A simulcast, bloomberg radio, sirius xm jenna 119. Good morning, semper this go. Good morning, san francisco. On television, worldwide and in london with anna edwards, we say good morning as well. Of marketd set discussions today. Weve almost pushed aside that in 30 minutes in america, it will be the Economic Data point of the week to see if we see continued improvement in the labor economy from the depths of march. Anna anna absolutely. Such a flexible economy, and not the same way as many of the economies here in europe. We seem big moves in these claims numbers, and as we start to see unemployment come down, where will it level off . Thats got to be one of the key questions as we had into the fall. Tom mark zandi joining bloomberg surveillance, the great moodys economist, and he said the Unemployment Rate in america is not 10 . It is somewhere around 14 . Data 12,ly, the yields come in. A virusou to give us update in europe. Mi correct that if you go to paris, you have to quarantine when you come back to london . Anna we have a web of restrictions on movement, mostly in the form of quarantine. So you can go to most places in arope, but if the place has high number of cases, you need to quarantine when you come back. Really interesting stats coming out in the last few days. Germany had a fourmonth high, france had a three month high in terms of daily infection rates. The spanish number looking pretty scarry as well pretty scarry as well. The big question remains whether we do see a pickup in the virus and infections as we head into winter, and people drift inside. There,me of the nuances and in the simulcast, we have really committed to Johns Hopkins university, along with our other global experts. Right now, the equity markets. We have been going sort of backandforth on surveillance this morning, looking at foreignexchange, looking particularly on the equity markets futures. From a in the vix, 23. 80 21 level the other day. I didnt want to oversell it. 26. Plummets, down 1944 is the level. We are not out to inflammatory levels with fixed income, but nevertheless, the outcome is tangible. Right now, we turn to Lori Calvasina of rbc capital markets. About . Ll you write what will you frame for monday morning . Lori the news that has come out has moved markets, and i think my pick of the week is that there is some undercurrent of nervousness. Arguably, they shouldnt have rattled markets. They did reveal that there are still underlying concerns in this fork in the road. Are we going to start recovering a been after a bit of a plateau over the summer, or are we going to pick another leg down . I think markets are still concerned about that. Tom we have seen reaffirmation of digital dominance. We all know them. Home depot, walmart, etc. , apple with a 2 trillion valuation as well. Strategy at aa time of bigbox digital . Ominance lori we are continuing to tell people to stay balance between birth and value. We are neutral on the tech space. We fully understand what is driving it, as well as those bigbox retailers that work from home, quarantine tech names. E know what is getting there you just need to buy the best in the cyclical camp, the digestive camp, and the longterm camp. Wise words. Good morning. Why do you not have a very positive you on small caps if you think they are cheap and the sibility to lisa lisa i think everybody on the street likes to think of themselves as a longterm investor come about at the end of the as the day, along people arent. A lot of people live within that one year time horizon. If you are in the six to 12 month time horizon, i think you should stay neutral. We think the small caps are giving you historic valuation opportunity. That being said, we do also think they are functioning the way they typically function, as cyclical expressions of common is him in the market. There are still all of these articles about the article of the new york county. If you can ignore the noise of next year, know that we will come out of this. We know that valuations are back to tech level streams. Small caps are historically relative to large caps, so think you will be in this trade on a three to fiveyear review, but over the next six to 12 months, we are a bit more cautious about that. Anna picking up about the fork in the road, it makes me wonder what we are dealing with in the forkss many different because of the sheer size of the economy and the way that coronavirus regulations are being implemented in a very localized fashion. ,f we dont see big lockdowns statewide order country read , that was going to take the job of working out which one you did you to name. All watching this alternative highfrequency Economic Data. Things like oak and towable things like opentable, transit, that kind of stuff. In addition to looking at u. S. Versus europe, we try to look at the different regions around the country within the u. S. As caseover the summer, counts were rising in texas, arizona florida, you are seeing different reactions in consumer confidence, in mobility and engagement. The trends were simply not uniform across different regions of the country. Oftentimes, the northeast was looking a little better than some of these other hotspots. At the end of the day, what we are seeing right now at the National Level is the data has generally plateaued. Whateconomy hasnt decided direction he decided to head at. Tom will they reenter of Revenue Growth . M a i think you will get down the road. He thinks they will have a lot of dry powder down the road once confidence returns to go out and do some deals. I think that is probably a pretty true statement of the broader market. As i went through the transcripts of this last reporting season, companies were giving you a quarters