Jobs Data Threatened as Businesses Avoid Surveys

when it comes to monetary policy. We just talked about this with Molly and its subsequent impact on the US economy, which leads us to concerns about some of the data being collected. Um, you know, when we think about it, Maddie, especially the really hot labor market, the really hot labor market, and the big question of whether or not the data that we're getting in is as accurate as it needs to be given the big decisions the FED is making

based on that data. Yeah, it's crucial, right, So let's get to it with our Bloomberg News US Economy reporter read Picker. She joins us via zoom from Washington, d C. By the way, this is one of our most read stories on the Bloomberg It's also in the upcoming new issue of Bloomberg Business week, which is hitting newstands tomorrow, but it's already online and on the Bloomberg read. Good to have you here with Maddie and myself. So tell us about your story, because Labor, it's one of the

FEDS you know, key missions here. But if the data is wrong, you make you know, you have to wonder do we get a policy mistake. I'm glad to be here.

So basically, kind of the premise of the story is zooming in on this massive problem that is underlying a lot of the surveys that feed into these u S economics statistics that we really rely on, and it's that you learn fewer people and businesses are responding to these surveys, and so what you've ended up with is this years long decline in response rates UM that was then worsened

by the pandemic. And so you know, when I was talking to current informer Census and BLS officials, you know, they really emphasized this idea that just because the response rate is declining doesn't necessarily mean the data is accurate. But what it does mean is that it introduces the higher potential of error essentially because you're having to do kind of more adjustment and the kind of perfect population, the perfect survey that you're you're trying to do is

is getting harder and harder. Um. And so when we think about these rates, um, you've already really started to see how vast these response rates have declined. UM. I mean I think of something like, um, the Jolt survey, which is the job opening survey, which everyone looks at really closely. UM. And so if you looked back, for instance, say in the response rate for that survey was just

under sevent which is pretty good, UM. But now if you look at that, it's less than half of that, it's less than So these are really kind of large deteriorations in these response rates, big big dropdowns there. Read. But I have to wonder whether these surveys were ever that accurate. When you're relying on a human to report their own, you know, views about something that is there always like that error. I mean we see this all the time in pulling when it comes to politics, Right,

did did that idea come up at all? In your reporting? There's always some level margin of error to kind of any statistic. I mean, when we think about what a statistic is, essentially it's a really informed guess, um, But you know, when you need to think one thing to think about, I guess that's different about US economics statistics

compared to something like pulling. Is how much effort and money and time that these people at Census or BLS spend um kind of making these data as accurate as possible. And so, you know, something that kind of came from this reporting was, yes, you know, these statistics may become you know, more and more prone to error over time if this trend doesn't abate, But essentially it's you know, still the best statistic out there for a lot these

data points. How do you guys and the economics team here at Bloomberg think about it against kind of the broader backdrop of data. And I think about, Mattie, what you were just talking about with Molly, this whole idea of consumer spending leading into buying homes or buying homes leading into consumer spending. Like, there's a lot of things we can look at that maybe give us a better idea if these data points are on point. And I think about strong retail sales kind of fits in really

nicely with a strong job market. Absolutely, so I think, you know, when I think about any of the economic data. When I'm reporting on it, UM, I know we emphasize a lot. You know, one month of data that definitely doesn't make a trend, It could easily just it could just as easily flip or be replies whatever it may look at maybe UM, but it's also you know, looking at the broader picture in terms of yes, you look at retail sales, but you also look at real spending data.

You also look at private credit card data. You look at all of these various metrics to try to piece together this page sure as best as you can about what the economy is doing. And you see folks do that in the market. You see economists do that UM. And you know, when we think about what the potential solution is years down the road if response rates continue

to fall like they're doing. Is an idea of a more blended model, So you know, taking the questions that you can only get from a person through a survey UM and then blending that with some of the private sector data that we can get UM. So one that I think of, for instance, is UM. Whenever we talk about c p I, c p I is largely based on people going in person to brick brick and mortar stores and using less scanner and scanning the price of

something UM. But what they've started to do is for certain things like these scars UM, they use third party data to incorporate that in and you could just start to see more of that that combo of kind of blending of data across more metrics, both on labor data as well as things like retail sales. That's so interesting. I didn't I didn't know that context about how the CPI is actually gathered. And I'm mad at myself now for not asking about that. Well, you know, you think

