1
00:00:03,840 --> 00:00:08,440
Speaker 1: Broadcasting live to New York, Bloomberg eleven to Washington, d C,

2
00:00:08,680 --> 00:00:13,920
Speaker 1: bloom to Boston, Bloomberg twelve hundreds to San Francisco, Bloomberg

3
00:00:14,040 --> 00:00:19,000
Speaker 1: nine to the country Channel one, and around the globe

4
00:00:19,120 --> 00:00:23,720
Speaker 1: the Bloomberg Radio plus Bloomberg Dot Gone. This is taking Stock.

5
00:00:25,160 --> 00:00:27,480
Speaker 1: I'm Matt Miller here with pim Fox, filling for Kathleen

6
00:00:27,520 --> 00:00:30,280
Speaker 1: Hayes on this Friday. We just heard from Chris Leu

7
00:00:30,680 --> 00:00:33,680
Speaker 1: at the Department of Labor and he confirmed that there

8
00:00:33,720 --> 00:00:37,080
Speaker 1: are a lot of workers who don't feel fully employed. Well,

9
00:00:37,120 --> 00:00:40,040
Speaker 1: we're gonna hear as well from a chief economist in

10
00:00:40,080 --> 00:00:42,760
Speaker 1: a minute from indeed dot com, one of the largest

11
00:00:42,840 --> 00:00:44,760
Speaker 1: job sites in the world. They have over a hundred

12
00:00:44,760 --> 00:00:48,600
Speaker 1: eighty million unique visitors per month per month, either looking

13
00:00:48,600 --> 00:00:52,000
Speaker 1: for a job or advertising to fill a spot. Tera

14
00:00:52,159 --> 00:00:56,920
Speaker 1: Sinclair joins us to talk about the worker discontent you've

15
00:00:56,960 --> 00:01:01,160
Speaker 1: heard so much about, or maybe are feeling herself. Tim Yes,

16
00:01:01,480 --> 00:01:05,240
Speaker 1: will also be speaking to her about jobs satisfaction. We've

17
00:01:05,240 --> 00:01:07,520
Speaker 1: got some details, but right now, let's get details from

18
00:01:07,560 --> 00:01:09,680
Speaker 1: Charlie Pellett in the Bloomberg News room with the Bloomberg

19
00:01:09,760 --> 00:01:13,640
Speaker 1: Business Flash, which pim Fox. I thank you, Matt Miller,

20
00:01:13,760 --> 00:01:16,319
Speaker 1: let us stick with an employment theme. We'll give you

21
00:01:16,360 --> 00:01:19,759
Speaker 1: the story on this morning's job's report. Payrolls surging for

22
00:01:19,800 --> 00:01:23,640
Speaker 1: a second straight month, employers adding two hundred fifty five

23
00:01:23,680 --> 00:01:27,920
Speaker 1: thousand positions. June's impressive number revised up to two hundred

24
00:01:27,959 --> 00:01:32,040
Speaker 1: ninety two thousand. Jack Rivkin, his CEO of Altegra's investments.

25
00:01:32,080 --> 00:01:34,600
Speaker 1: He was interviewed this morning on Bloomberg Television. I think

26
00:01:34,640 --> 00:01:37,080
Speaker 1: we're very close to full employment, and this has pushed

27
00:01:37,120 --> 00:01:40,040
Speaker 1: just a little closer as well. You know, let's let's

28
00:01:40,080 --> 00:01:44,319
Speaker 1: remember we're looking at seasily adjusted numbers. That tot is

29
00:01:44,360 --> 00:01:48,160
Speaker 1: against actually a million people leaving the payrolls in the

30
00:01:48,200 --> 00:01:51,040
Speaker 1: month of July, and it was about the same number

31
00:01:51,080 --> 00:01:54,800
Speaker 1: at least in the first report here. I'm I'm surprised

32
00:01:54,840 --> 00:01:57,000
Speaker 1: that the number is only two fifty five. I would

33
00:01:57,000 --> 00:01:59,120
Speaker 1: have thought it would have been to eighty five something

34
00:01:59,200 --> 00:02:01,600
Speaker 1: like that. And the Every Department said the unemployment rate

35
00:02:01,680 --> 00:02:04,960
Speaker 1: remain level of four point nine percent as Americans came

36
00:02:05,040 --> 00:02:08,120
Speaker 1: off the sidelines to join the workforce. We will have

37
00:02:08,280 --> 00:02:11,320
Speaker 1: more Jobs Day coverage coming up in just a moment

38
00:02:11,720 --> 00:02:15,000
Speaker 1: right here. On taking Stock Bristol Myers Squibs slumping the

