>> from bloomberg world headquarters in new york, i'm mark crumpton. this is "bottom line." the business and economics with a main street perspective. to our viewers here in the united states and to those of you joining us from around the world, welcome. we have full coverage of the stocks and stories making headlines today. shelby holiday looks at the troubled times of golfer tiger woods. emergency talks on the crisis in ukraine intensified. we begin with bloomberg market correspondent and an overview

of the market action following the strongest three-month jobs gain in the u.s. in 17 years. good afternoon. >> good afternoon. heading into this january jobs report, there was a lot of talk that payrolls might disappoint because the jobs numbers are often underestimated by the government at the start of the year but it was strong across the board. whether you're looking at payrolls, the participation rate or wage growth. so the focus really turns to what does the federal reserve do next? dennis lock hart, the atlanta fed president, also a voting member of the company, gave us a little bit of an idea. he just finished talking and the takeaway from his remarks is that he's keeping options open for a june interest rate increase. he said public expectations for inflation have held steady. that's compared with market-based expectations. he also said don't ignore what's going on in europe, even as its effect will likely be limited. >> give us a summary of the reaction and the market, the fixed number world moved -- income world moved immediately

on those numbers. >> absolutely. you saw an immediate she'lloff in short-term debt -- selloff of short-term debt. the two-year yield, price goes down, so yield goes up. so you're seeing a move up in the yield. thin crease right there, to this level, is the big nest about two months. it went from 52 basis points to almost 64. we went above that line at one point. currently right about 63.55. longer term, if you look at how the two-year yield has performed over the last few months, you see lots of peaks and valleys. the two-year yield much more sensitive to interest rate expectations. if you look at those yields they have moved higher as well. in addition, when you look at stock indexes, they've moved up and down a little bit here. they got a little bit of the wind knocked out of them after s&p downgraded greece's credit rating and right now they're posting losses but not very large losses. >> thank you.

i am joined in studio by michelle. senior u.s. economist at bank of america-merrill lynch and global head of fixed income strategies at jpmorgan asset management. ladies, well come back to "bottom line." this headline number doesn't tell the whole story here. there was strength across the board in january. is the u.s. labor market now ready and poised for an acceleration? >> i think it's happening. i think today's report made it pretty clear that the labor market has picked up momentum. i know three-month moving average, we're above 300,000. after november ended up being 423,000. imagine that was released in realtime, what the reaction, what the sentiment would be, about the labor market. so i think that this was, without a doubt, a strong report. we're seeing accelerating job creation. and i think it's just a matter of time before it translates to greater momentum broadly in the economy, particularly wage growth. >> we did see a bit of an uptick in wages today.

that's something that we watch because that's what's going to inform the fed's decision to move interest rates. it's really that inflation pressure that drives the front end and as we saw earlier the yield curve in the front end, the two-year especially picking up, is reflecting higher expectations for the fed. we've seen expectations for the june rate hike move from 17% in the market to 27%, so the market's clearly pricing in this better data. >> does this mean, as you mentioned, wages are, are we going to see wage momentum as well? >> i'd defer to the economist but i sure hope so. >> how does it look? that's been one of the sticking points. yelin has mentioned that, that we see these numbers and sometimes they're all over the place. but when we see strength, week of been seeing wage stagnation. but as you mentioned, we saw a slight uptick. what was it, .5%? >> that is large but it followed a decline of .2% in december. so we're running at 2.2% on a year over year basis. that's still sluggish wage

growth but i do think that the mechanism is now in place where we've seen sufficient job creation, declining unemployment rate that the labor market should translate to wage growth. there's clearly lags and those lags are probably longer than a lot of us had given credit to. in our view, maybe june is a little bit early for the first rate hike. our baseline is september because inflation otherwise right now is running at pretty low levels so the fed clearly needs to have that confidence that wages are accelerating some of the downside risk to inflation. >> what's your baseline look like for a rate increase? >> we're still looking midyear. but certainly the last fed statement was a bit more dovish or we read it that way. so we're looking for in the march state whether or not they remove the word patience. patience is the early indicator of potentially moving. they don't have to but certainly that's still in there it i think would price june out. the other thing that keeps coming up in terms of the inflation discussion and the fed tightening discussion, is the strength of the u.s.

