september rate hike off the table? is dr. doom changing his tune? he says markets are overly pessimistic about china. we speak to him in italy. sports friday. new star wars toys went on sale at midnight around the world. we speak to has brought -- hasbro toy genius from the first film in 1977. olivia: good morning. dayks are falling on labor friday only appear to be at session lows. we now have a dow off nearly 300 points with all the major benchmarks off by 1%. a couple of notes from traders saying, the jobs report was good

enough to let the fed go ahead and raise rates in september. let's show you quickly the treasury markets. yields are coming up on the short end of the. selling off as traders anticipate the fed man fact move to tighten monetary policy at the next meeting and a couple of weeks. yield on the tenure down one basis point. -- 10 year down one basis point. top stories crossing the bloomberg terminal at this hour, the on implement rate has fallen to its lows level in more than seven years, since april 2008. the august jobless rate fell to 5.1%, a level the federal reserve considers full employment. employers added 173,000 jobs last month, fewer than economists expected, but revised numbers show the economy added more jobs than a first reported in both june and july. meanwhile, richmond fed president says it is time for the fed to end the era of zero

interest rates. it is speech giving today he says "it is time to align our monetary policy with a significant progress we have made. he's a voting member of the open market committee. he doesn't say whether he favors raising rates at the meeting in two weeks. also a deal to tell you about, there is some m&a, blackberry has agreed to by good technology which makes mobile security applications. the price tag, $425 billion. 420 $59. the ceo has shifted the company's focus to software and services. joe biden says he doesn't know yet if he will run for president. the vice president spoke yesterday at a synagogue in atlanta, georgia where he was asked what it would take for them to enter the race. >> the most relevant factor in my decision is whether my family and i have the emotional energy

to run. some might think that is not appropriate. his son died earlier this year. gas prices are at an 11 year low this holiday weekend. welcome news for americans planning to hit the road. it is expected there will be plenty of them. aaa says this will be the busiest labor day weekend on u.s. highways in seven years with more than 30 million people expected to travel more than 50 miles from home. star wars fans come this isn't just friday, it is force friday. toys linked to the new movie went on sale at midnight around the world last night and fans of the iconic movie franchise lined up outside the disney stores in new york times square. it is being unleashed well ahead of the next films release which hits theaters seven days before christmas. coming up in the next hour, we will talk to the man who has

forgned every star wars toy four decades. those are your top stories. still to come in the next hour of the bloomberg market day, busy friday. we will talk about when will be fed make their highly anticipated decision on interest rates? nouriel roubini tells us and may not happen as soon as we think. saudi arabia's king salman's meeting with president obama at the white house for the first time since he became king. we will hear the items topping the agenda for the two leaders. and maybe 4th be with you -- force be with you. we will be joined by the genius, the brains behind all of the star wars toys. story, the jobs report, adding 100 73,000 jobs in the month of august and the unemployed rate fell to 5.1%, a level many believe the fed considers to be full employment.

stocks selling off on this news as investors worry this could mean the fed will raise rates when they meet in two weeks. joining me now is very banister, equity strategist. he lowered his year-end target earlier this week to just 2200 from 2350. we are still well below 2000 right now. barry, thank you for joining us. does today's report bolster your case for lowering your forecast? >> august in the last four years has seen the most upward revisions in the next three revisions of the data, so i would expect this number to be revised up. it was not a bad number. olivia: how do you think the fed digest all of this? the headline number coming down, the -- participation rate ticking a little lower, and a miss on the top line number. >> that was surprising on the

participation rate, and the full employment close to five big. the wages was probably a calendar issue. you admit month payments. then we had back-to-school, teachers coming back to work, so maybe the local government employees were better paid than average -- that is hard to believe. all in all, it was a pretty good report. i think what is going on overseas matters more in terms of the input into the fed. we know the u.s. economy is on the mend. olivia: tell me, what was the catalyst for you? why did you revise down your forecast for the s&p? >> last you for the quarter, we had a correction. this year in the third quarter, we have a correction. the last four years between may and october we are fallen 6% to 12%. whenever you have a drop in the later half of the year, you will not hit the year-end number, you keep pushing it out. we are at a fork in the road globally. europe once as to hike road -- rates and china probably doesn't

