all over, international. >> i would say greece is in limbo. the greek finance minister telling bloomberg tv this morning he will quit if the country votes yes. so confused, they do not even know what they're voting for. jobs were added but wages stagnated and more people left the workforce. we go inside the numbers. >> they say do not cry over spilled milk. dump their extra supply into minorca. ♪ good morning, everybody. have rakingeve we economic news right now let's go

straight out for the may factory orders. out 1%,is right, just up 1%. economists estimated, they will fall about half percent according to bloomberg analysts. u.s. as you check out what this has to offer. olivia: thank you so much. let's take a quick look at the markets responding. the s&p, the dow, nasdaq, all gaining on two egg majors there. of course, this is not likely a huge response to the factory orders per se. we got the jobs numbers out, a little bit worse than expected. at least as far as the headline number. we were looking for 233,000. what does that mean?

it gives janet yellen a little bit more room and a little bit more time. she might not have to raise rates as quickly. i am not sure that makes a lot of difference. some wage growth came in lower than expected. i also watch market makers,.. -- duh. toe is what is happening u.s. debt at this hour. yields are coming down a little bit. the yield are down four basis points, trading at a yield of 2.83%. also on the currency markets, i cannot figure out where the euro has been so resilient, despite the fact greece at literally is on the brink of default, maybe it is already defaulted. we cannot figure it out. the dollar is little bit stronger today are the dollar falling against the euro.

what is makingat news on the bloomberg terminal this morning. first up, greece. guy johnson spoke to the greek finance mr. earlier this morning and guy joins us now from athens. guy: amazing to talk. he was in fine form. currently the finance minister. we will see how long it lasts. he was making it very clear for me that he thinks the banks will open tuesday. happen.rtain that will does not think the greeks are having a banking crisis at all. >> it is not that the banks are the problem. perfectlywere capitalized. effectively pushing us to except a nonviable agreement

at the political level. it is a political crisis. nothing to do with the banks. was the great decision to actually close the banks. to a certain extent, responsibility lies here in athens. he castof course, himself as a man of the people. he refuses to wear a tie and likes to ride a moped. matt: a motorcycle. olivia: that is important to clarify with guy, who is literally live in athens. thank you for keeping me honest. going to the atm? he has not asked my question. -- not. i asked him that question. he was like, maybe that is a good idea. he has not been out there with the people, has not been collecting his euros today.

he is at theo know house, you stand at the door. if he leaves his helmet on the -- back to you. thank you very much. we will join you for more. tune in sunday night. bloomberg television will have live coverage of the greek referendum starting sunday at 6:00 p.m. eastern time. i want yamaha to bring that bike to the u.s. but they only sell it in europe and japan, which bums me out. olivia: i am sure a lot of people watching this right now share that sentiment. matt: olivia does not. the oil spill continues to bubble up or just meant to go, bp agreed to settle government claims from its gulf of mexico oil spill five years ago. the company will spend 18 point $7 billion. a merger in the medicaid

insurance business. c is buying health net -- entene is buying health net. more than 12 million participants. it would have 10 million members and a total revenue of $37 billion. univision holdings today. the us-based spanish-language station recently inked a long-term deal to get content from a group or at least 2030. revenues rose about 11% in 2014 to nearly $3 billion. no details yet on the size of the ipo. those are your top stories this morning. still to come, is there a racket in the sky? american southwest are facing an anti-trust investigation for an alleged collusion. we will get the detail. frommore with an interview

the primacy of the said he would sooner cut off his arm before a deal without debt restructuring. output is said to be the highest ever for a fifth straight year and much of it is being dumb to into the dirt at all of that at much more is coming up. jobs first, a rare it fell 5.3%. employers added 223,000 jobs. olivia: we know janet yellen says she wanted to say, what does this mean for the economy? the managing director joining us from philly. thank you for joining us this morning on jobs thursday. mark, let's start with you.