about it. There's a fun little thing called technology that cannot really make things kind of more exact in terms of collecting read fun story, relevant story, So appreciate it. Repicker. She's US economy reporter here at Bloomberg News via zoom from Washington, d C. Among our most read on the Bloomberg and catch it in the upcoming issue of Bloomberg Business Week, add on newsstands tomorrow, as well as already online at Bloomberg dot com, slash business Week and already

on the Bloomberg terminal. You're listening to the Bloomberg Business Week podcast. Catch us live week days from two to five pm Easter on Bloomberg Radio The Bloomberg Business Ban you too. You can also listen live to our flagship New York station, Just Say Alexa play Bloomberg e Love and Dirty. I want to get to a story that is in the upcoming new issue of Bloomberg Business Week magazine, which as you know, will be out on news stands already on the Bloomberg in at Bloomberg dot com slash

business Week. It is also the Bloomberg Big Take, and it feels like it's a story we've heard before about a big company that knows something bad about one of its products and yet takes a long time to make it known. So let's get to it. Joining us right now is Bloomberg News healthcare reporter Anna Edney joining us via zoom from Washington, d C. And here in our interactive broker studio, Joe Weber, the editor of Bloomberg Business

Week magazine. We're talking about Zantech. Yeah, pretty explosive story. Um, in case you haven't been uh using Zantec for a few years, you're really glad that you're not using it now officially, this one off the market a couple of years ago. UM, and there's a series of lawsuits. But really you're gonna start UM potentially as early as later this month, UM on the state level. UM, and all of this will will You'll be hearing much more about this,

I think in the weeks ahead. But UM, what what Anna uh dug into UM and had some explosive reporting about was was really how much Glaxo, which became g s K knew about UM some cancer concerns around Zantech for decades? Right, Anna, what did you find as you dug into this story? Yeah, that's right. UM. My colleagues Susan Burfield and Jeff Feely and I were able to get a lot of exclusive court documents. UM. We filed a lot of boyer requests. So this was an investigation

that that took a few years. UM. And you know, we were able to paint this picture of the last forty years UM with zanto santox spit on the market since UM and the biggest takeaway would be that this cancer concern UM was always there from day one and even before then, before the drug was approved, there were concerns that this drug might potentially cause cancer, It might form a kind of goal that can lead to cancer UM, and Glaxo even looked at that UM in its own study,

but it didn't share that study with the Food and Drug Administration when it was seeking approval for the drug in the US. UM. And then we follow that through the next four decades UM to see other times where the company saw signs where you know, there were there were until problems, UM, but they downplayed it the whole way through. ANA. The f d A part is what kind of scared me a little bit when I was

reading your story. Can you talk to me about I know you mentioned one study that was not shared with the FDA, but can you talk a little bit more about how the f d A interacted with the drug and the company and approved the sale of these pills given the risks that you uncovered. Yeah, you know, when when we were reading through some of the drug approval reviews and the old transcripts and things, UM, you know, there there was discussion. The FDA knew that this this

cancer risk was a concern. UM. There was discussion briefly about it, it seemed at times, but there's no one just ever really dug in. And of course, UM, Glaxo, can you know, convinced the Food and Drug Administration that they had done all the work um that this this drug was not causing cancer in mice um, which they

looked at over two years UM. And so you know, there there are lots of concerns with with that statement because of what we know about the drug now, which is, you know, the longer it sits on a shelf, the more dangerous it can become, particularly if there is any sort of elevated temperature involved, which is you know as much as you know just sitting on your bathroom counter or in the medicine cabinet um. And so you know, they're the f d a UM approved based on you know,

what they could know. And then you know down the road there when when this actually all came to light, UM, it was not the FDA, it was not GSK that brought this cancer concern to the public. It was an independent lab that happened to be testing zantac and found the dangerous chemical in it and alerted the f d

