Transcripts For FBC Mornings With Maria Bartiromo 20240713

I think its going to be significant, 46,000 or 48,000 but you have the supply chain for gm, all of the construction around gm, so youve got a lot of ancillary folks that have been out of work and manufacturing isnt necessarily what drives the economy, its the consumer primarily and we are a service economy, and even though the numbers might be good, its the manufacturing thats really going tamp down here. Neil john, one one of the thins that im hearing to daniels point, not just 48 to 50,000gm striking workers impacting this but up to 200,000 more in ancillary business suppliers and the rest. What do you think of that . I think the estimate that roughly 75,000 to 80,000 jobs being temporarily lost because of gm strike. Neil okay, so if thats the case and they factored that in, is this just a oneoff, what do you think . A lot of reasons it can be a oneoff, results of slowdown at boeing, census workers who were temporarily hired and maybe are coming off the rolls, a lot of noise in the number, i think whats going to be interesting is the labor force because big issue and youve seen it in a lot of surveys, employers having difficulty finding workers even when they want to hire, they want to expand, they cant find people ready to do the job, i think the thing we have been looking for the labor force is interesting part of this neil it could, its a healthy sign. Neil absolutely. No, no. Daniel, when you were mentioning look at the manufacturing impact on all, probably bigger number or more attention should be paid not necessarily to employment report at 8 30 but the one that comes out at 10 00 a. M. Eastern time, overall part of the economy. Yeah. Neil are you paying a lot of attention to whats happening on the factories right now, i know we are a services economy, i get that but what do you make of that . A lot of issues that are going to be very bumpy for manufacturing right now, boeing, you mentioned earlier, the max, giant issue, gm, gm will hit next month in a big way that was the entire month they were out because it was a 6week strike. Neil thats true. I think we will see the tailoff and at the same time we have holiday workers, ho, ho, that will be added to this mix, its hard to discern particularly of whats going on in manufacturing here in the United States and certainly elsewhere. Neil when you look at the earnings part of this, 3 tenths of a percent, 3 year over year, for American Workers not a great race, what do you think . A raise after all, a different economy too, lets not forget, roughly record 24 of employment consist of people age at least 55 years and what tends to happen as you skew employment towards Older Workers you are naturally going get a slower rate of increase for wages, perhaps thats at work, i dont think that we on the other hand, you know, this average hiding effect that younger workers are perhaps doing quite well, wages growing in excess of 3 , in fact, if you talk from most people in how many resources, hiring agencies, they will tell you thats understating the actual wage growth thats being experienced by the younger segment of the workforce. Neil you know, james, your colleague brought up wall street journal an interesting piece i think it was yesterday talking about some republicans are frustrated that the impact whether its wage gains from the tax cuts appear shortlived or not getting nearly the bang for the buck that they anticipated, not across the board, companies that have invested as much, done as much, hired as many, and it could come back ironically to be a disturbing and problematic issue for the president , then you would normally think the case, what do you think . Well, i think interestingly lute of people still dont think they got a tax cut and thats why the tax cuts arent as politically popular as what you might have expected, what you see survey after survey that dont approve of the president give him a thumbs up in the economy, what people are appreciating are the results of the Corporate Income tax rate cut even if they dont realize they personally got an income tax cut, they are seeing that really, really strong labor market, great time to look for a job and related to what john was saying, the raises are pretty good, they are bigger in terms of real terms on top of his issue theres a pretty good wage gain. The fact that we have this containment Price Inflation, very unusual 3 and a half percent unemployment, my goodness in the past when we had tun employment rate at 3 and a half percent, we are looking at wage growth of 4 or faster n response, what is the fed doing, hiking rakes and slowing the economy, we have quite the opposite today, we have containment of Inflation Expectations and the fed is cutting rates, Interest Rates are low telling me who knows how much longer already record long economic recovery will last. Neil i want to switch gears, have you seen todays New York Post, its a doozy, the president announced when he gets out of the white house, he wants to make florida permanent residence, talks about the fact that people arent that friendly to move, tax move, daniel, we were talking about it during the break, he like many seeking out safer heaven and guy of his wealth could save a lot of money moving to a notax state like florida, what do you make of that . He has the ability and has shown us the ability to escape all aspect of transparency that we have in our society in terms of financials, but moving to florida, if he can make that move and make that move in a way that the irs can approve of neil theres a rule, i didnt know for sure, i have to go back to accounting days where it has to be one day more than happier, it has to be 183 days of residence in the state you want to go to claim that residency, now, that would be an issue for the president after he leaves us but sometimes not that easy. Its not that easy because it is not just your your saying to the irs, here is my evidence, because actually with high earners, they are watching your every single move. Neil imagine in zelonsky makes the move . Hightaxed states do that to really check, wait a minute. All of them do now. Yeah, sometimes recent court case, someones dog was establishing residency that indicated to the judge thats where they lived. Neil the dog was a loaner. I would point out even before the president leaves us, hes got win florida next year so im not sure he neil there you go. It looks pretty good to say this is where i want to go, quick break, guys, so much we will be covering in the next almost 3 hours here, long show, isnt it, very good show, but long show. [laughter] neil one of the things we are keeping an eye on the report and daniel touched on, not only Unemployment Rate, its still mindbogglingly 3 unemployment. So that will be moving a little bit, overall job gains, impact of gm strike but one thing to keep an eye on as well is how broad base this is, take manufacturing out of it, gm strike out of it, we are still looking at gains, separately a report that said if theres a possibility that spillover to those who supply the Automobile Industry could be impacted by this to the degree that i think investors business daily pointed out, it could be daily that could be the first one since fall of 2010. So a lot of stake here. Mornings with maria continues Liberty Mutual customizes your Car Insurance, so you only pay for what you need. I wish i could shake your hand. Granted. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Performance comes in lots of flavors. dramatic orchestra theres the ampedup, overtuned, feedingfrenzyof sheetmetalkind. And then theres performance that just leaves you feeling better as a result. Thats the kind lincolns about. Dimitris on it. Eating right and getting those steps in . On it dimitri thinks hes doing all he can to manage his type 2 diabetes and heart disease, but is his treatment doing enough to lower his heart risk . [sfx glasses clanking. ] sorry. Maybe not. Jardiance can reduce the risk of cardiovascular death for adults who also have known heart disease. So it could help save your life from a heart attack or stroke. And it lowers a1c jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. Ketoacidosis is a serious side effect that may be fatal. A rare, but lifethreatening bacterial infection in the skin of the perineum could occur. Stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. Do not take jardiance if you are on dialysis or have severe kidney problems. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Lower a1c and lower risk of a fatal heart attack . On it. With jardiance. Ask your doctor about jardiance. With jardiance. Neil Halloween Party in california that turned deadly, very deadly, Cheryl Casone has the details, hey, cheryl. Cheryl good morning, 4 people found dead in celebration advertised as airbnb mansion party, flyers with crime scene tape, the owner rented out location for the event, the incident under investigation. Well, president gary jones is charged with conspiracy to embezzle union funds and conspiracy to defraud the United States, edward nick robinson, person charged in federal investigation, his house raided by the feds in august, we think any allegation or claim act the misuse of Human Resources seriously. Uaw grounded in putting members first and lease never waived. Remains focused on the strong contracts for our members especially in round of auto negotiations. Well, weaker than expected results in pinterest, down 20 , pinterest adjusted profit actually beat the streets estimate but revenue came up short, the company which went public in april issued disappointing sales, the world series winning Washington Nationals back home ahead of tomorrows huge victory parade, along with a win, wednesdays game 7 raked major tv rating, over 20 Million People tuned in to all fox platforms for nailbiting final matchup, 39 increase, this is washingtons first world series win, neil, and more than 100 years and neil i have to tell you what was so great about it, watching the nationals would go texas and win and neil incredible. Every single game won was one by the visiting team. Cheryl that was actually a world series first. Neil has it happened in , no it hasnt, never. Neil no . Hockey, basketball. Neil okay, thats amazing, all right, cheryl, thank you very, very much, it is jobs day, we are focusing on that and also getting read of all of that, i do want to pick their brains a little bit as well on the significance of these other events and the feelgood events, im not talking about just a world series parade but consumers who are optimistic to everything thats going on here, recent plans that they are expected to hike their spending over last year, 4 to 5 , this would be the first Holiday Season that the economy has not had to rely on just my life. [laughter] there are things we would change about work. And there are things we wouldnt. When work is worth it. Work is worth it. Work can be closer to home. Pay more. Make us proud. Careerbuilder. Work can work. Find your work at careerbuilder. Com strongve is one of a kind brilliant unbreakable Engagement Rings now 20 40 percent off shop unique bridal styles at zales, the Diamond Store but shouldnt somebody this is be listening . Pression. So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. Neil welcome back im neil cavuto in for maria bartiromo, we are waiting for the jobs numbers, joining me now chris cordero, chris, what are you looking for first in Employment Data . Along the consensus . I think along the consensus, okay stuff that thats just sort of satisfying but no big candy bar out there. Neil none of the giant you know the house. Neil my god. Good to know. Neil when you talk about that and see that, are you looking at a busy and eventful Consumer Shopping season to ice this or what . So thats when the shopping season could be a bright point because the last Consumer Sentiment index bumped up highest measure in 3 months. I think the consumer will probably bring us through the Holiday Season and will have a pretty good Holiday Season which will help out but neil consensus 4 to 5 last year . I think so, this year might be year where we see going to traditional bricks and mortar shopping. I like target, i think target has done a great job being Online Presence and instore presence and nice instore presence to be if and they do well in Holiday Season. Neil instore presence it would have to be like a deli [laughter] well, here is what i think happens in the Holiday Season and how many times during holidays have we not been able to give a gift when we are supposed to because it just didnt arrive . I think that backlash at some point comes out and we see more traditional bricks and mortar come out because you need the present when you need it, right . Maybe you can have a couple of things that you give people, hey, its coming but cant be your whole shopping list. Neil daniel, thats an interesting read on things, when amazon was rocketing along and everyone said everything was going to go hightech, online, some of the guys carve out not niche to themselves but expand that, target a key beneficiary, what do you make of the whole argument there . I think the Big Box Stores want you to come to the store, the consumer is a women, the consumer thats driving the economy. Neil im sorry but very sexist remark. Because thats where they get the most spend, also another overlying thing thats happening, when we consume so much from amazon, you know, you get boxes every single day at your doorstep, hopefully really think about what this is doing to the environment, the trucking, the boxing, et cetera, et cetera, so i think that waste also is having an impact on the consumer and they are thinking about, you know, how can i actually reduce that waste and consume responsibly. Neil what do you think of that in. I hate to beat chris metaphor to death with the candy bars, sometimes people get a whole handful. If we the