WEBVTT - U.S. Job Growth Quickens as Gain Outstrips Estimates 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.640 plus technology, politics, economics, all purnising the power of Business 0:00:13.680 --> 0:00:17.119 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:19.640 analysts in more than one and twenty countries. You can 0:00:19.640 --> 0:00:23.239 download Bloomberg Business Week on iTunes, SoundCloud, or Bloomberg dot Com. 0:00:23.440 --> 0:00:25.200 You can also listen to our radio show at two 0:00:25.200 --> 0:00:27.880 pm Eastern Time on Bloomberg Radio or watch us on 0:00:27.920 --> 0:00:31.920 YouTube search Bloomberg cloverl News. Well. Another story, of course, 0:00:32.000 --> 0:00:34.840 driving markets today has to do with the monthly jobs 0:00:34.840 --> 0:00:37.360 report for the month of October, which we got this 0:00:37.440 --> 0:00:40.240 morning at eight thirty am Wall Street Time. US job 0:00:40.240 --> 0:00:42.479 growth quickening as a gain of five and thirty one 0:00:42.560 --> 0:00:46.960 thousand outstrips estimates, the best numbers that we've seen in months. 0:00:47.240 --> 0:00:49.400 A leading voice that we like to go to each 0:00:49.400 --> 0:00:51.240 and every month when we do get a job's report 0:00:51.360 --> 0:00:55.120 is Becky Frankowitz, the president of Manpower Group North America. 0:00:55.280 --> 0:00:59.080 Manpower Group is a workforce solutions company that sources, assesses, 0:00:59.120 --> 0:01:02.360 develops and manages talent across eighty countries from more than 0:01:02.400 --> 0:01:05.840 four hundred thousand clients. Becky, it's great to chat with 0:01:05.880 --> 0:01:11.400 you again. Your your reaction to this morning's number. Yeah, Hi, Tim, 0:01:11.440 --> 0:01:15.200 So the morning really represented the beginning, the beginning of 0:01:15.240 --> 0:01:19.560 a reconciliation between American companies and American workers. You know, 0:01:19.600 --> 0:01:23.319 a stimulus ended, Tim, Employers now realized they need to 0:01:23.360 --> 0:01:26.440 move closer to what workers want to bring them back 0:01:26.480 --> 0:01:29.840 in and it truly is wages plus. So the plus 0:01:29.880 --> 0:01:33.440 is around flexibility, autonomy, you know, a focus on health 0:01:33.480 --> 0:01:36.319 and well being, and a sense of purpose. You know, 0:01:36.360 --> 0:01:38.080 but I do mean the beginning, because there are low 0:01:38.160 --> 0:01:40.920 lights and highlights to this report, UM. You know, some 0:01:41.000 --> 0:01:43.800 of the highlights are as you mentioned, strong numbers, particularly 0:01:43.800 --> 0:01:45.640 in manufacturing. You know, the p m I has been 0:01:45.720 --> 0:01:48.040 over sixty now for several months, which is great to 0:01:48.080 --> 0:01:52.000 see hospitality leisure starting to bounce back, showing some signs 0:01:52.000 --> 0:01:55.120 of healing. Women. Women were a headline today. You know, 0:01:55.120 --> 0:01:57.600 the labor force grew by hundred and four thousand people 0:01:58.040 --> 0:02:01.120 entirely due to the increase in women and back into 0:02:01.120 --> 0:02:04.200 the workforce, and of course wage growth. UM continues to 0:02:04.240 --> 0:02:07.360 be a headline UM and and obviously leading to a 0:02:07.400 --> 0:02:10.919 concern around inflation. And the low lights are really around participation. 0:02:11.280 --> 0:02:13.040 I mean, it's not where any of us would want 0:02:13.040 --> 0:02:15.960 it to be. Um, it's hovering around a fifty year low, 0:02:16.120 --> 0:02:19.600 and workers are are slowly trickling back. Yet there's more 0:02:19.680 --> 0:02:21.200 that needs to be done to bring people back into 0:02:21.200 --> 0:02:23.919 the workforce. But that's my summary. But does our idea 0:02:23.919 --> 0:02:28.000 of participation have to change? Are not necessarily our metrics, 0:02:28.080 --> 0:02:32.600 but what labor force participation at a full level looks like? 0:02:33.080 --> 0:02:35.200 Does that have to change? Like FED chair Powell alluded 0:02:35.240 --> 0:02:38.000 to earlier this week that some people who left the 