dollar. so we started to see some corporates out warning that the strong dollar is limiting their ability to be profitable, if they're exporters right? so this is acting almost as a quasi-tightening by having a stronger u.s. dollar relative to the global economy. >> let me ask you both something about inflation. my colleague of bloomberg view has a fascinating column called "full employment, jobs versus inflation" and he writes, and i quote, there's a lot resting on a debate about how much further, if at all unemployment can fall without causing inflation to take off. end quote. let me begin with you. is there a danger that unemployment will fall too much? >> the unemployment rate has fallen at a faster rate than, i think, the fed was expecting. we were expecting. part that have is because the labor force has failed to take off. you have a significant increase in the participation rate. so it gets to a point where we're at the normal level of

the unemployment rate or below what we would consider, but i'm not scared of that. i think we should welcome that. it means that the economy has enough momentum and has enough strength that we can see wage inflation and then we can ultimately see overall inflation. i think if we get to 2% or above 2% for core inflation that's a good development, not something we should be worried about. >> i think the other critical component here is the labor participation rate. so we've seen that come down dramatically over the past two years. and especially with this report as the unemployment rate ticked up it was because in part of that .2% increase in labor force participation. one of the moderating effects to the lower unemployment levels will be more people coming into the labor force. that's going to keep a lid on wage growth, which should pass through to a lid on inflation. >> the fed's measure of full employment ranges between 5.2% and 5.5%. yelen has said to look at nearly a dozen pieces of data when she assesses the true health of the labor market. does that mean that a jobless

number that is within the fed's range is still not enough for her to move on interest rates? >> do i think that the unemployment number and janet yelin has said this repeatedly, is not the sole indicator we should be looking at. what we look at is the labor market's condition index which is a number of indicators, which include things like underemployment. ultimately what's going to drive the fed's decision is not a single unemployment number, it is i think labor market conditions to some extent, but it's really that risk of inflation, being easy too long driving inflation. i think we've already had asset inflation. we can argue yes or no on that one. but we really haven't seen broad price inflation, especially with oil being extremely weak and again the stronger dollar the inflation situation is not likely to be one of huge concern for the fed. >>ing me mentioned oil. the collapse in prices. is that affecting the jobs data at all? do we see that? >> there's two ways you can say it can be impacting the data. the one hand, on the positive,

the declining oil price and gasoline prices is a boost to the consumer. so greater consumer spending, if that's happening, would support retail trade hiring. it would support hiring in other industries where the consumer could be increasing expenditures. and we did see a pickup in job growth in the retail sector. whether or not that's directly attributed to the drop in gasoline prices is debatable. the other area on the down side would be if energy companies start to cut workers. the challenge survey released yesterday had a notable pickup in job cuts in the sector but i don't think that's yet translatinging into the actual payroll numbers. that will happen over the next several months. >> i'll let you get the last word in here. >> i agree with those points. the immediate impact we've seen from lower oil prices is something like 2,000 jobs lost in the oil and exploration sector. but the pickup, more broadly, i think is a story about the consumer. so what's happened in this recovery is you've had a great asset price appreciation, a lot of home prices, so that typically tends to benefit the

more affluent households. lower oil prices benefit directly to the sort of bottom two -- 2/5 of the income bracket and so it disproportionately affects their ability to spend, so there's much more ability to discretionary spend when you're saving money from oil prices that have been cut in half. so that's a very positive story about the consumer. it benefits the group that historically has not benefited from q.e. and certainly we're seeing that come through in the spending and retail data. >> meg and michelle. thank you so much. appreciate it. >> thank you pleasure. >> let's get you some of the other top stories that we're following on this friday. radio shack, the 94-year-old consumer electronics chain, has filed for bankruptcy protection. half of its 4,000 stores will be turned into sprint locations. the others will be shut down. radio shack has struggled to compete with big box stores and online retailers. professional networking service

linkedin came out with a full-year forecast that beat estimates. their push into china and new products geared toward advertisers and sales people are apparently starting to pay off. more problems for tiger woods. he pulled out of the first round of a tournament because of back problems. woods was two over par on the 12th hole of the farmers insurance open in california yesterday. when he withdrew. he says his focus is on getting ready for the masters tournament in april. we'll have more on the tiger woods story from shelby holiday coming up a little later. that's a look at the top stories we're following at this hour. up next, the crisis in ukraine has already claimed 5,000 lives. german chancellor merkel and french president head to moscow in hopes of securinging a breakthrough in the ukraine crisis. ♪. -- ♪