china trade deal, Corporate Investment starts rising too and this could be a strong economy. Thats whats happening, we get one or two small bites and then we go backwards with Something Like a yield curve inversion or Something Like that, we have the yield curve going the right way, we had the fed cut rates but they sort of cut rates, gave us candy bar, dont expect anything any time soon, make that one last a while. We have to work some skittles in too. Yeah, not a fan. Neil john. Slow and steady wins the race, we dont really need to have fireworks for holiday shop to go shopping to keep economy growing. Christmas is for children, younger children, well, older than that, younger kids, how was the age demographic, age cohorts, that will have a lot to say about strong holiday sales, i dont think its growing that rapidly. Really . One thing id like to pursue is the earnings process where i guess but 3 quarters through it and most of the earnings beat expectations still expected to be a slightly contracting quarter especially when you take some to have big names out but surprised people on the upside, what do you see . Well, i think through the rest of the season we will continue to see that little bit of surprise in the upside, analysts did a good job at ratcheting expectations downward. Neil i used to do that with my parents when i was in school [laughter] neil right . Thats about exactly what it is, this earning season, bringing home some cs, thats not bad. Neil the expectations as you know for the first and Second Quarter of next year, they start steady and pretty aggressive climb, flu are you in that club . Yeah. They beat to the upside in a time period when oil prices are declining, so, that i think is really good and the reason why i like them is they are a great bargain, having something thats paying high dividend is good addition to portfolio. Thats what they demonstrated, weak environment and still did well. Neil we could be the next phase of the market where the dividends matter. Its really important that the analysts have it correct that we do get Earnings Growth in 2020, if thats the case, no recession. Neil got it, chris, thank you very much. I love the candy andy, i will keep that of my own. [laughter] neil billionaire who is calling out Elizabeth Warren for bill fying the rich, plus dont forget to turn back your clocks this weekend, we are falling back to standard time, you get an extra hour sleep which would have come in handy for me today. We will have more. No commission. Delivery drones, or the latest phones. No commission. 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All right, meanwhile responding to good manufacturing statistic out of china, but for china and given the slowdown that that economy has been seeing, this is welcoming news. The expected activity in china is the wind here that could get a deal done or at least initial signoff on the deal, sometimes the president of the United States and china, we shall see, we will keep an eye on how competitors are planning for that onslaught and on top of the wild fires that are still raging in california, we will take you there in just a few minutes. Says a proposal would cost 52 trillion a decade, now, she had steadfastly maintained that it would not mean high taxes on the middle class, shes avoiding detailing exactly how she will pay for it. Bernie sanders says the middle class will see taxes go up but they will get far more in benefits, joining me Fox News Contributor richard, richard, 52 trillion, i dont i dont kw theyve come to that number, big number thats not all necessarily paid for it, what do you think . I think they have to explain to the American People the best policy option, we should take Affordable Care act and build on it, if we really believe that a public option is way to go, why not put it in the public option in the marketplace, if its truly better the price wills go down across the board. Taking everybodys healthcare without explaining how it works, without explaining how it happens its, indeed, problematic. Let me tell you, im on the obamacare and as a young manage, i pay almost 500 a month for health care and i rare i will go to the doctor. Neil neil i wonder if they are losing sight of just the pitch, thats a party with the exception of joe biden and mayor pete buttigieg, they might be missing the forest to the trees here, what do you think . Richard. Something to be said, explaining for the American People why they should like it or in the like it, we got used to Affordable Care act, people are getting used to going onto healthcare. Gov, now youre telling us to do it all over again and learn a new system. I dont know if it is or it isnt explain it to me, please. Neil yeah, i do think its the marketing pitch, maybe medicare is praiseed and right, not one size fits all in Healthcare System and has to be disrupted, thats the one place, i think, in our nation and particular that we have not put the greatest minds to work to disrupt something that has cost us. Its the most expensive piece of many families monthly absolutely. Extremely expensive. Neil 150 million american who is have private Health Insurance and theyll, you know, weve run over limitations and deductibles and all that would they junk it for Something Like this . I dont think they would, thats why you see the other candidates running away from this. Neil you cant pay for medicare for some. Right, this is going to be changing everybodys healthcare and not in a good way because it assumes that doctors are happy to work for much less money than being paid now, that theyre going to work for much lower wages but this 52 trilliondollar number is just staggering, richard, im wondering, i mean, the politics. She was having trouble explaining 30 trillion, now up to 52 trillion, we are talking about much more money than the current entire federal system cost today and shes going keep saying theres no middleclass tax increase in here . Well, we cant look at it just throwing one number or another, when you talk about doctors, you bring up a very good point, doctors do have a big issue, here is the thing, to be a doctor cost you half a Million Dollars, thats number 1. We have to have conversation about Student Loan Debt in the country and cost half a Million Dollars to be a doctor. We need to fix that problem, then it wont be a situation, they dont have to pay back Student Loans and ridiculous malpractice insurance. We have to talk about the whole Healthcare System, we have to fix the whole entire healthcare part. Neil i want to move onto a couple of developments here and Elizabeth Warren is still in the mix because billionaire leon cooperman is going after her saying shes, quote, grossly misinformed when she criticizes, they are good for society, et cetera, et cetera. What do you make of his pitch, obviously in Election Year i dont know, you have billionaires against you, that might help you, but what do you think . Listen, the idea of wealth tax is good in theory, we saw that its working in europe. Just a couple of blocks in studio in dc, amazon is building new headquarters, millions of dollars in state give away to do that. Money should go to building highways, building high schools, the money should go to building hospitals. I get the argument, neil, corporate welfare for corporate welfare stake, it seems to be problematic to me. Neil more on this, richard, i thank you as always, my friend. Good to see you, neil. Neil yeah, a new one, i think there are 10 throughout the state right now but in los angeles it is getting bad, very bad and this as car chase being blamed for sparking flames in San Bernardino, thats where we find ray, are firefighters able to put out one fire and a new one pops up . Thats exactly whats been happening over the last couple of days, neil, good morning, we were covering the easy fire which was impacting the Reagan Library and right now brought us down to San Bernardino which is where we are now because of hillside fire and now the maria fire north of simi valley and that has burned 8300 acres in just a matter of hours, 0 containment and firefighters there are dealing with santa ana wind gusts and single digit humidity, luckily firefighters say they believe its going to run out of fuel and have a maximum burn of 12,000 acres, they also say the santa ana winds fueling it will die down by midday. At this time our efforts are evacuations are providing special defense, second to that would be perimeter control. Now firefighters have been using multiple helicopters, people have try today use drones to take pictures of the fire. Quite a dangers situation, not only illegal but hampers our Fire Fighting efforts, anyone in the area refrain from doing so, lets get our airborne assets in. In Sonoma County kincaid. We are happy to see our homes and each other safe and sound. We were sitting at the edges of our seat wondering if we would have homes to come back to. Now, neil, this home you see behind me is one of 6 that was destroyed yesterday during the hillside fire, evacuations have been lifted for this area of San Bernardino, but there are still 850,000 residents in los angeles and ventura counties that are under a critical fire weather warning, thank you. Neil and then there are power outages, a lot of planned and some not planned, right . Yeah, so they had what was called a power safety shutoffs and that was frustrating a lot of people where pacific gas and electric which control it is electricity for the northern part of the state and then Southern California edison which controls the electricity, they were purposely shutting off the power up to 10,000 residents were without power because of that and only a thousand residents that didnt have power up north, yesterday pacific gas and electric released pictures of some of their infrastructure that had fallen down into trees and they say had those electric wires had not been shut off they likely would have sparked more fires, back to you. Neil all right, ray, utah to sell stronger beer in grocery stores, a story i can relate to. Cheryl welcome back, im Cheryl Casone Teachers Union reach deal on makeup days, chicago mayor announced the deal after the last Sticking Point was decided, 5 of the days lost to the job action would be made up, the last orders of business ranking File Union Members are going to vote to ratify the deal and chicago board of education must sign off on it, now to the denver post, they report pretty unprecedented metro residents contend for october weather for the wages, october to remember in denver, it was a kids dream actually, snow and halloween coming in the same week, unusually early winter storm dumped to a foot of snow, the mercury dipped into record territory before it warmed up just a bit, the Salt Lake Tribune writes this, ten things to expect when utah allows stronger beer in grocery stores, utahs beer drought coming to an end today that allows Convenient Stores sell higher alcohol beer for the first time in years, better prices, neil and updated selections, i dont know if youve ever had, they call it near beer in utah and its twothirds of the strength of a regular beer but that is no more. Neil wow, actually stronger . Cheryl theyre not catching up with the rest of us who are drinking the regular beer. Neil i didnt know i have to get to my panel on that, what do you think of that, stronger beer . Do we need stronger beer, i dont know. Neil depends on the day. Its a gametime decision, depends on the pacing. Neil not Teddy Roosevelt again. No, excessive. Older population neil here we go. So not going to be running to the bathroom. Neil do you get aarp points . I do. [laughter] neil guys, we have a lot more after this, the irishman is hitting theaters, i think in theaters for 3 weeks before it debuts on netflix getting all the buzz. Have you ever hit anybody on the job . Yeah. I dont think so. We have nothing to worry about. Neil you know whats so cool about this im looking forward to discussing in more detail, they can make you look younger, they make the guys look younger, the computer technique that generates a younger image of you, if they can do this for tv anchors, home run. Enough out of you, stronger beer is the least of our problems, stick around hmm. Exactly. Liberty mutual customizes your Car Insurance, so you only pay for what you need. Nice. But, uh. Whats up with your. Partner . Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty here, hello starts with hi mple. How can i help . A data plan for everyone. Everyone . Everyone. Lets send to everyone [ camera clicking ] wifi up there . Ahhh. Sure, why not . Howd he get out . a camera might figure it out. That was easy glad i could help. At xfinity, were here to make life simple. Easy. Awesome. So come ask, shop, discover at your xfinity store today. Thats it. 