Transcripts For BLOOMBERG Bloomberg Surveillance 20140905

I am informed. Some other nuggets germany where industrial output rose 1. 9 percent. Germany is totally detached from the rest of europe. Here in the u. S. , i have got three words for you jobs, jobs, jobs. It was actually up from last months 6. 1 . 230,000 new nonfarm payroll jobs are theory being created. No earnings of note that we should mention, but president obama is speaking at 1 00 in wales at the nato summit. Incredible report and we will talk with that in a moment. Lets look at stocks, bonds, currencies, commodities. The 10year yield higher over the last couple of hours, 2. 4 . Euro. Euro, currency depreciation in europe. Onto the next screen if you would. The vicks 12. 64, the dow still over 17,000. I put the spanish tenure over this is not a good record low for spain. It shows the challenges and of course ireland and germany. Lets go to the math monitor and look at the persistency of negative Interest Rates. Here we are with a normal twoyear, down we go in may. Adam, this was the draghi plunge yesterday. I have honestly never seen this. Negative Interest Rates. In other words, im going to effectively pay the government to store my money because you can get it back. That is the thing. I mean, the banks are not going to collapse. It is an analysis of looking at the actual or the nominal Interest Rate versus adjusting for inflation, disinflation, or deflation. We will talk about that on surveillance today this morning. We did not know where to begin with our front page this morning. I guess you have to begin with ukraine. Here is scarlet fu. There were so many choices this morning. Ukraine wins out because of peace talks between ukraine and prorussian rebels. It was part of a peace plan put forward by Vladimir Putin before the nato summit began. He wants a pullback of troops on both sides, but the speculation is he wants relative control of eastern ukraine. Talks,call it peace which is unbelievable when you look at twitter and ecb press with the first report i have seen on syria when you see the press with the first report ive seen on syria. Folks, this is the joe mauer tree you need to know going into the weekend. It is the geography of west of help me, adam, i do a better with a shot of vodka, novoazo vsk. The rebels are centered around mariupol. As we look at the map and we talk about these two towns, they are in the south of ukraine as opposed to frankly if you were to draw a line directly above them, that would be in donetsk where most of the fighting has been. I just want to mention there are headlines as well coming out where a ukrainian Spokesman Says russia keeps sending troops to ukraine where forces are upol. Ing at mari to cuts surprise move Interest Rates the euro below 1. 30, bonds rallying for a second day. This is a great stat 45 of the government bonds of the world less than 1 before the ecb took action. After that happened, bonds continue to rally. Mario draghi signals he will spend 1 trillion to buy privately owned securities. He did not go into full on qe, which is by an government debt. We will have this through all of bloomberg surveillance this morning. And we will be talking about it through the next week as well. Abby joseph cohen will be joining us in the next hour along with david herro. Just to clarify, for anyone who has been sleeping under a mattress for the last couple of years, adding joseph Abby Joseph Cohen, the number one right portfolio strategist in the world of Goldman Sachs. She has been right, right, right. Hacking is back in the news. This is an update because we have now found out that the obama website, healthcare. Gov, was hacked back in july. No personal data appears to have been taken. The attack exploited a test server that was never intended to be connected to the internet. It was protected only by a password. We know how that turns out. Yeah, we sure do. Yesterday a show talking a double authentication you need a password and a biometric sensor . Michael wolf was talking about that. Update for apple do i look ok for robert burke . My look. A just a quick look, apple has planned some new security features. Users will get emails, alerts anytime than an effort is made to change the password. As well, they will add more password protection, so get ready to remember five more passwords. This goes next week to the big announcements from apple. Right. Why will all childrens phones break . They get a new one, so the timing is great. Get out in front of it. Lets stay on a serious tone, and of course it is ukraine and what is going on outside mariupol. They greet in belarus for in search of a ceasefire for ukraine. Rebels probe east and north of mariupol. Inis then wales, he is wales, ryan chilcote. How has the fighting changed . Weeksl, if a couple of ago the Ukrainian Forces were on the offensive, now they are very much on the defensive. It looks like they may be able to protect the east of the country. Now that is pretty much not going to happen, and they are worried about the south. Is all aboutriupol whether or not Vladimir Putin wants to build a land bridge between russia itself and crimea and other little russian states to the west. It definitely put the ukrainian president as far as i can tell an much more they mood to negotiate with the russians. Maybe one of the reasons why he is so optimistic. Ryan, how has the president been greeted in wales . Well, he has gotten a lot of pats on the back, there has been a lot of rhetoric, but i think some of the things he a scene probably are not enough to really embolden him in a the fight against russian forces. It would have been wonderful for him to get support from nato directly. That is not going to happen. Obviously nato is not going to send any troops. It would have been wonderful if at least some nato countries have said we will pony up some weapons and send them to you. That has not happened yet. It looks like there may be sanctions. I think that depends on what happens with the talks today, but i think the ukrainian president has also decided that even the sanctions we have seen thus far, maybe they have had some cause for the russian economy, they certainly have not changed Vladimir Putins views or actions in ukraine. President obama is going to be speaking a to the world at 1 00 p. M. What is he likely to set . Im sure he will focus both on ukraine, throw his support out there for the ukrainian president. He is also going to talk about this Rapid Reaction force and the need for it that was telegraphed by the nato secretarygeneral before the thatt began, 4500 troops would not actually be based in Eastern Europe because that would upset the russians but will be constantly rotated through. He will call on the nato countries to spend more money. They have not been spending money for a couple of decades now, and he will talk about the Islamic State and the need to capture than. It looks like the brits may be ready to join the u. S. And airstrikes, but if we get some in like that, it will only be a coalition of the willing. Very good. Ryan chilcote, thank you so much from the nato meeting in wales. Managing director of the Boston Consulting Group on manufacturing, we will do a wonderful piece on this in a bit. Us, robert burke, the chief executive officer of Robert Burke Associates, this in celebrations of one of my favorite weeks in new york, which is fashion week. Iur world has been adjusted believe you go out across the world and help people establish malls like on the outside of moscow. You are not doing that right now. How has your world changed . How has Vladimir Putin change the robert burke world . There were two different american retailers looking at opening malls in moscow. There were advanced discussions going on, and obviously now those are at a complete stand till and probably will be at a stance ill for a very, very long time. People are concerned. The sanctions august the of had a great effect. Will that conduit from moscow to london it has been there for decades will that change because of what is going on . We are still seeing some buying patterns in london of the russians but not nearly as robust as we have in the past. Really intaying russia. They