[closing bell ringing] we've got some cheers there. stocks are falling ahead of greece's referendum. the jobs report fueling doubts about the timing of higher interest rates. joe: the question is, what did you miss? there is a trend going on today. mixed result in today's unemployment number. we dive inside the data. alix: and the countdown to greece's crucial referendum. who do you think will win? joe: and we talked to the ceo about popeyes about food costs and the state of the fried chicken industry. a two dayks snapped winning streak. the dow is still negative for , this5 and for the s&p was the first weekly move of about 1% we saw since april.

we did see a lot of movement in stocks. you can imagine, everybody quitting their trades and just go to the beach. you're not going to see a lot of volatility or action, but the markets were interpreting the number is more dovish than anything else. joe: nothing too dramatic. -- someresting sector travelments about easing restrictions, so they had a good day. alix: seven days as opposed to five days. nevertheless, 1300 67 days since our last correction. that's pretty exciting because we are a week away from earnings . joe: speaking of countdowns or count of's or anniversaries, this week was the sixth anniversary of the economic recovery. it has been so long and yet it still looks like the recovery is

going to go on. there's no recession insight and that's one of these permanently disrespected recoveries. no one has taken it seriously but it keeps chugging along. like the run we have seen in u.s. stocks. it's the most hated bowl rally. no one wants to be excited about it but we still climb higher. speaking of economics, i want to take a look at this morning's job numbers and look at the main unemployment rate. it measures discouraged workers, people on the fringes, we got a nice trop from last month. -- a nice drop from last month. this jobs report was not great, but these key indicators -- this yellenndicator janet

likes to watch. it keeps improving and we keep getting numbers where the fed is going to like what it sees. my deep dive year, i want to get into the bloomberg terminal and talk about the baker's hughes recount. this was crazy cool today because for the first time since december, we added oil rigs. oil a slight uptick -- 12 rigs added. the reason that was a big deal as we have seen the oil rigs come off as we have seen oil prices come off and shale has been starting to add some rigs back. all five of the prolific plays added rigs. the reason this matters is if oil companies are coming back again, they are going to keep drilling and that will have some issue for the recovery in oil prices. the oil rig declines have

become so consistent that i almost stopped paying attention to them. now they are back up. alix: it was really exciting. for more on the big story, i want to bring in our guest, a bank of america merrill lynch head of u.s. equities and quantitative strategy. also a u.s. of oregon -- university of economics professor from the university of oregon. what is -- what does today's report mean for the fed? does it change anything for the fed outlook? guest: i don't think it's going to change anything about the pace, i forget fits well with the view that we will have a gradual up tick in rates. as far as the timing, it pushes septemberle awayfrom

toward december, but we have a few more reports to get do a lot more data. today's report change anything for your perspective? inst: the fed starts september, they've hiked 25 basis points every other session. but the jobs report today was m eh -- that's my technical term, a quantitative term. i agree with the rationale. to be a quiet summer. there's not that much information a comes out over the next few months. not a lot of fed rhetoric is going to come out over the next couple of months, which is interesting. that could add some nervousness to the market. joe: one of the disappointing numbers was the wage growth number. what do you chalk it up to? why are we disappointed by this number month after month?

guest: it's hard to argue other thanat -- there's a lot of slack in the market. we are above the rate of natural employment and it's keeping a lid on wage growth. that's what we are looking at. alix: the other big part that stood out was the labor force participation rate, at its lowest level since 1977. janet yellen seemed to think as the market recovered, more people would come back into the labor force. is this an anomaly or a trend? guest: it's hard to say. maybe the structural item limit level stays high for the next bit of the future. a lot more companies are actually guiding down on wage even missinge earnings on wage inflation, so that's actually a good sign for the economy, but maybe not a great sign for labor-intensive stocks. you look at the