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Com for more info. Would you like to be part of history . Yes, i would. By working together trying to pull us apart, something has to be done. Now is not the time. Neil here is the great thing about the irishman debuting in theaters 3 weeks before netflix debuting it. Italian guys playing irish guys. Pleasure to watch you, im told its 209 minutes, thats a long movie, should going with large soda or not . A, doesnt feel like 209 minutes but if you had a large soda [laughter] neil what do did you think . I thought it was great, no hyperbole, the last time youll probably see all 3 or 4 of them on screen again, you know, they are great, they are at the top of their form, its a really strong story, bounces through time a lot, so, you know, the deaging, they deage them a little. Its not hokey, we know what he looked like when he was young. A lot of the actors grown up watching them, so watching him youre staring like yeah thats he used to look. Its good, but after a while you get used to it, thats just who he is at this point in time. Neil you reminded me, daniel, this has been done before. Benjamin buttons, i remember brad pitt getting younger throughout the movie and did look funky. It did, he became skinny and little, a little hard neil but this is no gimmick to it. Everyone is saying what youre saying. Makes sense for the film, not distracting, once you see it youre used to it, youre looking for flaws but its not there, i would highly recommend and i also recommend seeing in theater. Neil yeah. Its got that scope, you know, you want to watch, theres a lot happening, a lot of story. Neil are you buying the fact that these are irish guys . I do, do i. Neil you are . I definitely look at irish [laughter] neil this is a big test for netflix, isnt it . I guess maybe Cultural Appropriation debate now. [laughter] i am curious and i think netflix is curious, i would assume whether the model would work, for as good as it looks, people that enjoyed good fellows, you want to go see it, is there a strong disincentive to go to the theater because its coming to netflix so soon . So its an interesting test but also, you know, where and how the people consume movies now, you know, so we fractured that already a long time ago with everything coming out on dvd like 2 months the movie is in the theaters. Neil the crowd that will see this is not the crowd that will see spiderman . No. Neil italian man playing spiderman and hes irish. Drinking a beer. Neil stronger beer. Not a lot of beer drinking. What i want to know does this movie tell you where jimmy hoffa ended up . It does. Cant wait. Based on the storyline of the book, i dont want to give it away. I heard you paint houses, you kill people. Basically. In the movie its a great bit, you know, but i dont know how it would work as a title because, you know, we are talking about would people go see something called the irishmen, theyll probably see that more than something called do you paint houses. [laughter] sounds like you do you want [laughter] neil busy to put it mildly, 40 plus series just next month, this month, i think, overdoing it or what . Well, they have to do this because here is the deal, you know, weve watched through history the subscription model is how you get it, you grab an audience, you have to find a way to keep them, so now they have all the competition, if they dont roll out a ton of stuff to keep you, because how many things can you subscribe to in a month . Neil a lot. How much can you watch . Not cheap to be competitive, thats what they will find out, a lot of money will be lost. Apple is the one who is doing the free for a year. Neil great to see you, my friend, excellent job. Thank you. Neil i might see it. I will take your idea on the soda thing but is his treatment doing enough to lower his heart risk . [sfx glasses clanking. ] sorry. Maybe not. Jardiance is the number 1 prescribed pill in its class. Jardiance can reduce the risk of cardiovascular death for adults who also have known heart disease. That means jardiance can help save your life from a heart attack or stroke. Plus, jardiance lowers a1c and it could help you lose some weight. Jardiance can cause serious side effects including dehydration, genital yeast or urinary tract infections, and sudden kidney problems. Ketoacidosis is a serious side effect that may be fatal. A rare, but lifethreatening bacterial infection in the skin of the perineum could occur. Stop taking jardiance and call your doctor right away if you have symptoms of this bacterial infection, ketoacidosis, or an allergic reaction. Do not take jardiance if you are on dialysis or have severe kidney problems. Taking jardiance with a sulfonylurea or insulin may cause low blood sugar. Lower a1c and lower risk of a fatal heart attack . On it. With jardiance. Ask your doctor about jardiance. The type 2 diabetes pill thats on it. Learn more at jardiance. Com. Nt off shop unique bridal styles at zales, the Diamond Store for farmers here, this is our lifes work. But when a recall happens, perfectly good food goes to waste. Now, weve got away around that. Looks good. Were on target. Blockchain on the ibm cloud helps pinpoint a problem anywhere from farm to shelf. Its used by some of the biggest retailers everywhere. A nice wedge. So more food ends up on your table, is that daddys lettuce . Yeah. And less food goes to waste. Neil good morning, everybody. Im maria bartiromo. Think about that. Maria, what the hell happened. Im noe noelim kneeneil cavutoa bartiromo. The Unemployment Rate is about 3. 6 . Well see if that holds at an hour ahalf. Global markets getting a lift from data out of china that showed the Manufacturing Sector isnt going to hell in hand basket. There are concerns about where we are going in this country with impeachment and distractions that will pre vent a lot of things from getting done. Not that they foresee the president getting impeached but they do fear that a lot of things near and dear may be delayed or donein. Here with a read on all that is daniel hughes, weve got best selling author James Freeman and many buddy for many decades, john almost o envelope ski. We are lonski. We are both intrigued about the Computer Generated technique that allows you to look younger. Yesterdays vote sparked reaction from both sides of the aisle. I dont know why the republicans are afraid of the truth. Every member should support allowing the American People to hear the facts for themselves. This that is really what this vote is about. Are we gathered in these final moments before we depart for a week to fund our government, to pay our troops, are we gathered today to prove a new trade deal. Or are we gathered to debate the Critical National Security Issues regarding china or iran . Well, that answer would be unanimously no. This Congress Record is more subpoenas than laws. Thats the legacy. Neil all right. So the two sides are not in agreement on this. Pennsylvania republican congressman, member of the Homeland Security and Small Business committees, john doits is with us. Good morning. Thank you for having me here in such an important time. Neil what do you think happens with all of this . Ill tell you, the American People are seeing through this. What americans want is a fair and transparent process and thats not whats been put through. This impeachment inquiry is a sham. And with the soviet style that has been presented with a clan n members of congress not being able to read the transcripts, americans are seeing through it and they realize that the president is not being allowed due process. Neil its the exact same process, is it not, that republicans utilized during the early stages of the clinton impeachment investigationing right . But moving forward, the president was allowed to have representation. And that has been removed. Neil moving forward is when you get out of that stage of interviewing, right . And bill clinton was at that point, and the promises maybe youre right to be skeptical, the same will apply to the president here. Schiff is functioning as witness, as pro prosecutor, jude and jury. We need to have a fair and open and transparent process. And what the republicans have done is request that. Request the ability to see whats going on and yesterday on very partisan lines an impeachment inquiry was voted through and just in march nancy pelosi said we will not proceed unless there is a bipartisan vote. That didnt happen yesterday. This was a partisan vote and a continuation of the witch hunt. We thought halloween ended yesterday. The witch hunt continues. Congressman, hi, James Freeman of the wall street journal. I want to ask you about that issue, very different from previous efforts. You had a huge bipartisan vote beginning the inquiry on richard nixon. You had 31 democrats voting along with republicans to start the inquiry on bill clinton. This case, an entirely partisan vote except two democrats voting with all the republicans against. Thats a great im just wondering, did Speaker Pelosi make any effort to say to you and other republicans, okay, well open the process, well go with the same rules we had with nixon and clinton, in order to try and get you onboard for for a an inqur was she satisfied, having this be a partisan statement and maybe understanding its going to go no further. Clearly, its a partisan statement. It started with a press conference and its proceeded in a partisan way. The only bipartisan vote was when some democrats voted with us to turn down this process. Congressman, dana hughes from divine asset. Im curious to know, with he respect to transparency, what is it you would like to see from the democrats when we talk about transparency . From day one, as a member of the 116th congress, i should be a allowed to read the transcripts. Ive gone down to the skip and requested that, requested to see what has already been presented. But i wasnt allowed to do that. So we do a vote without that trans parent you sigh, without that transparency, without that open process. The American People demand a fair and open process and we havent seen that. The president has not been allowed the due process that he should be allowed, which traditionally as you pointed out did occur in with both president nixon and with president clinton. Hi, john lonski of moodys. What is Congress Hearing from constituents regarding this matter . Are you getting a lot of constituents claiming you have to push forward with the impeachment inquiry or are they telling you that they think its a big mistake . Thats a great question. I hear from phone calls and i hear when i go home every weekend, protect the president , make this a fair and open process. Pennsylvania 13 overwhelmingly supports the president and President Trump was elected and my constituents feel the impeachment process is trying to remove their vote. They know that they support the president. They tell me they come to washington to continue to support the president and ill make a prediction for you here today. President trump will again win pennsylvania and he will do that by a bigger margin than we saw in 2016. 2020, President Trump takes pennsylvania. Neil i think i know where you are on the impeachment thing. Im curious, the fact that the president did call the leader of you ukraine and did ask him to investigate or get to the bottom of the bidens activities in ukraine, on any level does that bother you . There was no quid pro quo. Neil thats not what im asking. On any level does it bother you that he inserted hill self in potentially a foreign leader in a u. S. Election. This is something that should be investigated. Its quite concerning that someone would be paid 50,000 a month with no background in energy, no background in neil i get that, sir. I dont mean to be rude. On the surface of that, would the president have had this interest if it were anybody else but joe biden who could be his opponent in the next election, inserting a Foreign Government in another u. S. Election so soon after russian involvement in the last one. I think this is something that needed to be investigated. I think this was a question that needed to be asked. Neil so when you say it needed to be asked, regardless of how it looks, and obviously you dont find that Impeachable Offense, there are a number of democrats who clearly do, lets assume the house goes ahead and follows up on that and impeaches him. I imagine it would be a tough road in the senate. Is it your fear, though, that rightly or wrongly, the president will have that badge on him that he has been impeached in the house of rep senses testifies, representatives. He would be the first one who would try to stand for reelection after Something Like that. Does that worry you . It does not worry he me. I think whats clear is the democrats are trying to go after the president with impeachment because they know he will be reelected and successful in the ballot box. Neil thank you very much for taking the time. Thank you. Neil coming up, we have the commerce secretary of the United States, wilbur ross, hes about to make a very big trip to asia at a crucial time. Stick around. You are the thunder and i am the lightning. And i love the way you know who you are. And to me its exciting. dramatic orchestra performance comes in lots of flavors. Theres the ampedup, overtuned, feedingfrenzyof sheetmetalkind. And then theres performance that just leaves you feeling better as a result. Thats the kind lincolns about. There are things we would change about work. And there are things we wouldnt. When work is worth it. Work is worth it. Work can be closer to home. Pay more. Make us proud. Careerbuilder. Work can work. Find your work at careerbuilder. Com its been reported that theres a cyberattack on business every 39 seconds. Ouch. I dont even want to think about it. Comcast business has a solution. We go beyond fast with a cloudbased Security System that automatically updates, so you always have the latest protection. Phishing. Malware. Risky sites. It can help block all of that. Its one less thing for us to worry about. Comcast business securityedge automatically protects all the devices on your network. Call 18005016000 today. Neil welcome back. Aaron sorkin, facebook ceo Mark Zuckerberg, theyre trading jabs over this political ad thing. Grady trumbill has details. Facebook says theyre protecting free speech. Aaron sorkin is a consider it c. Youve probably seen one of his movies, including the social network about facebook. He attacks facebooks use of political ads saying you and i, zuckerberg, want speech protections to make sure no one gets imprisoned or killed for saying or writing something unpopular, not to assure that lies have unfettered access to the american electorate. Zuckerberg is firing back in a Facebook Post of his own. He actually didnt use his own words. He used sorkins words from the 1995 movie, the american president. Listen. You want free speech . Lets see you acknowledge a man whose words make your blood boil, who is Standing Center stage and advocating at the top of his lungs that which you would spend a