are not spending as much. There is a great synthesis of what all these geopolitics mean for the United States market, in particular the labor market. Our summer of discontent will it have a knockout effect on american gdp and our spirit . I do not think we will have much knock on effect on our gdp. I think things are pretty robust. The real problem is going to be the euro. Basically pricing themselves out of the market. It costs about 24 more to manufacture and something in france or belgium but it does in the United States, and you just cannot live that way. We will talk about manufacturing here, adam. He went to alabama. I did indeed go to alabama. We will be talking about jobs on a both from a manufacturing point of view and a retail point of view thanks to our retail guru. Twitter question of the day are you more concerned about getting a raise or just keeping your job . Question. That is way too sophisticated for a friday. Tweet us bsurveillance. In the meantime, lets get to some company news here. In london arebs pulling job offers on delaying start dates due to scandals. These changes so that things are looking more closely at new hires and the hope is that they can head off problems before they get in the door. Approval to market a new cancer treatment. The fda giving a green light to a treatment for melanoma, the deadliest form of skin cancer. It can generate 1. 5 billion in 2017 sales according to estimates compiled by bloomberg. And shake shack gears up for a new ipo and hopes for a 1 billion valuation. At that level, the burger chain would debut at about 50 times projected earnings. It is expected to make about 20 million of this year. Burgers and fries. An affordable price 1 billion valuation . Can i say two words . Boston chicken. Remember that . My grandfather called it a diner. We called it boston chicken. It has been traded at 50 times earnings. , on, it is not shake shack. That is true. Shake shack. Shake shack. On mine and mobile shopping, we know the question is, if you are a retailer, do you have to focus on that is shut down some of your stores . There is tom keene a beard. A younger tom queen. It looks like eric lundqvist. We will take a break. We will be back here on friday morning. You are watching Bloomberg Television streaming on your tablet, phone, and bloomberg. Com. Good morning, everyone. Bloomberg surveillance. Like ale it sounds movie. Do not miss this broadcast, crocodile in the yangtze, the a la bob a story not 00 p. M. Eastern time here on Bloomberg Television. Story at 9 00 p. M. Eastern time here on Bloomberg Television. It is fashion week here in new york. Luxury brands are debugging their latest looks. You get any stores, many others are online, but the question is is digital the new black echo robert burke presses against that. You aggressively pushed back against the young upstart saieh digital, digital, digital. Lets start with Neiman Marcus. I am pushing back, but im the facttailing that you have to be online and you have to be good online and you need to have bricks and mortar. That combination will be the winning formula going forward, so Neiman Marcus announced this week they will be opening 250,000 square foot store in manhattan. It will be in hudson yard, and the Financial Centers in brookfield, westfield, sacks of avenue will be opening a store there along with many retailers, and barneys is opening in chelsea. That is just in manhattan. Top men malls, and they are opening four very large malls in puerto rico, who i. E. In hawaii. What have they learned . Even the people that started out just with online, people like rent the runway are opening york, andre in new warby parker will be rolling out stores, so there is a combination of bricks and mortar and online, and you cannot replicate everything just online. It has to have a retail presence as well. Off, a friend of yours, was on recently is that everyone will have to spend more on capital because you had to give the website looking as good as amazons but you have to make the physical store experience worthwhile for customers. What does that mean in terms of pricing . Think the pricing you could see some increase. I think it will really be of sort in the margins because you have to be competitive today and you have this whole millenial customer demanding more than ever before. Ideally the consumer is appealing to the baby boomer and the millenial at the same time. I have used ralph lauren as an example of that with his advertising and opening a store on fifth avenue this coming week with of the polo brand, so it has got to be both. And also social media. You will see people spending more and more on social media and how that plays into fashion today. Next so if margins are going to the a hit, that suggests highend retailer will appeal to the mass retail scene. They will. They have probably been the slowest adopters. The Department Stores have been the fastest adopters to online retailers. The luxury brands, like a chanel and a dior, really do not have an online presence. Who knows if they will. That is their decision. You know what i like about robert burke . He can tell you know bag is say oh, of and you course. He is the Bergdorf Goodman guy. There is a j. Crew around the corner from my apartment, and i will go in every now in an. Every week they change the stuff around. There is a sale, a reason to go in. Is that with this resurgence of brick and mortar is about, the entertainment value of walking into a place . Yeah. I think we went to a cycle where we were so proecommerce that we now realize you cannot recreate that experience, that whole experience online, so you want a sense of discovery. You walk into j. Crew and i do it as well or better than anyone. You get a sense of theater, of service. The Service Aspect is huge. The Service Aspect is huge. New yorkll part of our fashion week coverage. We have a special guest this morning for viewers. Nanette lepore will be joining us once again. This is bloomberg surveillance. We are on Bloomberg Television, streaming on your tablet, your smartphone, and bloomberg. Com. Tom, aj, and i will be right back. Good morning, everyone. This is bloomberg surveillance. On this jobs day, scarlet fu and adam johnson. Im tom keene. Here is a must listen. Here is adam. This is an exclusive interview, talking about the ecb rate decision. It does not matter if you buy private assets, whether the ecb has decided, effectively what theyve decided to do is increase the Balance Sheet from the current 2 trillion, for a target closer to 3 trillion. This will have a Significant Impact over time together with other policies like fiscal policy and structural reforms. Tom, what he is commenting on is the fact that ecb has been tricking its talents shed even as the u. S. Has been increasing. They have reversed it right around. Of qe this, qeni that, here we are. Heres a sharp comment quickly from the telegraph last night. Prichard has been out front with criticism. Euro has fallen 4 in trade weighted term since may as it has become a cheap funding currency for the global carry trade. This counters inflation and is a muchneeded shot in the arm for french and italian firms. Is this nothing more than a race to the bottom solution . That is what is going to happen, but youre a pastor it. They have been keeping the euro reasonably high for a long that is what is going to happen, but europe has to do it. It is going to take years to climb out of this. Scarlet, the first thing i thought when i saw that announcement was barry aiken greenup berkley. I like thely, and way you point out the contrast between what the fed is doing and what the ecb is doing. By the way, unemployment in europe, still 11. 