Broadcasting live to New York, Bloomberg eleventh Rio to Washington, d C, Bloomberg to Boston, Blueberg twelve hundred to San Francisco, Bloomberg to the country. Joe is exam General one nine and around the globe the Bluemberg Radio plus Zapp and Bloomberg Dot Gone. This is Taking Stock. Coming up on Taking Stock to government data showing that employers added just a hundred and sixty thousand jobs in April, the unemployment or rate holding steady at five percent. We're gonna be
speaking with Heidi Shierholtz, Labor Secretary. Tom Perez is Chief Economists find out what's going on with hiring. But right now we want to know what's going on with the world and business news. Let's go to Catherine Cowdery in the Bloomberg news room. Thank you, bam Well. The stock market is staging a comeback. Resource producers are rallying, along with prices for medals from gold to cover. Treasuries are
still declining. A slowdown in jobs growth, coupled with accelerating weight gains did little to change views on the timing for higher interest rates. Mohammad al Aary in Chief Economic advisor at Alliance and a Bloomberg View columnist had this reaction to the jobs report. If you look at the internals of this employment report is actually quite mixed. So to conclude that quickly that June is completely out of the question and that we're unlucky to get a hike
in twenty sixteen, I think it's going to fall. We check Americas every fifteen minutes throughout the trading Daydale Industrial average is up sixty nine points. I gained a four tents of a percent of training at seventeen thousand, seven hundred twenty nine. S and P five funded up five points a quarter percent, trading at two thousand fifty five. The NASAC is higher by nine points to tens of
a percent. Is trading at forty seven twenty six. West Texas Centermedia Crude oil up twenty eight cents of barrel two thirds of a percent at forty four sixty one. Spout gold is of eighteen dollars announced at twelve thirty ten. Year Treasury down nine thirty seconds with the yield of
one point seven seven percent. Among today's stop business stories, Amazon dot Com plans to eliminate gaps in its free same day delivery service in all twenty seven cities where it's offered, responding to complaints at some minority neighborhoods were not included. Amazon made the pledge at a statement obtained by the Congressional Black Caucus. In a statement, Amazon said it will be expanding its Prime same Day service to every zip code of the twenty seven cities where the
service is currently offered. The University of Texas is the latest investor to reveal that it was burned by Valiant Pharmaceuticals. The once high flying pharmaceutical company is under scrutiny for its billing practices. It's two thirty two on Wall Street, and that means it's time to get enough data. Some of the other stories were following right here on Bloomberg Radio. Thank you Catherine from the Bloomberg Newsroom. I'm a Lisa Parenti.
This news update is brought to you by T two Computing, a new kind of I T solutions company for workflow, mobility, and infrastructure. Let them explain how their expertise can help you gain greater business value. Visit T two computing dot com for more information. President Obama says voters need to remember that the presidency is quote a serious job and not a reality show. Answering questions at the White House today, Mr Obama said Americans need to ask themselves whether the
presumptive Republican nominee really represents their views. There is no doubt that there is a debate that's taken place inside the Republican Party about who they are and what they represent. Um their standard bearer at the moment is Donald Trump. Donald Trump is promising to unite a fractured party, but he'll have to win over some top Republicans, including how speaker Paul Ryan. Former GOP presidential candidate Bobby jin Dall says he will support the party's candidate. For me, as
a conservative, it really is a binary choice. It really is what is the conservative thing to do. I'm voting for Donald Trump because I don't think we can afford four more years of liberal incompetence. Republican National Committee Chairman Ryan's previous said today he supports Trump even if he disagrees with his tone and some of his ideas. Police are asking for the public's health and identifying the people who stole a statue from a Roman Catholic church in Brooklyn.