A UM. You know, the f d A did some of its own testing also found this chemical it's called n d m a UM and you know they've they did end up forcing Zantac to come off the market in but have worked pretty hard at the FDA to also try to to to say that, you know, no concern here. We took it off the market, but it you know, don't worry. It doesn't cause it doesn't look

like there are any signals that it could cause cancer. UM. And this is something that critics say, is a statement that really absolves the f d A of letting this drug on the market for so long. Perhaps also worth mentioning just how important Zantac became to Axo and the js G s KS bottom line by the numbers, and how big of a blockbuster was this. This was a huge drug. I mean, by by all accounts, it was a raging success. Um. You know, the the it was

the second um what we called blockbuster drugs. So that means it hit a billion in sales um annually and then even more so, it ended up accounting for more than half of Glaxo's revenue. It essentially kept the company afloat. It allowed it to grow much bigger UM lots of mergers and things like that throughout the years. And you know, once it came off patent um and that was in the nineties, and so there were some generics that were

able to come on the market. You know, they've sort of um struggled in some ways to to kind of figure out how to to ever do that again. It was it was such a a big hit for them, and bring us up to speed on on the lawsuits and and what uh what the company in the in the drug face. Now there are seventy thousand at least that we that we sort of know of UM state lawsuits that have been filed. And there is one UM that we highlight in the story. It's UM potentially the

first one that will go to trial, and it's in California. UM. The gentleman who is suing G s k is his name is James gets Um. He has he has developed UM cancer and took Santak for for twenty five years or so. UM. Some of it the brand name, some of it the generic UM. This is a drug that you know was prescription at first, but you could get over the counter, you could pick up at any drug store, gas station. UM. So you know, he did that for a very long time and had no other real risk factors.

He wasn't a smoker except a little bit UM and is much much younger days, and um, he didn't work around chemicals or anything like that, and so in his case, Um, over the years there were other companies that had the rights to Zantalk after Blackso and then supisor Santa Fee and Barringer Ingleheim and got it. They have settled in this case. Um An, we've got to run. We forgive you. I know there's a lot in this story, but we're

running out of time. Ana Edney, Healthcare reporter at Bloomberg News from Washington Or thanks to Jill Weber, editor of Bloomberg business Week, check it out this story. Read it in its entirety in the magazine. You're listening to the Bloomberg Business Week podcast. Catch us live week days from two to five pm Easter on Bloomberg Radio, the Bloomberg Business Band. You too. You can also listen live to our flagship New York station, Just Say Alexa play Bloomberg

e Love and Dirty. So it's kind of interesting, Maddie, we were breaking down Airbnb earnings after the closing bell and the stocked to shut off in the after hours. It is I think the number one gainer in the NASDAC one. So despite kind of the mellow feel in the equity market, the malaise, if you will, as investors try to figure out what the Fed's gonna do. When

it comes to something like Airbnb, it's often running. It's running, and it doesn't appear to be stopping anytime soon, which I find fascinating because I don't know about you, Carol, but I feel like my friend group has moved towards a hotel vibe in our era of life that we're entering. So I'm fascinated by Airbnb's continued success. All right, So let's get to it. Because Airbnb is just soaring up

I think about four. As we said, this is after the company came out their quarterly update included a record year in marketing its first full year as a of profit excuse me, and also gave an outlook showing robust travel demands. So let's get to it. In our studio, Bloomberg Intelligence senior tech industry analyst Man Deep Seeing joining us here, as we said in studio, so let's get

to it. Um an amazing quarter. How do you describe it? Well, one thing is the macro is working in their favor, and when you look at consumers spending they're spending on restaurants, they're spending on travel, and Airbnb is one of the biggest beneficiaries of that travel spen. So look at what they have done since the pandemic. They have actually doubled

their revenue. Since you look at all the other players hotels, online, travel players like Booking, Expedia, they're back to where they were in that's the main difference that this company actually was a share gainer in terms of the overall travel spen.

They created this category for alternative accommodations and they remain a category leader even though Expedia has Verbell Booking has added some inventory, but they have six point six million listings, and supply is always an advantage when you think about marketplaces. And if that's what I was thinking about, I mean, we always say, okay, when somebody reports, are they back to pre pandemic level, you're saying the other guys, yes, these guys are doing even better than pre pandemic. Yes,

and double the revenue. And look, they're still growing faster than the other guys. I do worry about the comps because that type of growth is not going to repeat in the next three years. So clearly calms are much tougher. They did get a boost during pandemic because everyone wanted to be away, they didn't want to socialize, you know, and and the work from home factors from long duration nights. It was such a big step up of their overall bookings.