5 . Nearly double. Talking about jobs, unemployment, i travel to wilcox county, alabama to find out why jobs are coming back to an area that is actually the 18th worst county economy in the country. We will explain what is going on. The good morning, everyone. This is bloomberg surveillance. I am tom keene. With me scarlet fu and adam johnson. Lets get right to top headlines. Rescuers and bosnia are digging around the clock trying to reach nearly three dozen trapped miners working more than 1600 feet underground. A small earthquake triggered a gas explosion. Mine Officials Say they have air for now. And protesting fast food workers in boston were among hundreds arrested during demonstrations nationwide. They staged sit ins yesterday escalating their campaign for wages of at least 15 an hour. The Service Employees International Unions organized the workers. Finally, Roger Federer refused to leave the u. S. Open tennis term it widely. He was down two sets but saved two match points to beat gael monfils. That puts them in the finalist for the First Time Since 2011. A good to see him fight back. Arent you going to a u. S. Match . Unbelievable. A friend that ive tickets to the mens opened monday night, do you want to go . Do i want to go . It is a box seat. I am the luckiest guy in new ddy ofecause another bodus mine asked if i wanted to go to the jets home opener on sunday. This is as good as it gets. I am going to whole foods. [laughter] let me do a data check. Stocks, bonds, currencies, commodities on a jobs day. 2959. Ollar 1 american cubbies have been outsourcing manufacturing to china for decades. We all know about that. Until now, it was just a oneway street, but here is what is amazing after all of those years of siphoning off jobs from the u. S. , china is creating jobs here. It is an amazing story. I traveled down to alabama to see it for myself. Welcome to wilcox county, alabama. It is a rural area, the highest on a claimant in the state. Wilcox county is the coolest county in alabama. We are desperate for jobs. Jobs are coming back. You might be surprised that who is doing the hiring. Chinese manufacturers. Copper, Golden Dragon the Worlds Largest manufacturer of high grade copper pipes for hvac systems. Were going to take these sheets and pick it up with a crane. We will loaded into the smelting furnace. Recoverys 100 million plant just opened here last may. We currently have a proximally 160 u. S. Employees, and that will grow to about 300 when we are up at full production. So why would the chinese come to alabama . A cheaper dollar for starters. More protectable wages. Lower energy costs. Faster delivery to u. S. Customers, the biggest of all no import taxes. The china is shipped from a mexico factory. And now that it has the alabama factory zero. In golden jargons case Golden Dragons case, it could be millions of dollars a year saved. Governor bentley use it to his advantage when he entered office in 2011. He vowed not to take a paycheck until alabama returned to full employment. The reason most Companies Come to you as we have an environment that entices companies to come. Anytime a copy come to alabama, they say do you have enough workers at go is your workforce trained . An organization that does training on site. They build this police to train the workers in a train them according to the cessation of the industry. What is happening in alabama starting to happen across america. Invested apanies record 14 billion in the u. S. Last year and now employ 70,000 americans. Up from 10,000 in 2007. We are a Global Economy whether we want to be or dont want to be. Did you ever thought you recruiting chinese cubbies to come to alabama . Absolutely not. Admittedly if i had not gone down to see it myself, im not sure i would have believed it. But it is very real when you talk to people in those plants. Two people told me they had been looking for work for a year and happen if it had not been for Golden Dragon, they would not have gotten work. We see it all through the south. Great story yesterday by Bloomberg Businessweek reporter on the same topic. This is an amazing thing happening. We are seeing a lot of pushing kinds of jobs. We see the governor is working very hard. China. Ally going over to local mayors from alabama going over to china. You have done a ton of work. You have written a number of papers on this trend for Boston Consulting Group. Right now it is very small, but we expect there will be more companies coming over from china very clearly because the economics are very good for them. You see Golden Dragon and basically it would be virtually impossible for them to ship these things from china at this point in time because the costs have changed in so much. So they are coming to the u. S. Like any other country would come and we will see a lot more of this over the next 10 years. The chinese are going to invest in the u. S. Because of great opportunity. I have to ask you because in your report, you say the u. S. And mexico are rising global starts when it comes to global manufacturing. What does the usb to do to keep the edge over mexico . To dot does the u. S. Need to keep the edge over mexico . Tubing,hings like the it is quite heavy and hard to move, so you want to move a close to where the customer is. And the end use is very important, so the final medals are the u. S. And mexico will share our a lot of these jobs. Im fascinated as we look at , you can seetment u. S. Foreign investment in china is way down, whereas chinese fdi in the u. S. Is just starting to pick up. That in and of itself is significant. Is that Chinese Foreign direct investment going to accelerate to the point where it becomes meaningful . Sincemakes because the costs in china are rising very rapidly. U. S. Is still the largest market in the world. It is a big opportunity, and chinese cubbies are looking at it. Of course there are other reasons the chinese cubbies may want to be in u. S. And terms of diversification of what is going on. Of chinag assets out for companies who want to have risk management. Do you foresee an instance where china outsources goods to and then i go back to china . That will be a while. We do see a Company Called merchant house, basically sending leather to china and then doing the tanning and bringing it back, and what they have done now as they built a plant in the u. S. So they do it all in the u. S. In order to save those transportation costs. Robert burke with us from Robert Burke Associates on retail. I have been visiting hong kong, and there is so much luxury over there, but im hearing the trend is for the chinese to come over here and spend their money. Do i have that right . You do. A 2 increase last year, a 2 increase this year, and prior to that, it was very high doubledigit. Chinese goingm of to europe, going to the u. S. Is higher than ever before, and they have a real interest in shopping, to have the bragging rights that they bought this back in paris. Versusuis vuitton there shanghai. Yes, and they are suspicious about counterfeit goods, so when they are able to buy at actual Flagship Stores in europe or the u. S. , it is a comfort to them. Ask how do you respond to consumers that suggest that what adam saw in alabama is nothing more than china Government Finance capitalism . Of these are not enterprises, so it is real money from Chinese People who are basically putting the money up you do not see any ill will there . Willere will always be oh with everything, but i do not think that will be real. Aroundshow manufacturing the world, cost index, and the u. S. Was significantly lower then other low countries, brazil, czechoslovakia. The u. S. Is getting more productive. Been more orhas less stable. What we see is increasing from to be in the u. S. What we have in the u. S. Is different than anywhere else in the world and that is some of the problems that europe is facing survey, which is they do not have the ability to basically flex. They have a workforce that is basically fixed, and in the u. S. We can flex, and that is what is making us so much more effective. Jobsu have wage growth and at 8 30. Al sirkin, thank you for joining us, of boston consulting. Next,ngle best chart is and that brings us to our twitter question of the day. On this jobs day are you more concerned about getting a raise or keeping your job . Tweet us bsurveillance. Good morning, everyone. Bloomberg surveillance. I am tom keene with scarlet fu and adam johnson. We need a job say, single best chart. Janet yellen and everyone else is looking for some sign of wage growth. A huge data point at eight a. M. ,y p. M. , at 8 30 but they may be looking in the wrong place. Ase and salary growth measured by the bea is growing at a 6 clip year after year, so this should be the broadest measure of weight as we have in the u. S. Average hourly earnings. This is way to and salary growth for private industries. You can see the two prior run ups in this way cycle circled in red, but the current runup we see in the far right corner is not being influenced by special circumstances like the second circle, which is accelerated before an income tax rate changed. This current 6 run rate builds on the previous years 2. 