want us to because they do not want the yuan to float up with the dollar. like yogi berra said, just take it. olivia: take it which way? so your target is 2200. how to remove another 10% higher on the s&p? -- how do we move another 10% higher on the s&p? >> i think there will be signs of better global growth. china probably stimulate somewhat to hold the line on growth and avoid a massive deflation. the market will subside with its worries on that. europe is picking up as far as we can see, other than a few data points, particularly in the periphery in terms of credit and exports to non-eurozone destinations. the trend looks ok. it is the perfect every month, but the trend looks ok. when we look at global growth, should start to show signs in the first quarter of 16 being better and you that in the fourth quarter of 15. olivia: we're always try to

connect the dots between interest rates and equity markets, but the fed has clearly .ignaled they want to do this saying it is time to align monetary policy with where the u.s. economy is. does a rate hike throw your u.s. equity strategy off? >> no. thesince the trade data in 1986, 1987 data have i ever seen anyone fixate on one economic data point more than the quarter point they're going to do the second half of this year. of course they're going to do a quarter point. then it is a one and done and will bring down 2016 futures unless we have the growth that justifies more hikes. so let's just stop this. this is ridiculous. we have to stop worrying about liftoff data and start talking about the pace of rate hikes. olivia: i agree. i have to say, i like when a guest takes a deep breath before the into the question. where are the pockets of

opportunities in this market? what sectors do you like? >> when you look at it, the market is somewhat binary. we have tapped out on the growth stocks, the consumer, the domestic, the biotech and health care to specialty retail. what we need now is global growth. you're either going to be investing in the next year in energy, materials, late cycle and global industrials, construction, capital spending technologies to mitigate what will be a rising labor cost, or you're going to go to cash and short-term treasuries. we need growth and we need a bad. olivia: you're confident buying energy right now? has a bottomed out or this is just a decent level to get in? >> one thing that doesn't get enough press that is remarkable is the relationship between brent crude on the year-to-year basis and the u.s. trade weighted dollar, broad or narrow, on the year-to-year

basis is a must one-to-one. it is perfect since late 2008 when ben bernanke went to zero. that is because all correlation increased when he went to zero. as a result, as long as rates are low and below zero on a real basis, the risk reward favors oil. that is to say, the broad dollar could be up 5% and oil would be flat in march of 2016. it of the broad dollar is down 5%, oil is up 40%. risk reward, i like oil. olivia: interesting. thank you so much and for making this time to join us. up, our chinese markets going to stabilize or should investors brace for a hard landing? nouriel roubini gives his thoughts, next. ♪

olivia: welcome back. i am olivia sterns. stocks plunging following the jobs report. let the with the market stands right now with matt miller. matt: stocks down across the board and it is level, we're going to see pre-close here a loss of more than 3% for the week, making this the second worst week on the s&p all year. 250jones industrial down points, nasdaq falling about 1%. i want to take a look at some old economy companies that are taking big hits, starting with caterpillar, the world's biggest maker of earth moving equipment. it is down on a downgrade from ubs, down -- i'm sorry, from baird, you can see it is down 2%. it is interesting, baird downgraded caterpillar because of joyce wearable third-quarter results and joy has to its 2015

forecast will stop a dozen down great joy.wn take a look at global. of 2%. joy got killed yesterday when a downgraded its forecast. everyone has come out cutting their price targets. baird says $24 instead of $50. this still has the stock at an outperform. ubs keeps it at neutral, but cuts the price target to $20 from $40. you are seeing a lot of pain in anyone who relies on the mining sector. joy global the biggest maker of underground mining equipment, not getting a lot of orders right now. olivia: thank you, matt miller. some top stories at this hour, amazon expanding its portfolio of cloud computing services, buying a little technologies which announces -- elemental technologies. amazon is paying about $500 million. u.s. prosecutors are spelling out their case against a traitor

they blame for the so-called flash crash. a grand jury has indicted the man. u.s. will try to have him extradited from london. investigators say he made many of the trades that led to the market flash crash now five years ago. on international space station, nine is a crowd. the crew grew by three after the arrival of a russian spacecraft. there haven't been nine people at once on the station in two years. are returningrs to earth in about a week. those are your top stories. instability in chinese markets continues to be a major concern for investors globally and economists are watching closely to see how the chinese government is reacting to all the turbulence. and edwards and guy johnson spoke with nouriel roubini at the form in italy. they asked him to predict where the chinese market is headed. >> china is in an economic slowdown, but i think markets have gone from extreme optimism about china a few months ago,