>> welcome back. it's 15 minutes past the hour. let's check bloomberg world news. a purported statement by the islamic state group claims that a female american hostage has been killed in jordanian air strikes on the outskirts of the group's main strong hold, the northern syrian city. the statement, which identified the womans a kyla jean muller, said she was killed during midday muslim prayers, so far no comment from the white house. resilient president is footinging -- putting her faith in a state bank executive to guide brazil's national oil company out of an unprecedented graft scandal.

the president chose the company's new c.e.o. he's set to take over. we will have more on this story coming up in the latin america report. that's the latest world news. we will have another update coming up in about 30 minutes. german chancellor merkel and french president hollande are in moscow for an emergency meeting with vladimir putin. they're scheduled to discuss the deteriorating situation in ukraine. we are in moscow. you've been reportinging on the putin era since it began. what do we know so far about the progress of the meeting? >> very little. because it is very much no reporting from outside or from inside of the room. we know that the leaders, the three of them, sat down a short

while ago. the french and german leaders flew in and immediately went to the kremlin to meet with the russian president. remember they spent five hours yesterday with ukrainian president. we know what they want to accomplish. they want a ceasefire in the east of ukraine. and they want to try and get the peace process going again. but there's a lot of skepticism because, as you know, i've been to a lot of these negotiations now in milan, in normandy, in geneva, this has been going on for a year. none of the negotiations thus far have proven to be -- have yielded any real meaningful longing peace in ukraine. >> if they fail to make headway with president putin, what's next? >> that's a very good question. there's a lot of concern that the crisis in the east of the country is going to escalate. it already has over the last week. the talk potentially of arming the ukrainian military

something that the u.s. is considering doing, some people say it could turn this into a proper proxy war. that's a term we haven't used in the last couple of dengeds, right, with the americans arming the ukrainian side, the russians arming the pro-russian side. everyone at least here in europe thinks that would be very, very bad. we've heard many european leaders, including the two that are sittinging down with the russian president right now, say that's bad. so it would be bad in terms of the military situation and also economically of course. you know ukraine's currency lost half its value in the last week alone. that's on top of losing half of its value last year. the russian currency has seen a similar plight. >> thank you. our washington correspondent is tracking the u.s. take on the meeting with president putin. now from washington.

peter, how optimistic is the obama administration that the talks in moscow will yield some results? >> they're certainly supportive of president hollande and chancellor merkel's efforts to reach a peaceful solution but there's skepticism that there will be any breakthrough at this conversation with president putin. susan rice, the national security advisor to the president, speaking here in washington the last hour or so said they don't want to prejudge anything, they don't want to pan these discussions -- conversations, they want to see what comes out of it but they think it's a long shot at this point, given the actions they see on the ground from the russians. you have vice president biden in brussels today criticizing russia for its role in this. acruising -- accusing russia of trying to redraw the map of europe. i think it's a safe bet to say that the u.s. is watching very warly what's happening in russia right now. certainly encouraging of the europeans, trying to stand side by side, show as much solidarity with the europeans. but the question as to whether or not thatch is going to come out of this. >> is the u.s. any closer to a decision on whether to give the ukrainians lethal military aid? we've heard many members of

congress saying that it might be about time for the united states to do just that. >> the conversation, the discussion is still ongoing. the president's been reluctant because he's heard from the europeans and others that maybe it would be an escalation, it would escalate the confrontation with russia if the u.s. were to provide lethal military arms to the ot -- to the ukrainians but it's clearly being reassessed at the white house and i think the timetable we're getting and even susan rice was asked about it just a short time ago, is the u.s. conversation once the president has made with chancellor merkel here monday in washington, we might get a decision at that point from the president, whether or not he will give the green light. he is certainly under pressure from republicans and democrats on capitol hill to take that step. >> speaking of the president, he's traveling he's on the road in indianapolis. what are we going to be expecting to hear from him? >> i wouldn't expect too much on the foreign policy front. although we could hear something from the president. but he's going to be in indiana, you can see the stage there. he's going to be talking about his community college plan.

his effort announced ahead of the state of the union provide free community college for americans. he's traveling of course to another red state with a red governor. mike pence of indiana. and he's picked that location for a reason. >> our chief washington correspondent, peter cooke, joining us. thank you. the u.s. jobs report has been good for dollar bowls today. the u.s. currency approaching its highest in a decade. but it's bad news for companies reporting earnings. the down side to the dollar's upside. next. ♪