They're they're actually doing their bookings are long duration nights, which means people are traveling more than thirty days. Uh. You know for a lot of these uh bookings. And is that just that whole idea of people working not in the office and still working elsewhere. Is that what that is? That was what drove that bump. I think going forward they'll find a challenging to maintain that same

pace because of you know, people coming back. I don't I still think remote work will remain a tail wind because we are not going back to where we were prior to the pandemic. But still, I think you have to think of the overall growth rate, and that's where the room nights sort of decelerated. But the eight rs average daily rates are off the charts. I mean, you compare them to pre pandemic levels. This company has gained

so much share in terms of average daily rates. It's close to where the premium hotels are, and I think that's where you kind of factor in what they will do internationally going forward, because a lot of the growth in the last couple of years was domestic in the US. Now they're talking about China outbound travel being the next growth driver. And really people have realized that this is

a viable alternative for you know, booking your travel. It's not it gives you a great experience if you're even traveling in a big group that wasn't the case before. It does give you that good experience. But I have to play the devil's advocate here because of those your hotel person is that it's just those fees, the big cleaning feet like there have been sl s gets about this, right, So what is AIRBNBA doing to address those pesky fees?

So again that's where a marketplace comes into play. Marketplaces or just you know listings. They're involved in adding the host and you know, charging the fees and and doing some basic work to keep that supply on board it. But at the end of the day, they are really the scale players where every host wants to list their property and consumers come to their platform because they find

the widest selection. Now you know, where else would you go because nobody else can replicate the six points six million listing, so they can charge those kind of you know, cleaning fees take rades because there is no choice, like if you, if you're a host, where else would you list your property? And that's why scale matters so much for the marketplace like you, you're not going to go elsewhere.

If when people think about alternative accommodations, they think about Airbnb, it there's nobody else who can kind of whether it's consolidation or you know, sometimes we see it in various sectors where the little guy maybe not the first, you know, first one out there, but can play catch up nobody out there. I would say it's a very consolidated market.

There are three main players among online travel players. It's Airbnb, Expedia and Booking Expedient Booking obviously specialized in hotels more and they're trying to build their listings on the alternative accommodation site. The only risk for Airbnb is the market maybe saturating in a couple of years. Because you have to ask yourself, if the adult population is hundred and fifty million in the US, right, how many of those are gonna want to use you know, alternative accommodations. I

think the market for hotels will always be bigger. I mean as people get older. Is that what you're thinking? Were some people like their core demographic is eighteen to thirty four year olds and they have a very high repeat rate, so they've i mean penetrated the market very well. Question is can they expand beyond the thirty five to like that demographic? And that remains TOBC No one knows that. I wonder too about that demographic using airbnb is as

their main home because rent is so high. I know people who have found it easier to live month to month and airbnb is across the US because it's cheaper than living in New York City. In the data, Oh yeah, seriously, yeah, I mean inflation has helped their average daily rates. I mentioned about that, you know how high they have gone because you can pass on the you know, the higher

inflation to the rents. You don't again, you don't sep to live in Bali for a month than to live in New York City in an airbnb, right, And and that's where you can actually curtail it. Depending on what your pocket allows, you can go for you know, the high end, or you can go for the low end, and you have that selection available on a marketplace. So clearly scale is what drives this business. And as long as they keep adding supply. They talked about boosting supply

by sixteen percent in the latest quarter. Marketplace is always matt supply iron demand, and your top line growth will be equal to your supply growth in the long term. In the near like one or two quarters, it may vary, but in the long term it will always be equal to your supply. Are they running out of properties or now not yet? So they talk about how they focus more on the individual host compared to property managers who have a lot of rooms or condos, and that is

their selling point because it gives them something unique. Now the question is can Expedient Booking get those individual hosts on their platform. I don't think they are after those individual hosts because that's a lot of work and there is that network effects, like the hosts are the people who have used the Airbnb in the past as a customer, so they're able to convert the customers into hosts, and that's supply wheel. It's hard to replicate if you're trying

to build a new marketplace. And also sometimes customers can then get the contact of their Airbnb host and then just book it directly through the host. Are you going to trust someone to come and stay in your home? And I'm not gonna say I've done it. I'm just gonna say I know that it's happened, right growth. You mentioned international, so is that right now? I'm looking at revenues and it looks like a pretty pretty even split between the US and international. Is that the growth of trajectory?

