The Industries That Are Hiring Right Now: LaSalle CEO

job openings and trying to fill them as well. Tom gimbal Is, CEO of global staffing company lasal And Network. You weren't maybe exactly the person answering the phones, Tom, but I'm sure you have in the past. So Tom, what was the months like? I mean, we're all heartbroken for the people that are looking for jobs and can't find them. Is there much of that? You know? The John markets really strong. I think what we saw today is that we added over six hundred thousand jobs, the

unemployment rate drop. Um, It's it's never going to be perfect for everybody, but this is a good report and we have to realize that we have the pandemic and that's hospitality workers, airlines and these restaurant workers that add to the unemployment number being what it is. And if we didn't have that and people were dining in and traveling and staying at hotels, would be a very different situation.

It's fascinating, you know. You see the daily coronavirus case load just increase every day now and we're one twenty six thousand to concerned? Are you for all of the people that you know, Cole and all of the client's tom that we're going to see lockdowns again and business closings. You know, I'm not so sure that we're gonna we're gonna see the lockdown. I think what it'll be interesting to see now with the election hopefully somewhat over um and and when we get a new a new stimulus package,

of of how that affects it. I think what we'll see is south of the Mason Dixon line, you're gonna have people being able to eat outside, and that'll be okay. I think when we get into the northern cities and what happens. I think that even with a Biden presidency, that there's people that the majority of the population that wants to have the opportunity to go out and go eat and have things open. So I'm fairly optimistic that that come January, UM, things are gonna open up a

little bit. Yeah, what were the industries then, Tom, that you saw that we're picking up this month, So professional services really seem to be to be continued to grow.

And what we're seeing is a lot of I T workers continuing to be a hotspot back office accounting and finance, and now with UM hospitals for the past few months being able to treat people for non COVID related UM surgeries and procedures, we've seen medical health care and back office in those settings as well as UH nurse practitioners, physician assistants, things like that really starting to pick up.

We were just speaking with Lawrence Hower of Johns Hopkins University said that that portion of the you know, the labor work is at least those who have been working are absolutely exhausted. Tom. How many people out there you know are in need of a genuine break from this.

I think that's really the interesting point you bring up, Bonny, and what what what that is is you've got a lot of people that are working standard jobs UM and that are going into their into their office, whether it's blue collar workers, healthcare professionals, UM, police, fireman, retail workers. And then you have white collar what I call white collar privilege is people who are at home in their house, they don't have to leave, and they're complaining because they're

on zoom meetings all day. And we've got really a lack of empathy towards these people in the healthcare space, in the in the crucial worker category that we've got to get a lot more empathy for those people and and realize what's going on here. But unfortunately, when when the your time is called to work and and there

aren't enough will in those areas, you have to do it. Yeah, And I mean especially if you don't know if your job is going to exist in a couple of months, right, because what's tragic is that there's absolutely no guarantee that one S coronavirus is under control that all of these people working on the front lines will have jobs because

hospital systems might be bankrupt by then. Well, I I think that's a little bit of a drastic perspective body from the standpoint of I don't think the hospital systems will be bankrupt. I think that what we've seen with the governments, whether it be the airlines or the automotive industry, is that if there's big hospital chains and there's cash flow problems and revenue problems, that the government can provide

and provide a stimulus package there. We're not going to let that aspect of our health care system go down. And I think that the jobs will be there and what we've seen. I've got a CEO of a surgical practice in the in the Chicago Land area and they are actually going to have a better year this year than ever before because the bill hold up of people over April, May and June just exploded July, August, September and October and they were doing so much more from

people who wanted to get things taken care of. And I think we're going to continue to see that elective procedures are going to increase. And I think there's really a sense in this in society, from working class people to blue collar to executive is that people are are feeling now that you have to enjoy your life. And once COVID's down, I think that you're really going to see an increase in travel. You're gonna see an increase