>> as the u.s. economy has improved, especially relative to its global peers, the dollar has strengthened. the currency has gained 17% over the past year. it's near its highest level in

more than a decade. for more, let's bring our markets correspondent here. you've been talking to a lot of people the past couple of weeks. this is hurting u.s. exports, among other things. >> it is. week of heard from a lot of companies. an awful lot of companies that have said that because of the strengthening of the dollar, when they bring their profits back home from abroad, they're worth less in u.s. dollars. once do you that conversion. and when you look at the number of u.s. companies that get a lot of their sales from abroad, you see why this is such an issue. one estimate from standard and poor's puts that number at 46%. that's 46% of u.s. sales from u.s. companies coming from somewhere abroad. and because in the fourth quarter of the year we really saw basically the dollar strengthen against every major currency that this was a problem. for example, if you look at the yen, let's look at the two mainly currencies. if you look at the japanese yen, it fell 14% or you could say the dollar strengthened 14% never sulls the yen in the fourth quarter. that is year over year.

if you look at the average price of the yen in fourth quarter 2014 versus fourth quarter 2013. when you look at the euro, it was an 8% decrease in the euro never sulls the u.s. dollar -- versus the u.s. dollar. it's really been across industries. from everything from procter & gamble to united technologies, to pfizer, to dupont. 21st century fox. these are the companies that have come out and cut their forecasts as a result of this dollar strength. >> is it going to continue to be a problem? >> there's a lot of debate over that. part what have characterized the fourth quarter over the fourth quarter the prior year was the sharpness of the difference. the magnitude of the change in the dollar, so some of that was companies that either were not hedging enough or were not hedging at all, so it really took them by surprise. the magnitude of that gain, so what we continue to see -- when we continue so-to-see that it's not clear. when we continue to see dollar strength, many forecasters say we will continue to see it at least to some extent, especially as the fed begins to

raise interest rates. >> all right. bloomberg's senior markets correspondent. thank you so much. coming up, we'll preview the 57th grammy awards show. bottom -- "bottom line" continues in a moment. ♪

>> welcome back to the second half hour of "bottom line" on bloomberg television. i'm mark crumpton. thanks for staying with us. let's get you some of the top store stries we're following at this hour. let's get you the price of crude oil as floor trading comes to a close. you can see the train day chart. crude up about 2.3% at $51.68. a surprisingly strong jobs report for january. employers added 257,000 jobs last month. that was more than forecast. the revised three-month jobs figure is the highest in 17 years. also wages grew more than expected and the participation rate ticked up.

in merger news, harris has agreed to buy defense company exeus. they're looking to expand into aerospace systems. investors in harris will own 85% of the combined company and shareholders of exeus will own the remainder. the national academy of recording arts and sciences will present the 57th grammyy awards on sunday. every artist featured streams their own music. founder and c.e.o. of cure media, music streaming company based in connecticut, he joins me now in studio. sir, welcome to "bottom line." thank you for your time. >> thank you for having me. >> we hear about the grammy bump. that's when winners and nominees see an increase in sales and albums, if they get the nominations or win. is there a streaming bump as well? >> i believe so yes. people nowadays listen to more and more music because they're

walking around with their mobile phone, so they can at any time tap into the cloud and listen to their music. absolutely. as the grammys come up people are listening to more. >> talk to us about the streaming music model and how it has changed the fortunes of this year's grammy nominees and the industry at large. >> absolutely. so streaming has become much more important to artists and to labels, as a matter of fact. c.d. sales have continued their decline roughly 20% per year. downloads are also in the decline, roughly 13% or 14% a year. streaming is becoming more and more important as we move from ownership to access. >> speaking of ownership to access let's talk about your company. you have some heavyweights from the music industry who are helping you as you try to change the dynamic of how music is obtained by consumers. tell us about some of the people you have with you. >> i'm fortunate to hang out with these cool guys. john lack is our chairman. john is the creator of m.t.v.