39
00:02:15,000 --> 00:02:18,880
Speaker 1: most in fourteen years after saying it's drug opdvos failed

40
00:02:18,919 --> 00:02:21,360
Speaker 1: in a lung cancer trial that would have been the

41
00:02:21,400 --> 00:02:25,119
Speaker 1: basis for widely expanding use of the treatment. Right now,

42
00:02:25,200 --> 00:02:28,880
Speaker 1: shares of Bristol Myers SQUIB down fifteen points six percent,

43
00:02:29,560 --> 00:02:33,400
Speaker 1: SMP up sixteen a gain of eight tenths of one percent,

44
00:02:33,480 --> 00:02:36,360
Speaker 1: and as DAK trading at a record fifty two, up

45
00:02:36,400 --> 00:02:39,280
Speaker 1: one point one percent, the Dow up point nine percent,

46
00:02:39,400 --> 00:02:42,880
Speaker 1: and Gold down one eight percent. Now, let's look at

47
00:02:42,880 --> 00:02:46,040
Speaker 1: the other stories making news. Charlie, Thank you from the

48
00:02:46,040 --> 00:02:50,200
Speaker 1: Bloomberg News Room by Mark Crumpton. Republican presidential nominee Donald

49
00:02:50,200 --> 00:02:53,960
Speaker 1: Trump is expected to endorse how Speaker Paul Ryan tonight

50
00:02:54,360 --> 00:02:58,400
Speaker 1: Fox News, citing two unidentified Republicans, say it will happen

51
00:02:58,440 --> 00:03:02,120
Speaker 1: in Wisconsin. In an interview on Milwaukee radio station w

52
00:03:02,360 --> 00:03:06,280
Speaker 1: t m J, Ryan, who faces a tough primary on Tuesday,

53
00:03:06,600 --> 00:03:09,560
Speaker 1: discussed why he and Trump have been at odds. I'm

54
00:03:09,560 --> 00:03:12,160
Speaker 1: going to speak out and defend ourselves so that people

55
00:03:12,160 --> 00:03:15,120
Speaker 1: in this country don't get a misperception about who we

56
00:03:15,160 --> 00:03:17,079
Speaker 1: are and what we believe in. And I had to

57
00:03:17,120 --> 00:03:19,840
Speaker 1: do that from time to time Hillary Clinton addressed a

58
00:03:19,919 --> 00:03:23,600
Speaker 1: joint conference of Black and Hispanic journalists in Washington. She

59
00:03:23,720 --> 00:03:27,880
Speaker 1: said she's determined to make more serious, sustained investments and

60
00:03:27,960 --> 00:03:31,240
Speaker 1: to create more good paying jobs in African, American and

61
00:03:31,360 --> 00:03:35,000
Speaker 1: Latino communities. For me, these aren't just economic issues. They're

62
00:03:35,040 --> 00:03:39,960
Speaker 1: part of the long, continuing struggle for civil rights. Rosa

63
00:03:40,080 --> 00:03:43,320
Speaker 1: Parks opened up every seat on the bus. Now we've

64
00:03:43,360 --> 00:03:47,120
Speaker 1: got to expand economic opportunity so everyone can afford the fair.

65
00:03:47,760 --> 00:03:51,160
Speaker 1: Another victim of last month's terror attack in Niece, France,

66
00:03:51,200 --> 00:03:54,640
Speaker 1: has died, bringing the death toll to five. A fifty

67
00:03:54,720 --> 00:03:58,360
Speaker 1: six year old man who was hospitalized past His wife

68
00:03:58,360 --> 00:04:01,200
Speaker 1: and their thirteen year old son were also killed when

69
00:04:01,200 --> 00:04:04,680
Speaker 1: a truck driven by an Islamic state sympathizer rammed into

70
00:04:04,720 --> 00:04:08,240
Speaker 1: a crowd celebrating Best Steal Day. A state judge has

71
00:04:08,320 --> 00:04:10,640
Speaker 1: ruled at a New York Times reporter who conducted a

72
00:04:10,720 --> 00:04:14,600
Speaker 1: jailhouse interview with an accused murderer must testify a trial.

