Indeed.com's Sinclair Sees Discontent in Labor Market (Audio)

are a lot of workers who don't feel fully employed. Well, we're gonna hear as well from a chief economist in a minute from indeed dot com, one of the largest job sites in the world. They have over a hundred eighty million unique visitors per month per month, either looking for a job or advertising to fill a spot. Tera Sinclair joins us to talk about the worker discontent you've heard so much about, or maybe are feeling herself. Tim Yes,

will also be speaking to her about jobs satisfaction. We've got some details, but right now, let's get details from Charlie Pellett in the Bloomberg News room with the Bloomberg Business Flash, which pim Fox. I thank you, Matt Miller, let us stick with an employment theme. We'll give you the story on this morning's job's report. Payrolls surging for a second straight month, employers adding two hundred fifty five thousand positions. June's impressive number revised up to two hundred

ninety two thousand. Jack Rivkin, his CEO of Altegra's investments. He was interviewed this morning on Bloomberg Television. I think we're very close to full employment, and this has pushed just a little closer as well. You know, let's let's remember we're looking at seasily adjusted numbers. That tot is against actually a million people leaving the payrolls in the month of July, and it was about the same number at least in the first report here. I'm I'm surprised

that the number is only two fifty five. I would have thought it would have been to eighty five something like that. And the Every Department said the unemployment rate remain level of four point nine percent as Americans came off the sidelines to join the workforce. We will have more Jobs Day coverage coming up in just a moment right here. On taking Stock Bristol Myers Squibs slumping the most in fourteen years after saying it's drug opdvos failed in a lung cancer trial that would have been the

basis for widely expanding use of the treatment. Right now, shares of Bristol Myers SQUIB down fifteen points six percent, SMP up sixteen a gain of eight tenths of one percent, and as DAK trading at a record fifty two, up one point one percent, the Dow up point nine percent, and Gold down one eight percent. Now, let's look at the other stories making news. Charlie, Thank you from the

Bloomberg News Room by Mark Crumpton. Republican presidential nominee Donald Trump is expected to endorse how Speaker Paul Ryan tonight Fox News, citing two unidentified Republicans, say it will happen in Wisconsin. In an interview on Milwaukee radio station w t m J, Ryan, who faces a tough primary on Tuesday, discussed why he and Trump have been at odds. I'm going to speak out and defend ourselves so that people in this country don't get a misperception about who we

are and what we believe in. And I had to do that from time to time Hillary Clinton addressed a joint conference of Black and Hispanic journalists in Washington. She said she's determined to make more serious, sustained investments and to create more good paying jobs in African, American and Latino communities. For me, these aren't just economic issues. They're part of the long, continuing struggle for civil rights. Rosa

Parks opened up every seat on the bus. Now we've got to expand economic opportunity so everyone can afford the fair. Another victim of last month's terror attack in Niece, France, has died, bringing the death toll to five. A fifty six year old man who was hospitalized past His wife and their thirteen year old son were also killed when a truck driven by an Islamic state sympathizer rammed into

a crowd celebrating Best Steal Day. A state judge has ruled at a New York Times reporter who conducted a jailhouse interview with an accused murderer must testify a trial. The judge rule that reporter Francis roubless Is testimony could be critical. Global News twenty four hours a day, powered by more than twenty hundred journalists and analysts in more than one hundred twenty countries. I'm more Crumpton. This is Bloomberg, Charlie, and we thank you. What again recapping s and P

five hundred index up sixt one. Again there of eight tenths of one percent. I'm Charlie Pellett and that's a Bloomberg Business flash you're listening to taking start with Kathleen Hayes and Pim Fox on Bloomberg Radio. Well not today. It's Matt Miller here with Pim Fox. Kathleen is taking a well deserved day of vacation, and I'm enjoying my time here with Pim. We're talking about the big Really, the best economic data point to come out every month

is the job's number, and this one was incredible. Still, there are a lot of people in this workforce who are feeling a little bit under employed, and here to talk about that, as Terris and Claire. She is chief economist at indeed dot com, one of the largest job sites in the world with a hundred eighty million unique visits per month. Terra, thanks so much for joining us. Let me ask what you thought about this job's report. I mean, if that isn't full employment, I don't know

what full employment looks like. Well, on the aggregate, this is a fantastic number. This is a great jobs report in general. Seeing two thousand net new jobs created is great news for the economy on the whole. But that you know, of course, does leave some thing's hidden in the sense that not everyone is feeling that strong economy is affecting them personally. Why is that, Terek, give us some in some data. How do you get that that analysis?