>> we got a strong number in may. matt: does this give janet yellen and the fed a little more time? since they are so data dependent, raising interest .ates >> we have got to look at so many in-depth details, for example the average earnings, to try to guess where the fed heads next. i do not think the federal reserve needs any more cover to delay. their chosen to do that for a number of years, during which economic growth was reasonably and the jobs market

picture was arty looking good. from a market perspective, the odds of the first fed rate hike are shifting a little bit. >> if we keep getting no wage see, i -- they need to think the the necessary condition for the first rate hike is an acceleration. olivia: an acceleration above 2%. >> since the recession, really. that is where we have been it we need to see something moving north. to three.ng my view is we will get it. the numbers we will get will but if i am wrong and we do not get that -- >> currently, we are on for september. jobsbelieve the two reports will show the underlying wage growth. olivia: earlier this morning, we spoke to bill gross. take a listen to what he had to say. bill gross: yellen are clearly

coming in my mind, classically demand driven e-commerce. includes asset bubbles and prevention. i think it will open in september. rather thanms like data dependent, what wage growth is, the fed is getting its cues more from the stock market. why wouldn't they raise rates now? if they're looking at wage growth, we are getting down to almost 5% unemployment flat, it seems like we could at least get 12 basis points out of them. >> the hidden third mandate is broader than at the markets. it is about the idea of financial stability. in an over inflated equity market, if you believe that to be the case, i do not in my colleagues do not.

if you do believe that is the case, it is one side and there is a good argument to be made there should be a bubble popping aspect of fed policy, if you will pair where it really influences the real economy is data points on inflation we have seen, and acceleration in rental rates as they influence cpi and inflation. property values are increasing. a handlehat is really or the fed will need to raise rates in the future, through asset price inflation and rental rates, not necessarily the equity market. olivia: one more question about productivity. a huge newsday with everything going on in greece. you think we are in productivity? it picked up but where is the productivity and that is perhaps the reason we have not seen more pickup and wages? >> is slow. my view is the gdp growth has been understated.

we are producing a lot more stuff out there than we are measuring. the growth is better than we think and that will become evident in the wage growth data as we go forward. >> growth will be week. olivia: one quick question, jeb -- they are talking about 4% gdp in the u.s. is that realistic? >> maybe for a quarter or two, but no. even if you believe the growth is chong are than it is, the best we can do in the long run is probably 2.5% growth. growth -- matt: thank you very much for joining us. we will take a quick break. when we come back, centene --varoufakis says he will

resign. ♪

olivia: welcome back to the bloomberg market day paradigm olivia sterns. matt: a look at some of the stocks on the move this morning, starting with tesla. good news and bad news. let's take a look at the share price right now. it is trading, up 2% right now. we will get to the good news first. rank of america merrill lynch maintains underperformed. it raised its price target from $65 to $185.

idid say we believe tesla shares remain overvalued. to beect regulatory push met with combustion engines on lighter vehicles. 11,500 model about s sedans and it looks like that is why -- also looking for an acquisition in the paypal space. , apal will require zoom premium of 17% from wednesday. zoom is up about 22 .5%. ebay owns paypal and is up about .2 -- two thirds of 1%. matt: there will not be any more negotiations until sunday's's referendum and a new poll says

the vote is too close to call. olivia: now leaning toward a yes vote backing creditor proposals. favor no endorsement of the government passes current position. matt: let's head back to guy johnson. what does it look like now? too close to call. the polls are incredibly tighter this point in time. as a matter of fact, the finance , what happens if it is a yes? yes, we area committed to signing on the dotted line the kind of agreement offered to us. >> you will sign a deal? take this to would the great people. they say yes to these particular

kinds of proposals by the institution, we will do whatever it takes. if a no vote, as we are recommending to the greek people, is delivered, we will -- they seem to be in agreement. our long lines different to that of institutions. are -- what are the greek people voting on? plenty of people out there are saying at the moment you're out of the program. i'm curious what you think. >> it is ingenious. verynted with a comprehensive proposal by institutions. it was more or less on a take it or leave it basis to what we said was, for us, i'm sure any independent observer would agree with this, if we were to agree on that, we would be extending but not for a few months. have exactly the same

situation we had a last five. what we're saying is, please back us to say no, to this theme, which has absolutely no specific fund proposal with it. worth the paper it is written on. this kind of mentality, just you over for ae few months and then we will come back to the same kinds of conversations. it is time to end this. for if it is a yes, what would you be signing? what would you be prepared to sign? >> you have any doubt if it were a yes, the same proposal proposed to me will be back on the table? we'll find a way of finding this. some of us may not be able to stomach it.

i am allergic to extending and pretending. i'm sure the prime minister and everyone the government will do .hat we must do but it will not be a yes verdict. enough extending and pretending. >> if there is a yes vote, come monday night, you will not? >> i will not. >> this is make or break for you. >> but i will help whoever it is in order to push it through there. there is no sense in speculating now. the greek people will say no. of losinge had enough their dignity by signing agreements and making pledges that simply cannot be met because financing is wrong.