and espn and bob jamison was the c.e.o. of r.c.a. records and signed big acts like dave matthews cristina aguilera and kings of leon. heavyweights, it's nice to have these guys involved because as we want to make progress with the industry, they know a lot of people, so it really helps. >> you say making progress with the industry. does the industry want to make progress with you? >> they do. in fact, week of made a lot of progress on our content licenses. yesterday we announced that we agreed to principle terms with a major labor and are moving on to formal contract. >> do they see the future the way you see the future or did you have to do some convincing to get them along? >> we've had to do a little bit of convince bug they see it. basically as you look at the spectrum of the industry you've got free ad supported products on one side, so pandora and a few others pandora's clearly the leader in that category. and then on the other side of the spectrum you've got the $10 per month on demand products

like spotify. >> we're a hybrid. we see ourselves in the middle of that spectrum, kind of on the left side of the middle. we're coming out with a product that is a hybrid. it's an internet radio product that includes the interactivity and the internet radio station creation that you can do with pandora, but with more interactivity. along with an on demand component as well. no interruptive advertising and some really cool social features. as an example, users can add a photo or videos to their music and share it with friends. so imagine being able to send a photo with a song, write a little message on it and send it to your friend. it's a little bit of snapchat, a little bit of instagram and a lot of music all combined in one. >> did some homework on you yesterday. you wrote the block may 28 of 2014 and it read in part, it's time for the music industry to learn a lesson from cable and

provide consumers incentive to pay for music again. end quote. has the industry taken heat? >> the industry, what's happening is they don't benefit greatly from free. so there's a lot of heat. what's happening is at the $10 price point, the models aren't scaling like the industry would hope. the reason that is is $10 per month, $120 per year -- >> is that a price point that people can't stomach? >> it's a lot more than the $24 to $48 that consumers spend on average. so in our target demographic is the 12 to 34. and basically they're interactive, they're ifrl but they can't afford $10 per month. and they're not happy with advertising. >> how do you set yourself apart? >> we have this hybrid model, very social, at a compelling price point. that's how we set ourselves apart. there will be no interruptive advertising, and our social tool set is, you know, is very -- it's something that consumers really, really desire. we want them to come into cur and have fun. it will be a very fun product. >> about 20 seconds left.

are you the industry's future? >> i believe so, yeah. i believe we have the opportunity to take over that middle tier or middle category that i was talking about. >> cur media, music streaming company based in connecticut, sir, it's a pleasure to meet you. thanks so much for coming here. coming up, brazilian president banks on a banker to run brazil's national oil company. those details when "bottom line" continues in a moment. ♪

>> welcome back. it is time for today's latin america report. let's drill down into brazil's state-run oil producer they're dealing with a management shakeup. corruption and lawsuits. we're following this story. the president has chosen a new c.e.o. for the company. what can you tell us about him? >> the new head will be a man who ran the state-controlled bank for the last five years. this will take effect once

foster steps down. remember, she as well as five members of her team resigned and the board met today to really forge this new leadership forward. remember that scandal we spoke about earlier in the week? the government and executives getting kickbacks from inflated construction contracts has really put a strain on petrobras. >> what's the early scuttlebutt we're hearing? do people think ease the right choice? >> no, not at all. the real worry here is that he will lack the independence to really help petrobras out of this mess and the government controlled both petrobras and the bank where he eased to -- where he used to work. there's lots of questions whether he can operate on his own. the market really wanted someone not close to the administration. they also wanted someone with actual oil experience. him being the c.e.o. will be negative for the bond market. but the question was who from the private sector would actually take the job?

with the scandal hanging over their head. plus, the company has lost $100 billion in market cap since september. has a huge debt load $135 billion. no access to the capital markets until it can release audited third quarter results which it can't do while the scandal is under folding. he has this huge as it income front of him. and his main goal is to find a consensus of the cost of the corruption case -- i mean losses calculated so far over about eight years could be as much as $1.5 billion and that could also mount. by the way petrobras is also an oil company and needs to keep operating. it did have have record output, almost -- excuse me, three million barrels a day, but it's facing multibillion-dollar writedowns, the oil prices falling have hurt the company. fund managers are now just fleeing away from the country. it's definitely not over. there are now calls for inpeachment of the chairman of petrobras from 2003 to 2010

when these kickbacks were happening. so this drama is nowhere near done, despite the c.e.o. replacement. >> we just saw that the one-year chart telling the story. the shares down 42%. thank you so much. and that is your latin america report for this friday. up next, encore, your guide to the biggest news makers of the week when "bottom line" continues in just a moment. ♪