4 , which means or suggests it could be sustainable. People like David Rosenberger a great with mr. Purcelli. Sirkin, we were talking at this chart earlier, you say it may be hard to believe. What companies are doing are pushing the overtime. I looked at the chart well enough to understand it may be driven by overtime, which of course is different than the average hourly wage. Robert burke with us as well as from Robert Burke Associates. Retail work,k or is their gains to labor in retail with all of the new technology . I think youll see more temporary work or freelance work, nonbenefited work continue to happen and happen at a higher rates, so certainly with online companies, on my retailers, they have quite a large percentage of freelance workers that have nonbenefits. That productivity we were talking about earlier, right . Yes. There it is on a job say. Adam. At protestersing in time square. This is the minimum wage protest, right . To paid at they want least 50 an hour, and they are currently being paid about halfback him anywhere from depending which eight you are talking about for fast food, hour to about eight dollars point five cents an 8. 25 an hour. Teenager aftera school job, now it is adults, often on the older and, using this as a fulltime job. There is ou agree there is a bifurcation, and that has significant implications. The fed had that reports, the top 2 of americans saw their incomes increase in three years between 2010 and 2013. Return on capital is investment, not necessarily earned wages. Number two, we are looking at demonstrations at the nato summit. This is happening in wales. I believe we are looking at the town of newport just outside the actual summit. As one would expect, there are people that are very what i see a lot of signs for iraq, ukraine. President ameron and obama writing that joint oped in the New York Times saying it is not just about ukraine, it is also about iraq and syria. What else do we have . Number one, we are honoring miss joan rivers, who as you know sadly died yesterday. She was 81 years old, and that is her star on the hollywood walk in hollywood. You can see people obviously leaving flowers. Incrediblyt lady, funny. I remember the first time i watched her on Johnny Carson i thought this is out of control, and that was her plan, and she is brilliant. Kathy griffin, who i thought was so eloquent about robin williams, wrote in the los about what joan rivers meant to her. There were four or five joan rivers. I hope people remember what i remember on Johnny Carson. A lot of people remember her from fashion police. That was a profound success. It was. Her humor, her wit, her take on things, her reverence, it was unique. I would suggest it changed fashion and change the way we look at your world. It did. It made froumpy a fourletter word. I am trying to think of something funny to say about fashion police. You just last so hard. You look great today, wear something nice next time. You so much. Our twitter question of the day because of his job stay are you more concerned about getting a raise or keeping your job . Like those folks who demonstrated yesterday asking for 50 an hour. Or both. Tweet us bsurveillance. It is job stay, so coming up at 8 00 a. M. On in the loop, we have a great lineup of guests. Betty liu will be speaking with jason furman, patrick doyle, tom stenmberg. This is bloomberg surveillance. I am scarlet fu here with adam keen and tom keene and adam johnson. Nanette lepore left her native ohio. Her Company Employees workingher staff overtime for her show sunday at lincoln center. Welcome back. Nice to be here. Thanks for taking time out of your busy week. Less of you joined us, you talked about how many factoring locally brings writer control over quality and more flexibility. My guess is you are probably reaping the benefits of that fox ability given it is new york fashion week. Absolutely. We are really rushing things through to the last minute and we could do that because we have the factories right here. You spearheaded the save the garment campaign to keep fashion alive in new york. What is preventing other designers from manufacturing locally . Designersave a lot of manufacturing here. A lot of the smaller companies. What we are trying to do is attract some of the larger brands. Does that speak to a difficulty in scaling up . I think the factories have the capacity to do it. We just need to increase the demand here. Nanette, i was walking any new balance store down on lower fifth avenue last weekend, and there were two price points. One for the shoes made outside the u. S. And higher for the ones made in the u. S. I was willing to go with the higher because they are made in the u. S. Have you gotten feedback about that from your customers . Absolutely. So many stores are recognizing that consumers are shopping with a conscience and they want to know where the products are made in the history of the brand, so there is a lot of conscious consumerism going on and everyone at wrestling that. The conscious consumerism but you talk about, i know you are expanding overseas. Your footprint is getting bigger. You will be Opening Stores in tokyo. You are going to be Opening Stores in hong kong, i should say, and shanghai. As you gain more traction abroad, will you have to bring manufacturing over there to get closer to that end user . That is what attract people to the brand they really like things made in america when youre coming to a new country. They consider it a next her special cachet. Robert burke, died in. What weis interesting, would like to hear, about your ability to speed the market into replenish because of producing in the u. S. I remember as a retailer working with you and you had an ability no one else had because of your production. We can turn orders in three weeks. When you work overseas, it can take three months, so that is wonderful. You have greater quality control. Th all those competitors around there, how do you differentiate within any Department Store . Is a color, is it looks, what is a decision i makes a given brand stand out . I think you have to attract people to the brand and you have to give a legacy and a history for the customer to want you and to seek you out, but for me it is always color, and sort of a femininity. I think of the met show that was this summer, the Fabulous Fashion show at the metropolitan museum of art. What do you learn about someone like diane von furstenberg . What are the best practices . She has a legacy and a history to her brand that is pretty and comparable, and you know you just know when you walk in, and you are essentially doing the same thing where you just know it is nonanette . Right. Scarlet fu, who are you wearing today . I am wearing bbf. There is a certain character that you have to have . Absolutely, there is a wednesday to it. I want to get a little preview of your spring 2050 because you have a sketch of your latest designs. I know your show is on sunday at lincoln center. Can you talk us through some of your thinking here . A patterningabout of femininity into a modern, cool vibe. There is so much volume and layering to clothing right now. I am taking volume into a soft place where there is a lot of fluidity and movement and really pretty, sunny colors. Lots of yellows and aquas. This sounds like our 5 00 am programming here. Is describing your bow tie. I am just relieved there are no sweatpants and sneakers involved. Well, there is all about sport right now, so there will be a little bit of that, too. With the passing of joan rivers and her iconic work with fashion police, what did joan rivers me to your industry . She was the first one to call out the red carpet. She brought attention to the red carpet in such a funny