services sector, we have seen a real diversions and a services sector is not a place where you will see a huge amount of wage increases. what do you think of that? is it here to stay? like it is going to be a persistent trend and that is something beat fed will have to grapple with. looks ate, the fed wages across the economy and will look at this data and say there are some templating -- tantalizing hints, but we are not seeing the broad-based, stronger wage growth that would raise their interest in speeding up the pace of rate increases. we are just not quite there yet. joe: one of the things about this past week, it was not a particularly great week for hoping they could raise wages. and thehe news

referendum was announced at today's disappointing number. what does this mean when you look at the market? this change in perception, does it change your outlook at all? i think we are going to get out of that zero bound. that's a resounding positive for stocks. there's a lot of nervousness around the fed rate hike, but it could be the signal we need in the u.s. and on a global basis this $4.5 tells us trillion experiment we engaged in with easing our way out of we're finally ready to unwind liquidity. i don't see it as a big risk to the stock market overall. is tricky, timing

but we know it's going to happen in the next month. just get it behind us and get off the zero. forn the fed funds rate is an emergency situation. we are not in an emergency situation anymore. just a little housekeeping -- our twitter winner from yesterday, got 275 k. -- i can't read the name that we will get something out to you. rapidfire here -- tim, what's the number one thing you want to know? guest: the fomc minutes and janet yellen. guest: we need to see topline growth to feel better about this recovery. joe: i can't think about anything until the referendum on sunday. alix: i'm thinking about china.

cpi coming out midweek. thank you very much. speakcoming up, we will to a member of the european parliament ahead of the referendum in greece. she might have some strong words. ♪

alix: i'm alix steel. joe: i'm joe weisenthal. is makingher democrat the bid for the white house. jim webb announcing his campaign today. he formed an exploratory committee in november. he's a former marine and decorated vietnam veteran and had a brief stint as secretary of the navy in 1987. joe: nascar once you to leave your confederate flag at home. they are asking fans from -- to refrain from displaying the stars and bars. the facility say they want welcoming environment in all of sports. just keeps coming, the confederate flag backlash. joe: grace remains in focus

ahead of the sunday referendum where the broader implications of the outcome are being way. what's it like on the ground in athens and what consequences could devote have? a member from the european parliament joins us now from athens. thank you for joining us. what do you make of this situation your countries in with the referendum in which weight to you think it will go? very confusing situation because nobody knows what the consequences will be, so it is very difficult to isdict, but i think yes rising a little bit in the last few hours. nobody knows what will happen next. i'm afraid people are not only knowsed, they believe would be a heroic move to stay in the eurozone while the government disagrees. the government believes they we will have and

to be starting over the government. joe: do you think the government is being honest with the greek people? they continue to insist a no vote will not risk their position in the euro zone. do you believe that? becausees, i know that i'm in the european parliament and i know there's a different language outside and inside. everybody on the outside is saying there is no discussion and we cannot trust this government. and the government says no would in the next day we must have an agreement with this government. i think itfusing and could seem to manipulate citizens, to blackmail them. even by changing the constitution and the law to bring the referendum a few days earlier, so nobody knows exactly and nobody is well-informed.

referendums don't happen like that. it's not proper for our democracy. trimester andreek prime minister were standing in front of you right now, what would you want to say to them? for whatat i'm sorry i've seen in my country. i never thought i would see the greek republic face this. money -- trying friend andey to our they have lost our credit cards. i would say that they lied because they have promised to get the negotiation and agreement and instead of pass the, we try to responsibility. the attention is huge and they are trying to make it even stronger. it should be a government of all

greek and not to support the campaign like that. takingying the army is the of the stability inside country, it doesn't seem to have the democracy. morning, the greek finance ministers that even the event of a no vote, they could reach an agreement with creditors in an hour. is that completely delusional? guest: yes. i listened to the creditors and i have been listening to them for five or six months. if the greek government wanted an agreement, it could reach an agreement. they tried to impose more and sensitive taxation, some form that would make the system