0:02:38.040 --> 0:02:40.720 labor force during the pandemic just aren't going to be 0:02:40.760 --> 0:02:43.320 going back to the labor force. Well, what we know, 0:02:43.440 --> 0:02:45.240 so I think it's a little early to tell that. 0:02:45.320 --> 0:02:47.920 What we know is that we have people retiring early, 0:02:47.960 --> 0:02:50.280 which I know you just you just spoke about, and 0:02:50.320 --> 0:02:52.040 we have women that have left the workforce. So the 0:02:52.080 --> 0:02:54.920 real question around you know, the retirees, the early ones 0:02:54.960 --> 0:02:57.600 that retired on average two years early, is will we 0:02:57.720 --> 0:03:01.440 see the resurgence of boomerang retire Probably not in the 0:03:01.480 --> 0:03:04.000 next two or three or four months, tim, but six months, 0:03:04.040 --> 0:03:06.680 twelve months, people take some time off and decide, you know, 0:03:06.680 --> 0:03:09.760 they're still young enough to participate. And on women, we 0:03:09.840 --> 0:03:13.000 really need the sectors where women are overrepresented to come 0:03:13.000 --> 0:03:16.560 back a little stronger, you know, encouraging on hospitality. You know, 0:03:16.600 --> 0:03:18.960 you saw education did not move in the right direction 0:03:18.960 --> 0:03:21.760 this morning through government hiring. Um so lots of work 0:03:21.760 --> 0:03:23.200 to do there. So I would say it's a little 0:03:23.240 --> 0:03:26.440 early to talk about redefining participation because what we know 0:03:27.080 --> 0:03:29.400 is we have a lot more jobs than we have people, 0:03:29.600 --> 0:03:32.960 and people are what fuel are economic growth. Well, okay, 0:03:32.919 --> 0:03:35.040 I want to talk more about women because if we 0:03:35.080 --> 0:03:38.080 look at the prime age women participation rate, it did 0:03:38.200 --> 0:03:41.720 pick up last month, but only slightly. And I mean, 0:03:41.760 --> 0:03:44.160 like you said, we have to see those sectors where 0:03:44.160 --> 0:03:47.480 women are overrepresented come back more strongly. But I mean 0:03:47.520 --> 0:03:50.680 if you look at you know, leisure and hospitality, that 0:03:50.840 --> 0:03:54.480 sector did see a big pick up last month. So 0:03:54.480 --> 0:03:57.960 so what's still holding back women from really re entering 0:03:58.040 --> 0:04:00.880 the workforce. Yes, I think it's a couple of things. 0:04:00.920 --> 0:04:03.760 You know, first you have to understand why women left, 0:04:03.880 --> 0:04:06.480 and women left in part because the sectors that they 0:04:06.480 --> 0:04:11.800 were overrepresented in were hit the hardest, hospitality and leisure, education, childcare, etcetera. 0:04:11.880 --> 0:04:15.240 So that's one they also left because we still I 0:04:15.280 --> 0:04:18.400 say we because obviously I'm a woman, we still bear 0:04:18.680 --> 0:04:22.520 um and and assume most of the housework, childcare, elder 0:04:22.560 --> 0:04:25.680 care in our homes. And many opted out and said 0:04:25.720 --> 0:04:27.280 now I'm a you know, I'm a full time worker 0:04:27.279 --> 0:04:29.800 and a full time teacher. Something has to give and 0:04:29.880 --> 0:04:32.320 opted out to stay home to help support the family. 0:04:32.680 --> 0:04:34.880 And so I thinks as these sectors come back, and 0:04:34.920 --> 0:04:38.880 you mentioned hospitality and leisure, definitely encouraging numbers, but still 0:04:39.040 --> 0:04:41.479 a on a very very low base. Um. But the 0:04:41.560 --> 0:04:43.840 real tell is going to be can we invite women 0:04:43.880 --> 0:04:47.320 back with the flexibility that they've now enjoyed as they've 0:04:47.320 --> 0:04:50.119 opted into, you know, playing a different role in their 0:04:50.160 --> 0:04:52.839 in their homes and families, and and that that really 0:04:52.920 --> 0:04:57.320 leads to the need for employers to redefine flexibility. It's 0:04:57.360 --> 0:05:00.080 not all about remote working, um, but we have to 0:05:00.080 --> 0:05:02.960 to find flexibility to attract women back into the workforce. Also, 0:05:03.000 --> 0:05:05.520 want to get your thoughts