way that she established a new way of really looking at what people are wearing and paying attention, i think. She made everybody step it up. Nanette lepore, thank you for joining us and good luck at your show on sunday. How about a four x report . Forex report . The euro is all that matters. It is bloomberg surveillance. Ukraine separateness will meet in belarus. In centralstay bankers will do it ever takes to keep the punch bowl full. We search for confidence to invest around table. And davidh cohen herro. Good morning, everyone. Bloomberg surveillance. I am tom keene with scarlet fu and adam johnsosn. Our guest host for the arrow is Abby Joseph Cohen from Goldman Sachs and david herro is with us as well. Get a started. We are going overseas were european bonds are rallying once again and driving yields below zero. Take my money. I will pay you to hold. Than are yielding less 1 . That is remarkable. That is hard to fathom. Go to cash. Dont give it to the government. Germany is one bright boy spot. Detachingems to be itself from the rest of europe. We have jobs and more jobs and then it jobs again to talk about. At 8 30 a. M. We have you on implement rate. Were looking for a total of 230,000 nonfarm jobs being created last month. Those numbers will go at 8 30 a. M. Present obama will speak at 1 00 p. M. At the summit at nato in wales. That will really be something. Scarlet has company news. I am going to keep with the job team. Barclays is pulling job offers. This is because of tougher background checks. These changes show that the banker is looking closer at new hires. The hope is they can have problems before you can get in the door. Starbucks is thinking small. The biggest coffee shop chain once smaller stores. They will open next year in new york. The cafes will offer a limited selection of drinks and food. Shake shack is gearing up for an ipo. Theyre hoping for a 1 billion valuation. The burger chain will debut at 50 times rejected earnings. It is expected to make 20 million this year. That is the company news headlines. Heres some breaking news we have been following. We have been following a belarus and wales. This is an important headline from the ukraine. Rebels say the first groups entered mariupol. This is reported by the bbc. The rebels with the green. For those of you on the radio worldwide, this is moving west from russia toward mariupol. They are in parts of mariupol. And is new information. As we look at what goes on in president maillot draghi stunned the markets yesterday by lowering rates and utilizing policies of desperation. We are bringing you Abby Joseph Cohen of Goldman Sachs and david herro to give us perspective on the size of the punch bowl right now. Addy, let me start with you. This is not in any of the textbooks is it . We are aware of it as investors. So are the central bankers. They are being very careful. One thing we are fortunate with is the Central Banks around the world in general are being led by people with very strong academic and intellectual backgrounds. Ofmario draghi is out m. I. T. Many of the others are visible leaders of the Central Banks. What gives you confidence that they can be successful . Moste thing that makes the confident as they are all very skeptical and cynical people. They dont believe that they know everything. To know. More things they are watching things very careful. The pace of if Economic Growth and job creation. Theyre looking at some of the back burner issues like inflation. Not just in the real economy but also in financials as well. Bit hardera little than just focusing on the United States. How do you synthesize and these actions from central bankers in europe . Defyinguro has been gravity. We were just discussing this. It is been artificially strong because the u. S. Is very lax. Up this is the first time draghi has acted normally. Is 123 or 124. I dont think it should be a premium. This is a parity. It should be between 110 and 125. The impact this will have not only on corporate earnings but competitiveness, this will help the somewhat distressed and slower growing economies, as wesley the strength of the aft port export factors. We spoke with roubini about what happened in europe. I would to play an excerpt from that interview and get your reaction. Matter ifnt really you buy private assets in italy or Public Access assets. We will increase significantly the Balance Sheets from the current 2 trillion to the target close to 3 trillion. This is based money and it will have a Significant Impact over time. Thisll be together with other fiscal policies and such reforms. Strategist from Goldman Sachs, to the u. S. Do the right thing by continuing to increase the Balance Sheet . Did europe do the wrong thing . Now i have to play catchup . This was a good question. Balancealking about the of economic policies. One of the problems being faced by the Global Economy at this point is we have become so endent on voluntary Monetary Policy that we forget the appropriate role of fiscal policy. One of the differences between the United States and europe is the United States was more stimulative with fiscal policy. Europe overdid the austerity. I am not talking about the longterm need to bring down budgets and debt. If you look at the United States , the combination of Economic Growth and the fiscal rectitude we are now seeing means that our budget deficit is 3 of gdp which is better than the historical trend. What we see is this is a combination of policies that makes a huge different. Krod he did call for the governments to do more reform as well. I wanted to pick up what you said about cynical bankers. Do you think that investors are a Cynical Group after all the games we have seen in this global stocks . You have to differentiate traders and people tucking for yields. Those of us who look three or five or 10 years, we are very skeptical. We are skeptical about these policies. We are skeptical on these big picture things. I would add a third reform that you touched on it, we talked about fiscal and Monetary Policy, what about microeconomic holocene. I have asserted that the real problem europe faces is not that they lacked liquidity. They have labor markets that are absurd. You cant hire and fire people. You cant position yourself as a business person to take on labor. You can see where there are labor market flexibilitys, you see economies that behave far differently in their more responsive. Look at what happened in spain and germany with their labor market reforms 10 years ago. Look where you did not have those reforms. France and italy, these are sick. Investments that you have made, can you acquire shares in europe this morning . The devaluation of the euro is extremely the list for european equity. This drive you nuts when currency is a weapon. We would say that this is not good. Toone of the things we have keep in mind is the United States is much less currency sensitive as an economy than most other nations. That is because our mix of goods and services of metal for export are high value. They dont trade or compete solely on the basis of price. I am going to rip up the script. I spoke to a guy from the National Hockey league. To russianadapt sanctions . When your people at Goldman Sachs talk, will you be changed because russians cant do business because of what we have seen the summer . To be a bigger impact in europe. When you look at the former soviet union in total, they were less than 2 of total u. S. Trade. The numbers are substantially higher for germany and the rest of europe. If you look at russia, the numbers are dramatically higher, 20 or 30 and so on. Another thing with sanctions is the impact on things that russia needs from the west. This includes agricultural products. One thing i would encourage people to think about is why the interest in ukraine . You have been a great job talking about the geopolitical aspect. What about the Economic Impact recognizing that ukraine is an important Agricultural Producer as well . The rangers need one too. That was ugly last year as well. Lets talk about what is coming up. We have a full hour with Abby Joseph Cohen and david herro. There is dysfunction in american politics. What is the source of american