in tourism. You're gonna see an increase in elective procedures, that there's going to be an increase in auto sales. What we saw on the third quarter with GMS numbers which were really good, You're gonna see that consumer consumer purchasing is going to increase a lot in You know, Tom, what advice do you have for those out there who have been barely putting food on the table for their families, who may have had just a wonderful job before now,

but weren't really con concerned about something like a pandemic. Uh. You know, I walk home from work and I see country lines, I see food lines, and I know that there are people in those lines that have never seen the inside of a country before. What do you say to those people trying to get up and put on a brafface every day? So I'd say, number one, Um,

it will it will end. Number two. It's it's not that all dissimilar from two thousand eight UM in the financial crisis, when we thought actually the whole system was going to crash. And so there's there is the empathy side for all of us to realize that this population is different than was two thousand and eight, and we have to realize that the next time it could do us. So we've got to care for our fellow human beings.

I think for those that are newly unemployed and living hand them out, there are jobs out there, and whether it be working in a warehouse for the holiday season, whether it be doing call center work, UM, whether it be um some sort of hospitality job outside. It may even be having to relocate to warmer weather um and and pick up seasonal work. But there are opportunities. You just can't have an entitlement aspect of this shouldn't be happening to me, because woe is me, won't get any

of us through this. And my business lost a ton of business in April and May, but we didn't lay off a soul. We actually hired more. We fired people who weren't having a good attitude and good work ethic, and now our businesses at pre COVID levels. And I think if you stick with things and you believe that that you're doing everything you can, that there is opportunity

out there, you just have to find it. Tom Wise words from man who's been in this business for a long long time and has much made millions of people two jobs, and they may not be the jobs that they were expecting to get or wanting to get. But I'm sure there's been a lot of happy tales coming out of LaSalle Network. So thank you very much for joining us again this month after the Job's report, which

again showed that the economy is creating jobs. Maybe not as many as we've hoped, but still there was a lot of jobs created last month. Tom Gimball, CEO of global staffing company lasal Network, Well, I'm delighted to welcome you now. The chief equity investment Officer for Eaton Vents, Eddie Parkin joins us from Boston. With five seven plus billion dollars now sets under management at Eaton Vans, Eddie

a lot on your shoulders. Would you have predicted what has happened so far and what happens next if you did, Vonnie, good to be with you. Thank you for your question. Yes, you know, coming into coming into the election period, the market was beginning to play with the idea that value stock small caps international stocks could begin to rotate back

into favor um. The expectation that the market had was that there'd be a blue wave, meaning primarily that not only would Biden win the White House, but that you

would have Democrats take both chambers of Congress. That second piece, the Senate, is what may not ultimately come through, and that I think is why on Wednesday you had sort of a return to how things have been most of this year and in prior years, where the mega cap tech stocks lead on Wednesday, but with UM, with the possibility that the Democrats could still take the Senate, the prediction markets, the betting markets have that at about with

the likelihood that Biden will be the next president. UM, there is a sort of expectation of higher interest rates that would come from that, and then the jobs number today magnifies that. So everything is trading off of rates right now. The growth value trade has driven off of rates UH and inslation expectations, and so that really the tenure yield really is driving the rotation in the equity

markets this week. Yes, so interesting. I just want to point out that if that did happen in the Senate, we wouldn't know until January because we'd be counting on runoff races. As far as I understand it. Also, I do want to point out that we're waiting on the Georgia Secretary of State Brad Raethinsburger to brief on the election in the work of the election officials right now. So this is an ever changing chess board even as

we move through the hours today. If we do get a Biden presidency and the Senate stays read or we don't know about the Senate until next year, what will you tell your clients about tax and spending and regulatory policies.