on the month months ahead, 0:05:05.560 --> 0:05:08.720 because we are entering, you know, the holiday season when 0:05:08.720 --> 0:05:12.560 you see a lot of businesses higher temporary workers just 0:05:12.680 --> 0:05:15.200 for that season. And I mean there's been a lot 0:05:15.240 --> 0:05:17.960 of consternation about what it's going to look like for 0:05:18.000 --> 0:05:21.400 retailers because we have all these supply chain issues. I'm 0:05:21.400 --> 0:05:23.880 curious what it's going to look like for those companies 0:05:23.880 --> 0:05:27.360 that are trying to hire seasonal workers. Yeah, so you 0:05:27.480 --> 0:05:30.040 use the word temporary, hiring temporary workers, you know, I 0:05:30.080 --> 0:05:32.520 would say, what is a temporary worker? These days? With 0:05:32.600 --> 0:05:35.680 the quit right, you know, reaching record highs ever reported, 0:05:36.160 --> 0:05:37.479 I guess in a lot of cases, a lot of 0:05:37.480 --> 0:05:40.120 folks are temporary, depending on how you define it. But 0:05:40.200 --> 0:05:42.480 it is something we're watching closely. And what we've seen 0:05:42.520 --> 0:05:46.240 our clients do is over higher early and so we 0:05:46.360 --> 0:05:49.280 started seeing, you know, job postings for three hundred thousand 0:05:49.279 --> 0:05:51.960 people for a client versus the traditional one hundred and 0:05:52.000 --> 0:05:53.960 fifty thousand they would go to higher and so we've 0:05:54.000 --> 0:05:56.760 seen really the combination instead of thing I'm hiring for 0:05:56.800 --> 0:06:00.680 seasonal workers, clients are saying I'm hiring and not putting 0:06:00.680 --> 0:06:02.880 an end date on that. And so you know, the 0:06:03.160 --> 0:06:05.240 real question is if you wanted to opt into the 0:06:05.240 --> 0:06:08.520 flexibility and some additional income from a worker view, you 0:06:08.600 --> 0:06:11.479 have more opportunities than ever before to opt into that 0:06:11.560 --> 0:06:14.000 kind of workforce. And you know, I think the smart 0:06:14.040 --> 0:06:16.039 companies are saying, hey, we just want to hire you. 0:06:16.040 --> 0:06:17.680 You can opt in and out for the number of 0:06:17.680 --> 0:06:19.719 hours and the length of assignment that you want to have. 0:06:19.800 --> 0:06:21.599 And so, you know, the trick is that we're going 0:06:21.640 --> 0:06:23.599 to have enough workers to support the growth we need 0:06:23.680 --> 0:06:25.720 over you know, over the holidays. And you've seen all 0:06:25.720 --> 0:06:28.320 the headlines around concerns not just for supply chain, but 0:06:28.400 --> 0:06:31.479 for for productivity. Yeah. Look what Amazon just announced last 0:06:31.520 --> 0:06:33.919 week that they might not even have a profitable quarter 0:06:33.960 --> 0:06:35.760 as a result of the incentives that they'll have to 0:06:35.760 --> 0:06:38.840 pay people to come in during the fourth quarter. Hey, Becky, 0:06:39.560 --> 0:06:41.320 give us an idea of what you see in the 0:06:41.400 --> 0:06:44.880 data from the companies that you work with at Manpower 0:06:45.480 --> 0:06:47.840 and what we saw on the jobs report today when 0:06:47.839 --> 0:06:51.440 it comes specifically to wage growth. Yeah, so we're definitely 0:06:51.440 --> 0:06:54.520 seeing wage inflation. Um, you know, wages are table stakes now, 0:06:54.600 --> 0:06:56.960 tim And it's so ironic if you go back twenty 0:06:56.960 --> 0:06:59.440 four months. You know, right before the crisis, we were 0:06:59.480 --> 0:07:02.360 all saying wages should be increasing based on the economic 0:07:02.400 --> 0:07:05.440 principles of supply and demand, and they didn't, and and 0:07:05.480 --> 0:07:07.280 they are now as you saw, we're up to four 0:07:07.320 --> 0:07:10.000 point nine on a on an average twelve months basis 0:07:10.080 --> 0:07:13.600 for wage increase. So we're definitely seeing wage increases. There's 0:07:13.680 --> 0:07:16.400 never been a more effective strategy in moving the fifteen 0:07:16.400 --> 0:07:18.800 dollar wage than in any of the movements we've seen 0:07:18.840 --> 0:07:22.680 outside