>> it's 45 minutes past the hour. let's check bloomberg world news. president obama has released his new national security strategy. and the document, the president says the united states must resist the urge to, quote, overreach abroad. it also highlights how the u.s. will confront global threats ranging from islamic state to russian moves against ukraine, as well as outbreaks of infectious diseases. the president says many of these challenges will take years to resolve. on sunday, greece's new prime minister will lay out his plans to revive the country's

economy. he will try to honor campaign promises to end austerity measures while at the same time trying to keep from making his european creditors too angry. today greece's credit rating was cut from b to b minus by standard and poor's. that's a look at world news. we'll have another update coming up in half an hour. one week after playing the worst round of his professional career tiger woods dropped out of the farmers insurance open in california yesterday. with an injured back. woods' performance directly impacts the popularity of golf and its financial success. we are following this story. what does tiger's absence mean for the game? >> there's speculation about whether or not tiger woods withdrew because of his back or his playing. but whatever the case, his absence means people just simply won't care as much about golf. now, before this tournament, tiger spoke to reporters and said, there's one event he's really focusing on right now, take a listen. >> the whole idea is that i

should make sure i'm ready for augusta. i have a lot of rounds to play between now and then. that's where we're building towards and if i happen to play well enough to get in, great. if i don't, then still trying to peak for augusta. >> so anyone with a financial stake in the game is just praying that tiger woods gets better and that's because he's a huge economic driver for the golf industry. if you look at television ratings, when tiger woods is playing, television ratings spike. when he's not playing well or when he's not playing at all, those tend to go down. so he has an impact on television ratings and that also drives other factors. if you look at ticket sales, for example, when tiger's playing well, people want to be there. i talked to stub hub yesterday. they said in 2013 tiger woods -- this is the year that he was playing really well and had a shot to win, ticket sales are 50% higher than when he wasn't playing in 2014. so there are all these different indicators that show when tiger's in the game the

golf economy does much better. >> so clearly tiger has an impact on professional golf success. what about the game's bigger picture? >> if you look at his career, you can see these kind of peanings and valleys of when tiger had tremendous years when he won a lot of tournaments and that tends to mirror all kinds of different factors. the popularity of the game the amount of money that people spend to play the game. course construction. that there are also things like sponsorship revenue. you can't really quantify the value of his nike swoosh, but when tiger's playing in tournaments, how many minutes do you see that? there's no doubt tiger has a tremendous influence on the game. he might not be the best player, that's debatable, but he's definitely the most influential. >> shelby, thank you so much. it's friday. so we bring you encore a look back at the most notable news makers from this past week on "bottom line." >> i don't know that the rhetoric there is what's important. the question is, are these proposals, you know, reasonable

and are they likely to be enacted? i'd say most of them are reasonable and most of them are not likely to be enacted. >> i think we've reached the tipping point here. the advertisinging on the super bowl despite the fact that it has this huge audience, it does not deliver a return on investment. the big winners probably won't sell another can of beer. coke coala won't sell another coke but they have very heartwarming, human interest commercials that were extremely well produced and that blitzed the internet. >> we're pursuing a strategy of building our brand from coast-to-coast. we started that two years ago. we moved away from local market names. some of which were 100 years old. and branded company auto nation and within two years we have higher awareness and higher consideration for the name autonation than we did for all the legacy names combined. you combine that then with our

internet strategy, which is going transactional, and linking our technology directly into the stores, that's a winning equation for our customers and in the marketplace. >> certainly the move in the dollar that we've seen the last few months is going to be a big headwind for exporters here in the u.s. it's been offset to a large degree by declining energy prices but to the degree the dollar keeps moving up like this, it may, you know, start to enter more and more into the fed's considerations. we haven't heard that a whole lot yet from fed speak, but at the rate the dollar's moving, i think we need to be sensitive to the fact that it could start to change the forecast. >> gold takes a beating from today's jobs report. gold down over 2% following the biggest three-month jobs gain we have seen in the u.s. in 17 years. wow. >> wow is right. if gold didn't take a beating last year, it sure is taking a beating today.

part of it is the better jobs number, that gives some clarity into a rate increase, perhapses from the fed, higher rates, worse for gold. that's sort of the thought process. t.b. securities says gold could see $1,200 in the short-term. so definitely a little bearish sentiment surrounding it right now. >> it was interesting because when those jobs numbers came out, and i guess 8:30 this morning everybody said 257. you look at the markets and after 9:30 when the markets opened, it almost seemed like people were either stunned and they didn't know how to read it. >> it always happens like that. historically if you look like, that a bad jobs number, we're usually up by the end of the day and a good jobs number, down to flat. i have no idea why. either pethut -- they put in their trades and they don't want to trade anymore, i have no idea. when it comes to gold in terms of where is a safe haven this is maybe a bullish case could you argue, some are saying. because if you need a safe haven right now, where are you going to put it? you can't put it in a swiss bank anymore. some are saying that perhaps