malaise . We will discuss on Bloomberg Television. Good morning, everyone. Bloomberg surveillance. I am tom keene with scarlet fu and adam johnsosn. To review the headlines that we see out of europe this morning, there are three geographies. There is wales and belarus and minsk. Now there is mariupol, a pittsburgh like city. It is much the same character near russia. Fighting continues there. You have leaders at nato meeting in wales to discuss what to be done, what should be done to address the aggression. There is fighting today after the headlines from the past two days about peace. In terms of taking territory before a ceasefire, that is the headline we just saw across the terminal, the rebels are saying that they have taken parts of mariupol. , this isked about gaza admittedly and i dont mean to sound trite by this, it is a similar situation. Issue that has got a lot of people up in arms. A lot of people blame washington for all the problems were are seeing with russia right now. This is one of the central issues in a Foreign Affairs magazine. Is the ukraine crisis americas fault because we did not expand nato . That we not so much reneged on a promise. The russians care a lot about ukraine. Goy never wanted this to into the western orbit. The question it really is did the United States and europe blunder by letting everybody think that we were going to take ukraine away from nato and encourage that and step into russias sphere of empress and provoke a crisis that could have been avoided by accommodating their interests . How do you go about placating vladimir boudins anger . He has created a lot of anger in the west. Is becauseting thing the west is full of democracies, the public anger is something that has to be appeased in the west as well as the leaders anger. After the shoot down of the plane, it became or difficult for the europeans to appease boudin. Putin. He has a greater series of actions. Does he have more or less to lose . He has more to lose but that makes him more interested. Gideon rose is with us. We cant say enough about the latest issue. I will speak to Abby Joseph Cohen about why the bears are wrong, wrong, wrong. It is bloomberg surveillance. Stay with us. Good morning. It is jobs they. Have a twitter question for you. Up are you more concerned about getting a raise or keeping your job . There is a real nuance there for the pros. They are at the dynamic of job levers. Are you more interested in arrays or keeping your jobs . Between us that. Did morning. It is jobs day. I am tom keene with scarlet fu in adam johnson. We are thrilled to bring you Abby Joseph Cohen of Goldman Sachs and david herro. We dont care. Americans could care less about foreign policy. What matters is the economy and jobs. What matters is the rising wage. It is 2014. This is the year of great discontent abroad and here. Gideon rose writes about the trouble on our home front in the mustread Foreign Affairs magazine. Congratulations on your issue. I thought it was superb. Why does a Foreign Affairs focus on Domestic Affairs . What we do matters hugely to the Global Economy and security. If washington is completely dysfunctional and cant get its own house in order and is riddled with partisan divide and the president gets concert the size no matter what, that affects the world. We wanted to look at the sources and causes of the dysfunction. I cant say enough about this. I read it cover to cover and every college kid should read it. Benjamin franklin and Thomas Jefferson and William Fulbright as our heroes. Are they there today . No. Thatroblem is the system the founders set in place is so open to penetration that it is geared to block government power and block government from being a tyranny. Then nothing can get done. Of rising partisan division and there is so much wealth floating around the stymiedgovernment gets and cant do the things it needs to do to solve national problems. You have stasis. Are there too many checks and balances . In this are so many partisan divide, there is so much money, nothing gets done because everything can get blocked. You can see that in the Kansas Senate rate. You talk about this gridlock, isnt that something that investors like it . They say that coming into a Midterm Election and is a good thing to have a gridlock. We know what to expect. Whatthink certainty is investors want. If you have a policy in front of you that you can understand and analyze and handicap and see how it will impact or print wefitability, this is what care about. How does the policy actually impact the company and its ability to generate money in cash over time. If there is a big fight going on and nobody knows what tax rates are going to be, do you remember when we did not know with the rates would be in january . Thats that good. Now we are making new alltime highs. Corporate profits are at an alltime high. Explain how it is the you have this disconnect between total dysfunction and yet Corporate America is doing well. They are doing well because large corporations were in good shape before the financial crisis and recession. Theirave been able to use strong Balance Sheets to continue to grow. One of the things that we are seeing now is that we are at a point in several sectors where andomic growth has omentum sustainability. Corporations have strong Balance Sheets. And those other large guys. The Banking System is working again and providing loans, that is good for small and midcap businesses and consumers who previously were starved for capital. The consumer is looking better. We see an enormous improvement in the labor market over the last several months. You will find out more shortly. We will have the new Unemployment Rate. We have been averaging a new job increases in excess of 200,000 a month. That is great news. We know that consumer Balance Sheets are much stronger than they were just a handful of years ago. As aebt payment per month percent of disposable personal income is down to 30 from where it was. Consumers have more capacity to borrow and spend a. When you look at the issues that we have like tax inversions and immigration, canada tax inversions, a foreignpolicy issue . Probably not. The reason that Corporate America is doing it well is rich americans have the wherewithal and the ability to make sure that their interests in addressed in washington. Up rules that favor large are getting passed. Addressed in Foreign Affairs is can we have a polarized america and succeed only abroad but succeed at home . Have we reached too much income inequality . Who is we . As you just heard, there are sectors and are doing just fine. The after the crisis and recovery, there are large swaths that are not doing well. The danger is you have Something Like ferguson but large. A divide between people who are doing well and those were not. We have to keep in mind that this divide began to widen 15 years ago. It is related to educational levels. We see that many of the jobs and good paying jobs in the United States are linked to people who have the better skills and we see that median family incomes have been declining for 15 years. When you break it by education level, what you see is the best educated have been doing well and people at the bottom, that is were the pain is. Gideon rose, thank you very much and congratulations on this issue of your magazine. What will ask david herro to buy and where. This is bloomberg surveillance. Lets get started with some company news. Permission for a new cancer treatment. It treats melanoma. Generate salesto by 2017. Apple plans additional antihacking measures. Tim cook tells the wall street journal that the hacking it was not due to a lax attitude. Biggest shareholder catches out. It is a founding investor. They will not receive anything from the secondary offering. Are valued at 930 million. This matters now. Our guest host is Abby Joseph Cohen from Goldman Sachs. She has been a steadfast bull. Cash flows. Asing rising stocks have nothing to do with cash flow and everything to do with janet yellen. The bears have shifted their tone. It the market has done that. In there the bears wrong fall of 2014 . The economy is in much utter condition than it was before. Consumer confidence is up