of this crisis. And so we've been encouraged by that. UM. 0:07:22.720 --> 0:07:25.160 You know, we keep a close eye on on the 0:07:25.200 --> 0:07:27.440 other costs that are going up around our workers because 0:07:27.440 --> 0:07:30.320 if wages, you know, don't keep up with the inflationary 0:07:30.360 --> 0:07:32.400 cost of goods, then we also have an imbalance, and 0:07:32.440 --> 0:07:35.400 so that's important. But we're definitely seeing wage growth. And 0:07:35.560 --> 0:07:38.040 you know, another another hot sector I'll tell you going 0:07:38.080 --> 0:07:39.880 forward because you said, you know, looking out what we 0:07:39.960 --> 0:07:42.960 see UM. The headline of story, it's all around i T. 0:07:43.800 --> 0:07:47.360 So i T demand for jobs and that knowledge worker 0:07:47.400 --> 0:07:50.720 space of of i T is up thirty one year 0:07:50.760 --> 0:07:53.360 on year, and and remember we've talked about this in 0:07:53.360 --> 0:07:56.240 several reports. It continues to be on a high base, 0:07:56.360 --> 0:07:58.440 not a low base. It's not the story of hospitality. 0:07:58.520 --> 0:08:00.600 I T is the story of you know, step change 0:08:00.680 --> 0:08:03.720 year over year, month over month growth and last month 0:08:03.800 --> 0:08:08.280 in America, software developers overtook nurses as the number one 0:08:08.440 --> 0:08:10.880 most in demand role in our country. So nurses have 0:08:10.960 --> 0:08:13.360 moved to number two software developers and number one. So 0:08:13.480 --> 0:08:16.080 I t you know, talent is definitely the driver's seat 0:08:16.080 --> 0:08:18.640 in our country. Wow, I gotta think there's there's some 0:08:18.720 --> 0:08:20.520 signal to take about, you know, the fact that we 0:08:20.560 --> 0:08:22.960 are maybe getting out of this pandemic, the fact that 0:08:23.400 --> 0:08:25.800 nurses happened overtaken. But I do want to take us 0:08:25.800 --> 0:08:28.800 back to that labor force participation rate. Still scratching my 0:08:28.840 --> 0:08:31.400 head about it, the fact that again it really hasn't 0:08:31.720 --> 0:08:36.160 moved for months from sixty one point six per cent, Becky, 0:08:36.200 --> 0:08:38.599 how does that start to get higher? What's going to 0:08:38.679 --> 0:08:41.480 push it there? Well, again, at the end of stimulus, 0:08:41.559 --> 0:08:44.400 I think American employers, you know, we're holding their breath 0:08:44.440 --> 0:08:46.600 for you know, what I called the September sunrise on 0:08:46.640 --> 0:08:49.480 a prior program, you know, hoping that when stimulus ended, 0:08:49.520 --> 0:08:52.280 workers would come back in the workforce. Now, what of 0:08:52.320 --> 0:08:55.000 course we know, is that's not happening in the rate 0:08:55.120 --> 0:08:57.440 that anyone expected it too. And so if you step 0:08:57.480 --> 0:08:59.800 back and say what's going on in the households of 0:09:00.000 --> 0:09:04.240 of America, it truly is you know, a complex challenge. 0:09:04.360 --> 0:09:06.559 It's safety and I know you just had the visor 0:09:06.679 --> 0:09:09.960 CEOs speaking about vaccination rates, So it is safety. Cannot 0:09:10.000 --> 0:09:13.120 go into work and be safe. It is increasing responsibilities 0:09:13.120 --> 0:09:16.000 at home, which is primarily hardest hitting for women, but 0:09:16.360 --> 0:09:20.760 impacting families. And it's also America's are saving and so 0:09:20.840 --> 0:09:24.000 they're having the opportunity to you know, change their lifestyle, 0:09:24.200 --> 0:09:27.360 move to new cities and often too different ways of working. 