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Speaker 1: Global business news twenty four hours a day at Bloomberg

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Speaker 1: dot com, the radio, plus mobile lap and on your radio.

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Speaker 1: This is a Bloomberg Business Flash and I'm Karen Muscow.

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Speaker 1: This updates brought to you by c I T from

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Speaker 1: transportation to healthcare to manufacturing. C I T offers commercial lending, leasing,

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Speaker 1: and treasury management services for small and middle market businesses.

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Speaker 1: Learn more at c i T dot com. But knowledge

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Speaker 1: to work, General Electric and Honeywell reported earnings that beat

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Speaker 1: analysts estimates. GE revenue just missed. Those shares down nine

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Speaker 1: tens of a percent. This morning. Stocks in Europe are lower,

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Speaker 1: while US stock index futures have turned higher. SNP E

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Speaker 1: many futures up four and a half points, Dowie mini

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Speaker 1: futures up nineteen NASADACI mini futures up to Who checked

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Speaker 1: the markets every fifteen minutes throughout the trading day on Bloomberg.

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Speaker 1: The decks in Germany's down three tenths percent, ten Your

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Speaker 1: treasury down to thirty seconds, the yeld one point eight

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Speaker 1: seven percent, NIMEX crude oil a half percent, or twenty

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Speaker 1: three cents to forty three forty of their roll. Call

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Speaker 1: my scold is down a tenth of a percent or

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Speaker 1: a dollar twenty to twelve forty nine ten announced the

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Speaker 1: euro a dollar twelve seventy six n one ten point

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Speaker 1: six three. That's a Bloomberg business flash. Tom and Mike,

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Speaker 1: thanks so much, Karen greatly appreciated from New York. From Gainesville, Florida.

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Speaker 1: This is Bloomberg surveillance. Mike, why are you in Gainesville?

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Speaker 1: But a panel discussion today at the Warrington School of

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Speaker 1: Business on the federal budget deficit. It's gonna be fascinating.

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Speaker 1: But we've got people from the markets, we've got people

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Speaker 1: from think tanks in Washington, and we've been a student presentation.

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Speaker 1: I'm looking forward to seeing so very It's got to

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Speaker 1: be very interesting. Now we have a professional presentation, Jim

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Speaker 1: Glassman joining us usually on Jobs Day, but wonderful to

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Speaker 1: have him in the studio on a day where we're

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Speaker 1: not as hysterical. Let me ask you about the quality

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Speaker 1: of the jobs that we're forming. This comes up in

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Speaker 1: every conversation I have. I understand when you have job growth,

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Speaker 1: you have jobs across every quality and every pay skill.

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Speaker 1: Is there a difference this time? Probably not. I mean

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Speaker 1: we're getting the kind of job grows at different pay

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Speaker 1: levels that you normally see and recovery. But the problem

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Speaker 1: is we still have up sectors of the economy that

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Speaker 1: are not fully recovered. So the construction industry is on

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Speaker 1: the man now. Housing activity been a little slower. But

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Speaker 1: I think, you know, when you to me what I

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Speaker 1: look at this is the first step towards getting better jobs,

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Speaker 1: because getting the economy back to recovery, getting people back

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Speaker 1: on the job market is a very big first start,

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Speaker 1: and I think everybody hopes, you know, you get a

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Speaker 1: little experience, you find another opportunity to jump into a

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Speaker 1: better job. So I think it's okay. I think I

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Speaker 1: think as the economy recovers, we're gonna do a lot

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Speaker 1: of We're gonna have a lot of progress on this front.

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Speaker 1: But you've got a new survey out that JP Morgan

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Speaker 1: Chase did of corporations. Are they confident that they will

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Speaker 1: continue to add people? Obviously, we saw the jobs claims

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Speaker 1: numbers yesterday, suggests nobody's firing anyone, but we're gonna be

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Speaker 1: still adding. Yeah, you know, um, I mean this mid

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Speaker 1: sized businesses, smaller businesses are a little are cautious this year.

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Speaker 1: But you can understand why. I mean, we've got to

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Speaker 1: a lot of turbulence, the stock market volatility, the worries

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Speaker 1: about China all anybody who's connected to the oil industry,

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Speaker 1: of the coal industry has got big challenges. But relative

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Speaker 1: to that backdrop, I'd say, um, midsized businesses, smaller businesses

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Speaker 1: are still pretty optimistic. Seventy percent of them are optimistic

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Speaker 1: and they're planning to hire. You know what they tell

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Speaker 1: you when you're asking what is your biggest challenge, It's

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Speaker 1: all about getting staffing, getting people. They understand the job

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Speaker 1: market is getting better, And I think what's happening is

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Speaker 1: people realize you're better. You better be doing hiring now

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Speaker 1: because you may have a tougher time down the road. People.

