WEBVTT - Indeed.com's Sinclair Sees Discontent in Labor Market (Audio)

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<v Speaker 1>Broadcasting live to New York, Bloomberg eleven to Washington, d C,

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<v Speaker 1>bloom to Boston, Bloomberg twelve hundreds to San Francisco, Bloomberg

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<v Speaker 1>nine to the country Channel one, and around the globe

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<v Speaker 1>the Bloomberg Radio plus Bloomberg Dot Gone. This is taking Stock.

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<v Speaker 1>I'm Matt Miller here with pim Fox, filling for Kathleen

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<v Speaker 1>Hayes on this Friday. We just heard from Chris Leu

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<v Speaker 1>at the Department of Labor and he confirmed that there

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<v Speaker 1>are a lot of workers who don't feel fully employed. Well,

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<v Speaker 1>we're gonna hear as well from a chief economist in

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<v Speaker 1>a minute from indeed dot com, one of the largest

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<v Speaker 1>job sites in the world. They have over a hundred

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<v Speaker 1>eighty million unique visitors per month per month, either looking

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<v Speaker 1>for a job or advertising to fill a spot. Tera

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<v Speaker 1>Sinclair joins us to talk about the worker discontent you've

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<v Speaker 1>heard so much about, or maybe are feeling herself. Tim Yes,

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<v Speaker 1>will also be speaking to her about jobs satisfaction. We've

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<v Speaker 1>got some details, but right now, let's get details from

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<v Speaker 1>Charlie Pellett in the Bloomberg News room with the Bloomberg

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<v Speaker 1>Business Flash, which pim Fox. I thank you, Matt Miller,

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<v Speaker 1>let us stick with an employment theme. We'll give you

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<v Speaker 1>the story on this morning's job's report. Payrolls surging for

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<v Speaker 1>a second straight month, employers adding two hundred fifty five

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<v Speaker 1>thousand positions. June's impressive number revised up to two hundred

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<v Speaker 1>ninety two thousand. Jack Rivkin, his CEO of Altegra's investments.

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<v Speaker 1>He was interviewed this morning on Bloomberg Television. I think

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<v Speaker 1>we're very close to full employment, and this has pushed

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<v Speaker 1>just a little closer as well. You know, let's let's

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<v Speaker 1>remember we're looking at seasily adjusted numbers. That tot is

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<v Speaker 1>against actually a million people leaving the payrolls in the

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<v Speaker 1>month of July, and it was about the same number

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<v Speaker 1>at least in the first report here. I'm I'm surprised

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<v Speaker 1>that the number is only two fifty five. I would

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<v Speaker 1>have thought it would have been to eighty five something

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<v Speaker 1>like that. And the Every Department said the unemployment rate

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<v Speaker 1>remain level of four point nine percent as Americans came

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<v Speaker 1>off the sidelines to join the workforce. We will have

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<v Speaker 1>more Jobs Day coverage coming up in just a moment

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<v Speaker 1>right here. On taking Stock Bristol Myers Squibs slumping the

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<v Speaker 1>most in fourteen years after saying it's drug opdvos failed

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<v Speaker 1>in a lung cancer trial that would have been the

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<v Speaker 1>basis for widely expanding use of the treatment. Right now,

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<v Speaker 1>shares of Bristol Myers SQUIB down fifteen points six percent,

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<v Speaker 1>SMP up sixteen a gain of eight tenths of one percent,

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<v Speaker 1>and as DAK trading at a record fifty two, up

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<v Speaker 1>one point one percent, the Dow up point nine percent,

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<v Speaker 1>and Gold down one eight percent. Now, let's look at

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<v Speaker 1>the other stories making news. Charlie, Thank you from the

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<v Speaker 1>Bloomberg News Room by Mark Crumpton. Republican presidential nominee Donald

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<v Speaker 1>Trump is expected to endorse how Speaker Paul Ryan tonight

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<v Speaker 1>Fox News, citing two unidentified Republicans, say it will happen

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<v Speaker 1>in Wisconsin. In an interview on Milwaukee radio station w

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<v Speaker 1>t m J, Ryan, who faces a tough primary on Tuesday,

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<v Speaker 1>discussed why he and Trump have been at odds. I'm

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<v Speaker 1>going to speak out and defend ourselves so that people

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<v Speaker 1>in this country don't get a misperception about who we

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<v Speaker 1>are and what we believe in. And I had to

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<v Speaker 1>do that from time to time Hillary Clinton addressed a

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<v Speaker 1>joint conference of Black and Hispanic journalists in Washington. She

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<v Speaker 1>said she's determined to make more serious, sustained investments and

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<v Speaker 1>to create more good paying jobs in African, American and

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<v Speaker 1>Latino communities. For me, these aren't just economic issues. They're

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<v Speaker 1>part of the long, continuing struggle for civil rights. Rosa

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<v Speaker 1>Parks opened up every seat on the bus. Now we've

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<v Speaker 1>got to expand economic opportunity so everyone can afford the fair.