0:09:27.400 --> 0:09:29.679 And so I think our our hope should be rooted 0:09:29.720 --> 0:09:32.800 around seasonal labor that you mentioned earlier, you know, coming 0:09:32.800 --> 0:09:35.920 back on maybe a part time basis to invite people 0:09:35.920 --> 0:09:38.280 back into the workforce and say, you know, come on in, 0:09:38.360 --> 0:09:42.040 it's it's actually okay. Becky Francowitz, President at Manpower Group 0:09:42.160 --> 0:09:45.800 North America, joining us on the phone from Chicago. Becky, 0:09:45.880 --> 0:09:48.760 thank you so much for taking the time. Really appreciate it. 0:09:49.040 --> 0:09:53.079 This is Bloomberg Business Week with Carol Messer and Bloomberg 0:09:53.160 --> 0:09:57.600 Quick Takes. Tim Stinovic from Bloomberg Radio. Well shebil new 0:09:57.640 --> 0:10:01.439 coin craze is driving demand for a less than ideal 0:10:01.800 --> 0:10:06.559 dog breed. Claire Valentine is a reporter for Bloomberg News. 0:10:06.559 --> 0:10:08.959 She's covers markets and et f s, but I think 0:10:08.960 --> 0:10:11.959 it's fair we can call her the dogdog reporter for 0:10:12.040 --> 0:10:14.520 this story. She joins us on the phone from New 0:10:14.600 --> 0:10:17.360 York City. Claire, First of all, I have to ask you, 0:10:18.080 --> 0:10:20.959 was it trips to the dog park with your one 0:10:21.040 --> 0:10:23.840 year old dog Riley that got your attention for this story? 0:10:25.240 --> 0:10:27.880 It actually was. It was a combination of that and 0:10:27.920 --> 0:10:34.160 then also seeing this she thedio coin just skyrocket recently, 0:10:34.800 --> 0:10:39.720 and just with both of those sort of observations happening, 0:10:39.840 --> 0:10:42.559 you know, it just seemed like it was right for investigation. 0:10:42.679 --> 0:10:45.800 And sure enough, when I talked with some breeders across 0:10:45.840 --> 0:10:49.760 the country, they confirmed that people want the news now. Okay, 0:10:49.760 --> 0:10:51.840 So what did the breeders tell you about the way 0:10:51.840 --> 0:10:54.160 that people are getting in touch with them so much 0:10:54.160 --> 0:10:57.040 more than in just a few months ago. Well, it's 0:10:57.040 --> 0:10:59.360 so funny because some of these breeders that I called, 0:10:59.520 --> 0:11:03.040 there's act she Beat You New Association of America. They're 0:11:03.040 --> 0:11:06.440 all these national organizations, and these these are all like 0:11:06.600 --> 0:11:09.920 hobby breeders. They you know, they're she beat You knows 0:11:09.960 --> 0:11:13.280 have litters of three puppies at a time, and all 0:11:13.280 --> 0:11:16.640 of a sudden people are finding them and are calling 0:11:16.720 --> 0:11:20.360 them and on their waning list and and just lining 0:11:20.440 --> 0:11:24.400 up to get these dogs. Can we talk about Sida 0:11:24.480 --> 0:11:27.960 you news, because they're actually really cool. They're Japanese hunting dogs. 0:11:28.440 --> 0:11:30.280 I have been really into them for a while and 0:11:30.320 --> 0:11:34.079 I feel like does before before doughs. They're really cool, 0:11:35.760 --> 0:11:39.199 always painfully. But you say in the headline they're less 0:11:39.240 --> 0:11:43.520 than ideal dogs. Let's walk through that a little bit. Yeah, 0:11:43.800 --> 0:11:47.600 So from talking with with the actual breeders and my 0:11:47.640 --> 0:11:51.840 own personal experience, UM, I think the dogs they're they're 0:11:51.960 --> 0:11:56.960 very cute and they're very athletic. Um they're sort of 0:11:57.000 --> 0:11:59.880 aloof though is with the word that was used and 0:12:00.000 --> 0:12:06.400 a bit catholic. Yeah, well you're speaking Katie's language. Okay, 0:12:07.920 --> 0:12:10.600 this is the dog for you. I know. I feel 0:12:10.640 --> 0:12:13.679 like Katrick and a shiba, they would they would find 0:12:14.520 --> 0:12:17.400 if anyone, Yeah, if anyone hasn't seen Katie's dog, just 0:12:17.440 --> 0:12:20.000 follow her on her cat excuse me, kat Rick, um, 0:12:20.120 --> 0:12:21.600 just follow her on social media. I want to bring 0:12:21.640 --> 0:12:24.000 in Joel Webber, editor at Bloomberg Business Week. He's with 0:12:24.040 --> 0:12:26.160 us in the Bloomberg Interactive Broker Studio. So Joel, we 0:12:26.200 --> 0:12:30.800 talked about uh Claire at the dog park with Riley 0:12:30.840 --> 0:12:32.760 and that being the genesis of this story. So when 0:12:32.800 --> 0:12:34.880 she and the team brought it to you, did you 0:12:34.880 --> 0:12:38.079 just say, yes, absolutely, this is exactly what we want 0:12:38.080 --> 0:12:40.920 to say. Because I love this story. I will