>> the current finance minister of greece putting his fate and the hands of the greek people. matt and olivia, back to you. it toyou have got to give the guy, he is cool. lightly -- look so likely there will be a no vote. you're watching people on the streets having to deal with capital controls. that will continue at least for the foreseeable future. olivia: i do not think we could say anything is likely right now. we have no idea which way this to go. he is a guy who has been telling the greek people they could have everything they want. matt: that is bloomberg tv has live coverage of the greek referendum that starts sunday at 6:00 p.m. eastern time. olivia: forget the fourth of july. tune in. are america's big

airlines colluded to make sure you are paying more for your airline ticket? matt miller will tell you next. ♪

matt: u.s. airlines may be flying into some turbulence here in america's's largest airlines are facing an antitrust investigation by the justice department as to whether or not they're colluding with each other to control the supply. newsa: fell by 2% on the down over 18% year to date. that is a pretty steep drop if you think about the fact that fuel prices are still a lot lower than they were a year ago. keep in mind because you cover airlines, you already know the airlines had a killer year in 2000 13. matt: a couple of interesting aspect to the story.

they have the department of justice allowance to practice what is basically a monopoly and may have for decades. there are three major airlines in the country, along with the u.s. regional airlines, they control everything going on. you cannot be a foreign airline and coming here and fly like fort lauderdale and new york. just does not happen. what is alleged here is they are colluding country -- to control the amount of seats. so they contrive drive up prices. less supply. they can then charge more for what they have here the airline is saying, it is going the exact opposite way. if you think we are colluding, wooden we do a better job? we seeing more seats and lower prices. olivia: wesley have the stats on -- annual i.t. are a fair annual itinerary fair.

it is $391 today. look at that weird it is hard to believe. my barometer is a flight from new york to miami. i will tell you -- >> that is your preferred route? olivia: i do. matt: the prices have stayed relatively stagnant. look past --you over the 30 or 40 years, you have not seen much of a change in airline prices. olivia: except for in business clash. thank you so much. that is it, you are done. so mean. don't go away. ♪

olivia: let's get you straight to this morning's's top headlines. the government says employers added 273,000 jobs last month.

the jobless rate else with seven year low of five point percent. age peoplef working in the labor force fell to the lowest level in more than 47 years. wages were flat. we got the white house reaction from betsey stevenson. >> anytime you see flat wage growth in a given month, you want to look around and see what more we could be doing to grow wages. that is something the president has been thinking about every day for a long time. can takethe steps we to grow wages? olivia: there will be two more jobs report or they hold a september meeting. widespread speculation that is when the fed will finally raise interest rate for the first time in about nine years. investors are pulling back from a housing market rebounding without them. made with cash and it has fallen . institutional investors have not been this low in more than 15 years here that is according to

a research firm. sales of distressed properties fell to less than 11% in may. also another record parrot at least 36 people are dead after a ferry accident in the philippines that happened today in rough waters. are still searching for 19 people. more than 100 passengers plan to safety and were rescued by fishing boats. the u.s. formally requested 17 international soccer arrested in -- switzerland. use of taking more than $100 million in prize aaron they all work for visa -- fifa. quite a access show got shock. stephen colbert: i have been itching to host a talk show again but my new theater is not ready yet. i decided to head over to monroe, michigan, look around, and give it a gander.

olivia: stephen colbert and his crew did a friendly takeover of a tv station in michigan. he chatted with the michigan native. the rapper eminem. i love him. and those are your top stories at this hour. still to come here, in an hour, you can call it the great american milks bill. why the u.s. is create -- making a record amount of milk and dumping the leftovers in dirt. plus, michael fassbender plays a complex man behind the apple empire. later, the economist who coined the term says greece will stay in the eurozone. he joins us next. weekend will be all about greece. erik schatzker is on the ground in athens and joins us now with ace -- a guess. over to you. thank you.

i am here in athens. this is an associate professor of the business school. you have been been here for 11 years but you're so in touch with what is going on and you are studying the sustainability of greek debt. have said the greek people, the sunday, in what is being called the referendum, face he does bad choices. what do you mean by that? >> even if they vote in favor of the measures, this is actually a bad deal. most of the measures are decreasesry measures, in tensions. a will see, probably, contraction of the gdp again. it will be a tough problem. i do believe that. erik: i will get to that in a

moment. i the first point you made spoke this morning and someone said pre-much what you just said. provided it is even just on the table any longer, will lead to the further contraction of the economy. >> i can tell you one simple thing. every day we delay the deal, it will be a worse and worse program. it is taking itself in a deeper hole. we need to resolve that uncertainty. the economy is being killed. businesses this week are 70% except for food companies. it is a massacre happening here. uncertaintytop that and get the economy on track. we need to inform the economy.