What will your assumptions be. Well, it makes it very uncertain right because we've got a little under two months until the end of the year, and normally you have financial advisors and clients doing a lot of end of year tax planning that includes charitable giving, it includes uh in a normal year, it would include take harvesting losses, taking taking tax losses, which is something that eaton VANCE and our affiliate Parametric does a lot of We we

really focus on after tax returns, and so we were thinking this year, if the Democrats take the Senate, then it's likely you're going to have increases to capital gains tax rates next year, and it actually might make sense to reverse the normal protocol and take gains this year, pull your gains forward into a lower tax regime. But given that it looks like we won't know the makeup of the Senate until these two Georgia runoffs, which are

going to happen. I believe it's January five. People are going to have to make end of year tax decisions with uncertain information about what the political makeup of the Senators, and I think that makes it particularly tricky this year, right particularly as I say, if we're seeing a stock market that continues to rally on this rotation, you know, I know you're rare incident in the value growth rotation.

And we just heard our cross as that reports Aeroponza I talk about how the landscape changed just this week alone, from the beginning of the week to the end of the week. Where in value would you be looking for gains? I think value comes in many forms. So it comes in the form of cyclical stocks that could be industrials or commodity based stocks like energy, basic materials, all of

which have lagged. It comes in the form of financial stocks, particularly the banks, where higher interest rates that that could come from higher fiscal spending and and and bigger fiscal deficits that would be good for the banks. Because of course they earn a spread between short and long dated interest rates um and then it comes in other kind

of non traditional forms. So small caps stocks tend to be more value oriented and do well when values in favor, and international stocks, particularly Europe and Japan UH do do better. So I the divergence, the spread between what is cheap and what is expensive as as wide as it's ever been. So if you get the right catalyst, there could be

a significant rotation into some of those areas I just mentioned. Yeah, So in that situation, then would you actually tell clients to put money to work or to rotate out of more growthy trades and into value right now? I would, and I would do it gradually. I wouldn't try and call the absolute bottom of the of the value market. I would do it over a period of time dollar cost average. I would also advise people to look at where your target allocations were at the beginning of this year.

If you had a certain percentage of your money in US versus non US, or in large versus small, or growth versus value. The performance of the market this year has caused a lot of drift in your portfolio, even if you've done nothing. If you've just sat tight. Your portfolio now looks very different in terms of its nicks than it did on January one, So just you know, an easy way to do this is just to rebalance back to where you were at the beginning of the year,

or rebalanced whatever targets your financial advisor advises, uh. And that is a way of taking a small step in the direction that I'm describing. Eddie. How much are you following the TikTok of you know, the actual ballots counted, and how much do something like this morning's jobs reports, which was okay but slightly disappointing. How much does that,

you know, impact what you're watching. Well, of course we've you know, we've we're focused on the long term, but the election does have an impact on that, particularly if if you get new policies around taxes and regulations and and trade. So it is worth following. It's also very of course interesting, uh theater um. But it does seem likely to my eyes that that that Biden is going to pull this out. And the bigger question, of course,

as we said earlier, is what what happens in the Senate? Yeah, exactly, And and as we both said, we may not know that on til January. So that'll be a fun couple of months. What gets done in the next two months if we have that kind of situation where Biden's president and there are court cases from the Trump campaign that are still live and we don't fully know the make of the Senate is a complete lame duck session until January and February. Well, it's normally a lame duck session

anyway under normal circumstances. But of course you're going to have a lot of activity in the courts and in the media. I can't even begin to imagine how much money is going to pour into Georgia to try and win those two two seats if the if the Senate is on the line there. But I'm a little surprised, frankly, that the market is, you know, the market, the SMP five hundred month today, which is just six days old,

is up uh seven and a half percent. And that's um, that's striking given all of this uncertainty, right Um, we're talking about court battles, we're talking about accusations of fraud. We're still not sure who the president will be. We don't know who's gonna have the Senate, and yet the market is rising in the face of that, and it's it's quite striking. What's the most major complaint or query that you're getting from your top clients? Now, your most

wealthy clients complaint. I'm sure they complained sometimes to talk not about you guys, but just about the state of things. Yeah. I think there's been a lot of uncertainty, really going back to the April May time period where things looked so bad for the economy and yet the market bottomed in late March and began to rise. And I think there's just been Uh, it's taken a long time for people to get their minds around the idea that stocks can go up even when the economy is in tough shape.