worth, not generally anything more than that. There are a lot of companies that said, thats a better june and july, but still had cautious outlook. Thats telling me they are going to keep that powder dry for a little bit longer. Tom hes just wonderful on honeywell and the great other industrials. I know you cant talk individual stocks, but what does mr. Drake tell you about the confidence of these executives . Lori what i think weve heard on the industrial side is that the trade war really was a great test run for this. Not intentionally, obviously, but these companies are really focused on cost cutting, focused on margins, trying to defend the dividends. They are really in a good place to whether this pandemic. That is also what ive been hearing from some of our other industrial analysts. I am overate i am overweight the industrial sector. Wholely want to be encyclicals right now. Tom thank you so much. This is what its about. In markets, a lot of different opinions are out there. Weve heard a really wide range of opinions today. The opinion of the market is a little bit of caution. Maybe some of that is a nervousness, 19 minutes away from the claims report today. I really cant say enough about how important the claims have been. The weekly statistic, the fourweek moving average, and that continuing claims statistic as well. Anna absolutely. We will look to continuing claims to see what continuing pressure the labor market is under. Up on some of the highfrequency data, the opentable data, i will try to put it out on twitter later for radio listeners. A chart which is fantastic from opentable data, talking about how the u. K. Has responded to government policy to try to get people out and eating in restaurants. They have this doubt to help out scheme deceit out to help out scheme. This eat out to help out scheme people are scared, but if your dinner is half as much as it would be usually, perhaps you are have a scared. College,ne zaino, iona joining us next on the politics of the nation. This is bloomberg. Ritika with the first word news, im ritika gupta. Senator Kamala Harris has accepted the democratic nomination to run for Vice President with joe biden. Harris told the Party Convention that president trumps failure of leadership has cost lives and livelihoods. She called on the country to fight for change. Sen. Harris lets fight with conviction. Lets fight with hope. Lets fight with confidence in ourselves and a commitment to each other, to the america we know is possible. Love. Erica we tom former president obama ritika former president obama told the convention the president hasnt grown into the job because he cant. Congress may resume talks on a virus relief bill. Democratic and Republican Leaders are hinting at potential compromises. The white house says it is open to the democrats demand to increase funding for the Postal Service. President trump will call on the Un Security Council to restore all Nuclear Related sanctions on iran in an attempt to kill off the 2015 Nuclear Agreement and force iran back to the negotiating table. Key allies said they wont go along with any plan to reimpose sanctions. China says trade talks with the u. S. Will take place soon. The two sides have been expected to talk last weekend about the program on the phase i trade agreement. President trump said, i dont want to talk to china right now. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im rick im ritika gupta. This is bloomberg. Sen. Harris we must elect a president that will bring something different, something better, and do the important work a president important work. A president who will bring all of us together. Black, white, asian, latino, indigenous, to bring together the future we collectively want. Tom good morning, everyone. Anna edwards and i want to die then on the simulcast with someone with immense historic perspective on this political process. Jeanne zaino is really interesting. Shes written some really important, almost textbook like come on the theory of politics. In a speech she gave recently, the disintegration of politics,s that what we are observing the disintegration of conventions, of our president will process . Of our president ial process . Jeanne good morning. I think so. Ive got a new book coming out, tentatively called broken. I wouldnt just say as a result of covid or economic conditions, but i think it has gone back way longer than we have today, and i think a small example of that was last night with the protocol , and barack obama. It is something you dont see a lot of, a former president standing up and taking on their successor as openly and as recently as he did. Tom i mentioned that earlier. Just a historic moment for a global audience. Lets move forward to tonight. The senator from california talking there about biden as a new candidate. Hes been around for 30, 40 years. What do you expect to hear from the Vice President tonight . Jeanne i expect we are going to hear more of the same. This seems like an extended get out the vote drive for the democrats, and a focus on uniting against donald trump. But to me. But to me, but i would expect to hear is a lot more on policy. To give you an example, in july, as you have talked about a lot, the biden Team Released his America First agenda, and i dont think it is clear still too many viewers of this convention, what does that mean, and how does this economic oculus message, how is it different the Donald Trumps . Tom this is so important. They need to get x number of votes in flint, michigan, or kalamazoo, or some city in wisconsin i cant pronounce. Policy is not going to get those votes. The culture war is going to get those votes. How does the Vice President address this nations culture war . Jeanne this is where i really have a respectful disagreement. I do think people need to know what their plans are, whether it is economic policy, tax policy. Because if you are trying to get those voters in kalamazoo or people who listen to you and are experts on the market, you need to say that democrats are not just the party defined as a party of bigger taxes. Is goinghis tax plan to cost 10 trillion. How are you going to pay for all of the programs you have in mind . The moderate voters are where you win this thing, so i think policy matters an awful lot to get beyond this sort of stereotypical description of what the Democratic Party is, and to differentiate biden from trump, who is his opponent in this election. I think the focus will be on this sort of culture war, and he will try to make the case that donald trump has misstep, whether you are talking about covid, the economy and elsewhere, and he is going to restore normalcy and decency to the white house. I think that is the message we will hear. Anna good morning to you. What about the normal bump up in popularity you might get after a convention . Do you sense that that will happen again . We are already talking about a party that is in the lead in most of the polling. Yet, the format has been so different this year that it is difficult to see how much this has captured the country. Jeanne i dont expect we are going to see much of a typical bump. Of course, clinton got a bump in 2016. It didnt sustain in the end. To your point, biden is already ahead if you believe most of the polls. I dont expect we will see a bump. Television ratings have been down. We dont know about streaming ratings. Think this is a bit of a problem for the democrats, but of course, a problem that republicans will enjoy when they get to their Convention Next week, although i would say that nobody is better at programming a live event and making it a mustsee event than donald trump. He may be better able to capture those viral moments. But i dont suspect that of either convention, we see much of a bump. So much of their views, we know these people. The views are baked in. Of thehe theme convention, you mention, is uniting americans. Toms point about how you capture the culture divide, that leaves you to keep the message fairly bland, do not focus on policy if the aim is to appeal to a broader base as possible. Jeanne you are absolutely right, and that is what the democrats are doing. They want to paint joe biden not as any particular policy direction. You had kasich out, saying dont worry to moderates. Hes not going to go too far to the left. Sanders a few minutes later saying dont worry, he wont go too far to the center. This is somebody weve known for 40 or 50 years, but you come and talk to someone, they have a hard time talking about specific policies. What that means for him going into the presidency, particularly if democrats take the senate and retain the countrys the an all democratic government . Tom genies a no, thank you so much. Zaino,es a no jeanne thank you so much. Our coverage tonight at 9 00 with david westin, on how Vice President biden will manage this absolutely unique convention. It is so odd without the applause points and such. It will just be interesting to see how that goes. It is interesting to see how it goes in five minutes and seven seconds. It is a weekly data point. It is jobless claims. Its always been important, but they were were at 205,000, employed, and we went week after week after week. We just went back under the one million statistic, and that is a big deal. This Statement Today widely anticipated with a neat august new slow. R. Mckee will join us alexanderng to lou about the choice set chairman powell has, as well. It is a simulcast on television, for those of you in new york, you are driving in the gorgeousity of new york. That is a good thing. This is bloomberg. Tom bloomberg surveillance on bloomberg radio, bloomberg television. American airlines are going to have claims in the coming weeks. With jobless claims statistics. Michael numbers are coming from the department of labor, and we have not got them yet. Theyre putting them out on the internet these days, so it is a little bit slower than normal. We have the Philadelphia Fed numbers out. Last month, 24. 1. This month, 17. 2. Remember, we had that really bad empire index number. Employment indexer philadelphia, look at this, 9 . It was 20. 1 last month. This tells you the story, continuing to see a slow down is claims, one million 106,000, back over one million. We were over one million for 21 straight weeks per last week, 963,000. 11. 06, an increase of 135,000. Insured Unemployment Rate down a little bit, but that is a couple weeks behind. Does not look like we are making any progress on the jobs front. I have pandemic unemployment assistance, and additional 542,797. 7 so you get a total number of employees who are now getting benefits of 28,059,000. That was as of two weeks ago. That number will go up with this weeks number. Still in trouble with jobs. Tom we are going to go to alexander numero, the wonderful dr. Alexander. I have 47 emails saying that the Unemployment Rate is not 10 , it is actually 14 . How does that happen . How do you get from a published rate to a different rate, which is a more grim number . Michael i have not seen the note, but ims i assume is that the Labor Department has misclassification issues in the unemployment survey, that household survey, and they themselves say it is at least a percentage point higher than the official figures show. And you look at the people who have sort of dropped out of the labor force, who are maybe only marginally attached, who would like a job but do not feel there are any jobs out there