.: at least we will get an answer. >> perhaps. and resolve that uncertainty. many people see this as a disaster and i personally do not. consensus on get a where greece as a country needs to go. the government says this is about a bailout proposal. you are suggesting it is about a eurozone membership. >> nobody should have a doubt about it. no vote will leave this country outside the eurozone and potentially, some came out outside the european cap -- european's, it will be a disaster for the company here in let me say one thing. most of the greek people feel we belong in the eurozone and the european union. minister, hise

finance minister, they all say a no vote puts us in a stronger negotiating position come monday. what do you say? >> it is very simple. it would be probably 20%. a no vote would be a very easy lost. they weigh their frame -- then it becomes more complicated. and howout marketing you label things and how you market things. in a democracy, most people have a list of priorities that starts with freedom. family probably comes second, certainly with greece, but finances are a clear number three. that is a you feed yourself and a roof over your head. finances are in question right now because the banks are shot. if greece cannot sit back at the table with its creditors come monday, what happens to the banking system? >> it will collapse.

no doubt. in july, these will be disasters. we cannot default. it should not happen. confident -- confident in the will of the greek people to stay in the eurozone here this will be a yes vote, i believe. is awe need to have than broad and collision or a government that will go fast. time matters to the creditors, and start discussing the program. governmentoes any persuade creditors of what you know to be true, that the debt burden on greece right now is unsustainable? >> we need between a greek

government, whatever that might be, and the creditors. that has completely evaporated and has been completely destroyed. i think we need to credibly communicate we will reform our economy. it starts with the public sector. the organization is a humongous one. has 650 thousand employees. we need to make the organization more accountable, more transparent, and better managed. we need to adopt better standards for the public sector. we need to measure and analyze the right things and communicate the right things. any organization in the world. it matters. that is george, an associate professor at the harvard business will, making where the government makes a one thing but the referendum month hyundai is about eurozone membership. back to you in new york city.

twoia: be sure to tune into -- two bloomberg television on sunday. . clothesling -- will bring you more live coverage at six clock eastern time right here on bloomberg tv. still ahead, milk does a body good. why are you at dairies dumping it? we will discuss next. ♪

olivia: welcome back. it is time to get you caught up in all the market action around the world. for that, i want to start out and head over to my buddy mark

in london. ahead of the all important greek referendum on sunday, most recent, creditors seem to be these egg, intractable, immovable objects sitting opposite each other. minister, this great interview, as we all know, with guy johnson, that greece would vote no. he said greece desperately wants to stay in the euro. too deterred by a little movement today. the measure of expected stock index isy to the stock just below the three year, actually set on tuesday. stocks are little changed ahead of the vote on sunday. it is interesting to see the greek bond yields declining for a second consecutive day. a small movement in spanish and

in german bond yields. look at the u.k. bond market. we had mixed data today from the u.k.. most inices fell by the nine months. this is the euro against the dollar, which has moved higher since the jobs report, which seems to be a step forward and a steps -- a step back for the u.s. job market, the euro rising. day is the currency of the within europe. it is the central bank unexpectedly cutting interest rates two -.35%. they could intervene in the currency market. i will hand it over to you. major markets are paring gains from earlier after those payrolls at 225,000 jobs added.

the s&p is nearly flat. we had seen gains. the dell pretty much the same as nasdaq and now turning into the red. let's dive into the bloomberg terminal. 10 sectors in the s&p. we're looking at health care as well as financials are leading the way our utilities come up about 1.4%. you to treasuries and the 10 year prices are rising right now. they are snapping a two-day losing streak here. it is down up to about 2.38% right now. slower than expected, which show the economy is not as strong as many were hoping. -- it had been down by nearly 1%. gold futures right now are trading at 1163, down by .5% there.

is up, rising 1.5%. a few moments ago, it was up off of the jobs growth. more people need to use fuel to get to work. it is now trading because you have got to get fuel to get that there. olivia: bigger market moves and we have seen in the u.s. in asia. the hang seng kicked up slightly but another session for the shanghai deposit saw the index close below a key level. this report was filed from hong kong. >> 26% now. we are below this level. -- we are caught in a vicious cycle. the selling pressure, unmet march -- unmet calls. it feeds into more panic when

they see it happening. the short-term, generally agreed. despitel continue efforts from regulators to smooth in the unwinding of margin debt going on. olivia: here are some of the top stories at this hour. blocking a plan calling it an illegal move to close cold fire -- coal-fired power plants. exceeded its powers for the new limits on power plant emissions third earlier this week, the supreme court said the agency failed to consider cost and benefits before imposing rules. paypal is getting into the international money transferring market. for something called zoom. $3000 to be sent to friends and around the world. off from itse spun parent company, ebay. shares are down as much as 11% in europe right now. the u.s. got -- government is