And I think it's a function of a couple of things. One is the fact that the market stock markets always looking forward. So if we can treaty is a one time right off on the earnings and economic front, then we can go back to the earnings power that companies have in the longer term. Obviously, if you're a small business who's really struggling that that doesn't sound very good.

But for public equities, for large companies, they are able to weather through this, and there's hope that you know, once a vaccine comes, will be able to go back to normal and back to the earnings power these these companies have. And so that's part of it, and the other part it is just the aggressive said policy the FED basically saying we're here to backstop risk assets and uh. And that's that's another reason why stocks have been going

up despite the economic news being relatively poor. Okay, Eddie, thank you, but let you back to your screens. I would imagine that will all be glued to them all day long. Eddie park In, his chief equity investment officer at Eton Vans in Boston, which is well more than five hundred billion dollars in assets under management. Bloomberg Opinion informed perspectives and expert data driven commentary on breaking news.

I want to get to the Bloomberg giving in in just a moment, but first to update you on Larry Cudloe's comments just a few moments ago at the White House, President Trump's topic economic advisor said he expects a peaceful transfer of power if Biden wins the presidency. He was gaggling again outside the White House, and in this case he was responding to a question from CNBC, said, we abide by the rule of law, and so will this president. So he sounds fairly certain that there will be a

peaceful transfer of power. He also mentioned that President Trump, Mitch McConnell, and Steve Lucian, the Treasury Secretary, still want a stimulus deal. We knew that McConnell had come out and said he wanted a deal now by the end of the year. But also, of course we're not quite sure about Nancy Pelosi or what her status is right now.

So let's get to how everybody outside the United States is viewing this, and for that, let's bring in Bloomberg opinion columnist Leonel Loan, who covers the European Union in France typically but today is very very definitely covering the US election. He says, there are a numerous uncertainty surrounding the U s presidential election, but the good news for the European Union is that it's unofficial preferred candidate looks close to taking the White House. So Lionel Joe Biden,

why is he the preferred candidate? Well, I think because he isn't Donald Trump, and because everything he has said points to a more productive and a more friendly tone over the over the next four years. If he becomes president, he said that he would rejoin the Climate Accords. He said that he would rejoin the the Iran Deal if if Iran complied, and that the w h O would

also see more support as well. So I think in terms of the good news is that you are likely to get a much more stable and predictable and friendly transplantic relationship. However, I do think that there are going to be some uncertainties, and the Europeans in general will view this not as a kind of total return to life before Trump, right, because the Arapan Union in the in the last four years has had its own internal

difficulties as well, and very many of them. So if it is a Biden presidency, and again this is hypothetical, we don't know yet that that's going to be the case. But if it were to be, what would Joe Biden's approach be regarding Europe versus Britain. How would he stay out of that fight? Well, I think we know enough to know that, firstly, Brexit is not some major strategic priority for the US, and we know that the Democrats in the House still very much want a deal of

respect of Good Friday Agreement. We also know that Joe Biden sees Germany as the big unfair target of Trump's anger, and so I think there would definitely be a hand extended to Germany and the EUSE. So it's that that isn't so much the uncertainty. However, I think that France and Germany know that over the past twenty years, not just the past four years, there are fundamental differences between

Europe and the US. The U S has more about China now containing China, cares more about pivoting to Asia, it has less. It has also more about domestic policy. Defending Europe and and paying for European security is less

high a priority. And if you throw in things like tech policy, the role of the dollar versus the role of the euro, more kind of geoeconomic world, then I think these will tell you that that the Europeans are not going to just sit around for the next four years and and assume that everything will just revert to

how it was before Trump. So leonel beyond sort of you know, better relations with multilateral and trans national organizations and also treaties of course, like the Paris Treaty Beyond that, what could the European Union use the United States for? So? I think the big silver lining here is that China is the priority that is shared by both Democrats and Republicans and even the EU. So I think that the EU as a trading block, that's where its power lies.