fact 0:12:41.000 --> 0:12:44.439 check that story and just say that it happened a 0:12:44.520 --> 0:12:49.600 little differently. Oh okay, although I think Claire was the 0:12:49.600 --> 0:12:52.600 most perfect writer imaginable for it. But um, we we 0:12:53.040 --> 0:12:57.160 look like the new thing like it's just been um, 0:12:57.200 --> 0:12:59.080 you know, you can't look away from it, right, And 0:12:59.120 --> 0:13:02.040 it started with the doe interesting and then Ellen got 0:13:02.160 --> 0:13:05.080 his and and that mayde just kind of go, you know, 0:13:05.280 --> 0:13:07.679 is it just the craze kind of continued. I was like, 0:13:08.120 --> 0:13:11.120 it's got to be crossing over, right, And so that 0:13:11.200 --> 0:13:13.200 made me call Claire and I was like, hey, could 0:13:13.240 --> 0:13:15.679 you make some phone calls? And she was like, you know, 0:13:15.840 --> 0:13:19.640 this is my dream the side. So so thank you, Claire. 0:13:20.559 --> 0:13:23.360 But you know, Claire, UM, I know, I know I 0:13:23.400 --> 0:13:27.360 put the less than ideal dog breed um in the headline, 0:13:27.400 --> 0:13:30.959 but obviously that's in the beholder. Um, what are some 0:13:31.040 --> 0:13:35.719 positive traits about this dog? The positive choice, I think 0:13:35.760 --> 0:13:38.360 is that it's it's very athletic. I mean, it can 0:13:38.520 --> 0:13:41.839 you know, they're they were bred as hunting dogs, so 0:13:42.000 --> 0:13:46.120 you know, in terms of running and just you know, 0:13:46.280 --> 0:13:48.640 tearing it up with with other dogs like it can 0:13:48.720 --> 0:13:57.920 be really fun. Um also see it's very conducive to memes. Yes, yes, definitely. 0:13:57.960 --> 0:13:59.840 And I think it's you know, it's it's all about 0:13:59.840 --> 0:14:02.920 how you raise a dog and the training and that 0:14:03.000 --> 0:14:05.280 kind of thing. So they're not always bad dogs, but 0:14:05.520 --> 0:14:07.560 they do have some tendencies that could be you know, 0:14:07.600 --> 0:14:10.280 as we say, less than ideal. So Claire, you're writing 0:14:10.320 --> 0:14:12.520 your story that it's not the first time that pop 0:14:12.520 --> 0:14:15.360 culture has driven the purchases of pets, and it makes 0:14:15.360 --> 0:14:18.200 me think back to the nineties with Walt Disney's live 0:14:18.240 --> 0:14:21.040 action version of A hundred and one Dalmatians. Real puppies 0:14:21.040 --> 0:14:23.600 were given as Christmas gifts, you write, a spike and 0:14:23.640 --> 0:14:26.560 pupps at animal shelters after families realized though that dogs 0:14:26.560 --> 0:14:29.640 of this breed tend to bite and don't often like children. 0:14:30.120 --> 0:14:32.720 I'm wondering when we'll know if this is a lasting 0:14:32.720 --> 0:14:34.960 trend or if we'll see some sort of similar activity 0:14:35.000 --> 0:14:39.160 when it comes to uh the excitement around Shiba. Well, 0:14:39.200 --> 0:14:42.520 it could be you know, uh, many years away. I 0:14:42.560 --> 0:14:46.000 will say, you know, going off of the president for that. 0:14:46.120 --> 0:14:48.720 You know, my my dog Riley, who's a cocker Spaniel. 0:14:48.800 --> 0:14:52.720 He's actually the second or the third cocker spaniel I've 0:14:52.720 --> 0:14:54.880 owned in my life. When I was young and I 0:14:54.920 --> 0:14:58.360 watched Lady in the Tramp um my my parents got me. 0:14:58.680 --> 0:15:03.680 We had two cocker spaniels. So look at that. Yeah, 0:15:03.720 --> 0:15:08.200 it's a personal experience there and with you know, dogs, lifespands. 