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<v Speaker 1>Another victim of last month's terror attack in Niece, France,

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<v Speaker 1>has died, bringing the death toll to five. A fifty

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<v Speaker 1>six year old man who was hospitalized past His wife

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<v Speaker 1>and their thirteen year old son were also killed when

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<v Speaker 1>a truck driven by an Islamic state sympathizer rammed into

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<v Speaker 1>a crowd celebrating Best Steal Day. A state judge has

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<v Speaker 1>ruled at a New York Times reporter who conducted a

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<v Speaker 1>jailhouse interview with an accused murderer must testify a trial.

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<v Speaker 1>The judge rule that reporter Francis roubless Is testimony could

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<v Speaker 1>be critical. Global News twenty four hours a day, powered

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<v Speaker 1>by more than twenty hundred journalists and analysts in more

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<v Speaker 1>than one hundred twenty countries. I'm more Crumpton. This is Bloomberg, Charlie,

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<v Speaker 1>and we thank you. What again recapping s and P

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<v Speaker 1>five hundred index up sixt one. Again there of eight

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<v Speaker 1>tenths of one percent. I'm Charlie Pellett and that's a

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<v Speaker 1>Bloomberg Business flash you're listening to taking start with Kathleen

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<v Speaker 1>Hayes and Pim Fox on Bloomberg Radio. Well not today.

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<v Speaker 1>It's Matt Miller here with Pim Fox. Kathleen is taking

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<v Speaker 1>a well deserved day of vacation, and I'm enjoying my

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<v Speaker 1>time here with Pim. We're talking about the big Really,

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<v Speaker 1>the best economic data point to come out every month

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<v Speaker 1>is the job's number, and this one was incredible. Still,

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<v Speaker 1>there are a lot of people in this workforce who

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<v Speaker 1>are feeling a little bit under employed, and here to

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<v Speaker 1>talk about that, as Terris and Claire. She is chief

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<v Speaker 1>economist at indeed dot com, one of the largest job

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<v Speaker 1>sites in the world with a hundred eighty million unique

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<v Speaker 1>visits per month. Terra, thanks so much for joining us.

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<v Speaker 1>Let me ask what you thought about this job's report.

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<v Speaker 1>I mean, if that isn't full employment, I don't know

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<v Speaker 1>what full employment looks like. Well, on the aggregate, this

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<v Speaker 1>is a fantastic number. This is a great jobs report

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<v Speaker 1>in general. Seeing two thousand net new jobs created is

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<v Speaker 1>great news for the economy on the whole. But that

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<v Speaker 1>you know, of course, does leave some thing's hidden in

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<v Speaker 1>the sense that not everyone is feeling that strong economy

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<v Speaker 1>is affecting them personally. Why is that, Terek, give us

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<v Speaker 1>some in some data. How do you get that that analysis?

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<v Speaker 1>Well in terms of data, And one of the things

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<v Speaker 1>that we've been watching really closely is where are these

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<v Speaker 1>jobs being created and who can actually have access to

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<v Speaker 1>these jobs? And you know, one of the things that

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<v Speaker 1>economists have been talking a lot about has been this

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<v Speaker 1>polarization of the labor market where we see that we

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<v Speaker 1>are seeing jobs growth and opportunities at the high end

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<v Speaker 1>and at the low end, but less in that middle

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<v Speaker 1>range and fewer pathways for people to move from the

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<v Speaker 1>low end more into the middle and more into the

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<v Speaker 1>high and that's really a challenge that we're continuing to

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<v Speaker 1>see in this economy. So you did actually a report

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<v Speaker 1>on this. I mean, are you seeing that data really

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<v Speaker 1>prove out? Because on the aggregate, uh four point nine

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<v Speaker 1>percent unemployment wage growth of two point six percent per

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<v Speaker 1>month um. And look, there's always going to be people

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<v Speaker 1>who don't like their job. Not everybody likes to work right, right,

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<v Speaker 1>But one thing that we can look at is we

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<v Speaker 1>can look at what's been happening in terms of high

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<v Speaker 1>paying jobs that are seeing real wage growth over a

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<v Speaker 1>long period of time. And so that's what we did

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<v Speaker 1>in our recent research is where we looked at these