And I think the EU should move towards the US and Biden say, look, we can help really raise the bar on for example, subsidies and unfair trade practices from China, but in return, they should encourage the US to let you build its own institutions, take on more of its defense responsibilities, and also become more economically assertive again against Silicon Valley companies and defending the role of the EURO globally. I think that could be a potential kind of trade

because China looms so large in the American psyche. Yeah, it's interesting because, as you say, China would be the third party in the relationship at that point if there were to be, you know, a Joe Biden and European Union ally ship, if you like, what do you think China would do in that scenario? Would China try to ally with everybody or would China try to play one off the other well, I definitely think that China in

terms of trade is seeing more pressure everywhere. However, if you look at how China is reacting to, for example, COVID nineteen, you can you can clearly see a kind of post COVID world happening, where again geopolitics and gew economics is even more important than it than it was before. China may well tried to divide Europe as it always has, and it may succeed, but I really think that you as a whole realizes that it has a lot to gain from getting more tough on China defending its own market.

Beyond looking to the United States and who is the next president. Europe internally has plenty of problems, and one of the problems is that a lot of voters in Europe are unhappy and there is a huge strain of populism which is only gaining steam in places like France and Eastern Europe and Italy and really you know, Britain, not that that's really Europe anymore, but there are so many countries these that are seeing unhappiness of the polls.

Do we suddenly see a shift in post post this election here in the US to watching very closely what happens in Europe in terms of strife and you know, protests and difficulty and demonstrations. I'm honestly not sure we we can extrapolate too much. I do think that Brexit and Trump sort of arrived like a crash, and they seem to be running out of steam. In that that

I see is as connected. However, a lot of the situations you describe are to do with many things, country specific things, and and they probably are going to get worse again as a result of the economic inequality that will take place after a COVID nineteen, given that the second wave is still battering these countries. So I'm really

not sure we can extrapolate that much. However, again, I do think that Europe and a more assertive Europe and a more integrated block is going to be seen as the answer to a lot of these issues by the governments very really, And we're out of time. But what happens to Angle America? How long more is she chancellor for? And who takes over? Oh? Well, this is this is a big question. That the race to succeed her has begun, and the trans Atlantic relationship is going to be part

of that. Again, I do think that Germany is going to be less inclined to simply just take this constant pro American stance and assume that everything we just go on as before. I think France and Germany are going to become a lot more aligned on this point that Europeans still off its own interest. Leonel, thank you so

much for joining us today. It's always a fascinating conversation with Lionel Lauren, who is a Bloomberg opinion and colonists typically covering Europe and France and European affairs for US, and we thank him. Stay tuned next hour more election count updates. Right, it is time to bring in Lauren Sour. We love chatting with her. She knows everything about the coronavirus and where the research is at, where the potential

for vaccines is that, and so on. Lauren is now Associate Professor of Emergency Medicine at John's Hopkins University, and we really thank her for giving us sometime. Lauren, we're up to sid cases a day in the United States. How much further can we raise from here? Is this exponential? Yet? I think that's what it is on the top of everyone's mind right now. I mean, you know, to go from a hundred thousand for the first time, UM and then one day later have over a hundred and twenty

thousand new infections. It's it's really really concerning to see, UM. And I think the fear is that we are seeing exponential growth and we're not doing anything to change that. You know, there's no new there's no new approaches to lockdowns or um you know, uh, new strata to jus for masking. There these these very basic public health interventions are not being pushed any harder than they were yesterday

or the day before, the day before that. And I think, um, we're going to see the impact of that for a long time to come. We're obviously, you know, several months out from March when we didn't even know what we would need in in a case like a pandemic, and then we realized that we were short on PPE, we were short on you know, ventilators, we were short on

hospital beds. Where are we now still short? Are there states where we're still short and and can other states helped or are we still at a loss for some of these these these necessary items. I think we've made a lot of progress in ventilator access and in PPE.