so they are not looking right now. This is not the normal people out of the labor force, this is people who would go back in if they thought there was a reason to. Tom we get this disparity of digital dominance. Amazon building out offices and hiring, what, 60,000 people instantly . On and on and on. And American Airlines readjusts in 15 small cities. Which is it, mike . Michael it appears the number of people who are losing jobs is dominant. We will see. It is a matter of flows in the and out of the labor force when it comes to the august payrolls report. But you do have this Airline Issue coming up, but october 1, they need to either keep people on payrolls or let them go. They were forced to keep them on their payrolls until then to get the government loans, and looks like they will be letting a lot of people go because it does not look like Business Travel is returning. And American Airlines cutting back service to 15 cities, that will exacerbate the problem. So we are a long way from out of the woods on the labor market right now. Interesting study out of the Peterson Institute this morning says if they do not renew the Unemployment Assistance Program and send out more checks, we could lose 500 billion in gdp would be 4 to 5 smaller. Tom the data check here, yields, four basis points, 30year bond a whopping five basis points, 1. 3693 . Dollar fractionally stronger. Anna yeah. Mike, to dwell on the numbers we have seen today and how surprising they are, i see on our blog that our colleagues are following the claims numbers, and the weekly claims level is higher than all 40 estimates in the bloomberg survey. Have all 40 spurts who contributed their wise thoughts on this matter, all of them will be surprised by how bad the data looks today. What about some of the other measures, the two sides in washington failing to reach an agreement on a broad fiscal package, but we did see a narrow package with the executive order is some of that support for the jobs market, for the labor market, is it coming through or is it all in delay . Eiko popped it is not clear how much will happen michael it is not clear how much will happen. The only thing that the president set in motion was to try to give people an additional 300 a week from the unspent money in the cares program. A lot of that money is not unspent. It was allocated and just had not been spent yet but the states had plans for it, so many are not even going to try. At this point, eight states have been approved to do that, but they have to reprogram their computer systems. It could take a month or more for any money to get to people. At this point, only eight states. The antieviction notice, the president did not actually prevent evictions, he just said the Housing Agency should look at ways to try to prevent evictions. So that is a crisis that will start happening as well, and that will affect the labor market. Hard to get a job when you have no place to live. So there really is not an extra safety net under people these days. Tom Michael Mckee, thank you so much. Futures, 14. Dow futures, negative 133. 24. 16 off the fed minutes from yesterday and this news on claims. If youre just joining us on radio, on television, very simple, claims come in grammar grimmer than the trend of the last two weeks, and we see market adjustment. Gold down 18. Louis alexander is one of our more thoughtful economists and writes brilliant, thoughtful notes for nomura, their chief u. S. Economist. Dr. S and are alexander, let me go to the market call of nomura. Ofe you adjusted your view q3 and q4 . Look, going back several weeks, we have a stronger recovery in may andrew than expected. But the thing i want to stress as we were assuming essentially no real growth beyond july. So that strong growth you will see reported for q3 is really just a reflection of how much of a rebound there was in april, may, and june. Weng forward, the issue is, have got obviously the pandemic sort of reasserting itself, and ,ou see it in the nobility data a slowdown in the improvement there. But the central outlook has changed a lot. The extra Unemployment Benefits that ended in july were worth about 5 of income. You are already seeing that flowing through. And that is a big deal. Were at the fiscal cliff at this point. Yes im at the president s additional measures yes, the president s additional measures will come into measure as some degree in some weeks, but we are already in a situation. Speak tois, good to you. On that note, a colleague on the live blog today asked this question, so i will ask you, whether this weak data on the labor market knocks a few has dealer in washington and makes it more likely that some sort of support comes through . The number going back over one million, maybe it has some symbolic resonance and get something done. Would that be too much to expect before november . I fear this is just one number, and that is not going to be enough white self to get things done. Getot enough by itself to things done. Look, i think some things are being done, the fact that the house is coming back to deal with the Postal Service stuff. Seems there are conversations going on between the two sides that are potentially positive. But i am surprised that it has taken this long, given how dire the situation is. I would like to think this is going to make a difference, but it may take a few more weeks of this and may take some other data, for example, if we got some of the credit card data suggesting spending was weakening, and then we will get the employment report for august and really september. Those are the benchmarks im am looking for. Anna yeah. And tell me about americans propensity to consume at this point. Some of the retailers want to sell things to