lifetime opposing at the top of yours. So facebook obviously defending its ad policy and free speech. Twitter banned all political ads. One company that has flown under the radar in all this is google. And we have been hearing that might change, that lawmakers might be ramping up pressure on google to do something about its ad policy which right now is seemingly similar to facebook. Neil thank he ver very much. What do you think of all this . I think Michael Douglas and Mark Zuckerberg are right. We do not want social Media Companies becoming the arbiters of our political debates. These are issues that ought to be hashed out, ought to be he debated and paid advertising is an important way for people to get their message out, to inform voters. You can like it, not like it. You can have competing ads. But if you say facebook ought to stop advertising, youre saying incumbents should get an advantage, media friendly candidates should get an advantage and you end up with less political speech in the country. And aunt sally should get an advantage when she rants an raves on all the social media platforms. Its not just the advertisers, its the people who use them and the fact that we can come together in such a way that brings all of this he debate and in places you wouldnt have it, where were sitting here and talking, we now can talk to millions of people. Neil do you draw a distinction between the accuracy of what aunt sally is saying and a political campaign. Absolutely, a paid political many campaign. My question is how do they go about and who m the organizations goes about vetting what is right and what is wrong, what are the standards. I say no to censorship, i dont think you want that at a all. You talk about misleading information. We have this 52 trillion medicare plan that is more than double the 22 trillion gdp of the u. S. Economy we have today. So youre always going to have this problem, youre always going to have this lack of clarity and misinformation. Its part of politics. Its inherent. What are you going to do . Our own president tweets loudly all the time and neil he wouldnt be part of this, right. He makes political points. Thats where they stop it, right . Theres a debate. Youve seen it in the democratic debates about whether his social media feeds should be cut off. That came up recently. And the author of the 52 trillion plan, by the way, Elizabeth Warren, is saying facebook is so big and so powerful, we need to break it up. But i want to give it the power to limit speech and decide what is true and what is false. Crazy. If you want skean censor cep youre stating that the American People too stupid to judge the facts, judge the statements politicses are making. I find that to be quite repulsive. Neil its a slippery slope argument, how far do you go. Someone correcting something, is another person removing their rights to say what theyre saying, right . Who is correcting it, what right do they have to correct it, what responsibility they have in correcting it and really their own educational background, everythings at stake. Neil i do want to get your thoughts too. Overnight, its on the cover of the New York Post so you know its meaningful. The president wants to make florida his primary residence. Obviously he feels he has a lot of people who are rallying against him in new york. I think the real pitch was i can find a much better tax environment in florida, right . Right. Now, hes being hounded by authorities various levels, state, city, local government in new york. Even if he wasnt donald trump and they werent trying to get his tax returns and all kinds of other information, there are residents in the city who never run for office who are also fleeing to florida. Its because of this enormous tax burden relative to the no income tax, sunny climate of florida that is pulling so many people south. Neil florida doesnt have a an estate tax. Thats right. New york has the highest estate tax of the other states. Neil this is not so much a political move on his part, just a matt had one, right. Math one, right. I think its driven by taxes of. I would have to add, hes not very popular in new york city in this area among voters. Neil a lot of state and local officials had snide in their countries, various versions of dont let the screen door hit you on the way out. How much does the state look to lose, you dont want rich people leaving no matter what you think of them. I dont know. [ laughter ] you dont want them to leave . Neil look at that. Were going to take a break. Coming up, the jobs in focus, breaking down what are the expectations for that jobs report. Its all about gm, folks. Well explain. We were teenage dreaming. Front seat leaning. Baby, come give me a kiss. Put me on the cover of a Rolling Stone uptown, down home american kid. Rolling up in little pink houses. Making yo out on that move us forward. Every day, invesco combines ideas with technology, data with inspiration, investors with solutions. Because the possibilities of life and investing are greater when we come together. vo the flock blindly flying south for the winter. They never stray from their predetermined path. 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Use promo code get25 to save 25 off your first year and get a free shredder with annual membership. Call now to start your membership or visit lifelock. Com tv beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Neil of welcome back. Were waiting for the jobs report, a little bit over an a hour from now. Weve got Citi Private Bank p global head of investments, david bailen. We were discussing that everyone seems to be looking at this number, whatever we get, as a oneoff, that its weighted by the gm strike, but its the trend that will be more important that the single number. What do you sunshine. Thats exactly t right. Theres a lot of noise in the data for whats going on with the strike and impacts on all of the other Companies Involved in the manufacturing of the cars and all of of that. So this will be could be an aberration number. People are concerned about the trend. Theyre watching it closely. They want to see that things are staying relatively consistent. If we have a much lower numbering i think people will be concerned and the market is looking for things to be concerned about. Neil with the strike itself, affected upwards of 50,000s gm workers, tens of thousands more in ancillary industries, suppliers, what have you. Is that going to wallop even the earnings component of it . I would doubt that it would wallop the earnings component by itself. This will be a very short period of time. That can be pretty well calculated. I dont think that will be as much of an issues as the outright number. Earnings have been better than expected so far. Is it possible that earnings are just flat compared to last year and not down at all . No, theyre definitely going to be down. In the aggregate, were looking at somewhere between 2 and 2. 5 down. And that is somewhat better than expected. Whats critical now is what happens over the course of the next six months. We see a gap between consumer he demand and actually what Industrial Production is in the United States and in fact globally. If that gap, in other words, if consumer demand can stay strong, then one can imagine a rebound in Industrial Production globally, in which case we could have better earnings next year. We expect earnings to be up 4 from where they are now. Neil for the year as for next year as a whole. I was going to ask, with energy just being the big, big drag, how do you see that transposing into next year . Will that continue . The United States is the largest u. S. Producer of oil. Where do we go from here in terms of energy price. So not much is currently our view. The world is awash in Energy Supply and even if we get the Industrial Production that the private bank expects that we will, that will not have a material increase on demand. This is presented s this has presented a benefit to consumers in the United States and elsewhere which has allowed them to have more spendable income. Inned a digs to having higher spending rates im sorry, higher saving rates in the United States, a 30 year high level, well also see the consumer have the ability to spend more, which is good for the economy generally, as a result of low energy prices. How do you square expectations of faster growth, with economists expectations of slower real Economic Growth in 2020. Well, you have two things that are contradicting one another. The consumer has remained strong and confident on the part of ceos that is relatively low. The reason is because of the trade war. The absence of resolution. Even if this mini deal takes place, that will not be sufficient to eliminate the trade concerns. If theres any other trade action in europe or elsewhere, that would be considered another negative. And sos thats really where the weakness is, what happens for the ceos, what happens with Industrial Investment which is not going well. So one could imagine earnings going up under a baseline scenario but theres a high degree of variability. We do think equities are up 6 or 7 next year. We are fully invested. We see a lot of reasons why investors should of move right now into dividend growing stocks, things that i think can take advantage of what i would describe as a somewhat anemic environment. Neil they dominate the dow. That could help the dow jones. Thank you very much. Thank you for the time. Neil all right. Coming up, the trade situation in focus with the commerce secretary of the United States, wilbur ross, coming up. Oh, telephone line. Give me some time. Im living in twilight. Ea oh, Liberty Mutual customizes your Car Insurance so you only pay for what you need. Thats a lot of words. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. When you look at the world, what do you see . Where others see chaos, we see patterns. Connections. Relationships. When you use location technology, you can see where things happen, before they happen. With esri location technology, you can see what others cant. Rather than worry about how to pay for longterm care. Brighthouse smartcare℠ is a hybrid Life Insurance and longterm care product. It protects your family while providing longterm care coverage, should you need it. So you can explore all the Amazing Things ahead. Talk to your advisor about brighthouse smartcare. Brighthouse financial. Build for whats ahead℠ neil welcome back. Im neil cavuto in for maria bartiromo. A lot of people are saying what happened to maria. Holy cow. Alibaba shares are rising on a revenue beat. We have the october jobs report out in about an hour. Futures are higher. Global markets getting a slight lift from data in china that didnt look bad. Europe and yo asia jumped on th. Exxon mobil earnings are just out. Ashley webster has all the numbers. Ashley youve never looked better, neil. Exxon coming in lets get the headline numbers, eps coming in at 75cents. The estimate was 67. So a beat there. On revenue, sales coming in at 65. 05 billion for exxon. That is above the estimate, slightly, which was 64. 79. This is pretty good performance, considering gas prices i should say oil prices have been low, so have natural gas prices. That has hurt Commodity Prices which you think would hurt exxon, but no, theyve beaten on the top and bottom line here. So pretty good. Upstreel and downstream upstream and downstream numbers are okay. Theyre facing trial on grounds of misleading investors on the costs related to Climate Change regulations, it will be interesting to see if they get into that at all in the quarterly report. Havent seen anything yet. But the headline numbers, pretty good for exxon, moving slightly higher in the premarket. Neil thank you, my friend. The commerce secretary of the United States, wilburs ross is here. Secretary, very good to have you. Nice to be on, neil. Neil you know, the space of sf earnings reports have come in pretty good, better than expected. Forecasters say next year they expect it to rise robustly. Are in that camp . I think next year will be a very good year because you wont have a gm strike, hopefully wont have boeing still having problems with the 737. Those two probably were 3 10 of a percent negative on growth in wages this year and employment. Well, add those in, and add normal growth, and youre up to a pretty robust number. Neil a lot of the companies who report their earnings, secretary, always talk about potential headwinds, trade is often mentioned, they hold back a little bit on their capital spending, their hiring plans and they say trades the reason. What do you think of that . Well, hiring has been good. Weve created, what, 6 andahalf million jobs, we have a million, 300,000 more Jobs Available than we have Unemployed People looking for them. So i dont see real signs of a big holdback. There has been a little slowdown in Corporate Capital expenditures. Thats certainly true. But remember, the consumer is 70 of the economy. And if consumer stays strong, and every indication is that it has, Consumer Spending in august was up 2 10 over july, september, 2 10 over august. As as long as consumer stays good, we should be fine. Neil lets talk a little about whats happening on the china trade front. The president is optimistic that even though chile had to cancel the conference because of some violent demonstrations there, that somewhere he and the chinese president will meet and sign off on this phase one of this trade deal. Any updates on that . Well, theres another call coming up today at the working level. Things are moving along. But like anything else, it never really gets done until the last minute. And you dont have a deal on anything until you have a deal on everything. But were pretty comfortable that the phase one is in good shape. Neil when you say in good shape, for both leaders to sign off within the next couple weeks . Well, who will sign and what date is a good question. It was nice