It used to be forties sixty six international, so pandemic, it was more cute towards the US. I do think China outbound travel is the big driver to watch for, and beyond that, their average daily rates will go down because you know, the inventories outside are not going to be as high priced as the ones in the US. But look for growth, and if you're trying to build a fly wheel where you have more listings, more supply growth, they have to expand internationally and they will pretty much

be out there everywhere. Europetrio Pacific Emily Chanying sitting down with the company CEO Frantiski a little bit later on about a couple of hours or about an hour or so. Um. What would be your number one question for him that does he want to expand the you know AIRBNBA experienced in loot complete travel, whether it's flight bookings, car rentals, because that's what the other o T s do and that's not higher margin margins are highest in that you know,

hotel and the alternative accommodations. But when you're booking travel, why would you use multiple platforms? You want one stop shop to do I think that's a good idea for Airbnb. I feel like it gets messy on the platforms. But I don't know, Well, you want to bundle your travel, Why do I have to use two or three websites

or apps to do it? When when I need to fly somewhere, I need to book my car and I can uber it, but I want that one place where I can just put it all together, and they already have. Do you see signs of that through the experience kind of platform that Airbnb offers you can kind of book like a cabin stay. Yeah, but it's a very small portion of their business. And right now, I mean the all the revenues driven off of the accommodations business, so clearly they can put a lot more weight behind it

if they wanted to. And Deep to use the Airbnb a lot, not a lot, but I have to use it and it's been great so far. And the other thing is ratings. They have ratings for a lot of hosts, and that's very valuable data because suddenly you you kind of feel good about using it if you see, you know, fifty plus ratings, So that rating data is hard to replicate. Alright, good stuff, great deep dive about one of the standout performers in terms of the equity market today. Men, Deep

saying thank you so much. Senior tech industry analyst at Bloomberg Intelligence, Did you live in an Airbnb during the pandemic? I did not. No, No, I've never I've never been a long term stay. Did you ever do? But you stayed? Right course of course, who hasn't. It's a brilliant model. Yeah. I think it's really kind of fascinating. Um, And we are going to hear from the company CEO Brian Chesky Emily Chink going to sit down with him a little

bit later on This is Bloomberg Business. Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business finance and tech news. The Bloomberg Business Week Podcast with Carol Measure and Tim stinebec from Bloomberg Radio. I'm romco a journal now, but you let me drive, no no, no no home all night please. I'll do the riding gravels. I want to drive. It's good question. Drive. This is the drive to the clothes

than well drill down on Bloomberg Radio. All right, it's time for the Drive to the Close with Samir Samana, senior Global market strategist at Wells Fargo Investment Institute. That is a sub subsidiary of Wells Fargo Bank, which serves Wells Fargo wealth and investment management clients. He joins us via zoom in Charlotte, North Carolina. Samir, thanks so much for being here with Carol and I. Today. We've got a hot labor market, retail numbers and the hot CPI yesterday.

Where does inflation go from here? And can you kindly give me like a magical date? I can expect to have some more affordable groceries. When when is this going to start to come down a little bit? Yeah? Well, if you at least track one year inflation expectations. I think you know, look, we we bottom kind of that one point six one point seven range, and they're all the way back to knocking on the door of three. So you're gonna have to hold off a little bit

on those cheaper groceries. Um, and I think you know what we're all learning is that, you know, look, five percent is not you know, restricted, right, it's probably close to neutral, especially with growth and inflation running at the levels that they are. So now the PET is a decision to make. Do they somehow try and play for time or do they go further? And keep in mind that has already made the mistake once of calling inflation transitory. Now you know, they have to figure out whether their

disinflation is transitory. And it's appearing to be as as such, and so unfortunately, I think for markets anyways, the rate markets are kind of telling you this this you know, answer already is that we're going to have to go further. We're gonna have to stay there higher and it's probably

not good for growth stocks, all right. So but what's interesting is, you know, semere that we've seen on days where there is talk about the FED going higher or staying higher for longer, and yet we've seen a rally and some of those tech names, which kind of goes against, uh, the historical thought about that. So having said that, does growth are ultimately no recession or a soft landing still