0:15:08.280 --> 0:15:09.760 You know this, this could be with us for quite 0:15:09.760 --> 0:15:13.200 a while. Next time we bring that into this story, Claire, 0:15:13.360 --> 0:15:16.880 Like you know, the cocker spaniel, there was like a 0:15:16.920 --> 0:15:20.120 whole other chapter to this story that I didn't know. 0:15:20.560 --> 0:15:21.840 I was hoping you were going to say we were 0:15:21.840 --> 0:15:24.400 going to bring a shiba into the studio. I mean, 0:15:24.520 --> 0:15:27.360 it could be arranged. Maybe I would like to say, yeah, 0:15:27.640 --> 0:15:30.360 I you know. Now. The other thing I will say 0:15:30.360 --> 0:15:32.320 here though, is that, um, you know, as long as 0:15:32.360 --> 0:15:38.000 we're on Mimi Dogs, do you know about the Benghazi 0:15:38.200 --> 0:15:41.120 ben JAZZI? Is that? That's it? Claire? Right, that's my 0:15:41.480 --> 0:15:44.520 that's my up and comer for for what I think 0:15:44.560 --> 0:15:46.080 is going to be the next meme dog is it? 0:15:46.120 --> 0:15:50.920 What is it? Curly tail hypoallergenic? Yeah, I don't think 0:15:50.920 --> 0:15:52.560 it has a coin yet, but you know, maybe able 0:15:52.560 --> 0:15:54.440 to start win this weekend. And well, you know, does 0:15:54.480 --> 0:15:58.720 it have cats? I mean, are you in the market? 0:15:59.720 --> 0:16:01.080 Is that know what you're saying. I live in a 0:16:01.120 --> 0:16:03.520 two bedroom with a cat, so and a husband. I'm 0:16:03.520 --> 0:16:06.680 not alone. So meanwhile, you know, we've got these coins 0:16:06.680 --> 0:16:09.840 that are kind of going crazy. Claire, Um, what's um? 0:16:09.880 --> 0:16:12.560 What's getting out to you in the on the coin world? 0:16:12.680 --> 0:16:14.640 And you know the other thing that was interesting here 0:16:14.680 --> 0:16:17.760 was that there are people who uh, you know, predated 0:16:18.320 --> 0:16:23.760 the meme moment right in terms of the Yeah, definitely. 0:16:23.760 --> 0:16:26.240 There are some people who you know who had Seba 0:16:26.320 --> 0:16:30.280 unity before dodge coin was was created. And for them 0:16:30.360 --> 0:16:33.240 it's you know, it's it's pretty weird all of a sudden, 0:16:33.440 --> 0:16:36.960 your your dog everywhere. Um. And one woman that I 0:16:37.000 --> 0:16:39.360 talked to, how does she the un and then later 0:16:39.440 --> 0:16:42.880 found out about the uniw coin and thought, oh, that's 0:16:42.880 --> 0:16:45.520 perfect for me. I'm going to invest in it. So 0:16:45.640 --> 0:16:49.960 it's sort of you know, each feed off the other. Um. 0:16:50.040 --> 0:16:53.680 But yeah, the Sheba new coin especially has just had 0:16:53.840 --> 0:16:57.800 so much um, grassroots support on social media for it. 0:16:57.920 --> 0:17:00.720 People are very into it. All. I gotta tell you 0:17:00.760 --> 0:17:04.160 I'm you know, you're the editor. I'm missing a picture 0:17:04.400 --> 0:17:07.959 of Riley the cocker Spaniel in this piece. You know, 0:17:08.520 --> 0:17:10.119 I guess, I guess. There are many things that we 0:17:10.160 --> 0:17:11.959 could have added to this story, including you know, my 0:17:12.040 --> 0:17:14.520 own story with but you know, you know, it doesn't 0:17:14.520 --> 0:17:18.040 all doesn't make the final car exactly. And again, this 0:17:18.160 --> 0:17:20.320 is like a really fun story and like one of 0:17:20.359 --> 0:17:22.639 those ones that it was just like, oh, there's you know, 0:17:22.880 --> 0:17:27.360 the real market. You know, well, what's happening in crypto, 0:17:27.400 --> 0:17:30.399 but there's actually a real real market, which is the 0:17:30.400 --> 0:17:33.399 crossover story of what's happening in with with this pretty 0:17:33.560 --> 0:17:37.160 a perfect story for Friday afternoon. You can read Claire's story. 0:17:37.160 --> 0:17:39.760 It's featured in the new issue of Bloomberg Business Week magazine. 0:17:39.760 --> 0:17:42.720 It's available on newsstands and at Bloomberg dot com slash 0:17:42.760 --> 0:17:45.480 business Week. Joe Weber is editor of Bloomberg Business Week, 0:17:45.560 --> 0:17:49.040 joining us in the Bloomberg Interactive broker's studio. Claire Ballentine 0:17:49.040 --> 0:17:51.919 markets and ets reporter for Bloomberg new She joined us 0:17:51.920 --> 0:17:59.199 on the phone from New York City. This is Bloomberg 0:17:59.200 --> 0:18:02.880 Business Week with Carol Messer and Bloomberg Quick Takes Tim 0:18:02.960 --> 0:18:08.520 Stinovic on Bloomberg Radio. It's Bloomberg Business Week. Tim Stinofeck 0:18:08.560 --> 0:18:12.080 and Katie Greifeld live in the Bloomberg Interactive Brokers studio 0:18:12.359 --> 0:18:14.720 in New