73
00:04:14,920 --> 00:04:18,400
Speaker 1: The judge rule that reporter Francis roubless Is testimony could

74
00:04:18,400 --> 00:04:21,920
Speaker 1: be critical. Global News twenty four hours a day, powered

75
00:04:21,960 --> 00:04:24,760
Speaker 1: by more than twenty hundred journalists and analysts in more

76
00:04:24,800 --> 00:04:29,080
Speaker 1: than one hundred twenty countries. I'm more Crumpton. This is Bloomberg, Charlie,

77
00:04:30,400 --> 00:04:32,640
Speaker 1: and we thank you. What again recapping s and P

78
00:04:32,839 --> 00:04:37,160
Speaker 1: five hundred index up sixt one. Again there of eight

79
00:04:37,160 --> 00:04:40,520
Speaker 1: tenths of one percent. I'm Charlie Pellett and that's a

80
00:04:40,520 --> 00:04:45,159
Speaker 1: Bloomberg Business flash you're listening to taking start with Kathleen

81
00:04:45,200 --> 00:04:50,680
Speaker 1: Hayes and Pim Fox on Bloomberg Radio. Well not today.

82
00:04:50,800 --> 00:04:54,080
Speaker 1: It's Matt Miller here with Pim Fox. Kathleen is taking

83
00:04:54,120 --> 00:04:58,000
Speaker 1: a well deserved day of vacation, and I'm enjoying my

84
00:04:58,080 --> 00:05:00,760
Speaker 1: time here with Pim. We're talking about the big Really,

85
00:05:01,080 --> 00:05:04,440
Speaker 1: the best economic data point to come out every month

86
00:05:04,560 --> 00:05:07,960
Speaker 1: is the job's number, and this one was incredible. Still,

87
00:05:08,000 --> 00:05:10,719
Speaker 1: there are a lot of people in this workforce who

88
00:05:10,720 --> 00:05:14,120
Speaker 1: are feeling a little bit under employed, and here to

89
00:05:14,120 --> 00:05:15,920
Speaker 1: talk about that, as Terris and Claire. She is chief

90
00:05:15,920 --> 00:05:19,400
Speaker 1: economist at indeed dot com, one of the largest job

91
00:05:19,440 --> 00:05:22,240
Speaker 1: sites in the world with a hundred eighty million unique

92
00:05:22,320 --> 00:05:25,040
Speaker 1: visits per month. Terra, thanks so much for joining us.

93
00:05:25,960 --> 00:05:28,799
Speaker 1: Let me ask what you thought about this job's report.

94
00:05:28,839 --> 00:05:31,039
Speaker 1: I mean, if that isn't full employment, I don't know

95
00:05:31,080 --> 00:05:34,400
Speaker 1: what full employment looks like. Well, on the aggregate, this

96
00:05:34,480 --> 00:05:37,200
Speaker 1: is a fantastic number. This is a great jobs report

97
00:05:37,240 --> 00:05:40,919
Speaker 1: in general. Seeing two thousand net new jobs created is

98
00:05:41,279 --> 00:05:44,200
Speaker 1: great news for the economy on the whole. But that

99
00:05:44,600 --> 00:05:48,200
Speaker 1: you know, of course, does leave some thing's hidden in

100
00:05:48,240 --> 00:05:52,560
Speaker 1: the sense that not everyone is feeling that strong economy

101
00:05:52,680 --> 00:05:55,760
Speaker 1: is affecting them personally. Why is that, Terek, give us

102
00:05:55,800 --> 00:05:58,440
Speaker 1: some in some data. How do you get that that analysis?

103
00:05:58,960 --> 00:06:01,280
Speaker 1: Well in terms of data, And one of the things

104
00:06:01,320 --> 00:06:04,320
Speaker 1: that we've been watching really closely is where are these

105
00:06:04,400 --> 00:06:07,919
Speaker 1: jobs being created and who can actually have access to

106
00:06:07,960 --> 00:06:09,560
Speaker 1: these jobs? And you know, one of the things that

107
00:06:09,600 --> 00:06:11,760
Speaker 1: economists have been talking a lot about has been this

108
00:06:11,839 --> 00:06:15,359
Speaker 1: polarization of the labor market where we see that we

109
00:06:15,440 --> 00:06:18,680
Speaker 1: are seeing jobs growth and opportunities at the high end

110
00:06:18,839 --> 00:06:21,600
Speaker 1: and at the low end, but less in that middle

111
00:06:21,680 --> 00:06:25,520
Speaker 1: range and fewer pathways for people to move from the

112
00:06:25,520 --> 00:06:27,640
Speaker 1: low end more into the middle and more into the

113
00:06:27,720 --> 00:06:30,480
Speaker 1: high and that's really a challenge that we're continuing to

114
00:06:30,480 --> 00:06:33,359
Speaker 1: see in this economy. So you did actually a report

115
00:06:33,440 --> 00:06:35,600
Speaker 1: on this. I mean, are you seeing that data really