having the natural deadline of the chilean conference. That made everybody focus on a finite date. Hopefully we can resurrect a date in that range. We know theres a gap in President Trumps calendar, we know theres a gap in president xi. So the question ought to be where and not neil wheres the middle ground to have it. The chinese had interesting things to say the other day about this process and that phase one might be on im interpreting here, sir may be as good as it gets and they complained about the president being unpredictable, impulsive and all that. What do you think . He uses unpredictability as a negotiating tool. We wouldnt have gotten as far as he has now if he were a runofthemill, old fashioned, in the rut type president. Thats not what he is. Thats not why American People elected him. They elected him for what he is. Hes willing to take challenges, willing to take on some risk. Neil do you think it costs the economy, when the Federal Reserve cut Interest Rates, among the reasons stated for the third rate cut as you know, secretary, was that the trade situation was slowing things down or a source of concern. Now, the president s gone back to say no, your rate hikes in the past are the problem. Well, i dont think theres any question now that the fed should not have made the last two increases that they did. Remember, the three reductions this year, two were basically corrections, bringing us back down to where we would have been had they not just raised before. So its only this third ones thats a real in increment. Mariain. Neil increment. Neil il reserves is saying, that the trade thing is slowing potentially im happy they made the cut. Whatever reason they choose to ascribe to it is okay with me. Its good they cut it. It will be very good for housing. Housing is a sensitive phenomenon relative to Interest Rates and housing is way below where it should be. Neil they indicated this might be it for a while. Well see. We shall see. Neil is that a mistake if it is . The main thing is, theyve corrected the mistake that had made earlier. I dont think anybody can doubt that if they hadnt gone you up the 50 basis points that they did, we would be better off than we were. Neil secretary, you are heading off to this association of asian nations gathering, its going to be in thailand. The president s has sent his regrets. He didnt go last year. Little i do know, the asian culture, sometimes they get offended by that. Not that youre and the National Security advisor are chump change. But are you worried about the signal that could be sending, the doesn president doesnt got go last year,. Hes under a an impeachment attack. Thats not the logical time to be running around the world. I think people understand. He does have a few other things on his mind. Neil hes going to Madison Square garden this weekend, hes going to be doing campaign events. And thats fine. But what message do you think hes is sending the rest of the asian community. I think its being way overplayed by the media. There will be some transactions announced, some very good size transactions while im on this trip. Thats what matters. Results are what matters. And the way that people should judge this president , above all others, what did he actually get done. Usmca, congress ought to focus on it instead of this foolishness that theyre doing. Halloween tricks are nice but now that they got it out of their system, maybe theyll get to do something that actually helps the country, like usmca. That in and of itself would be a huge boost for the economy. Neil you mentioned get over some uncertainties, boeing for example, and whether the 737 max or their business is going, the ceo muilenburg had a tough time in capitol hill versus the senate and the house and even republicans were saying what are you doing, d. Do you think he should go . Well, im not intimate enough with the details of what happened. I do think boeing is a very, very strong company. Theyre doing very many good things, not just with commercial aircraft, but in outer space, all kinds of sectors. So im sure they will pull their act together. Neil would it be doing better, secretary, without him . I think with a company that large, its very dangerous to personalize it to one set individual. Boeing is an enormous company. Neil absolutely. But there are signs that he either ignored or missed key concerns and warnings about the 737 max. Obviously hes been stripped of the chairmanship and now everyone is going after this. When you look at the deal, the economy, manufacturing is a key components of that i think thats up to the boeing board to make that decision. Theyre the ones most intimate with the details. Congress likes witch hunts. Weve been seeing that with the impeachment. Any time a ceo stubs his toe, they love to take him apart. Its good fun, makes for the 6 00 news. But they really neil now we have 24 hour news. You mentioned all this other stuff going on and the impeachment. I know these are political events, secretary, but when you look at them and particularly the recent furor over the president s call to the ukrainian leader, at any level youre an international businessman, long before you got to the white house. On any level does that hurt the president s case that it just looks unseemly . Well, if were allowed to see what people are actually testifying and to hear the actual words, i think wed have a very different image from the one the democrats are putting forward. There is yet to be a Single Person who says the president made an actual quid pro quo. Not one. What you hear is, well, i interpreted it this way, i was very concerned about this and that. Theyre talking about their reactions, not what the president did. Number one. Number two, say lyn zelensky vey said there was no pressure and the most important thing, the aid was restored and there was no quid pro quo. Neil does the quid pro quo matter, in terms of just how it looks. Maybe that is not to the degree we talked to congressmen who say no, we dont think thats an Impeachable Offense. To a man or woman, they say would i have done it that way. I dont know. Youre talking to another leader of a country about inserting himself, a sovereign nation, in another u. S. Election. If you were talking to the president at the time, would you have advised as some of these aides who have talked to this exit at this have, that it was not good to do. First of all, its the democrats who are characterizing it as the president inserting himself into an election. Neil joe biden we were talking about, would he have inserted corruption in the ukraine is still a problem. Neil i know. Im sorry, sir. But if this were anyone else but joe biden and his son, would he have done that . Thats a hypothetical. But i think the key thing is, corruption is what he was talking about. Corruption in the ukraine. Imf yesterday complained about corruption in the ukraine. Thats a perfectly legitimate topic to be discussed between the two leaders. And he didnt say you must do this or i will do that. Thats one thing thats very clear. Neil if we had proof that he did, if something came out that he did theres nobody so far and theyve had, what, a dozen or so neil would that in your high youre not a constitutional lawyer but would that be an Impeachable Offense . I dont think an aggressive phone call to a world leader rises to the level of high crimes and misdemeanor. If he got four parking tickets, is that high crimes and neil do you think he survives this. He may get impeached in the house but it wouldnt go anywhere in the senate. The house action would be a political action, not a judicious action. Particularly the way theyre handling it. The idea that the case would be in effect tried before republicans could be permitted to ask questions, before the president s permitted to crossexamine witnesses, what kind of a process is that . Thats not a process. Thats not a real process. You get more deference from the court for a civil violation, a car accident, than theyre giving the president. Neil the president has said, secretary, that if hes voted out, you can kiss this good market goodbye, if hes impeached, you can have a market crash. Do you agree . I think thats true. I think its 100 true. Look what the market has done since he came in. Sure, there are occasional glitches in it but thats the way markets are. Point to point,s this is an extraordinary achievement that hes made. And even forgetting the china deal, usmca is the largest and i think the best trade deal weve ever done. Neil wilburs ross, a pleasure seeing you. Safe travels to thailand. Beautiful country. Youve been all over the world and on we go. Wilbur ross, the commerce secretary of the United States. Stay with us. You are watching fox business. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. All working with a new generation of technologies powered by our gigspeed network. Because beyond technology. There is human ingenuity. Every day, comcast business is helping businesses go beyond the expected. To do the extraordinary. Take your business beyond. Child i like to eat, eat, eat apples and bananas i want to eat, eat, eat apples and bananas i need to eat, eat, eat apples and bananas why cant i eat, eat, eat apples and bananas . Support the feeding America Nationwide Network of food banks to help provide meals to those in need. Join us at feedingamerica. Org. Fidelity has zero commissions for online u. S. Equity trades and etfs, plus zero minimums to open a brokerage account. With value like this, there are zero reasons to invest anywhere else. Fidelity. Neil all right. Isis has a new leader right now. After the assassination of abu bakr albaghdadi. Cheryl casone with details. I dont know if id be volunteering that information, id become a big old target. Cheryl very good point, neil. Good morning again. Isis has released an audio statement saying that abu ibrahim alhashimi alquraishi is the new leader of the terror group. The announcement came five days after a u. S. Raid in syria killed albaghdadi. Isis is urging followers to pledge allegiance to the leader. Vapeing related deaths hitting a new high, the death toll has risen to 37. The cdc saying that cases of illnesses related to ecigarettes are moving towards the 2,000 mark. Altria group has cut their investment in juul by 4. 5 billion. And then there is this. Its a first for saudi arabia. The kingdom hosted its first ever womens wrestling match and it featured wwe stars natalia and lacey evans. The women took their rivalry to riad where the queen of hearts came up a winner. Both fighters, just to point this out, had to wear full body suits and a tshirts and women were actually allowed to attend the match. Theyre trying. [ laughter ] first they let you drive, now they let you wrestle. Cheryl now you can wrestle. Neil what a great kingdom. Coming up, luxury yachts, lonski has ordered one, theyre on full display right after this. Dont rock the boat. Dont rock the boat, baby. Rock the boat. Dont tip the boat over. Dont rock the boat the game doesnt end after that insane buzzer beater. Because with Nba League Pass on xfinity you can watch the out of market games you want all season long. And with the allnew xfinity sports zone, you get everything nba all in one place even notifications about your favorite teams. Watch the dropped dimes, monster blocks, and showstopping dunks. Plus get instant access to your teams with the power of your voice. Thats simple, easy, awesome. Say Nba League Pass into your voice remote to upgrade for a great low price or go online today. Get away to where the police roam. Take away all your big problems. The worries you can drop them in the blue ocean. You got to get away neil the International Boat show is on, kicking off in fort lauderdale, florida. Deirdre bolton is there. What a tough assignment, deirdre. Reporter tough assignment. Im choosing your yacht for you, neil. So youre well come. I want to talk about this one. Its is about 180 feet. So think about an 18 story building, just lying on its side. You put it in the water with these views, thats what you have. Listen, all of these craft have amenities that people dream about. Youre looking at a jacuzzi pool, theres an 850 square foot master bedroom for anyone who lives in the city, that sounds like a pretty big space and it certainly is to be aboard a yacht. Theres five star service if you like and what the boating crowd tells me is this can actually sail around the world in comfort, meaning even if the waves are choppy, you do not feel it. All for the price of 50 million. That is what it takes to own vita. People can charter it for 350,000 a week. I wanted to show you this in a larger picture too and our cameraman is going to give you this beautiful panoramic view. I spoke with tom convoy heeson, theyre the manufacturer, of course theyre in holland, they have 12 yachts under construction at all times, built to order. Most people want what they want. 75 to 808 o 80 of the yachts e seeing in the hair r bore are actualcar harbo harbor are n owned. We have the highest net worth individuals. As far as yacht owners we by nationality are still the ones who own the most. Its americans who own the crafts, followed by europeans, eastern europeans. And then a mix. One interesting thing i learned while being heres is for as many billionaires and millionaire as there are in china, actually a lot of brokers are disappointed that the chinese dont seem to be in the yacht buying market as much as americans or europeans. Some that i spoke with said maybe its countercultural to show off their money so much. We do see that in other instances. I thought that was an interesting anecdote. As far as breakdown of industry, we know some nfl owners, the redskins owners and the Dallas Cowboys owners, theyre wellknown on the yachting scene. Titans of industry as well, larry page has a yacht. A lot of the brokers have told me recently that more and more tech money is coming in, which is