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<v Speaker 1>jobs where we've seen wages that are paying enough to

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<v Speaker 1>support a median household income as well as seeing regular

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<v Speaker 1>raid raises. And from that perspective, only fifteen to sixteen

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<v Speaker 1>percent of today's employment is actually in those sorts of jobs,

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<v Speaker 1>which suggests that there's some real discontent there in the

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<v Speaker 1>labor market. Tara, I don't know whether you're familiar with

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<v Speaker 1>the report that came out earlier in July by the

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<v Speaker 1>Conference Board looking at workers satisfaction, and it said that

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<v Speaker 1>about half of the workers reported being satisfied with their jobs,

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<v Speaker 1>and that obviously coincided with increases in pay for hourly

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<v Speaker 1>workers at companies such as Starbucks and JP Morgan Chase.

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<v Speaker 1>How do you respond to that, Well, I mean that

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<v Speaker 1>still leaves you know, a large proportion of the workforce

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<v Speaker 1>unsatisfied with their jobs. But I mean, it is important

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<v Speaker 1>to realize that the economy is much better off today

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<v Speaker 1>than it was, you know, you know, definitely back in

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<v Speaker 1>the recession, but even in the early years of the recovery.

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<v Speaker 1>And so when people are looking back over their recent

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<v Speaker 1>labor market experience, of course today looks a lot better

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<v Speaker 1>than what it did a few years ago. And I

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<v Speaker 1>also think you can uh say it's pretty obvious that,

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<v Speaker 1>for example, manufacturing jobs aren't gonna pay as much anymore

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<v Speaker 1>as they used to. You're not gonna be able to

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<v Speaker 1>support a family on them. I spend a lot of

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<v Speaker 1>time in car factories. They're doing a ton of business,

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<v Speaker 1>but I see more and more robots than people that

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<v Speaker 1>are building things. There. One place you can't put robots

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<v Speaker 1>in up the place of a person is construction. Um

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<v Speaker 1>and we're seeing a shortage of construction workers. That's evidence

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<v Speaker 1>by the tight housing market. Are are there are there

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<v Speaker 1>gonna be a pick up? There? Are you seeing more

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<v Speaker 1>construction jobs offered on indeed dot com? We are, So

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<v Speaker 1>construction is definitely one of those areas where and we're

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<v Speaker 1>are looking to be to see some growth there in

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<v Speaker 1>terms of employment, and it does look like one of

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<v Speaker 1>the reasons we didn't really see much movement in that

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<v Speaker 1>number this month might be because of a shortage of workers.

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<v Speaker 1>But again the type of workers that the housing sector

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<v Speaker 1>is complaining about not finding our people with specialized skill sets,

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<v Speaker 1>and not everybody in today's workforce has those specialized skills.

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<v Speaker 1>I just want you to comment on a recent article

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<v Speaker 1>of yours having to do with red states, blue states,

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<v Speaker 1>and swing states. What did you learn? Well, so, what

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<v Speaker 1>we did there is we looked at these jobs that

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<v Speaker 1>we talked about a minute ago, that we identified as

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<v Speaker 1>being high paying with reasonable wage growth over the last

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<v Speaker 1>ten years, and we looked at how those jobs were

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<v Speaker 1>distributed across the US and one of the things that

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<v Speaker 1>really surprised me at first was how much variation there

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<v Speaker 1>was by state. And then we decided, related to the election,

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<v Speaker 1>to just divide those states into the Gallop Pole's latest

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<v Speaker 1>red state, Blue state, swing state categories, and we discovered

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<v Speaker 1>that there was this stistically significant difference between the experiences

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<v Speaker 1>in terms of job opportunities, uh in terms of job

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<v Speaker 1>postings for red states versus blue states, and in fact,

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<v Speaker 1>blue states were significantly more likely to see these higher paying,

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<v Speaker 1>higher wage growth jobs than the Red States, and it

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<v Speaker 1>is just because they're the Red States are in the

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<v Speaker 1>congregate in the middle of the country, and then you've

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<v Speaker 1>got the technology jobs pertepts in California on the coast. Yeah,

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<v Speaker 1>I definitely think that's part of the explanation. Thanks very much.

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<v Speaker 1>Arris Sinclair, chief economist for indeed dot com, giving us

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<v Speaker 1>her take on today's payroll results, showing a robust job market.

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<v Speaker 1>Unemployment rate remains at four point nine percent, wages grew

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<v Speaker 1>at a rate of two point six percent. I'm pim Fox.

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<v Speaker 1>My co host today Matt Miller. This is Bloomberg. This

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