suing a swedish company to keep it from buying a compliance unit. they claim the acquisition would hurt consumers. those are your stories this hour. america has got milk. .oo much of it the u.s. is producing a record amount of milk and dumping the findbecause they cannot enough buyers. you can see it here. milk output is set to be the highest for a fifth straight year. than ever, are lower down 39% this year. farmers are not hurt as much as you would think. pimm fox joins me now. who is crying over spilt milk? : the farmers are actually making money even though the price is down over a year-and-a-half. say a big harvest, you have got to understand the geography of all of this are the

northeast egg milk reducer and at one time there was a thought there would be a huge demand for , it isand milk products happening but it is happening a lot more and a lot more profitably when the dollar was against foreign currencies. you have got a currency hit weighing on the huge supply of -- available for all these herds, that is making you have got perhaps markets in california because of the dry conditions, farmers in the east would produce more milk there. they all went ahead and did the spirit what happens when you have too much supply and not enough demand? you end up with a situation like this. olivia: those are up close and personal udder shots.

going to do,e you ask the town not to produce the milk? they added to the heard and the idea was a big demand for it. change in currency values. you cannot get, it kept fresh, so we have got to dump it. olivia: plus the issue of perishable. you cannot just put it in a warehouse because it will go sour in a couple of days. pimm: remember the big cheese europe had for a long time? they ended up having to store it. the fact is the farmers took advantage of what they saw as high milk prices. you look to the future, we are seeing prices were high. they said great, we both and the herds, peru's more milk.

-- produce more milk. denmark. remember in butter. that i remember. pimm fox, thank you so much. you are sticking with me. we have a story about apple coming up. the steve jobs trailer is out. steve wozniak spotted key differences between the real deal and movies. details are ahead. ♪

olivia: yesterday, universal released a new trailer for the by optics steve jobs. it takes a tyrannical steve jobs played by michael fassbender. accusing jobs of hogging the credit for their creation. the real-life steve wozniak said that never happened.

take a look at the trailer. >> you are not an engineer or a designer. i built the circuit board. the piece was stolen. times in a day, i read that steve jobs is a genius? what do you do? the film opens in october. .imm fox is back with me slightlypaints a different portrait than the book written by walter isaacson. it is interesting that danny boyle, the previous director of slum dog millionaire, spotting, trading a lot more attention in the film than many people will think about when they think about steve jobs. it brings a darker side to steve jobs. olivia: what else can you tell me?

pimm: they have been very tight in releasing information about it. there is aappears big component about how he treated members of his family and children and so on. it seems as though it is being designed for emotional impact and whether it will necessarily satisfy the desire for technology at apple. you see the one with ashton kutcher? steve wozniak apparently hated that one. the hope there is that this one will be a little more accurate or authentic? would also ask, did people really want to see more about this. obviously, the folks at believe there is more appetite for steve jobs, to increase the buzz. they have already sold

north of 700 million iphones? that is a lot of potential moviegoers. pimm: 4.4 million and counting. thana: 2.4 million is more i would have prison -- expected. this guy has traded all this technology that has changed the way we live. it will be interesting to see whether this bonds a dish -- additional movies of these forces. we had "the social network" about mark zuckerberg. and glamorized them in a way people work for them do not necessarily feel at the time. title of this would be the wrath of steve. at least according to the trailer, a major temper. olivia: and i love seth rogen. and michael fassbender. pimm: it'll be interesting to see if there is fall back. olivia: very true.

pimm's sticking with us. you will not want to miss more. still to come, live to athens. plenty of news is coming up. we will take you there. guy johnson, we will both bring you more live interviews and also talk to the godfather here. plus we go back live to the ideas festival. betty liu bringing you more live interviews there. plenty to come. stay with us. ♪

♪ olivia: good morning, it is 11:00 in new york city and 4:00 p.m. in athens. pimm: welcome to bloomberg market day. state of chaos -- getting ready

to vote on greeks -- on the greek referendum. thursday,rare jobs the jobs board is out and the results are mixed. new jobs were added and wages are still stagnant. pimm: tesla takes off, jumping 52% setting a company record. ♪ we are 90 minutes into the trading day in new york so let's have a look at how markets are performing. you want to look at treasuries. olivia: we are off tomorrow for the fourth of july holiday. not a lot going on in th