116
00:06:35,640 --> 00:06:39,720
Speaker 1: prove out? Because on the aggregate, uh four point nine

117
00:06:39,800 --> 00:06:43,400
Speaker 1: percent unemployment wage growth of two point six percent per

118
00:06:43,440 --> 00:06:46,599
Speaker 1: month um. And look, there's always going to be people

119
00:06:46,680 --> 00:06:51,720
Speaker 1: who don't like their job. Not everybody likes to work right, right,

120
00:06:51,760 --> 00:06:53,440
Speaker 1: But one thing that we can look at is we

121
00:06:53,440 --> 00:06:56,520
Speaker 1: can look at what's been happening in terms of high

122
00:06:56,520 --> 00:07:00,719
Speaker 1: paying jobs that are seeing real wage growth over a

123
00:07:00,720 --> 00:07:02,400
Speaker 1: long period of time. And so that's what we did

124
00:07:02,560 --> 00:07:06,080
Speaker 1: in our recent research is where we looked at these

125
00:07:06,200 --> 00:07:09,960
Speaker 1: jobs where we've seen wages that are paying enough to

126
00:07:10,000 --> 00:07:13,520
Speaker 1: support a median household income as well as seeing regular

127
00:07:13,840 --> 00:07:18,679
Speaker 1: raid raises. And from that perspective, only fifteen to sixteen

128
00:07:18,680 --> 00:07:22,679
Speaker 1: percent of today's employment is actually in those sorts of jobs,

129
00:07:22,800 --> 00:07:26,440
Speaker 1: which suggests that there's some real discontent there in the

130
00:07:26,520 --> 00:07:29,320
Speaker 1: labor market. Tara, I don't know whether you're familiar with

131
00:07:29,400 --> 00:07:32,480
Speaker 1: the report that came out earlier in July by the

132
00:07:32,560 --> 00:07:36,760
Speaker 1: Conference Board looking at workers satisfaction, and it said that

133
00:07:36,840 --> 00:07:41,560
Speaker 1: about half of the workers reported being satisfied with their jobs,

134
00:07:41,640 --> 00:07:46,120
Speaker 1: and that obviously coincided with increases in pay for hourly

135
00:07:46,160 --> 00:07:50,280
Speaker 1: workers at companies such as Starbucks and JP Morgan Chase.

136
00:07:50,680 --> 00:07:53,040
Speaker 1: How do you respond to that, Well, I mean that

137
00:07:53,120 --> 00:07:56,760
Speaker 1: still leaves you know, a large proportion of the workforce

138
00:07:56,840 --> 00:08:00,000
Speaker 1: unsatisfied with their jobs. But I mean, it is important

139
00:08:00,080 --> 00:08:02,600
Speaker 1: to realize that the economy is much better off today

140
00:08:02,720 --> 00:08:05,160
Speaker 1: than it was, you know, you know, definitely back in

141
00:08:05,200 --> 00:08:07,640
Speaker 1: the recession, but even in the early years of the recovery.

142
00:08:07,720 --> 00:08:11,320
Speaker 1: And so when people are looking back over their recent

143
00:08:11,560 --> 00:08:14,239
Speaker 1: labor market experience, of course today looks a lot better

144
00:08:14,560 --> 00:08:16,800
Speaker 1: than what it did a few years ago. And I

145
00:08:17,200 --> 00:08:20,880
Speaker 1: also think you can uh say it's pretty obvious that,

146
00:08:20,960 --> 00:08:23,960
Speaker 1: for example, manufacturing jobs aren't gonna pay as much anymore

147
00:08:23,960 --> 00:08:25,440
Speaker 1: as they used to. You're not gonna be able to

148
00:08:25,440 --> 00:08:27,720
Speaker 1: support a family on them. I spend a lot of

149
00:08:27,720 --> 00:08:30,240
Speaker 1: time in car factories. They're doing a ton of business,

150
00:08:30,240 --> 00:08:32,920
Speaker 1: but I see more and more robots than people that

151
00:08:32,960 --> 00:08:36,599
Speaker 1: are building things. There. One place you can't put robots

152
00:08:36,760 --> 00:08:40,720
Speaker 1: in up the place of a person is construction. Um

153
00:08:40,800 --> 00:08:44,640
Speaker 1: and we're seeing a shortage of construction workers. That's evidence

154
00:08:45,000 --> 00:08:48,160
Speaker 1: by the tight housing market. Are are there are there

155
00:08:48,160 --> 00:08:49,840
Speaker 1: gonna be a pick up? There? Are you seeing more

156
00:08:49,840 --> 00:08:53,120
Speaker 1: construction jobs offered on indeed dot com? We are, So

157
00:08:53,240 --> 00:08:57,160
Speaker 1: construction is definitely one of those areas where and we're

158
00:08:56,960 --> 00:09:00,360
Speaker 1: are looking to be to see some growth there in

159
00:09:00,400 --> 00:09:02,040
Speaker 1: terms of employment, and it does look like one of

160
00:09:02,080 --> 00:09:04,400
Speaker 1: the reasons we didn't really see much movement in that

161
00:09:04,480 --> 00:09:07,120
Speaker 1: number this month might be because of a shortage of workers.