soft landing, to now the view of a real hard landing. the economy is in freefall. my view all along has been the chinese slowdown will be a rough landing, but something short of a real hard landing. i think the markets are now becoming slightly too pessimistic about the chinese economic growth and their ability of the policy authority to manage the growth slowdown and also manage the movements of the currency and of the stock markets. >> do they need to do anymore? more policy actions from china. they need to do more to try to stabilize the economy and to be more consistent in their economic policy. i think there is a movement away from managing key asset prices like the stock market, the currency, and interest rates to be more market determined, by creating short-term pain in favor of long-term more market does something in the medium

long-term that is positive. >> when it comes to financial assets, and if you had a bit of money to invest right now, what would you be buying and selling? believe the volatility coming from china and the slowdown in emerging markets have been for europe, u.s., japan, will stay with us for the next few months until destabilization of the growth rate in china and more credibility of their policies. that implies that probably the risk off can continue for a while, therefore, you might want to be slightly underweight, risky assets like u.s. and global equities for the time being and go more into long-term government bonds that will see high returns and stay away from emerging market assets and stay away from, for example, their currencies. stay away from risky assets.

the volatility of continue for some time. for awe are volatile while, where does that leave the decision-making process for the federal reserve? will we see a hike in interest rates in september or december or not until next year? >> well, i do believe the fed is not going to hike interest rates in september, but there will be a rate hike in december. i don't think that will wait until next year. why they're going to propose -- postpone the on september is level market volatility and concern about global growth is creating a fan of uncertainty. there is one option for you waiting. secondly, direct channels from china and the indirect impact of china on growth in emerging markets and advanced economies, an impact on you as economic growth, and the tightening of financial condition and u.s. will also slow down some economic growth in the united states, create more slack in the labor markets, soften wage

growth, and now a slowdown of oflation in the u.s. because your falling oil, energy, commodity prices and a rise in the u.s. dollar and slack in the economy will create further slowdown in wage growth. inflation is low and will stay low for a while, therefore, what is the rush of hiking rates? on the other side, u.s. economy domestically is doing well. many sectors in the economy are growing, therefore, waiting be on september or december probably would not be warranted. the fed is not going to hike in september, most likely it will be in december. >> when they do hike in december, what will the impact on the emergent markets be -- emerging markets be? do we fully understand it? how much do we actually know about that process? well, the emerging markets are not affected only by fed policy, but those -- also by the

slowdown of china, the end of the commodity super cycle, the number of macro economic policy mistakes, and also by political and joe political risk that are independent of the fed -- geopolitical risk that are independent of the said that are affecting these markets. if the fed were to raise interest rates him at that overtime a strengthen u.s. dollar, increase the cost of borrowing for those emerging markets have large current account and fiscal deficits, therefore, some of the capital outflows that are coming from the fed raising rates decision will continue in these emerging markets. a number of them look fragile, but not all of them. some are running better fundamentals. i think the market will discriminate between the better and the worst emerging markets. olivia: that was no real speaking to bloomberg television from the forum in italy. -- that was nouriel roubini speaking to bloomberg television from the form in italy. saudient obama will greet

arabia's king. find out why this visit is so significant. phil mattingly joins us next. ♪

olivia: saudi arabia's king salman will meet president obama at the white house who will take the opportunity to discuss the iran nuclear deal which earlier this week secured enough votes in congress in the senate to sustain a veto. this is king salman's first visit to washington since he assumed the throne in washington -- in january. for more, i'm joined by phil mattingly was at the white house. thank you for joining us this morning. just start, please, explain what the messages is that president obama is trying to convey to king salman. phil: reassurance. this has been a tense relationship between two very important allies for a number of years. , lot has to do with syria yemen, but when it comes to this

iran deal, it is not so much that saudi arabia is against the deal itself, they are against what iran can do with the money it is getting through sanctions relief. they estimate iran will have about $56 billion in sanchez relief. their argument to the saudi arabia is, look, a ran will be using that to help their economy, an economy that is been cratered over the last two years. -- not concerned remotely will go straight into military options. what the president will be saying today according to officials is the united states is willing to help with defense capabilities but also work with other gulf states to prevent iran from making movement forward, no matter what it does with that money it is getting at the end of this deal. olivia: one of the key criticisms is that it could spark a nuclear arms race in the region, specifically, that it will -- why wouldn't saudi arabia try to develop their own nuclear weapons? there's always been this implicit security guarantee from