make growth an interesting area for investing. Well, Unfortunately, I think the market will eventually come around to the realization that you have to pick one. You can either have a soft landing and inflation running north of two percent, or you can have two percent inflation, and that path, unfortunately lead through recession. So the market has kind of been combining a soft landing or no landing with two

percent inflation. We just don't believe that's a realistic scenario, and so our base case calls for a recession, calls for two percent inflation. Now, again, it could be that takes a little bit longer than we initially anticipated, but unfortunately it probably still end in the same way, which is with you know, growth underperforming and those value or your areas you know, kind of leading us out in

the next bull market. So you still see a recession, but we're seeing such strong consumer spending and I have trouble squaring those two strong job market and strong, strong job market. I wonder if do we anticipate that the consumer is spending ahead of a potential recession? How do you square that? Yeah? I mean, look, unfortunately, consumers are almost always the last one to figure it out, right, I mean, when you look at consumer credit outstanding, Um,

it's already dipping by some pretty big numbers. When you look at the last bed Senior Loan Officers survey, they're tightening, you know, those lending standards to to lend the consumers at a pretty fast clip. So unfortunately a lot of people won't figure it out until it's probably too late, and that's probably the middle part of this year, alright. So having said that, so it sounds like you're not

onto growth, you're thinking about value. We're specifically when it comes to the value world, the two areas we like most right now would be energy and healthcare have both kind of been left behind in this most recent rally, especially with energy prices on the commodity side having come down recently. We think that the China reopening story was a little bit oversubscribed in the last you know, a few months. We think there's you know, unfortunately some bumps

along the way with respect of reopening. But as the temperatures there start to warm up, we do think that those Chinese consumers will make it out of their homes, and we think that will drive the commodity prices higher, which will take the sector with it. The other area that we really like. It's a little bit of a defensive, it's a little bit of a dividend play, but we

like healthcare. A lot of the pharmaceutical names have not participated recently, and they have some very healthy levels of income, especially when compared to what you're seeing on the right side. Yeah, I'll you know, if you take a look at the eleven major industry groups in the SNP five, healthcare is second from the bottom, down about three percent so far this year. Energy is fourth from the bottom with about

a four tenth seven percent game. But you know, semir, we know energy has been on a tear in the last couple of years. But the point is what the basics supplied, you know, demand fundamentals, the basic thought that fossil fuels will still be around for decades. I mean that plays into the energy equity play, That's exactly it. And honestly, even in kind of that supply demand balance,

Probably the real key is supply. When you look at what's going on with OPEC, when you look at what energy companies are telling you with respect to how much they're going to produce, they're all talking about rewarding shareholders at the expense of keeping a very tight hold on production. Do you do you think that stays true even with some of the earnings reports that we've heard this week from companies like Chevron saying that we're going to have to up production at a cost to us and not

necessarily be able to get that return to investors. You know, we'll believe it when we see it. Unfortunately, there's still a lot of activism in that sector, and it could be that if a lot of these c e O s start to kind of step out of balance and and do start to you know, one of those you know, kind of old mantras of you know, you give an

oil man a dollar and they go drill. Well, I think if that behavior does come back, I think you will have some activists start to get pretty perticculity pretty quickly. US versus overseas? What do you like? So right now we would favor the US, but as the dollar climbs keep in mind that that does make international investments a little bit more attractive. And what I mean by that is we think eventually the dollar probably does kind of

roll over. Now may take a year or so as we kind of get through this inflation issue in the US, but the dollars should roll over because of budget deficits, trade deficits, what have you. And so as the dollar climbs, the international side starts to become a lot more attractive to us. Just real quickly, Samir, Does that international include

emerging markets? No, we would make a distinction there. So when I'm talking international and thinking international developed high quality companies in Europe and Japan, UM, emerging markets is a little bit of a mixed bag right now with respect to China's zeo politics, having such big waitings to Chinese tech, Um, that's an area that we want to kind of stay cautious on and we'd much rather play emerging markets through the developed market avenues. All right, Can I leave it

on that note, Samir, Thank you so much. Samir Samana, senior global market strategist at Wells Fargo Investment Institute, joining us to a zoom. This is the Bloomberg Business Way podcast available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, starting at two pm Eastern, on Bloomberg dot com, the I Heart Radio app tune In, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal