Factory there. Thats a battery factory, in case you didnt know. Wait until you meet the brothel mogul who helped make it all happen. Sue in the nyc. Stocks are fighting back from earlier losses. The dow and the s p now both close to wiping away the weeks losses. Right now the dow is up about322 points, the nasdaq up 4, and the s p up 4 as well. After that jobs report, you can see that on the left side of your screen, things have normalized a little bit at 2. 43 on the yield. The dollar heading for eight weeks of gains. Best winning streak in 17 years. That, of course, as the European Central bank puts in more qe. Oil and a lot of the commodities today have been on the down side. Ice brent crude down almost 12 , same for stexas international. In terms of other moovrvers, co goldman sachs, boeing the biggest drag, but theyve also improved. We want to call your attention to biotech. Its down about 1 , a little less than that now, but up 40 in a year. And the ibb is the trek that tracks the biotech stocks. Morgan is going to break down snft additional movers for us. Biogen, gilead falling down on a licensing deal to allow generic drug makers to manufacture lower priced versions of its drugs. All these names are of double digit percentages so far this year. Back to you. Were talking about our cell phones here, but well move back to u. S. Jobs growth. Slowing to its lowest of the year in august. That was a shock to investors who had seen a stream of steady gains above 200,000 in the previous six months. He needs a case for this thing. So does the change in those jobs numbers change the Growth Outlook . Our senior economics reporter steve leaseman breaking down the latest report, and hot off the press, his rapid update report. It doesnt change the Economic Outlook or the Growth Outlook and ive got the numbers to prove it right here. Despite this disappointing jobs report, economists are sticking with pretty upbeat Growth Numbers for this, the third quarter. Ten economists are polled every day when we have a big economic number. The trend is at 3 . From 2. 5 to 3. 5. Pretty wide range. It gets narrower as the quarter comes to a close. At the top, 3. 5 where hes been for the Second Quarter in a row. Morgan stanley, 3. 3, gold man, 3. 2, and barclays bringing up the rear at 2. 5 . There is debate whether its a trendsetter, whether it will change the outlook for the federal reserve. 142, 83 short of the estimate. Threemonth average still pretty robust at 207. Taking it down for the wrong reasons. And average Hourly Earnings better than they were, but still at 0. 2 . Congress reacting directly after the numbers were skeptical that it was telling the truth. I dont believe it. I dont believe this data. Its not consistent with anything, anything. Its not consistent with ism, its not consistent with adp, its not consistent with Unemployment Insurance claims. I think with Everything Else coming in on ui claims, ism, this is a blip, and maybe things were stronger than they seemed before, but i think the underlying trend is still around 200,000 jobs a month. All in all, it was a weaker report and somewhat at odds with the other indicators, so i wouldnt place a huge amount of interest on it, but it does deserve some attention. So how much attention did the feds give it . It backed off some where it thinks the feds will be next year. Maybe this number, tyler, clips the wings of the hawk just a bit. It would seem to take some wind out from under their wings, at the very least. I hacked your phone, by the way. Theres a lot in that phone, trust me, ty. Is the weaker than expected jobs report raising any concerns about the state of the American Consumer . Joining me here again at nyfc is steven och. Good to see you, steve. Also joining us is jack avalon, chief Investment Officer at bmo private bank. Good to see you as well. Steve, let me start with you since youre right down here on the floor with me. We have seen a string of really pretty good data, and this is a fly in the ointment. But do you think the American Consumer is showing any of the weakness that may be reflected in this particular report . I dont think were seeing it. We just had the august Consumer Index which cycled high. The u. S. Hit an alltime hiatt least since 2006 in august. The housing numbers have been pretty good. Theres too many good things going on right now in the u. S. Economy for me to expect anything other than an upward revision in this number. August is a number with a lot of seasonal adjustments. Its a sticky number, as they like to say, right . Yeah. Jack, i know you disagree on the state of the consumer. You think perhaps things are a little weaker than steve does . I do to some degree. I think were not seeing the Income Growth that we would like to see at this time during the recovery. I do agree with steve, i think that the number the employment number that came out this morning is off a little bit. Im not an economist, but i do have a model that looks at adp versus private payrolls. Our adp model suggested we should have had about 200,000 in private payroll, so we came in about 136. That is a little bit likely to be adjusted higher. It certainly does not change our forecast, but i do think that if were going to rely on the consumer to poll 70 of the economy, were going to be somewhat disappointed, unfortunately. Steve, does this change ms. Yellens timetable at all on Interest Rates . Does it give us a longer period of qe . There is something the market wants that timetable to be. Ms. Yellen wants to delay this as long as she can. She wants to get as far away from 0809. She was in there with the core melting down, so i think this gives her more ammunition to hold off the hawks. I think the consensus is shes announcing a raise in december. We think this gives her the opportunity to push that back. We got draggy this week announcing qe. Despite all the positive economic numbers, were sitting down here below 2. 