the u.s. to the saudis. what can president obama say to king salman to deter the saudis from building their own atomic weapon? >> the hope and the administration is with what the united states is offering in terms of weapons, in terms of munitions, turns of cooperation just in general on maritime issues, border issues, cyber security, that that is enough. i think there's a real concern not necessarily within the administration, i feel they think it is overblown, but there is a concern internationally this deal will lead to one thing, and that is as you said, a race toward a nuclear bomb. i think right now the administration believes what they have on the table are enough to convince the saudis to not follow that pathway. olivia: certainly, that is the hope. they will also talk about terrorism. what a saudi arabia doing to fight isis and what is the nature of u.s.-saudi cooperation in that fight? phil: if you talk to administration officials, they

would probably say, not enough. there is a lot of concern that saudi arabia should be doing more, gulf states should be doing more. administration from the beginning of the plan to counter the islamic state has relied heavily on the participation of the gulf states, most notably, saudi arabia's ability to control them and maybe move around large sunni elements in certain parts of iraq and syria. the problem, i think administration has run into, they haven't had the buy and they won. i think what you will see today is the obama administration, the president delivering the message it is time for more cooperation. olivia: a lot to look for. built using -- busy phil mattingly. thank you so much for your time. much more to come after the break. ♪

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great time for a shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. olivia: welcome back to the "bloomberg market day." i am olivia sterns. hillary clinton will be walking a tightrope when she campaigns today and puerto rico. strugglingrritory is

with $72 billion in debt that the governor says cannot be repaid. for reaganletting agencies file for bankruptcy, but that may alienate creditors at hedge funds, as many of them are clinton supporters. in kentucky, same-sex copies -- couples are receiving licenses. this couple was the first. the clerk who defied a federal court order to issue licenses is still in jail. is -- kim davis's deputies are issuing license, the whole that is her son. the pope when shopping for new glasses. the shopping excursion stunned and delighted onlookers, antioch did -- he opted for new lenses and no new frames. a long holiday weekend traditionally includes a barbecue. say americans are just

thrilled with the grill as they used to be. sales peaked in 2007 and fell through 2013. marketers say it is fell -- due to demographic shifts. those of the top stories. where take a look at markets are trading after we got the jobs number the disappointed on the top line, only 100 73,000 jobs created in the month of august. we saw wages pickup and the participation rate continued to fall. also revisions upwards for the past two months. you see stocks at session lows, the dow jones off 210 points. still to come on the "bloomberg market day," much more on this jobs friday. we have found a man who might have one of the coolest jobs in america. designed the light saber. we will be to the mastermind behind for decades of star wars toys. tom brady bb nfl, but is it good for business? we have the latest on deflategate.

what are the chances of the fed move in september? bill rhodes with that 50-50. it at 50-50. puts be growing,et may but for millions of americans, temporary jobs of the only way out of unemployment. million, represents about 2% of the total u.s. workforce. employers like the flexibility, but economists say the benefits are few. joining us this jody greenstone miller, ceo of business talent group. coming in. we make a big deal out of the headline number, today unemployment falls from 5.3% to 5.1%. what is the number not capturing? jody: the number has historically not focus on what's understanding what's going on in the nontraditional employment market. many people choose to be they're not and

effectively captured. we don't know a lot about what's going on in the market. olivia: what is driving the move to more and more temporary workers? is a scarcity of full-time good jobs, or people seeking out the flexibility? jody: there are number of trends. i focus on the high-end, people owning over 100,000. if you look at those numbers, they've gone up by 60% since 2011. we have a column out today that talks about the extraordinary growth. when you think you are seeing is for a group of people have the ability to make a choice, they really enjoy being able to choose who they work with and what they work on. for another segment of people, there probably is some pressure on not being able to find exactly what they want. there are a lot of people are really want this, and a lot of ways in which this gives employers a way to get work done that is better suited to their needs. olivia: we've been talking about uber lawsuit, what do you

think, do you think labor regulations are outdated with this binary category between independent contractor and full employee? the model labor market has people doing all sorts of different things. maybe they should be in a different category, regulated differently. jody: you hit it on the head. not only are the labor laws antiquated, they are incredibly confusing. to state,ences state even within different federal agencies. they are just not meant for today's world. we can do everyone a favor -- employers, employees, temporary workers -- if we took a fresh look at the whole system and put something in place the protected everybody. olivia: what would that be? jody: a combination of things. government has a legitimate interest in collecting taxes. if you are a 1099 worker, your taxes are not withheld.