Well in terms of data, And one of the things that we've been watching really closely is where are these jobs being created and who can actually have access to

these jobs? And you know, one of the things that economists have been talking a lot about has been this polarization of the labor market where we see that we are seeing jobs growth and opportunities at the high end and at the low end, but less in that middle range and fewer pathways for people to move from the low end more into the middle and more into the high and that's really a challenge that we're continuing to see in this economy. So you did actually a report

on this. I mean, are you seeing that data really prove out? Because on the aggregate, uh four point nine percent unemployment wage growth of two point six percent per month um. And look, there's always going to be people who don't like their job. Not everybody likes to work right, right, But one thing that we can look at is we can look at what's been happening in terms of high paying jobs that are seeing real wage growth over a

long period of time. And so that's what we did in our recent research is where we looked at these jobs where we've seen wages that are paying enough to support a median household income as well as seeing regular raid raises. And from that perspective, only fifteen to sixteen percent of today's employment is actually in those sorts of jobs, which suggests that there's some real discontent there in the

labor market. Tara, I don't know whether you're familiar with the report that came out earlier in July by the Conference Board looking at workers satisfaction, and it said that about half of the workers reported being satisfied with their jobs, and that obviously coincided with increases in pay for hourly workers at companies such as Starbucks and JP Morgan Chase. How do you respond to that, Well, I mean that still leaves you know, a large proportion of the workforce

unsatisfied with their jobs. But I mean, it is important to realize that the economy is much better off today than it was, you know, you know, definitely back in the recession, but even in the early years of the recovery. And so when people are looking back over their recent labor market experience, of course today looks a lot better than what it did a few years ago. And I also think you can uh say it's pretty obvious that, for example, manufacturing jobs aren't gonna pay as much anymore

as they used to. You're not gonna be able to support a family on them. I spend a lot of time in car factories. They're doing a ton of business, but I see more and more robots than people that are building things. There. One place you can't put robots in up the place of a person is construction. Um and we're seeing a shortage of construction workers. That's evidence by the tight housing market. Are are there are there gonna be a pick up? There? Are you seeing more

construction jobs offered on indeed dot com? We are, So construction is definitely one of those areas where and we're are looking to be to see some growth there in terms of employment, and it does look like one of the reasons we didn't really see much movement in that number this month might be because of a shortage of workers.

But again the type of workers that the housing sector is complaining about not finding our people with specialized skill sets, and not everybody in today's workforce has those specialized skills. I just want you to comment on a recent article of yours having to do with red states, blue states,

and swing states. What did you learn? Well, so, what we did there is we looked at these jobs that we talked about a minute ago, that we identified as being high paying with reasonable wage growth over the last ten years, and we looked at how those jobs were distributed across the US and one of the things that really surprised me at first was how much variation there

was by state. And then we decided, related to the election, to just divide those states into the Gallop Pole's latest red state, Blue state, swing state categories, and we discovered that there was this stistically significant difference between the experiences in terms of job opportunities, uh in terms of job postings for red states versus blue states, and in fact, blue states were significantly more likely to see these higher paying, higher wage growth jobs than the Red States, and it

is just because they're the Red States are in the congregate in the middle of the country, and then you've got the technology jobs pertepts in California on the coast. Yeah, I definitely think that's part of the explanation. Thanks very much. Arris Sinclair, chief economist for indeed dot com, giving us her take on today's payroll results, showing a robust job market. Unemployment rate remains at four point nine percent, wages grew at a rate of two point six percent. I'm pim Fox.

My co host today Matt Miller. This is Bloomberg. This Hampton's commuterment is brought to you by land Rover. When towers seem like trees and roads become rivers, the range Rover of Oak is there to guide you through the twists and turns of the urban jungle, busier tri state area Landrover retailer. When