5 , so i think weve got a goldilocks scenario for equities. Weve an accelerated economy in earnings. Would you agree with that . Is equity still the place to be . I believe its the biggest headwind. I also agree with steve that yellen wants to hold off rate hikes as much as possible. He made an interesting point at jackson hole saying at the riskrisk of doing too little to stimulate far outweighs overstimulating too much. I agree with that. I think they would like to see the rate at over 2 before they say the coast is clear. Have a good weekend. Ty, up to you. Tesla charging up nevadas economy, an eyepopping deal. A lot of different layers to this story. Phil lebeau is in reno, jane wells is in l. A. And scott kohn is in san jose. Phil, you first. They are spending thousands of dollars to get tesla to build its giga factory here. Lets go to jane wells. Phil, were going to meet the man behind the land where the tesla plant is going to go. He wears many hats. Owns a lot of things, including mustang ranch. Yeah, that mustang ranch, frank kohn. Over to you. Jane, nevada is not one of americas top states for business, not even close, but it did win this trophy. At what cost, though, and do these incentives really work . Well take a look at that, coming up. Scott, thank you. You can join the conversation. Even musk says tesla stock is too high now. Do you agree . Cnbc. Com vote and tell us what you think. Well be right back. While every business is unique, everyone is looking for ways to cut expenses. And thats where pg es Online BusinessEnergy Checkup tool can really help. You can use it to track your Actual Energy use. Find rebates that make equipment upgrades more affordable. Even develop a Customized Energy plan for your company. Think of it as a way to take more control over your operating costs. And yet another Energy Saving opportunity from pg e. Find new ways to save energy and money with pg es Business Energy checkup. Welcome back to power lunch. Two stocks bucking the trend. Jazz and vertex. Vertex was going to buy and has a price target of 131 a share. Each showing gains today about 40 . Sue, back to you. Tesla shares have been on the move in todays trading session while announcing nevada the winner of its battery factory, they said stock is high. Its big on the year, 83 . What do you think . Go to cnbc. Com vote right now and weigh in. A lot of different story angles to this deal and we have them all covered for you. Phil lebeau is live in reno, scott kohn is on the west coast. Phil, you go first. So theres a lot of questions about how much theyre paying for this. When you look at the giga factory and the tax numbers being offered, the state of nevada is offering tesla up to 1. 25 billion in incentives. The uptick will be at least 40 million and it will create 6500 jobs of which the annual or the hourly salary, i should say, will be at least 22 an hour. Tesla will not pay giga factory sales tax for 20 years. Those are some great incentives. But last night when we talked to musk, they said it wasnt the richest deal, nor was it the money that made nevada the choice for tesla. The biggest single factor was time to completion. Unless the giga factory is ready when we need to produce the mass market Affordable Electric car, the giga factory will be sold. So time execution is extremely important. Nevada was in the lead on number one to time to execution. When we talked to elon musk, he also said the company will exceed expectations in the long term. Near term there might be some questions there, but tesla seems stronger for a number of people. One area to keep in mind, guys china. He told me chinas eb demand is running very strong right now. Well see when the numbers come out for the quarter how tesla did when it comes to chinese deliveries. Ty, back to you. Jane wells getting lots of credit for the deal, of course, but there is a finger of who was instrumental in tesla going to ne n nevada . Lance skillman wears many hats. Land developer, former county commissioner, farmer bravo owner. Im not going to call this a receptive business, but this business rolls. He took us on a tour of his ranch outside of reno in story county as we talked about the local economy. But what he really wanted to show off was his massive tahoe, Reno Industrial park. Thats the walmart distribution center. Theres also a toys r us there, petsmart. The parking lot has 35 acres of industrial property, over 100 million of structures already built in, built completely with private money. Even the freeway offramp in a county where the process is fast and the red tape is minimal. So youre in the middle of the largest Industrial Development of its kind in the United States today. Youre going to find that reno per capita has more distribution Square Footage than anywhere in america. It is a perfect location for distribution. You can reach 85 of the market from this location overnight. We can deliver a Building Permit in 30 days or less. Did you hear that, a Building Permit in 30 days or less. Thats what elon musk wanted to hear. Also this week, fulsome biotech has announced they will build in the industrial park. This is his biggest win so far, and who knows, it may also be good for the mustang ranch, too. Tyler . That would be synergy. A package to woo tesla in nevada clocks in as one of the largest in the country with the total value to be 1. 25 billion over 20 years. But are these massive incentive deals worth it in the long run . Our scott kohn is breaking it all down for us. Scott . In picking nevada, tesla did not go for nevada as one of the top states for business. Nevada comes in at a less than stellar 25 overall. It does include one of the worst Education Systems in the country. Tesla did go where the money s. A 1. 1. 