here and jobs are improved. The Balance Sheet is better. Companies are performing better as well. Its not just the Large Multinational Companies now. We see improvement at the small and midcap level. For me, it is always about fundamentals. What is the strength of the economy. How are the shares priced . I like that word sustainable. There is that inertial force. Research sayr about putting money where mouth is which creates jobs . There has been a lot of cash on Balance Sheets for several years. Much goes into increased dividends. What we are seeing now is it is going into growth. It is going into creating new industries, the money is being used for capital notnditure, new equipment, just i. T. But also new manufacturing equipment. Thatthin the animal spirit is the United States, with all of our distractions that our viewers see, how do you put aside the distraction to focus on what a Given Company will do with their cash . How do you push aside ukraine . It becomes a matter of what our analysts are telling us about individual companies and industries. It we are paying attention to ukraine. We have to focus on those things that we can quantify. From one standpoint, we have that when there are problems in the world, the United States dollar has benefited. The dollar becomes quite appealing when there are worries in the world. There is safety of the United States. Ukraine is down 20,000. In your mind, when you look in your spreadsheets, do you live in a doubt 20,000 world . Put a numbernt to on it. The direction is up. It will be unbroken. What we basically see is several years of Economic Growth up ahead at a moderately good pace. We think copper at corporate profits will keep track. We think it will be a while before inflation rises. Interest rates can start to move because Interest Rates in many countries are below zero on an inflationadjusted basis. When we want things like discounted cash flow models, that assumes higher rates and equity still offers of value and much better value than bonds. School is back. I need a report card on janet yellen. How is she doing . A. I will give her an she has the right background and is concerned about employment and the real economy. Stanley fischer is playing an important role. His International Credibility will be critical here. He gets a b plus because he is a vicechairman. Thank you so much. We want to show you were futures are trading. Stock futures are down. They closed down yesterday. It yields up slightly. As we look at the euro, that is below 130 and crude is flat. This is bloomberg surveillance. You are watching bloomberg. Elevision or i am here with tom keene and adam johnson. Abby joseph cohen our guest host. S and we also have david herro despite prospects for a ceasefire in ukraine, rubbles are pushing their attacks. Heavy shelling was here turn around mariupol. It was annexed a month ago months ago. Protesting fast food workers in boston were arrested. Citizens were asked leading the campaign for wages of at least 15 an hour. The servers organization it union are organizing. The new nfl season started last night. Victory,ed seattle they unfurled their super bowl banner. Robert burke novoazovsk good morning, everyone. Bloomberg surveillance. I am tom keene with scarlet fu and adam johnsosn. Novoazovsk over green bay. The film was ugly. Let me cut to the chase. In the packers win when it is above 32 degrees fahrenheit . You will probably see them in the super bowl because they will go back to seattle and beat them. Bay is a huge part of the economy in wisconsin. It really is. If you go to a packer game on sunday, everybody is there. Everybody is wearing packer jerseys. 90,000 people . I had an old chevy impala invertible in the snow. This was on the way to the game. That is religion. 90,000 people in green bay . Holds a thousand. People from all over wisconsin gather there. There is your wisconsin travelogue. We are brought to you by mutual of omaha. Moneye actually putting outside the country. You are a Value Investor. You are ranked the top Value Investor of the decade back in 2010. You are going outside the u. S. Japan and europe, the economies are shrinking. Why twoputting tash are you putting money in tricking economies . We look at the business and we look at what the reimers of its growth and cash flow. A lot of these Companies Based in places with slow growing places like europe and japan are doing quite well because they have exposure to growth all over the place. Especially now with some of these european nationals, they will benefit from a weaker currency. This is the same thing we could say about the yen. It is weaker. At 105, it is where it should be. A few years ago it was at 130. What we are seeing in japan in particular is a market that has moved strongly. We have trimmed our position in japan. It has lagged and its Earnings Growth and the earnings gap is growing in japan. We are adding money back into japan based on valuation. Because of the Central Bank Intervention thomas isnt present in equities with the idea of other alternatives to buying equities right now . I dont think that discovery mechanism amplifies. If one believes that Interest Rates were going to be low to perpetuity, equities would be horrifically underpriced. Today,look at valuations and we see these charts of stocks we see the nominal price. We dont see the valuations. We dont see real yield. Going to bes life miserable when volatility comes back . I think a rise in volatility will benefit good active Portfolio Managers and put him in a quite gory. Is that a shameless plug . I believe it was. He is sitting right there. At is nice for someone to show some love. It is nice to see Abby Joseph Cohen sticking up for david herro. Will givebers, we them to you in our agenda. With the consensus is expecting. A seventh straight month of 200,000 plus jobs added to the economy. Our twitter question that brings this all together. Are you more concerned with getting a raise or not losing your job . Tweet us. We went there from you. This is bloomberg surveillance. Good morning, everyone. Bloomberg surveillance. I am tom keene with scarlet fu and adam johnsosn. It is jobs they. We will do that on the radio. She will do it on television. Betty liu is with us. She has two guests this morning. Wonderful. You have some lightweight guests as well. The jobs report is going to be outofdate 30 a. M. We will be all over these numbers. This is not just a headline number that will be important to the markets. Wage pressures, the wage growth or lack of roast is what we will focus on. This is an interesting number. Wages have increased for the top 10 by 2 over the last three years. The bottom 80 have seen wages two to 7 . Ween that is in the latest fed report which i am sure you have talked about. Here is a the mystery. Stock investors are bullish about this. We have this fiveyear bull run. How come ceos arent as much . Why do not put in as much money to work. You mean capital expenditures. Were beginning to see that ceos are spending the cash for things related to Economic Growth. That is great news. You see it in the labor market with new jobs. A we are seeing it with some industries regarding capex. That is a sign of future economics. Does the new american need labor . Welltrained and educated labor. The new Industrial America needs less than it would have previously. That is something that is skewing the numbers. So much is related to the service sector. Having worked at the fed for many years during a prior. Of industrial restructuring, what we found that was a lot of the Industrial Production numbers and utilization numbers werent measuring what we thought. The relative weight of the industries had changed. I want to talk about the single best chart from last hour. The idea that wage and salary growth is growing pretty quickly , and a 6 clip. This is not part of the monthly report to we dissect. This paints a much different picture than what janet yellen is worried about and what the fed is worried about. That is a great chart. We are going to dissect all that. We have a big ceo roundtable coming up in just a few minutes. As well asbankunited con edison will be here. The former ceo of staples, three very