do home improvements, for example, and we look at the real estate market, and that looks strong. Is it just that people are spending there instant of travel . What is the big picture story around consumption in the u. S. . So one of the things is the fiscal replacement of the loss april, may, and june was significant. Think, you have seen, i a significant offset for what is going on in the moat the labor markets in terms of income, and that has allowed people to continue to spend. But there is a big shift in the competition. Services have been the most adversely affected by covid in are still down substantially. We think those parts of consumption most heavily affected by covid are below where they should be by Something Like 8 of total consumption. That is being made up by more consumption in other places. I think what we have to live with is the fact that, as long as covid is a threat, there is going to be a portion of consumption wish which is not going to come back no matter what happens with income. But if those fiscal trends do not get recovered, i would expect all of those other things to start to deteriorate. Tom everybody is being way too modest here. With thatd it question, and dr. Alexander is too modest. He has written a single smartest short article on the digital effect on americans of anybody i know. Lew, reread that article this morning. This new digital dominance. Is it good for us or is it not . Is the world we live we the most important trend have lived with for decades has been the improvements in information technology, and the way covid19 has played out as another reflection of that. Obviously there is a huge difference depending on whether or not you can do your job from home, and a lot of that depends on whether or not you can use the technology. It is part of the world we live in. I suspect covid19 is going to accelerate some of those changes. And that is partly why we have to spend more time focusing on inequality. Tom dr. Alexander, we are out of time i am so sorry. Lew alexander is brilliant on the effects of a Digital Economy on this america. Please stay with us. Well stayed in a bit. Futures, 14. Ritika kemal harris recep to the nation last night, embracing her place in history as the first black and indianamerican woman on a major president ial ticket. In her speech at the democratic convention, harris spoke of her upbringing and what she learned from her mother. Sen. Harris i accept your nomination for Vice President of United States of america. I do so committed to the values she taught me, to the word that teaches me to walk by faith and not by sight not by fight. Clear she largely stayed of attacks on president trump, although she did say the incompetence makes us feel afraid. Another side bent another sign north koreas economy has been stunted by sanctions. Kim jongun acknowledge the countrys develop my goals been seriously delayed. Said that north korea faces unexpected and inevitable challenges. They canedex said handle record demand during a pandemic, and other want to prove they can boost profit during the holidays. Both carriers have set aggressive peak season fees and expect expect an unprecedented search of year into deliveries. Global news 24 hours a day, onair and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im ritika gupta. This is bloomberg. Cache sloshing around in the system, it needs to find a home. It is really tough environment for people to make longterm investments in real economy assets. Tom a brilliant conversation with Michael Schumacher yesterday, really enjoyed that, on the intentional market of financial assets. The uproar at bloomberg today is off one article. New york city landlords press finance bosses to speed return and save city. As i said in the simulcast a bit ago, i heard the same story out of the city of london i think two or three weeks ago, as well. To give us perspective on this is Anthony Malkin of empire trust. Realty he has a big fancy title other than that. What you need to know is he th avenue,t at 501 7 one Grand Central place. 57thth at broadway. These are tangible properties of his empire state realty. Tony, what is the level of panic right now about the empty midtown that i observed . Tony i really do not think it is. A matter of panic i think it is time for people to get out of the hamptons and out of aspen and show it to work. The leaders are very comfortable in their Country Homes and need leave. People want to be back at work. The young people want to be back at work. It is a competitive advantage to those people who come back to work. Tom it is maybe an elitist thing. I take your point on the fancy people in the fancy properties and the people that work for them do they want to go to the office, as well, or do they want to be at home . Issue from work from home, it has all been written. Amazon, facebook, smart and big committees have stated their expanding and expending in cities, expanding in new york city. The fact of the matter is that you cannot understand hallway validation, what happens before the zoom, after the zoom, unless you are actually in the office. I attended a board many meeting of a Public Committee whose board i sit last week. It is so critical to be there in person. You just do not get the work from the shouldersup in the link them zoom call. It does not work or you can maintain and sustain, but you cannot build or grow. Of you run a lot restaurants, and those restaurants have to be open. Essentially they are not. You can go down to a restaurant on 55th street, i think, and they have their wonderful cafe outside. You can do the french cafe thing. But guess what, you cannot go in the restaurant. How critical is the reopening of real estate and the reopening of