25 billion incentive val, more than twice what the company had asked for. Tesla will be operating tax free in the state for years. In exchange, nevada gets a promise of those 6500 jobs and about a billion dollars in investments. A good deal . Some watchdog groups have their doubts. All too often, tax breaks are not worth it because youre taking money away from other things that matter to all the other employers. So Small Businesses in nevada will have less money into the Education System and the job Training Programs and infrastructure and things that matter and benefit all employers. Heres a look at americas top states for incentives. The biggest incentive deals according to the group good jobs first, Washington State takes two of the top five with two big breaks for boeing, 2003 and again last year. New york gave a big break on electricity costs ask nike cord big. It cost the state around 200,000 per job. Will it help nevadas ranking among our top states . We do look at job growth in the overall economy, but we also look at education and the state budget which apparently will not help them at first. We ask would you agree with elon musk that stock in tesla is a little high right now. 41 of you agree with him and say no, 59 say yes. A girls best friend, perhaps . They are extremely rare and expensive. One of the Biggest Mining Companies is bringing an incredible collection together. You really have to see this. Jobs are stalling, so where are the jobs in america right now . Mary knows shes in longs beach port. Hi, mary. Hi, sue. Jobs in the maritime industry, hiring is, well, full steam ahead. Well have that story after the break. It works how you want to work. With a Fidelity Investment professional. Or managing your investments on your own. Helping you find new ways to plan for retirement. And save on taxes where you can. So you can invest in the life that you want today. Tap into the full power of your fidelity greenline. Call or come in today for a free oneonone review. Where the reward was that what if tnew car smelledit card and the freedom of the open road . A card that gave you that im 16 and just got my first car feeling. Presenting the buypower card from capital one. Redeem earnings toward part or even all of a new chevrolet, buick, gmc or cadillac with no limits. So every time you use it, youre not just shopping for goods. Youre shopping for something great. Learn more at buypowercard. Com is caused by people looking for parking. In a city thats remarkable that so much energy is, is wasted. Streetline has looked at the problem of parking, which has not been looked at for the last 30, 40 years. We wanted to rethink that whole industry, so we go and put out these sensors in each parking spot and then theres a mesh network that takes this information, sends it over the internet so you can go find exactly where those open parking spots are. The collaboration with citi was important for providing us the necessary financing; allow this small start up to go provide a service to municipalities. Citi has been an incredible source of advice, how to engage with municipalities, how to structure deals, and as we think about internationally citi is there every step of the way. So the end result is you reduce congestion, you reduce pollution and you provide a service to merchants, and that certainly is huge. Were changing the way we do business, with startup ny. Weve created tax free zones throughout the state. And startup ny companies will be investing hundreds of millions of dollars in jobs and infrastructure. Thanks to startup ny, businesses can operate tax free for 10 years. No property tax. No business tax. And no sales tax. Which means more growth for your business, and more jobs. Its not just business as usual. See how new york can help your business grow, at startup. Ny. Gov welcome back to power lunch. Im morgan brennan. The s p up to 23 points leading the way. The utility sector is the best sector leading the way today. Ener nrg energy, followed by x krrkl energy. Rio tintos are hitting the market. It begins today in new york, followed by vuiewings in hong kong. Its hard to believe these start as tiny pebbles deep underground, but of course theyre buffed up and turned into something very valuable. This girls best friend is estimated at a little over 100 million. Rio tinto down a little bit today. Apple will step up security measures for User Accounts despite repeatedly telling the world its icloud was not compromised in that celebrity hacking scandal. As we get closer to that big apple event on tuesday, expect new products, maybe a big screen phone. Some are wondering whether apple could have, should have done more to prevent such a mishap. Eric, welcome. Should they have done more . Clearly they said they should have. For one thing, there is this twostep verification that apple has. I use it routinely on my gmail account, but frankly, i didnt even know apple had it. I had to remind them of that, and they said, yeah but they havent publicized it. No, they could have done a better job. That would have made it harder, for the very least, for someone to hack in . It would have been made it essentially impossible, because hackers like things easy. What happened here, what apple says, is that peoples devices were compromised because there were a couple ways into the data that were stored on the cloud, right . Right. These were individual accounts that got compromised probably in a variety of ways. We dont know all the details of how it was done yet, but they have a Little Information about the devices or the accounts themselves. Then they just guessed. They just guessed the passwords using auto mamated procedures, automated programs. Basically thousands of guesses all at once. But the apple system would have cut them off after i number of guesses . On most you have five chances and youre done, you cant break in. On this program, it allowed an unlimited number of guesses. Does this in