viable. i do believe this is the blame game, i hope the members of the anyiament will stop intention. thank you for staying up so late for us. we appreciated it. coming up, you will hear from the ceo of popeyes. joe loves fried chicken. i do. joe: ♪

alix: welcome back. the fast food industry has taking a quick approach to

introducing trans fat, others are playing catch-up. we're looking at same-store sales cross the word. joe: you can see how weak most of them are doing. popeyes is surging 7% with same-store sales growth. alix: and that is fried chicken, not healthy yogurt. we spoke with the ceo on wednesday. guest: our number one driver or is our louisiana roots. we are blessed to have that brand equity to build on. equity we have our sweat to make it come to life every -- in every community we serve. discussion about the minimum wage and the whole fight for 15 of the drive to a low-wage employees more. how does that affect your business and how do you think about the value of paying your

employees and what you get out of it? guest: for us, the minimum wage is a starting wage. to help people launch their careers, but it is a career and we quickly move people into management and into supervision and franchising as a career path. we focus on a balance between a good, competitive starting wage. we are often above the minimum wage and we worked quickly to help you aspire to a career in the restaurant industry. >> one of the things we have seen is a quick rate in the fast food industry has been on the rise. at the low end, ec companies come out in force to pay more to retain employees. has that pressured your business? guest: we are a fast growing company and the result of that is we are opening new restaurants and offering a lot

of emotion opportunities that insulates us from the turnover. clever,may commodities so i want to ask about how you manage her cost. if you look at chicken prices over the last decade, they are up 55%. chicken is more than 40% of your overall cost. how do you manage that? guest: it is a commodity business and this year, we had a significant increase in chicken prices at the beginning of the year. through judicious pricing action, we managed it across our entire menu that allowed us to stay competitive. our comps were up despite modest price increasing across the menu. we expect chicken to settle down in the second half and we are looking forward to that. able to show been pricing power and pass that along to the consumer? we are as, because growing and healthy brand. you have to be strong to pricing power. alix: i've been looking at the

avian flu affect ring 47 million birds. you said that has not affected you. what's the distinction between that and egg laying chickens? guest: that is where the confusion lies. avian flu has only effected the birds that lay eggs. it has not effected the broiler chicken, which is the chicken we eat. it has not affected our business. peopled news for the egg is that the season is about over and summer will bring that to a close. chickens get to rome free. to talk about -- the u.s. is seen as one of the strongest economies in the world. where are the areas outside the u.s. where you are seeing strong growth and growth potential? thing the interesting about popeyes is we have the

opportunity to double our footprint plus grow internationally. sky istionally, the limited because people love spicy food, chicken and seafood. they love our brand as the fastest-growing chicken brand in the world. we have very exciting growth going on in turkey and southeast asia. alix: does the strong dollar help or hinder you? .uest: the dollar fluctuates working with our franchisees, we adjust overtime to accommodate that. alix: does that mean you hedge or take it on the chin? guest: we are not big in hedging. it's our franchise royalties we have to keep an eye on. joe: why is fried chicken so good? guest: it's amazing. our chicken is mary -- is marinated in louisiana spices and made chris in that batter that you love. the batter and it is fried. what's not to love?

salads, butifferent he does it at home. please do this at home and now you can only get it when you go out. inx: joe ate his weight fried chicken after that taping. i read you out. -- i ratted you out. ♪

alix: don't miss this -- contagion. where is it? not in europe. look at the positive outflows between spain and greece. track each other for years and then greece beverages now. joe: that's basically the whole story of what's going on in europe. alix: you are headed to athens tomorrow. what are you most excited about? a live will be doing

special on sunday evening live from athens. everyone's got to watch the -- everyone's got to watch it. thanks for watching. alix:

cory: tesla reports record sales in the second quarter, why is it still falling short? i'm cory johnson in for emily chang and this is "bloomberg cancels its sales plan and the stock cries for help. abandoning intel after not being named ceo, and the rise of the machine in hip-hop. we will show you a wrap battle between