But we're moving back into respiratory virus season UM, and we're moving back into the winter where people will be more indoors, will be on the other side of the holidays soon enough, and we have the potential to see UM an exceptional number of case growth across the United States. You know, when we saw those UM severe resource constraints and some reasons of the country, it was just that some regions of the country, some specific areas that were

hardest hit. But the potential for places all across the country to be very hard hit and and need these surge capacity and resource scarce resource issues UM happen is more concerning because when it's just a few a few places in the country, you can move resources from one side of the country to the next. Right, you can borrow from a neighbor you can buy you know, a

neighboring state. You can't do that when everyone across the country is experiencing resource constraints and bed capacity issues and personnel gaps. Yeah, it's terrifying. And on the personnel gaps, I mean hospitals have been under pressure and under strain because people have been putting off other kinds of you know, surgeries, elective surgeries and so on, and that's that's also causing health problems. We haven't even got to that still have

to deal with coronavirus. But our hospitals staffed enough? Do they have enough funding? No? I think the answer to those questions is just now. I think the staffing um has ramped up, and there's been some unique staff staffing strategies that hospitals have implemented, but um, you know, nurses, respiratory therapist positions. Um, we're going to need all these an increase in all these staff to manage any increase in in search capacities. And that's just not in the hospitals.

That's in long term care facilities, that's in field hospitals, that's in outpatient centers. When you see the volume of patients increase so significantly, we're going to need staffing and resources to support all that. And we can't just borrow from other areas when all of the areas are affected. Yeah, I mean, it's it's pretty terrifying. Back in March and

I was in New York City. You know, after the first couple of weeks, people were going around like zombies and I don't mean that in you know, any disrespectful way to those who were actually sick, but even healthy people were so shell shocked from what was going on and the thousands of deaths and just the pain. Are we going to see that in certain areas of the country, including New York again, Lauren, Yeah, I think we're all

very worried about that. I mean, you know, it's it's potentially the same experience, but with a much more exhausted and much more overworked and much more overwhelmed UM workforce and so and and not just workforce, just community members, right, so everyone is experiencing this trauma together, um, and without the mitigating factors that we talked about in the beginning

of our conversation. UM, it's going to keep increasing and people are going to continue to be affected, and we're going to continue to bear both the physical and emotional and mental health tool that this is going to enact on our population for years to come. I mean, UM, the healthcare workforce is absolutely exhausted, and to see no end in sight and the cases increasing like this is

it has the potential to be really overwhelming. We have to put strategy is in place to protect our health care workers, not just physically um and in safety mechanisms, but also in their mental and emotional health. I can absolutely only imagine, Lauren, finally and briefly, if it is Joe Biden who is designated the next president, does anything

change in the coming months. I mean, you know, Ken, Joe Biden make any kind of a difference in terms of the policy, given that he would actually be president until January. Yeah, I think he can begin to make the difference so that that concrete steps can be taken as soon as he takes the presidency of the Office of the Presidency and um, I think the hope is just that there's no detrimental impact over the next few

months as the transition happens. But you can see him already starting to build the teams with people that he's going to use to respond to the crisis that we're in. So I think that there's good signs that he's going to implement as soon as he can, strategies to change the course of the pandemic. But I think it is a little bit of a wait and see situation. Lauren. Her thoughts are with you and your staff and everybody

else who is battling this on every front. Laurence Sour is Associated Professor of Emergency Medicine at Johns Hopkins University, and she joins US weekly and more than that, in fact, on Bloomberg to give us updates on the situation on twenty six thousand cases. Thanks for listening to Bloomberg Markets podcast. You can subscribe and listen to interviews at Apple Podcasts or whatever podcast platform you prefer. I'm Bonnie Quinn. I'm on Twitter at Bonnie Quinn, and I'm Paul Sweeney. I'm

on Twitter at pt Sweeney. Before the podcast, you can always catch us worldwide at Bloomberg Radio