Different Industries. Headlines out of ukraine. This is that of the nato meetings. This is an amazing headline. Nato to expand ties to georgia and meld over. That is aggressive by nato. There will be comments from the president at 1 00. The president will speak at 1 00. We will discuss jobs again when we return. This is bloomberg surveillance. I am scarlet fu along with tom keene and adam johnson. Our guests are Abby Joseph Cohen and david herro. Is speaking atn nato. These are inflammatory headlines. The idea of nato to expand ties ova. Nato isnd muld ready to assist iraq if baghdad makes a request. This is amazing. Decisionnot taken a just yet. These are ongoing headlines. We will have this on Bloomberg Television and radio throughout the morning. If you want to deescalate the situation, you do not expand nato. This appears to be a moving in the expansion area and escalation. The president is speaking at 1 00 this afternoon. In 2015will decide whether or not to ask muldova to join. Google is agreeing to a settlement. They were in trouble for app charges racked up by children lane video games on mobile devices. Apple and amazon have faced similar complaints. Facebook tells people to check privacy settings. They will prompt removing status updates. Facebook has been criticized for privacy. Areprivacy settings difficult to understand. Huber plans its new San Francisco headquarters. Leasing 423,000 square feet of office space to be built in the mission bay neighborhood. That is the company news from the files of bloomberg west. That valuation works. I think i took over 14 times yesterday nady was 15. Was it more or less than a taxi . It is great. A full disclosure. Summer is over as well. There are new walls of foray to climb. A consistent worry is the strength of the American Economic experiment. We are glad to bring you Abby Joseph Cohen and david herro. Lets open this discussion up. David, let me go to you. You are an international investor. Is america the strongest economy . Andt is a most dynamic robust and flexible. This is despite some the obstacles of been thrown in front of businesspeople and economic characters. It is the robustness that makes america so great. I get hate mail when youre on. This is nothing like the mail i get when Abby Joseph Cohen is on. Defend capitalism to all the people who say that there is a tenet of this. You just pushed all that aside. When it comes down to is how is the economy performing . We have seen significant recovery in the corporate sector. Consumers are coming back. Budget deficits for governments are down dramatically. Say that goodlly regulation is always helpful. We have seen a for example that our Banking Sector has bounced back much better than europe. Absolutely. It was a tough love that was imposed in 2008. What is your prescription for washington . What would be the best outcome . As a citizen, i would love people to focus on policy and not the politics. E do have some issues the biggest concern i have is this divide that we are seeing between those who are well educated and those who are not and what that means for income. Also, what that means for portions of the economy. Some cities are doing fabulously well and others are not. In new york, we have a labor Market Recovery two years ahead of the rest of the u. S. Economy. This was because of good economic planning and diversification and so on. We need to see that leadership elsewhere as well. You have the contrast of what is going on in europe. After the actions the ecb took an cut rates, the Hedge Fund Manager said that the bond market rally is over. What does that mean as in equities guide to you . Rates can only go so low before the go up again. There is no telling when they will go up. What is really important to us is trying to get what is a normal Interest Rate level when you are pricing a business. You are looking to cash flows from perpetuity. Key driver of that normal real Interest Rate level is the inflation rate. It remains subdued. Lower rates be because of the inflation rate. This is better for equities. Their are other stimulus is that may come into play as well. They may damage that earnings stream. The Interest Rate is part of how you price a business at this rate. I am curious. Only do advise Goldman Sachs, you advise the endowment at cornell and the smithsonian. When you talk about these big , thesetional investors huge blocks of money that are there for decades, are they more concerned at this point with making money or just reserving and playing defense . Managernk any endowment worries about both. They want to understand the risk benefit analysis. What we are seeing internationally as the demand for dollar denominated assets has increased. Inflowst in terms of from europe. If this is one of the reasons the euro has gone down in value. Relativeake a look at valuation, the u. S. Looks good and equities look better than bonds. Our expectation is global funds benefit u. S. Equities. We start with the fundamentals of how companies are performing and how it is priced. Supply and demand that gives us a sense of mechanism for how that happens. We havef the themes seen in the last 12 months is m a. What do they signal . Thus far isf seen mainly strategic m a. That is one Company Buying another company because they think it enhances business. We have not seen very much. We have not seen much that we would in previous years call by tech. M a which saysic operating companies are saying they see more opportunities for growth. Interesting. Lets get to the question of the day. It is jobs they. Our question was are you more concerned with getting a raise or keeping your job. Lots of different responses. Lets go through some of them. The weak job market has hurt people with the job. Recovery. That perfectly captures when the tones. The tension between what abbey is saying and yet the other comment you made is that real wages have fallen for so many people. There is a wide distribution. This creates a very uncomfortable tension that does need to be addressed by holidaymakers. I am more concerned about getting a raise. Changing jobs has become normal. That is something for the younger generation. Loyalty is out out out. I am loyal to you, scarlet. Always. Think about the world that we live in, it is 140 characters and it is uber. I want right now. I won a living wage before going bankrupt. This is huge. It talks to the aging working population and other mature economies around the world. Wrongare focusing on the thing. We are focusing on the outcome enough to cause. Had he hit the nail on the head. We do not have equal educational opportunity. When you dont have it at the beginning, this is the result youre going to get. We need to get people educated. Thank you so much. It this is great. This is how you kick off the fall. This is a great conversation. Except for the packers last night. A moment of silence for the green bay packers. I love aaron rodgers. He is distracted with olivia munn these days. Our agenda is the numbers. 230,000 jobs will be added. That is the seventh straight month of 200,000 plus jobs. The Unemployment Rate is expected to decline. 830. Hat is coming out at tom keene will talk about the numbers on a bloomberg radio. Betty liu will talk about on Bloomberg Television. Have a great weekend. Good morning. It is friday, september 5, jobs day in america. We are live from bloomberg world headquarters. You are in the loop. I am betty liu. You have an important jobs day. The numbers are out in half an hour. Will we see a consecutive rise of over 200,000 jobs created. The economy really improving. Meon furman will be joining for the white houses take on the labor economy, as well as mohamed elerian. He will share his unique insights on the u. S. Jobs market and what his readers have been telling him about the economy. Some surprising insights from them. Plus, in moments, we will get the real litmus test of our workforce. The ceos who are doing actually hiring. A roundtable representing three Different Industries with the ceos of con ed, bank united and the founder of staples. Nato Officials Say it is too early to tell whether russias president Vladimir Putin is sincere about his peace plans for ukraine. Cf