The sacred heart statue of Jesus swiped from St. Peter and Paul Roman Catholic Church on seventy one South third Street last weekend. Police have released surveillance video of three suspects. Global News twenty four hours a day, powered by our twenty four hundred journalists in more than one hundred fifty news bureaus around the world. From the Bloomberg Newsroom, I'm Alisa Parenti, Catherine, thank you, and now let's get a
quick update of those equity bandmarks down. Industrial leverages up sixty nine points at seventeen thousand, seven hundred twenty nine. SMP five, founded he raced earlier, loss is currently up five points at two thousand fifty five. The NAZZAC is up nearly ten points at six. And that's a Bloomberg business flash. He's taking stock with Kathleen Hayes and Grim
Box on Bloomberg Radio. Employers in the United States scaling back there April, hiring amid some eaker economic growth, but the wages increased the last month and the work we grew longer. Let's find out what's going on with the U S economy. We have Heidi Shecherholtz, the chief economist for Labor Secretary Tom Perez. Heidi, thanks very much for being here, very much for having me. All right, So, Heidi, it can you as step back as an economist. You're
not responsible for the data. You just interpreted looking at the details. What does it tell you? So we are jobs streak continued in April. We added a hundred and sixty thousand jobs, potentually lower than the pace of growth that we had been seeing, but it's well above the pace that we need to keep the unemployment rate low and stable. So just to sort of put a number on that, estimates from a wide variety of sources are that right now we need around eighty thousand jobs just
to sort of hold steady. So we got double that. So it's not the two hundred thousand plus that we have been seeing, but it's a very solid number. The other thing that I think is um useful to just keep in mind is that there's always a lot of
two months to month variability in these numbers. Last year, we average two hundred twenty nine thousand jobs on average per month, and we had three months in the year where we got job growth of a hundred and fifty thousand or less and so it's just this sort of common thing where you see this bouncing around. So we don't get too freaked out if it's a lower number, we don't get too giddy if it's a really high number. Um,
this represents pretty solid job growth, alright. If it represents a solid job growth, where is the weakness in the job in the job sector. Yeah, you know. The thing that I think is just the ty ongoing saying that I'm got my eyes on with these numbers is age growth. And we are seeing some acceleration of wage growth over the last year. Wages grew two point five percent with low inflation. That means workers are seeing some real gains. But we just have a lot of ground make up.
But the question, but hang on, the question was where was the weakness in the actual jobs report. I was on the impression that retailers cutting payrolls, and that also construction companies had been adding the fewest positions since the last June. Yes, you're totally right. I was interpreting jobs report broadly. I appreciate it. Go ahead, you are, You're absolutely right. So, yes, the retail numbers were low. Um,
the construction numbers were low. Both of those things, particularly construction, UM could be have a big weather component, and it's not the weather component that we typically think of, where we got a huge snowstorm and that's why the numbers were low, which happens on occasion in winter months. This
is a different story here. Or what we saw is extremely mild weather in the in February and March, and so some of the hiring that would have otherwise happened in April in for example, construction instead got pulled forward and so employers hired those people early. So we saw big gains in construction in February and March, and this and the April numbers and construction looked quite weak by comparison.
But I think that, UM, I believe due to the weather effects of very mild February March that we had. I'm not too concerned that we're seeing a an ongoing slowdown in construction, but that's definitely something I'll be keeping my eyes on. Okay, So now move on to the wage growth, but also the workweek. It grew longer for workers. Yeah, it increased, that's very good news. I um it had picked down earlier, so it's not it's it's still within a band that we've been being for quite some time now.
The work week basically it's kind of moving sideways at this point, fluctuating up and down a little bit. But one of the things that the increasing workweek just is um sort of provide some comfort. When when you get a jobs number that's one sixty when everyone expected two hundred, one of the things you do is look for signs of do I think this is a one off, or do I think there's signs that this may be signaling
some sort of like ongoing softening. And the fact that the work week increased is a very good sign that that that we didn't see the strong the two plus job grows, but the increase in hours means that we're um sort of offset some of the the decline and job job grows in a way that make it that comforts economists, which is that can be a leading indicator if we are going to be seeing ongoing dramatic, we reduced job growth, I would expect to see ours drop
rather than increase. And the jobless rate remaining at five per cent is that likely to indicate full employment or near full employment. So I think that the other signs in the labor markets suggest that we aren't there yet, that there's still a ways to go. We have made enormous progress. The worst of it, the unemployment was ten we're now we've now cut that in half, so that we've we've made tremendous progress. But I don't think we're
done yet. And so just to put it in context, before the recession, for the two years before the Great Recession hit, the unemployment rate average four point six percent and today at five. Thank you very much, Heidi Shareholds, the economist, Chief economist for the Department of Labor Secretary Tom Perez. You're listening to taking Stock on Boomberg Radio.
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