Broadcasting live to New York, Bloomberg eleventh, wo to Washington, d C, Bloomberg to Boston, Bloomberg Well, undreg to San Francisco, Bloomberg nine to the Country, Joe's Exam General one nineteen and around the globe the Bloomberg Radio plus Apen, Bloomberg dot Com. This is taking Stock. I'm Kathleen Hayes Long with PIM Fox. We're live at Pershing's Inside sixteen conference
at the Highett Regency in Orlando. As we keep the Federal Reserve in focus, We're going to ask why is it, with unemployment at four point seven percent, that the Chairman of the Federal Reserve, for the chairwoman, I should say, Janet Yellen, is not in a bigger hurry to raise the key rate PIM. It might have something to do with the fact that the underemployment rate is nearly ten percent in this country. We're going to hear about the
brutal journey back to work for millions of Americans. Yes, we'll be joined by our Federal Reserve reporter Craig Torres will be joining us from Washington. Right now, Let's go to the newsroom and Charlie Pellett with the Bloomberg Business flat man, and we've got the bulls back of work him.
The Dow, the SMP, Nestank, they are all advancing. SMP five hundred index up seven points now a gain of three tents of one percent at twenty one nine down Industrials up fifty nine to seventeen thousand, nine ninety seven. Again there are three tenths of one percent. Nastank also advancing by three tenths of one percent. SMP five hundred index holding at the highest since July, bolstered by speculation borrowing costs will remain lower for longer amid moderate growth.
Hewlett Packard Enterprise CEO Meg Whiffan just wrapping up an interview on Bloomberg Television. She talked about the outlook for acquisitions, among other topics. We are interested in M and A, but at the right price in complementary areas. So, for example, what has worked well for us is the opposition of three par three Calm and Aruba, great complementary technologies that we can put through our distribution system. And by the way,
they weren't overly expensive. We fad We paid a very fair price for those companies but it wasn't at sixty seventy eight times multiple. She spoke to us from HPEES Annual Discover Conference in Las Vegas. Hewlett Packard Enterprise shares up now by one point six percent. Crude oil holding above fifty one dollars a barrel of eighty one cents now advancing one point six percent to fifty one eighteen Gold up sixteen forty v ounce of one point three
percent now to twelve sixty three. Lulu Lemon out with earnings this morning's uh this morning of shares advancing now by four point nine percent. Lulu Lemon at seventy six It is up by three dollars thirty one cents to thirty two on Wall Street. Now, let's take a look at other news from around the world. On Bloomberg Radio. Thank you, Charlie from the Bloomberg News Room. I'm Sherry On.
Hillary Clinton has claimed victory in the race for the Democratic presidential nomination, becoming the first woman to run as a candidate of a major US party. She won four of the sixt eights holding primary door concusses yesterday, including California. Bernie Sanders says he won't give up, although the Associated Press reports is laying off about half of his staff today. Donald Trump won the Republican presidential primary in California, but
many GEOP leaders are struggling to rally behind him. Main Republican Senator Susan Collins says she would like to endorse Trump, but he needs to stop insulting people. He is the one who needs to start acting more presidential and articulate clearly what a Trump presidency would look like. In a speech yesterday, Trump took a more unifying path, vowing never to let GOP voters down authorities, saying at least five people are dead following I hit a run involving cyclists
in Michigan. Kalamazoo County of Prosecuting Attorney Jeffrey Getting says the bike riders probably didn't know what happened. They were all north found, they were all on the right shoulder of the road. Who pick up. Trump was also morth found struck them from behind the head of the and its correction officers union is facing federal corruption charges along with a hedge fund founder. The FBI says Norman C. Brook and Murray Hoberfeld, the hedge fund founder, have been arrested.
Haberfeld is accused of paying kickbacks to Seabrook. In return, Seabrook agreed to transfer millions to a hedge fund operated by Hoberfeld and others. Global News twenty four hours a D eight powered by our hundred journalists in more than a hundred and fifty news bureaus around the world from the Bloomberg News Room. I'm Sherry, Anne, Charlie, and we thank you, and we are brought to you by Sector
spider E t FS. Why by a single stock when you can invest in the entire sector of visits, Sector sp d r S dot com recall Sector et F stocks are advancing SMP up seven now a gain of three tenths of one percent. I'm Charlie Pellatin. That's a Bloomberg business flash is taking stock. The FED in Focus on Bloomberg Radio were brought casting live from Persians inside six conference at the Highatt Regency in Orlando, Florida. The topic is the labor market. Unemployment four point seven percent.