not a surprise, given as we safollow with the stock market d we know which businesses are making money of. One told me of a story of a 23yearold bil23yearold brazd an app that was purchased by a Silicon Valley company, he chartered a yacht for himself and his buddies for two weeks. Neil im thinking of the redskins owner, maybe a little more time devoted to the team, but thats just me of. Deirdre, thank you very much. We are waiting for the october jobs report. We have a lot more coming up on that. Some interesting earnings developments as well. Stay with us. vo the moth without hope, struggles in the spiders web. With every attempt to free itself, it only becomes more entangled. Unaware that an exhilarating escape is just within reach. Defy the laws of human nature. At the season of audi sales event. Ive been a caregiver for 20 years. No two patients are the same. Predicting the next step for them can be challenging. Today were using the ibm cloud to run new analytics tools that help us better predict and plan a patients recovery. Ultimately, its helping thousands of patients return home. And who doesnt love going home. In the last year, of cybercrime every second. When a criminal has your personal information, they can do all sorts of things in your name. Criminals can use ransomware, spyware, or malware to gain access to information like your name, your birthday, and even your Social Security number. [announcer] thats why norton and lifelock are now part of one company, providing an all in one membership for your cyber safety that gives you identify theft protection, device security, a vpn for online privacy, and more. And if you have an Identity Theft problem, well work to fix it with our Million Dollar protection package. There are new Cyber Threats out there everyday, so protecting yourself isnt a one time job, its an ongoing need. Now is the time to make sure that you have the right plan in place. Dont wait. [announcer] norton 360 with lifelock. Use promo code get25 to save 25 off your first year and get a free shredder with annual membership. Call now to start your membership or visit lifelock. Com tv neil good morning, everybody. I am neil cavuto for maria bartiromo. Front and center jobs report due out 30 minutes, i am wearing this stupid thing . The growth expect 89,000 more jobs the range goes from 15 how to upwards of 190,000 that is how wild crazy this is Unemployment Rate now about 3 1 2 expected to take up about 3. 6 , futures higher ahead of jobs number Global Markets not so much focused on what were doing, but at least one positive manufacturing report out of china not used to seeing that could be wind at chinas back maybe, backdrop, for the trade talks just you telling us, could have a signature at least phase one within matter of weeks we shall see get the read from people really dicing going through all this next hour, before and after talking about daniel, the wall street journal assistant Editorial Page Editor James Freeman, moodys financier expect a markets, longestkey. Look who is here charles payne. Lets get right to what you are seeing you are expecting. This was a coin flip you know listen we are even before gm strike some of the other things approaching what most economists call john probably back me up. Dont count opposition to. Full employment i think right now cbo has it pegged 4. 6 well below there i think in a point really hard to find workers, just, us know not hard skills it is soft skills i was reading through this manufacturing survey. Me too. And like, if we could find someone who will hit the alarm coloning 8 00 show up on time we would be happy,so if other extenuating sectors for me participation, i want more people to tome into labor force wages if we are full employment wages should be going up. Neil they are not soaring, getting a little bit better not that Federal Reserve worrying. I am not worried about wage growth contributing Price Inflation in any way but that being said, still if you talk to people, that hire people Human Resource departments whatnot this 3 wage increase on average seems to be too low for some reason may be extenuating circumstances, i mentioned the fact looking at a much older workforce reality is as we well know, as you get older, your wage why looking at stop using that aging technology. The skwlens kn audience should know the truth. When i look at data 3 figure in real terms, not inflation not as tame as it looks it is good so i sometimes this i that it is a nice, clean 3 what do you think of that. Perhaps but we dont have same kind of jobs, that we used to have in the olden days where you clocked in 8 00 and clock out you have one job, you know work 9 to 5 it is a economy, we have a lot of people who are working 3, 4, 5 jobs we have people working much older, than they used to because they have to because they dont have same kind of support there are generations that think they cant count on Social Security things like that have it safe for retirement very different landscape than i think we think of traditionally when we look at you know a jobs number. Neil you know, this data out today i am not calling it a oneoff or dismissing number whatever it is but likely to be heavily influenced on factory side by gm strike right . How do you play that into this how do you step back from it. I think it is the gm strike other factors we mentioned census for a number of reasons, there could be shortterm distortions in number charles forced on overall labor force big question i am looking for you see in a lot of as we see this issue of administrators not able to find a qualified an captains the ability to show up not high when there on the job, to to have those soft skills that allow you to perform beside tangible skills for specific occupations, so this question of how do we get more people into labor force, the tragedy of opioids is part of the story, maybe, people who got depressed a few years ago finally coming back in or trying, new occupations might be part of the answer. But given this gray job market would you hope more people into the labor this month even if you dont see huge number on hiring. I think you are seeing it. I have seen reports showing people with criminal backgrounds finding it much yaeshz to find jobs because of low Unemployment Rate this low name the rate must be doiwrnz. Nonviolent felons that has spiked precipitously an example what was said in Kansas City Fed one employer said still looking for qualified workers that show up stay a full day, okay. And then we go to dallas lack of available applicants sort of soft skills 72 complained about that 4 chained about inability to pass drug tests or background check. I tell my own kids, i mean half battle is showing up with a smile be reliable. Amazing. Attitude before aptitude you have to have right attitude in order to gain aptitude you need to be successful. Hard thing to show up in numbers here, all right fox news has obtained a copy of Elizabeth Warren about about medicareforall will cost inter52 trillion dollars give or take a trill over a decade. Charlie you are looking at thiss she doesnt extended to the mil class. Right. Neil of tax on them to help pay nor. Bernie sanders does obviously, her pitch is this is something everybody wants what do you think. She has to do more gymnastics when she says i wouldnt lower costs having said that cfra did a review said add 34 trillion forget new number if you did not raise on middle class how he also could you pay for it one 80 cut all federal spending outside medical about what have a would mean Social Security check instead of 18,000, 3600 military from 1. 3 million troops to 270,000. Other than that everything is great. She made pitch before but Bernie Sanders at least said you mainld class paying more but getting more back that is what he is saying. Ultimate pitch is going to be this okay cost, not just taxes, Health Outcomes part of calculation only way i can see trying to sell this taxes are going up i always said it was costs going down if i live longer healthier life fewer people in hospitals dont take days off work once we with crunched numbers anybodies net net wont cost anything. A Late Development president making it clear he wants to move from new york go to the sunny enadviser on those of florida blake burman alive at president s concurrent rshz very high taxed district called washington, sir. I can confirm someone lives in this area as well when i look at florida, and new york state follows a trend according to u. S. Census bureau over lastly inning decade since 20102. 6 Million People added to population in florida for new york state flatline in fact slight increa decrease two more high profile residents officially state of florida confirming New York Times report last night saying moving family there permanent residence he says my family and i will he making palm beach, florida permit residents i cherish new york people of new york always will despite i pay millions in city, state local taxes each year i have been treated very badly by political leaders of city and state few have been treated worse i hated having to make this decision, but in the end it will be best for all concerned. While the president blames, politics there in part he also alludes to the Tax Implications as well if you look at top end tax rate new york state 8. new york city 3. 8, new york tax 16 florida across the board there, zero, zero, zero. New york top the Democratic Leaders waved goodbye to the president bill de blasio writing on twitter dont let the door hit you on the way out or whatever the Governor Andrew Cuomo followed up saying good riddance not like President Trump paid taxes here anyway he he is all yours florida the last reference refers to trying to bane tax returns. He pays a lot of property taxes you cant avoid. A lot of property taxes in new york, what weve been seeing the salt stuff doesnt necessarily apply a member to the president , but on largeer scale, what weve been seeing leave in Orange County go to flo texas. Make you can stop whining with taxes you pay in the district. I pay them all i am on national tv. All right. Thank you my friend, 20 minutes away from october jobs report, and again, this could be a oneoff as i say. A lot of people looking at degree to when gm strike impacted certainly in Manufacturing Sector we have that and then this week when you go home turn clocks back saturday night before you go to bed we go back to standard time as i understand it means you get an extra hour of sleep not that you need it for me would come in handy. We will have this. Or trips to mars. No commission. Delivery drones, or the latest phones. No commission. No matter what you trade, at fidelity youll pay no commission for online u. S. Equity trades. At fidelity youll pay no Commission Performance comes in lots of flavors. dramatic orchestra theres the ampedup, overtuned, feedingfrenzyof sheetmetalkind. And then theres performance that just leaves you feeling better as a result. Thats the kind lincolns about. Neil all right kids are going back to school in chicago go back friday Cheryl Casone has details aye doesnt seem fair right, keep if pleased to be going back to work after union and city reached a deal to settle 11day strike ending longest walkout since 1987, two sides breed to have five days to make up for time loss with the the strike needs to be ratified by four unions, alibaba rallying premarket right now stock up well it was up, i wasnt lying it was up now it is down whoops Company Latest earnings beat expectations thanks to strong growth in the ecommerce business jumping 40 from a year ag, then finally there is this National Sandwich day this weekend chickfila as excited for the day amendment customers to get ready to celebrate chicken sandwich but there is a problem about National Sandwich day is sunday november 3 chickfila isnt open on sundays quick to respond to disappointed fans a second email apologizing for confusion infer underestimate power of a good chick sandwich. Place gets lines around the block. Every day, yep. Well they got to prepare for next time the date and sunday thing got the facts right, we have more coming up the october jobs report here a lot of people granddaddy of all economic reports most attention to for good reason we had the report showed unexpected strong surge in private Sector Employment up 125,000 workers this is much bigger than that donates also a telegraph what big report does we will know in about 12 minutes. Stay with us. Neil all right october report due out 8 minutes economists expecting 89,000 jobs added to economy rate 3. 6 , you have heard estimates band media about once or twice on this show the chief workforce analyst employ bridge joaniecourt yee, Jon Hilsenrath joining our panel what are you look for do you kind of buy that. I think this report is going to be a little bit tough to read we had gm strike during the month when survey was being taken, so i know i think we will get something that is a little bit on the soft side. But anything in positive territory i think is sign the economy you know has slowed down but Still Producing jobs you know will keep expansion going, i mean i think it is kind of beyond this point that growth has slowed we will probably see more in numbers. If it were wl weak joanie would that get fed off threepeat and done here . Kneel i think this report actually could be weak for number of reasons you know. It is not just the fact that administrato employers more cautious we have seen things slow down with manufacturing we have dilemma that we have you know, seven million over seven million open jobs not enough people to fill jobs so jobs are going unfilled, you know every single month. So theres you know a lot of eyes are on this report for many reasons but that could cause some slow growth i also think we have to look at wages see what is happening, you know it is getting more competitive, so i would expect to see wages moving, in the right direction. Neil guys we are take quick break going to get into that report just a few minutes away also, to my friend, things like Labor Participation rate in fact who would benefit all this assumption manufacturing jobs going nowhere fast then what happens on other fronts and retail and services, restaurant workers tall other stuff that goes into a report that will be a big statement on our economy and the progress of a bull market and economic comeback, historically unprecedented. Not again. Limu thats your reflection. Only pay for what you need. Liberty, liberty, liberty, liberty vo the flock blindly flying south for the winter. They never stray from their predetermined path. 