> 0:14:44.800 the labor of participation rate really just continues to send 0:14:45.160 --> 0:14:46.119 mixed messages. 0:14:46.320 --> 0:14:48.160 But those sectors that showed us. 0:14:48.080 --> 0:14:52.080 Growing or what we're seeing, hospitality still growing in demand. 0:14:52.160 --> 0:14:56.040 Healthcare is hot hot right now, another you know, some 0:14:56.080 --> 0:14:59.320 of the other industries pulling a little bit, but really 0:14:59.680 --> 0:15:02.760 looking to surge ahead again in September as holiday hiring 0:15:03.520 --> 0:15:05.760 gets hot and heavy. 0:15:06.800 --> 0:15:08.600 You know, I'm really interested in what you said about 0:15:08.640 --> 0:15:10.960 this being a talent driven economy. Is carently I've talked 0:15:10.960 --> 0:15:13.400 about over the last few months. It really seems like, 0:15:15.040 --> 0:15:17.480 I don't know, Carol the uh. There's been a shift 0:15:17.520 --> 0:15:20.440 with when companies demanding workers come back to the office. 0:15:20.440 --> 0:15:22.160 It's one that you and I predicted that the work 0:15:22.160 --> 0:15:24.240 from home thing wouldn't last forever, and as soon as 0:15:24.240 --> 0:15:27.520 there was this imbalance between supply and demand, as soon 0:15:27.560 --> 0:15:29.640 as that eased, we would start to see companies wanting 0:15:29.640 --> 0:15:32.240 their employees back in the office, Amy, what makes you 0:15:32.280 --> 0:15:34.160 say that it's still a talent driven. 0:15:35.440 --> 0:15:37.360 You know, I think as long as you've got one 0:15:37.440 --> 0:15:40.680 and a half openings for every single job seeker, they 0:15:40.720 --> 0:15:43.560 still have lots of opportunity and are willing to kind 0:15:43.560 --> 0:15:46.760 of add for what they're looking for. And those employers 0:15:46.760 --> 0:15:49.600 that are offering flexibility and being agile right now are 0:15:49.640 --> 0:15:52.120 the ones that are really winning. We are seeing the 0:15:52.160 --> 0:15:55.840 return to the office, but we're also surprisingly seeing a 0:15:55.880 --> 0:15:59.240 stronger appetite from a lot of job seekers to return 0:15:59.280 --> 0:16:01.720 to the office, especially if that's in that kind of 0:16:02.120 --> 0:16:03.680 hybrid type of environment. 0:16:05.480 --> 0:16:08.360 Hey, so, Amy, give us a reminder for our audience 0:16:08.480 --> 0:16:10.760 about the type of you do staff and you do recruiting. 0:16:11.560 --> 0:16:14.240 What kind of jobs typically? Is it white collar, is 0:16:14.280 --> 0:16:15.080 it office? 0:16:15.120 --> 0:16:17.360 What kind of jobs particularly are you working or does 0:16:17.400 --> 0:16:19.160 it cross a lot of different worlds. 0:16:20.400 --> 0:16:22.640 So I'm part of our general staffing sector, so it 0:16:22.680 --> 0:16:25.320 crosses a little bit of everything from blue collar to 0:16:25.360 --> 0:16:29.440 white collar, professional services, healthcare, creative and marketing. So we 0:16:29.520 --> 0:16:33.120 pretty much run the gamut of temporary to full time 0:16:33.560 --> 0:16:34.520 permanent placement. 0:16:34.800 --> 0:16:36.200 So we do have. 0:16:36.160 --> 0:16:40.840 The opportunity to see a really large spectrum of items 0:16:40.880 --> 0:16:42.200 going on in the market out. 0:16:42.080 --> 0:16:45.160 There, all right, So where would you see would you 0:16:45.200 --> 0:16:47.280 say in particular, because it sounds like you are pretty 0:16:47.320 --> 0:16:51.800 optimistic and that the worker is still kind of in 0:16:51.800 --> 0:16:54.320 the driver's seat, or those job seekers are still in 0:16:54.320 --> 0:16:55.000 the driver's seat. 0:16:55.120 --> 0:16:57.160 Where in particular are you seeing strength? 0:16:57.160 --> 0:16:59.840 And I'm also curious about older workers because I feel 0:16:59.880 --> 0:17:03.800 like that labor participation rate was also the result of 0:17:03.840 --> 0:17:07.040 maybe some workers maybe older, maybe they had some savings 0:17:07.119 --> 0:17:07.800 or maybe. 0:17:07.640 --> 0:17:08.239 What have you. 0:17:08.280 --> 0:17:10.000 And we're like, I didn't need to come back in 0:17:10.040 --> 0:17:12.120 now I'm coming back in and we'll find out more, 0:17:12.119 --> 0:17:14.199 I'm sure as the time goes on, But tell us 0:17:14.200 --> 0:17:15.480 about what you're seeing in that front. 0:17:16.480 --> 0:17:19.359