That is down from the nine and a half percent level when the economy started expanding in June of two thousand and nine. Indeed, employers have been adding an average of about a hundred and fifty thousand jobs a month so far this year, but there are still troubling issues in the job marketing. Here to tell us more. As Craig Torres, Federal Reserve reporter for Bloomberg News, joining us
from Washington. Craig, thanks for being with us the good news. Yes, unemployment four point seven percent and as I noted, hundred and fifty thousand jobs on average being created each month. But in your most recent article you write that it has been a brutal journey back to work for millions of Americans. Tell us more. I think that is driving the sentiment we're seeing play out in the election, which you could use any number of words from anger, bitterness, uh,
kind of a shattered American dream, kind of feeling. Um. It did take people who lost their jobs a long time to get back to work, and often they ended up in jobs that were lower paying, less benefits, and less security. So we went back and talked to some of the people we interviewed when they were unemployed and asked them what was it like back to employment? And the stories weren't pretty. So Craig, uh, tell us some
of the stories. Uh, And it seems a lot of us know unfortunately, Um, friends of friends, even you know, some family members that are really on tough times, really having a hard time finding a job. Give us an example and tell us is it is it really different from other times coming out of business cycles. Um. So, one person we interviewed in our story today was Sally Richards.
She I think she's a great example. So she's a lawyer, ran her own practice in Ohio, had more than a hundred clients, and so she moves to d C kind of, you know, for family reasons, personal reasons, figuring she would land a job pretty quickly. Um, ended up looking for two years. Um, you know, just hearing nothing back from employers. Um, building up a debt pile. And I'll tell you, Kathleen, when you talk to these people, what's hard to reflect in print, It is when you're sitting in front of
them as a reporter. Um, what's hard to reflect in print is this sort of anguish you see like someone it's like someone who just went to a fight or a cancer battle or something like that. It costs these people a lot personally, not only financially, but as I say in the story, like from a self esteem standpoint, it was very expensive. Craig, if you can describe what is the thread that runs through all of these stories for you? I think Tim, the threat is, this isn't
the America that I grew up in. Um, This isn't the America that I'm used to. This isn't the America that UM is, you know, that had the promises that
if you work hard, that you would get ahead. It's it's defeating, and it's it's confusing, and and there often aren't answers why nobody's gonna is calling you back, for example, And so I find I find that very troubling as many people in the electorate obviously, and obviously if the people like this easily can slip into losing their homes and their apartments, and the homelessness is a growing problem even for people like this, so kind of fall through
the cracks. Um in some sense, then is Janet on what we would call debbishness. She's a labor market economists. Her her sense of, oh, yes, the economy is doing better. But then she says right after that, of course there's still a lot of slack. Is that is she's you know, really in connecting into this ethos as well, do you think, Craig, I think one of the odd things, a little bit odd, is this gamble she's making um that if she just
runs the economy hot enough, good things will happen. It's a it's a it's hard to appreciate what a big gamble that is because the reason people apply for jobs and don't hear back or kind of structural. Give you an example, there's this software that almost every employer uses called to Leo. So if you apply for a job today, chances are probably eight out of ten that you're going to be on some to LEO interface. To Leo is this impersonal scoring of your resume, of your personal data.
Even though it doesn't ask your age, it figures out your age, and the hiring manager just sees basically a bunch of statistics, never sees the person, and this allows them to flip through dozens and hundreds of applicants in a highly in personal way. Can the said really change something like that? Maybe? Maybe maybe if you push the economy down to like two unemployment, people will be scrambling to have, you know, for talent. But I don't think so. I mean, Craig Tores, thank you so very much an
eye opening story. I highly recommend that everybody take a look at it. I'll tweet it out Pim and I'll teat out at Craig Torres and everybody can read it. This afternoon, Well, I'm Kathleen Hays along with Pim Fox, and we are broadcasting live at Person's Insight Conference in Orlando. The fed in Focus is brought to by Willoughby since eighteen ninety eight, New York City's boutique camera store for precision craft at Hazelblot and Like A Cameras, plus a
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