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[announcer] thats why norton and lifelock are now part of one company, providing an all in one membership for your cyber safety that gives you identify theft protection, device security, a vpn for online privacy, and more. And if you have an Identity Theft problem, well work to fix it with our Million Dollar protection package. There are new Cyber Threats out there everyday, so protecting yourself isnt a one time job, its an ongoing need. Now is the time to make sure that you have the right plan in place. Dont wait. [announcer] norton 360 with lifelock. Use promo code get25 to save 25 off your first year and get a free shredder with annual membership. Call now to start your membership or visit lifelock. Com tv there are things we would change about work. And there are things we wouldnt. When work is worth it. Work is worth it. Work can be closer to home. Pay more. Make us proud. Careerbuilder. Work can work. Find your work at careerbuilder. Com. Neil now you know how Neil Armstrong felt before landing on moon october jobs report nerdy version of being an astronaut, anyway that jobs report, has a few truthths holding back waiting to see what looking at charles payne, it if it if taking out what is happening at gm a good report so steady wage growth all of that, it could vindicate the Federal Reserve does steady as she goes leaving things as they are what do you think. Absolutely, listen q a took a couple victory lapse on employment, not as much as his counter part ecb we saved europe we with save them no one else did this, took a victory lap on jobs wages i think feds probably looking for continuing to improve. Also took a shot that is thanks to fed looking at this 10 year plus, strong recovery. I mean the fed has been all things all roads lead to the fed. So anything that happens, it is really on their shoulders i dont think that is necessarily the case but certainly, every aspect of our economy is pointed towards the fed. Neil obviously, the fed is going to look at things chaerltz does Labor Participation rate job coating do you concur the ample reason to deep it as it. For now they do if 10year treasury yield does under, 1. 63 funds rate we have return, of an inverted yield curve given the fact inflation welltained fed will cut detain. Jon hilsenrath i am sorry to equivalent thconfuse that th october jobs situation, expected to be slower report but anything can and usually does happen, Edward Lawrence take it from washington right now. 3, 2, 1 broadcast. 128,000 jobs created last month private sector created 131,000 jobs, the Public Sector lost 30,000 Unemployment Rate 3. 6 the revisions this is interesting owing revisions up 51,000 jobs, september revisions up 44,000 jobs, total net revision up 95,000 jobs, the u6 ticked up. 1 to 7 long term unemployment was 2. 5 of the unemployed unchanged there, average hourly wages up. 2 monthovermonth average hourly wages past 12 minutes average up now 3 , the labor force Participation Rate 63. 3 , the average hourly workweek unchanged 34. Have hours, nonsupervisory wages 33 points if i could hours Unemployment Rate white americans 3. 2 , black Unemployment Rate another historic low, at 5. 4 , that is lowest, since keeping records in 1972. Hispanic Unemployment Rate 4. 1 asian Unemployment Rate 2. 3 in health care added 15,000 jobs total of 400,000 jobs, over the past 12 months that sector manufacturing lost 36,000 jobs now Motor Vehicle parts decreased 42000 jobs because of gm trick transportation equipment declined 39100 jobs, mining gained 200 jobs retail trade gained 6100 jobs, that is on Department Stores had 5300 jobs in gains there, unemployment Financial Services drinking places rose 48,000 jobs, the month overh men and women growth 38,000 jobs a month over past months fierce seven months of this year that average growth was 16,000 the per month the bottom line 128,000 jobs created unemployment right now 3. 6 back to you. Neil thank you my friend, Edward Lawrence Labor Department that is much stronger number than we thought even the revised upward numbers are above better than 95,000 for august, and september higher than earlier thought to be case each of those months wall street likes what it is seeing futures moved up from about 30 points upward to about 110 right now could be better fastmoving kind of development. Jon hilsenrath what do you make . Solid numbers really solid numbers, you know we knew that the gm strike was going to hold them down, you know this tells us that the expansion is is still going, i mean not going gang busters but going, you know, if you are President Trump of you to be very happy about this going into an Election Year steady job growth Unemployment Rate below 4 wages rising period of very low inflation i think good news also the fed must be feeling pretty good about this, you know this supports the decision to just sit tight see how the economy unfolds, they cut rates three times, looks like providing some sport for froth. Neil joanie factor jobs down 36,000 there were concerns gm strike could rattle that, not nearly as much. What do you think of that . Yeah overall, neil, this report i think is much better than economists predicted and we all expected to see a name in manufacturing i think all feeling that, we see it certainly with employers on front lines cautious to make these hires right now and add to their payrolls, you know still due to trade uncertainties so that is impacting the job market. You know you look at this report you feel like okay if we could fix manufacturing we really are moving in the right direction almost you know, in all sectors, so there was a lot of growth i mean health care, again, continued to grow not as strong though has it has been in previous months. I believe, that the number was 15,000, normally we see stronger you know number in health care. But there is job growth in many sectors, and i will tell you, neil, there are job options in so many sectors across the board. At all levels, we see employers raising wages it is really very difficult to find people right now to fill the positions. And then employers on the other side have challenge of re training workers paying more impacts earnings as well this is really a good report, and great revisions, too. Very, very positive. Very strong indeed. Even with those stronger, other than gold looking a little bit futures doing very, very wl danielle thoughts . I was pleased to see how Service Providing jobs rose dramatically health care is a massive story for 100,000 jobs created i think that is going to continue, of course, as we age. And as we get more Health Conscious so many businesses are built around that, and i was also interested to see revisions that is net massive 95,000 jobs up over august and september combined. It shows that you know manufacturing is is just kind of a blip. You know. Neil go right ahead i was surprised at strengthen of Leisure Hospitality up 160,000 jobs if that is the case tells me a lot of discretionary Consumer Spending taking place reflects relatively high level Consumer Confidence that is very much a positive when we lock at the Holiday Shopping season, going into 2020. This is an outstanding report, i mean talk about the revisions you talk about the the gm issue, temporarily lowering manufacturing numbers, more people. Neil not by merely as much as right, well that is what i am saying, you account for that this is remarkable. More people entering the labor force, earnings going up earnings going up, and i looked at 10,000 addition in construction, this is one of those industries where employers have had a particularly hard time finding workers, so this is just a whole lot of good news in this report. I agree. And to jons point eating out more if you look at some restaurant stocks particularly fast casual chipotle up 90 this year, it is mindboggling you can start to correct dots to numbers to main street the revisions if only phenomena. Two surveys socalled intlisht and household household has labor force how many have gone back to labor force get months in august, 571,000 september 117,000 last month 325,000, a Million People in three months back into labor pool that is to me forget pols all things where they stop a clip board out the a supermarket how you feeling about things this tells me how people feel hitting bricks, sense opportunity getting back into system the American Dream getting back into system thinking ive got a shot. Normally, keeps people and obviously, competent emboldened to say i am back in the market quite a while ago find a job too that is different environment. To under line what charles is saying this also is a really good sign for the future when we have discrepancy where Household Survey looking much better than ib establishment swaef enormous for a while, historically that means lots of job creation is in our future. You know edward lanes are danielle, i think danielle i apologize this revision, under prior month i dont think i have seen anything of that magnitude down or up, but it is remarkable, just those two months alone, are more than they thought this report would produce by itself, you know. Exactly that is one of the numbers in here that is really striking what is really interesting you are seeing the job growth pick up again include the revision, then the economy averaging last three months 176,000 jobs created that is with the revision, you know that is a difference of 167,000 jobs for month growth for average of 2019 but look at just last three months the number ticking up to 176,000 jobs on gm strike mailed a role in manufacturing we were told manufacturing decreased activity in activity the census dedicate temporary workers from census went away also had downward pressure you had a lot of downward pressure on labor report yet we still came out with 120,000 jobs created, beating estimates. Neil do you he a couple days ago weeks ago i dont remember you talked about the fact when people be moaning state of manufacturing slipping a little bit, but from the extremely high levels or that certainly higher. What weve given up on manufacturing we were told couldnt move the needle when you generate 45500,000 jobs the activity we as you 2017, 18 manufacturing pull back from that large, you get headlines we are in a place we didnt think we would be in the first place i think we can build on that because there is going to be a new type of manufacturing that creates opportunities, you as you uaw, General Motors strike when they wrapped up we are going to invest in ev will have beening vehicle plants different ball game, so i think something we should not give up on i know 1 gdp you have got to be a lot more back in the day still a critical enough component that we should not give up on it. Neil you know when you look at the numbers, Jon Hilsenrath i want to be clear do you get a sense for to people you talked to, that it is not just you know workers americans getting off couch i am going to dive into this job market but they have to have a receptive folks to hire them if companies can Show Managers cfos ceos can get past their concerns on the trade front reservations about how much they want to hire, in capital spending, if they are more receptive to hire folks now trying to jump into the job pool that could be you know a double did he have; right . Well, i think it can and i think you know another important piece of this report that we as you was that the labor force Participation Rate picked up. So we are seeing signs that you know people are coming in off the side lines because, wages are picking up, and then you know, this has been puzzling yp aevent Companies Companies complain a lot about not being able to find qualified workers, well why arent they paying more to get workers they need we are seeing some sign that that picked up as well. So you know, the other really important piece of this is web we have been writing a lot at journal about how uncertainty is Holding Companies back, on the investment front, the Business Investment numbers softened as you alluded to shows that ernt is not keeping companies from continuing to hire people. All in all, very good report. Joanie i know dont necessarily sees on a report to justify whatever their plans are, in month going forward, but would they would some of this allay their concerns and worries . What do you think . I think this report is definitely going to give ceos cfos confidence that again, weve seen another strong job report, and that were looking at now the last three months averages of 176,000 jobs, is a very positive sign neil so i do think that will boost confidence. But it does also raise the question and jon spoke about this you know employers are saying they are having a hard time, you know finding people. Employers issue going to have to think differently about hiring talent. To meet the demand that they immediate and going to not only invest in paying more but they will need to start to invest in training, because the skills are rapidly changing even in manufacturing environment when you think of you know robotics, artificial intelligence, and augmented reality the manufacturing environment today alone completely different than 10 years egg or 20 years ago those jobs skills required very different employers are also need to invest, differently, in training the workforce, because we dont have a workforce today that has the skills necessary to meet the demand. So that is a challenge. Neil all right. What is not a challenge is to err on side of applying rather than selling says s p poised to break record closing high at least at open that was reached two days ago, 3046. 77 a gain more, so we would be close where we close the dow would be 300 plus points away nasdaq about 37 points away that tells you how close we are to record legals again particularly, outside dow gerri i will withis on the floor of New York Stock Exchange with being sunk in, there, what you got gerri. So neil what a report height so all you have to do is look at dow futures up about 70 points, from when report was road of one of the traders down here said to me, what recession . This is a strong report the traders like it, i have to tell you, them of them not buying into this rhetoric that it was going to be super negative so we have no surprise given adp number this week, what they like to see increase in wages salaries not led to inflation. That is another positive for them. I just think we are going to be looking at pmi number 10 00, we got chicago number, i have the was relentlessly negative current 48. 9 for october, and could that good news out of jobs report where we got less of an impact, to manufacturing jobs than we anticipated could it spill through to pmi . Traders many of them paying more attention to that number than even the jobs number they had a lot of confidence in jobs number but that and revisions very, very positive for stocks today i got to tell you if you get a good pmi number over 50 we may not look back this may be low of the day seeing right now the indication that we could open up 1 11 points food nice they say what recession oh before i go, shares halted for trading could be nice this week we heard google may be looking at buying let you know what happens as soon as we hear. This you, very crucial manufacturing sort of read on things getting more attention than normally the case particularly on a job data day expectations would be what they may to come in around 49. 1, still indicating slightly contracting, anything above 50 shows expansion, but would be up from the 47 plus area we were at the month before, john lonski how closely do you look at that. Not that closely i think jobs report much more important. [laughter]. Neil i think. I think traders wrong with ism manufacturing next that index performed much worse than profits recession 20152016 not terribly concerned. Neil a disconnect. I think there is but would i focus on jobs report, it is solid, it represents i hate to say this a goldilocks economy we have Growth Without inflation, that is fantastic, that tells me we can move that Unemployment Rate down to new loss under 3 1 2 , without having to pay the price of faster Price Inflation. Goldlocks is surrounded by bears you neverealize. That is right. Looking at this what people do, i always think that people are what they read and see and feel as a result. I am not saying ceos, purchasing administration, make decisions based on data but if they hear that maybe some clouds have parted, i certainly changes their mood doesnt it. I think so, i think the grand declaration of the recession that is happening that everybody was talking about because of the yield curve inversion a little bit avenue headed take a lot to do with in europe they were at negative rates so a lot of money was coming over to the u. S. And investing in the u. S. Treasurys so forth so i think that that had a lot to do with why people were thinking weve got to be in some kind of bubble cant be this good, i do think that jobs report is much more significant, than we had anticipated. Just in terms of the depth and breadth of hiring, and you know weve got alltime highs in the market, rates being cut just but we havent hit that level where it is ridiculous heights yet. Neil we have not hit level of you know when i read people saying that because the market is high, this over he optimism no one is optimistic if you look at aa. I. , individual investor i think mutual has higher rating than bullish, 35 . Neil struf. I love that i love that most brilliant think of America Merrill lynch survey all Money Managers manage 800 billion dollars, they are in a record amount of cash missing this i love it because we started working out guess what theyve got to do change this thing you cant buy microsoft december 31 say i was in rally you are going to have to prove to people giving you he money that you can make a return for them. And same thing with Business Managers neil you know you could be uncomfortable with trade war we live in a competitive world if not putting money he in research and development not having a product ready when Thor Industries one of the largest manufacturers in country one thing they said dealer inventories twoyear low imagine showing up with a hundred grand in pocket to apply rv dealer doesnt have one. [laughter]. Neil got one of those ship has come in. Charles alluded to, danielle as well idea manufacturing might be smaller part of economy the good news we are going to we are still up net job gains in factory sector. Certainly matters in the crucial industrial state the president wanted from blue to red matsdz in those states how does that play out. I think this is this has potentially great news for Manufacturing Sector, too, because weve talked a lot about how capital expensive Business Investment is limited by trade sanctions, but bill points out you also have a problem if companies cannot hire they cant find workers, then not going to buy equipment that those workers would use, well if weve got more people in the workforce, if they are able to fill those jobs, then they can buy more equipment to make those workers productive, so i think it is one of those one of many benefits from this report we could see is that it actually helps on Business Investment side, too. They can get workers now they can put them to work buy equipment for them to use. Neil Jon Hilsenrath, if you dont mind my going into political gaining we know economic numbers do have clear impact on economic stuff i am wondering in industrial states each and every one where there are a majority who say they are not keen on this impeachment process versus National Numbers showing majority are it is statebystate in this case electoral vote by electoral vote, decision in industrial states depending on and very much reliant on improvement on factor floor what is going on remarkably resilient, how does that change alter keep the complexion of this race. There is conundrum here in industrial states i have been looking at wisconsin, michigan, lately they have, they have been hit by manufacturing slowdown. You know the Unemployment Rate picked up for instance in a place like wisconsin. Hiring has dropped. And also in the farm states have been hit by all trade issues yet you know there is a very large constituencies of support in these places particularly Blue Collar Workers for President Trump. You know we tend to think that you know voters vote all on their pocket books i think there are a lot of other factors that are driving the way voters think these days it is not all about about Economic Issues it is about washington isnt working President Trump shaking things up, a lot of cultural issues a lot of issues around immigration. So you know as weve seen in the farm states in particular, i know a lot of them have been hit by trade wars, and you know a lot of folks are Still Standing behind the president. , i am curiosity it could be me p area i live many people more ready than hired this socalled holiday workers, who work up in many and through Holiday Season, very high numbers of them, it is earlier than i would think would be the case i dont know if it is but it am wondering how that will impact november numbers to say nothing of December Numbers what do you think. That is a great point neil. We are seeing that for us we call it peak season, and it certainly seals like it is going to be a very strong peak season, on employers have a higher demand than last year again, we are being faced with challenge not having enough people to actually fill the jobs, so you know, er retailers, logistics world a Strong Demand for workers having to be more creative and pay more will impact them but right now there is a very Strong Demand and then you know i have to comment we have not talked much about construction but what about construction . I mean we as you adp report earlier this week, that adp reported there was a loss. Certainly, that is not the case in this report i believe the number 10,000 jobs created. Neil you are right. One thing i can see look across the country we have offices all across the country when i travel ever city i go to large and small there is so much construction, happening, and there is a flan for workers there so i was thrilled to see that number today i think we are going to see more of that also very good time for the economy. Neil you are right, and does stand out 10,000 construction jobs, by the way, the president is tweeting about this right now saying wow, a blowout jobs number just out adjusted for revisions General Motors strike 303,000 expectations usa rocks, 303,000 i think where is it . This month plus the revisions gains you already had i got it okay. Plus gm gets, that is in the ballpark this is a blowout number we will see if next one after that are great there is no question this is an outstanding report well above expectations. If he is looking can i a couple things, one is i dont know where that comes from find out revisions actual number itself, i think that is previous month revision one thing that i would say that we havent talked much about the fed and how much credit the fed deserves right now. You know i dont want to come off like apologist for the fed here but the fact is they started accounting Interest Rates when they as you the economy slowing, i know and here we have a report that is you know showing that this expansion is going. You know do they deserve i will just ask the question do they deserve a little credit for oting keeping growth going i am waiting to see if the president says thank you jay paowell for keeping this expansion go. The only way would i change what john said they changed categorize not after they as you economy slowing but after they slowed the economy might be the nuance switched their own handwork perhaps i do want to say also because the political question was i think a great one neil. The three months going into election are going to be very critical you can create, a whole bunch of jobs, administering jobs but if you are like drifting drifting and they are losing starting to faded because people wonder what have i done for me lately not that there was ant big explosion in 201718 if you look at regional reports are very optimistic about next six months must be factoring in the fact there is going to be a lot of inroads made on china trade i think charles is right. Also keep an eye on whats going on in the housing front. We see the gain by construction sector jobs, if that comes back that can provide a very strong basis for Consumer Spending going into 2020. And you know, as we begin to run out of qualified personnel, productivity growth becomes of increasing importance. You were all talking about it, the need for more capital spending, new approaches by management to motivating workers. Keep an eye on that. Neil you think that is improving . I think it should be improving. Neil thats not what i asked. Because that is not, really. That really hasnt. Theres a lot of upside potential. You know, we have had productivity growth as high as 3 , not that long ago, and now we are running at about 1. 5 , if that. If we can get that additional productivity growth, that tells me we are going to get faster Economic Growth, faster Business Sales growth and better profitability. Neil all right. The president doesnt have to go to jerome powell, then, and say keep cutting rates, right . But he will keep after jerome powell, i have no doubt about that. And i do think that really, you know, it all rests with the fed at least from a perception standpoint, and the fed in our experience, i think in our collective experience, is always either too late or too early and right now, they have their foot on the pedal and when do they take it off . I think thats going to be the delicate balance. If i could i think this great jobs report is an argument for those of us who have been saying they really didnt need to cut anyway. This economy is pretty strong. Neil but they did. They did. Neil would we be in this position if they hadnt . I dont think so. Because i think its been pretty clear that credit is not the issue, that the level of rates is not the issue. Companies need to find workers and they want the end of these trade disputes. Neil final word on the subject. Thank you all. Its been a real pleasure to be here. Maria is well blessed to have them all. Just letting you know, futures are up, showing about 111 point gain on a stronger than expected, some are going to say not nearly as weak as expected, employment report but they are off to the races. Lets see how long it goes. To my friend stuart varney. Stuart good morning, neil. Good morning, everyone. Okay. 46,000 General Motors workers were on strike while the jobs report was being compiled. That did not have much of an impact on the numbers. They still came in strong. Look at this. 128,000 new jobs created. Okay. The Unemployment Rate ticked up a fraction to 3. 6 . Still near historic lows. And wages, up 3 over the last year. Thats a very strong jobs report. Full employment, plenty of new jobs, rising wages. Heres the market reaction. Loves it. The dow industrials will be up over 100 points at the open. The s p up about a half percentage point. The nasdaq will gain about a half percentage