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Speaker 1: Robert Scott of the Economic Policy Institute shows the disparity

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Speaker 1: across the nation. The percent of non college educated in

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Speaker 1: the labor force Mississippi is the highest year of seventies

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Speaker 1: in Massachusetts, in the District of Columbia, the lowest fifty

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Speaker 1: one in the stunning thirty percent of the district of

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Speaker 1: of of of Columbia. It shows the disparities around the nation.

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Speaker 1: What is the policy to jump start non college educated jobs? Well,

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Speaker 1: you know, I mean, the first business, first order business

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Speaker 1: was get the economy back on its film. So that's

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Speaker 1: the FED, and that's what the that's the role the

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Speaker 1: FED plays the It would you know, all of us

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Speaker 1: would benefit if we could somehow embrace more infrastructure investment

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Speaker 1: in this country, because we all realize, I mean, the

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Speaker 1: return on investment in infrastructure would be enormous. People. If

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Speaker 1: we kind our commuting time, cut accidents on the roads,

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Speaker 1: if we if we evaluated infrastructure projects based on the

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Speaker 1: return we get on investment, there would be compelling reason

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Speaker 1: to be doing a lot more on this front. But

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Speaker 1: I think, unfortunately that's that's probably not in the cards.

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Speaker 1: And I think, but but I think, you know, watching

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Speaker 1: what's going on the economy, we have been doing a

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Speaker 1: pretty good job recovering in the last seven years, certainly

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Speaker 1: better than our partners. And I think we got a

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Speaker 1: lot of the problems from the recession behind us. So

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Speaker 1: to me, I think in tom we're gonna see more, more,

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Speaker 1: more improvement. And I you're starting to see the good

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Speaker 1: trends that are happening in the job market are starting

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Speaker 1: to spread. And I see that in our surveys of

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Speaker 1: our smaller businesses. The smaller businesses used to be pretty

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Speaker 1: skeptical that there was much going on. I mean, they

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Speaker 1: could see what's happening in the stock market. They kept

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Speaker 1: hearing us talk all of us economists are sort of optimistic.

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Speaker 1: But I get the feeling. I had the feeling until

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Speaker 1: very recently they were kind of skeptical. But I'm starting

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Speaker 1: to see more and more signs from our own surveys

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Speaker 1: and from the people that I talked to, and when

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Speaker 1: I'm on the road, they're they're seeing more and more

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Speaker 1: of the benefits. It's never perfect, but I think we're

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Speaker 1: starting to see the benefits of the recovery we've been

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Speaker 1: watching for seven years spread out, and I think that's

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Speaker 1: a good sign. I think, you know, it may be

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Speaker 1: that we'll fix a lot of these problems on our

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Speaker 1: own without the help of the public sector. It's sure

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Speaker 1: would help if we could have more debate about UH

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Speaker 1: investment in proving infrastructure and doing things that generate a

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Speaker 1: lot of return. Why don't companies, I mean, you've been

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Speaker 1: talking to them. What what what holds them back? Well, honestly, UH,

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Speaker 1: if you think about it, overall, capital spending seems slow, right,

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Speaker 1: and we economists have been struggling with this for a while,

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Speaker 1: but when you look at the amount of investment relative

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Speaker 1: to g d P, it's actually quite decent. So part

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Speaker 1: of the issue here is that the natural growth of

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Speaker 1: all of our economies has slowed down. When you're not

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Speaker 1: growing as rapidly for demographic reasons or whatever, there's not

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Speaker 1: as compelling a reason to be buying capital, equipment and

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Speaker 1: things that that you, you know, you put people to

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Speaker 1: work on. So I mean, and I mean the world

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Speaker 1: is that there is a lot more uncertainty right now

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Speaker 1: because there's a lot going on globally. There's a lot

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Speaker 1: of opportunities, a lot of dangers. My guess is we're

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Speaker 1: just living in a time of greater uncertainty. That makes

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Speaker 1: businesses a little more cautious. I got like eight more

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Speaker 1: questions that we can't do with this one at a time.

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Speaker 1: As well, he is with JP Morgan gives this great perspective.

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Speaker 1: It's it's a joy if Jim Glassman then Bill Gross

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Speaker 1: with us on most of our job days, depending on

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Speaker 1: their travel schedule, whether they're in the airplanes and such. Oil.

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Speaker 1: That's a big change over the last two weeks. West

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Speaker 1: Texas forty three, forty four barrel and brent a dollar

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Speaker 1: away forty four seventy six, when it was eight dollars

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Speaker 1: spread for a while back. It's not there anymore. Oil

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Speaker 1: fractually higher today, Gold migrates higher through the week twelve fifty.

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Speaker 1: To round it up, twelve exactly, I should say, rather

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Speaker 1: on gold futures up for down futures up fourteen the

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Speaker 1: fixed closing thirteen point seven four from New York and

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Speaker 1: from Gainesville. Bloomberg Surveillance Blueberg surveillances brought you by Mercedes

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