restaurants . Tony at the Empire State Building, we have a lot of services, restaurants, food vendors, and they will deliver to peoples desks, delivered to offices. People need to be there for people to have the justification to open their stores and open their doors and employ people. And it all starts at the top. That is where it starts. And if people are going to sit there comfortable i am tired of zooms with people in their beach homes getting delivered tea by delivered iced by somebody offcamera. You know, get to your desk. Anna anthony, i am not in new york or the hamptons. I am in london but in my house. Occupancybout keeping of office space down, and it might be possible for some to go back to offices, but you have said we will be in sort of a new normal situation and some of these big world cities were not everybody can go back at the same time, not yet. Tony we have locked down, pretherapy vaccine, post therapy vexing, and then clean up and replanting the field, if you will. Were definitely in that phase two right now, and we have a ways to go until we get a phase 3. New absolutely are temporary normals and we have to adjust an address that. Not said, if people will lead, people will not follow. What really is interesting is that the young people today, ranging from junior year in high school to two years out of college, they will follow those people who lead. And those people who sit at home will remain at a competitive disadvantage from those people who show up and work. Bottom line, you need indoor environmental quality. It has been a major factor of all of our work and the over 1 billion we spent modernizing our portfolio in new york city, making it energyefficient with ventilation, air purification. We have a benefit in our buildings because they are older and did not used to have centralized airconditioning census systems. Are located per floor, so youre not circulating the air through the entire building. That said, you can make these changes and adjustments, and people need to adjust and adapt. That is true. It does not mean you do not try and you do not start. Those people who do are going to win. Anna what do you think people are afraid of, those who are not coming back . Are they afraid of the virus or are they afraid of the legal implications of getting back, bringing people back of it is not entirely safe . Tony you make a good point, this issue of liability tapping is so critical. You cannot look at what happened in new york city and compare it to what happened in miami. Miami happened several month after what happened in new york city. The Lessons Learned in new york city have helped everyone else in the world. It is nobodys fault these things occurred and we did not know what was going on. Now that you know what is going on, take prudent steps. Wear our mask, have your distancing, have your cleaning, do the appropriate measures. That said, it is a matter where you can operate at the occupancy which is allowable. We are operating at the Empire State Building observatory right now. We have the same ventilation there. The fresh air comes into that space three to 22 times in our. Tom last question, what portion of rents are not being paid . Tony in july, we reported 91 collection, lower in the retail than in office. Tom very good. Tony malkin, thank you so much appeared we will do this again soon. Empire state realty trust, part of new york city i really cannot say enough about the bloomberg article today on the emptiness of midtown manhattan. As i have said before, certainly we have seen this from london and other cities. I believe even Prime Minister johnson spoke about it a week ago. A most even full day. Anna edwards, thank you so much for being with us. Greatly appreciate it. Let me do a data check. It has changed off of the fed minutes yesterday, the review of the fed minutes, surging yields, yield curve control may be out the window. A reversal. A lot of research notes, john hoeven John Herrmann and another with a blistering note, and you saw a reversal here in the move yesterday. Then with a vengeance, a further move off the claims report from 25 minutes ago, as well. 30your bond, five basis points are four basis points on the 10year yield. Futures 14. The dollar was fractional street this morning. Tonight at 9 00 p. M. , david westin, coverage of the Democratic National convention, coverage of the speech of joseph biden. This is bloomberg. Good morning. You doing okay . Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Where you can find games, news and highlights. All in one place, right on your tv. The xfinity sports zone. Use your voice to search every stat and score. Follow the teams you love. And, even get notifications with breaking news alerts and more. With the xfinity sports zone everybody wins. Now thats simple, easy, awesome. Say xfinity sports zone into your voice remote today. From new york city for our viewers worldwide, i am taylor riggs in for jonathan ferro. The countdown to the open starts right now. We begin with the issue. Initial jobless claims climbing back above one billion and topping bloombergs estimates. The results show a job market the fedtinues to be concerns about the pandemic weighing in on the recovery, those Meeting Minutes saying members agree the Ongoing Public Health crisis would weigh heavily on ongoing economic activity, employment, and inflation and posing considerable risk to the Economic Outlook over the mediumterm. All of this as the clock continues ticking for a fiscal deal in washington as lawmakers remain divided. The outlook for a skinny deal is better than it has ever been, yet we are still not there. Taylor lets bring in bloombergs Michael Mckee with more on the data. The jobless claims not where we