162
00:09:07,480 --> 00:09:11,320
Speaker 1: But again the type of workers that the housing sector

163
00:09:11,440 --> 00:09:15,559
Speaker 1: is complaining about not finding our people with specialized skill sets,

164
00:09:15,960 --> 00:09:19,160
Speaker 1: and not everybody in today's workforce has those specialized skills.

165
00:09:19,920 --> 00:09:23,040
Speaker 1: I just want you to comment on a recent article

166
00:09:23,200 --> 00:09:27,200
Speaker 1: of yours having to do with red states, blue states,

167
00:09:27,559 --> 00:09:30,600
Speaker 1: and swing states. What did you learn? Well, so, what

168
00:09:30,600 --> 00:09:32,800
Speaker 1: we did there is we looked at these jobs that

169
00:09:32,840 --> 00:09:34,920
Speaker 1: we talked about a minute ago, that we identified as

170
00:09:35,000 --> 00:09:38,640
Speaker 1: being high paying with reasonable wage growth over the last

171
00:09:38,679 --> 00:09:41,600
Speaker 1: ten years, and we looked at how those jobs were

172
00:09:41,640 --> 00:09:45,160
Speaker 1: distributed across the US and one of the things that

173
00:09:45,280 --> 00:09:47,480
Speaker 1: really surprised me at first was how much variation there

174
00:09:47,559 --> 00:09:51,720
Speaker 1: was by state. And then we decided, related to the election,

175
00:09:52,040 --> 00:09:55,680
Speaker 1: to just divide those states into the Gallop Pole's latest

176
00:09:56,200 --> 00:09:59,440
Speaker 1: red state, Blue state, swing state categories, and we discovered

177
00:09:59,440 --> 00:10:03,920
Speaker 1: that there was this stistically significant difference between the experiences

178
00:10:04,040 --> 00:10:07,320
Speaker 1: in terms of job opportunities, uh in terms of job

179
00:10:07,360 --> 00:10:10,760
Speaker 1: postings for red states versus blue states, and in fact,

180
00:10:10,840 --> 00:10:17,600
Speaker 1: blue states were significantly more likely to see these higher paying,

181
00:10:17,960 --> 00:10:21,360
Speaker 1: higher wage growth jobs than the Red States, and it

182
00:10:21,480 --> 00:10:24,559
Speaker 1: is just because they're the Red States are in the

183
00:10:24,600 --> 00:10:26,559
Speaker 1: congregate in the middle of the country, and then you've

184
00:10:26,600 --> 00:10:31,439
Speaker 1: got the technology jobs pertepts in California on the coast. Yeah,

185
00:10:31,480 --> 00:10:34,480
Speaker 1: I definitely think that's part of the explanation. Thanks very much.

186
00:10:34,760 --> 00:10:39,679
Speaker 1: Arris Sinclair, chief economist for indeed dot com, giving us

187
00:10:39,679 --> 00:10:45,280
Speaker 1: her take on today's payroll results, showing a robust job market.

188
00:10:45,720 --> 00:10:49,480
Speaker 1: Unemployment rate remains at four point nine percent, wages grew

189
00:10:49,600 --> 00:10:52,760
Speaker 1: at a rate of two point six percent. I'm pim Fox.

190
00:10:53,040 --> 00:11:01,199
Speaker 1: My co host today Matt Miller. This is Bloomberg. This

191
00:11:01,400 --> 00:11:04,280
Speaker 1: Hampton's commuterment is brought to you by land Rover. When

192
00:11:04,360 --> 00:11:08,280
Speaker 1: towers seem like trees and roads become rivers, the range

193
00:11:08,360 --> 00:11:10,079
Speaker 1: Rover of Oak is there to guide you through the

194
00:11:10,120 --> 00:11:12,960
Speaker 1: twists and turns of the urban jungle, busier tri state

195
00:11:13,000 --> 00:11:14,960
Speaker 1: area Landrover retailer. When