York. SHARE's a Viser. I are by eight 0:18:14.760 --> 0:18:18.440 point seven percent right now after the company is saying 0:18:18.440 --> 0:18:22.159 that it's COVID nineteen pill reduced hospitalizations and deaths in 0:18:22.240 --> 0:18:25.439 high risk patients by eight At the same time, we 0:18:25.480 --> 0:18:29.000 are seeing shares of MODERNA down about as a result 0:18:29.040 --> 0:18:31.720 of That's the big question is does this marking new 0:18:31.840 --> 0:18:34.920 stage in the fight against the pandemic. Well, let's ask 0:18:35.000 --> 0:18:36.800 a voice that we go to each and every week. 0:18:36.920 --> 0:18:39.680 Dr Ian LUs Beder, clinical professor of Medicine at n 0:18:39.760 --> 0:18:42.159 y U Lane Owns Medical Center. He joins us on 0:18:42.200 --> 0:18:44.880 the phone from New York City. Dr LUs Bader, what 0:18:44.920 --> 0:18:46.680 were your thoughts when you saw this news from Viser 0:18:46.760 --> 0:18:51.040 early this morning, Happy Friday, Tim and Katie. I think 0:18:51.200 --> 0:18:55.720 very good news. You know, certainly it's another addition to 0:18:55.760 --> 0:19:00.440 the armamentarium. You know, we are seeing cases dropping. I 0:19:01.040 --> 0:19:04.679 do think over the next several months, uh kind of 0:19:04.920 --> 0:19:07.280 de factor we're going to be seeing, you know, an 0:19:07.440 --> 0:19:10.639 end of the pandemic. Maybe endemic, but the end of 0:19:10.880 --> 0:19:14.840 a pandemic in the US obviously not globally. But the 0:19:14.880 --> 0:19:18.880 FISER pill is a protease inhibitor, and we use protease 0:19:18.920 --> 0:19:24.040 inhibitors to treat HIV, usually in combination as well. Hepatitis 0:19:24.040 --> 0:19:29.439 C also in a combination pill. And in this particular study, 0:19:30.080 --> 0:19:33.240 it showed that the FISER pill combined with one of 0:19:33.280 --> 0:19:36.040 the HIV pills that we use, ritonity Are, which is 0:19:36.040 --> 0:19:39.080 a protease inhibitor. All of these act in different ways 0:19:39.119 --> 0:19:42.640 to decrease viral replication. You know, it's very significant. They 0:19:42.640 --> 0:19:45.560 did the study in twelve patients. There are some other 0:19:45.760 --> 0:19:49.720 medications out there that are also encharging, some over the 0:19:49.760 --> 0:19:52.240 counter and not over the counter, some meta generic, I 0:19:52.280 --> 0:19:56.440 should say. The Wall Street Journal also reported a few 0:19:56.440 --> 0:19:59.840 weeks ago of a Lancet study with fluvoxamine, which is 0:19:59.840 --> 0:20:02.359 an S s R I that also is encouraging. Not 0:20:02.480 --> 0:20:04.800 quite as many patients in that study there were at 0:20:04.840 --> 0:20:08.000 six patients. Here, it's about twelve patients. So I think 0:20:08.000 --> 0:20:12.000 we're moving in the right direction with increased vaccinations, some 0:20:12.119 --> 0:20:14.600 new anti viral so I think there's hope on the front. 0:20:15.280 --> 0:20:17.760 And so it's interesting I mean, obviously you're seeing visor 0:20:17.800 --> 0:20:20.560 stocks searge today, but like Tim mentioned, you're seeing Maderna 0:20:20.600 --> 0:20:24.280 shares down at the moment. And some of the logic 0:20:24.560 --> 0:20:27.400 there that's been offered is that there's a pill available, 0:20:27.480 --> 0:20:32.359 people are less likely to get the vaccine in shot form. 0:20:32.840 --> 0:20:36.920 H does that logic cold water with you? Well, Maderna 0:20:37.000 --> 0:20:39.800 has a very deep field, you know, the the messenger 0:20:39.960 --> 0:20:42.919 RNA vaccines are going to be used for many things. 0:20:43.640 --> 0:20:47.240 Cancer virus is a huge number of things. So Maderna, 0:20:47.240 --> 0:20:49.600 in my opinion as his visor, is a great company. 0:20:49.680 --> 0:20:52.880 So I wouldn't get too excited one way or another. Um, 0:20:53.040 --> 0:20:56.760 the reality is percent of people over sixty five have 0:20:56.840 --> 0:21:01.119 received at least one dose of the vaccine. Fully vaccinated 0:21:01.240 --> 0:21:05.960 is of people sixty five and older, and for twelve 0:21:06.000 --> 0:21:10.160