hsbc in particular say the current market geopolitical risk, all that have will be a benefit for gold going forward. one of my favorites is on "street smart." we're going to talk all things tech. madonna has a video out on snapchat and is going to go to youtube. i'm pretty excited. she's performing at the grammys. so we're going to talk about the relevance of snapchat, as well as facebook and geopolitical concerns, as well as hacking. >> and facebook global ambitions for facebook. >> exactly. is it just about getting more people to sign up for your service or is there a bigger picture going on here? the role of social media for good and for worse for recruitment for terrorists but also really good for helping start revolts in a good way. it's the good and the bad of what social media can do globally. tune in. it will be fun. >> "street smart" top of the hour. we will. thanks. stay with us, our chief markets correspondent will have another edition of "off the charts" on the other side of the break. "bottom line" continues in just

a moment. ♪

>> feeling stressed out? a new report says americans are now feeling calmer than they were before the financial crisis. but pockets of stress remain across certain demographics. bloomberg's chief market correspondent is back from the breaking news desk with a breakdown of an anxious america. >> i'm smiling right now buzz there's a lot of stress going on underneath.

the average reported stress level is down, according to the american psychological association's annual survey. stress is now 4.9 out of a 10-point scale, versus 6.2 in 2007. but stress does abound and it's the usual suspects. as you would imagine, money stresses people out the most. if you take a look at our first chart, let's pull that up. you can see the money, the white line certainly the highest of the four lines. even as it's come down overall since 2007. work is the second biggest source of stress although in 2007 work actually beat out money as the number one source of anxiety. family responsibility is the blue line. no longer as big a source of stress for the majority of americans. it's now around 47% versus 60% in 2007. it -- health concerns also at the bottom. >> who's stressing the most? >> on average young female lower income workers. the older you get apparently the less stressful you are. if you look at the breakdowns by generations millennials say they're stress level is --

their stress level is 5 1/2 out of 10. my crew next at 5.3. it comes back to money. 3/4 of both these age groups cite money as the reason. 64% of americans overall. women report higher stress levels than men and those in lower income households also feel the heat more. we pull up the lower income households chart. let's show that one. there we go. lower income households is the white line. and you can see that they feel a lot more stressed out than those making above $50,000 the yellow line. what's interesting is that it didn't used to be that way. if you look at the left-hand side of the chart they were both equal at just under 6.4 in 2007. but the financial crisis in 2008-2009 created this gap that has not closed and has actually widened over the last two years. even as overall stress levels have declined. >> i find this interesting because we are talking about being about five, 5 flaff years removed from what people say was the end of the crisis.

any idea why this has been so prolonged? >> it's a bit of a -- i mean, i want to say it's generational but it's not so much that. it this was such a big defining moment in people's lives and perhaps it takes a generation for you to get over the shock of what happened. that might be part of it. people have grown up with this shadow over them. what's interesting is how people deal with stress. because certainly that changes with the times. people still resort to the boob tube television, as a way to relieve their stress. but you can see in our next chart that surfing the internet is not too far behind. screen time is a sell for everyone. whether it's a tv screen, computer screen, the tablet screen or the phone screen. 40% of americans watch tv or movies and they log in about two hours a day. millennials in particular like to vedge out in front of the -- veg out in front of the tv with 58% of them binge watching regularly. i would argue that not enough people take a nap or go to sleep and somewhat encouragingly only, if we can pull that chart up, about 15%

drink and 12% smoke. what's your preferred stress reliever? >> i'm hearing this and i'm thinking, why not go to the gym? >> yes. you would think so. maybe that's linked up with money. because people tend to pay a lot of money for their gyms and then not go. >> scarlet, thanks. get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com. that does it for they hadition of "bottom line" on bloomberg television. i'm mark crumpton reporting from new york. thank you so very much for joining us. have a great weekend, everybody. i'll see you on monday. "street smart's" next. ♪

>> welcome to the most important hour of the session, 60 minutes left to the closing bell. investors betting on the u.s. economy, stocks briefly touching an all-time high before pulling back. that's after a report coming stronger than forecast u.s. jobs growth. we'll focus on how investors are reacting to today's blockbuster report and i'll talk about the strength of the u.s. economy with the one and only gary shilling, author of "the age of delefpk rajing." -- "the age of deleveraging." "street smart" starts right now. here are the top storie