that's a simple thing that would fix a lot of the concerns from the government side. onir legitimate interests protecting workers and giving them access to the same kinds of legal protections that full-time employees get. i think there is a benefit to everybody to have clarity. which isncertainty, what we have today, is the worst thing for everyone. for the market, employers, and employees. olivia: one of the things and ploy meant specialism and talking about his long-term unemployed. puttinghigh-end people together this temporary work in creating careers finding it difficult to go back to the full-time labor market? jody: it's interesting. the capable -- the people who are capable of earning $100,000 a year don't want to go back. sometimes they get tied to a project they like, and they do converge. it's a very fluid market. people enjoy if they can continue to get project work, which is a key thing to make the

market work. you see many people choosing to do it this way. thank you, jody greenstone miller, ceo of the business talent group. still ahead on the "bloomberg market day," happy fourth friday. after the break, meet the man who has been designing "star wars," toys for four years. ♪

olivia: welcome back.

we are one hour into the trading day, it's time to get you caught up on the market action around the world. china'sed asia as the mainland market remains closed for the holiday after the huge military parade. stocks in hong kong dropped today to a two-year low. slumped more than 1% with us by collision that shares will fall when trading resumes on monday. concerns on the timing of a fed rate hike spark a sharp selloff in japan. card -- zeb eckardt fell this report. clocked the longest weekly losing streak since february 2014 as investors had light volume. global investors are dumping japanese holdings. sharesld $15 billion of in the week ending august 28. continuesthe slowdown

to drive volatility. stocks are among the worst performers. now for a look at what's happening in europe, i had over two my friend mark bordreaux. european stocks on track for their fourth weekly decline in five years. investors are none the wiser about when the fed is going to raise interest rates after today's mixed job report. the chinese markets close for a second day to commemorate the end of the second world war. hong kong set the tone today, the index falling to the seventh consecutive week. that is the worst losing stretch in 2008. germany was notable for two reasons. factory orders fell more than expected, signaling a bumpy economy in the region's biggest economy.

registeredy, the dax a drop. that's when the 50 day moving average classes -- crosses below the 200 day moving average. that is a bearish signal for the dax index. let's look at the euro. there was a spike upwards after the release of the jobs report, 130 local london time. euro is down for a second day. the big move happen yesterday, the euro sank by .9%. it fell against everything will major currency in the world. the reason why -- the ecb tweaked qe, cut the gdp forecast, cut the inflation forecast, and its signal that could be further monetary easing. the bonds market certainly likes that. matt: it's down 8, 9 days in a row against the dollar. i may be coming to visit you soon.

not if i were long on stocks. i would be losing a lot. the dow jones industrial average down 210 points. the s&p down more than 1%. if we close where we are now, we would be down 2.9% for the week. that would make this the second worst week all year, after it almost 6% drop in the third week of august. at the terminal, i have the imac function of your. it shows you how things are doing as far sectors in the s&p. read for falling, green for gaining. you don't see any green at all. it's a tough day for the s&p indeed. people are running for safety for places like the u.s. bond market. take a look at treasuries and you will see the bid is up there. the yield is coming down just a little. 2.1 4% is where the yield is on the 10 year. look at the dollar. we are seeing dollar strength

against the backend of 16 currencies. 3.7% of the last two weeks against the pound. at dollar index right now 9653. take a look at commodities, oil has been dragging the market pretty well. recovering, or not coming back. we had a bit of weed out yesterday, oil is not coming back. down 1%, 4629. there are some downgrades today, bank of america and merrill lynch cutting the forecast for wti, gold features you can see down as well. increased productivity not helping gold because the price is in dollars. olivia, back to you. olivia: matt miller, for the update. it was a rough month, the $80 billion all weather fund.

bloomberg news reports that fund fell more than 4% in the month of august. the all weather fund tries to protect against market turmoil by investing in accommodation of stocks, bonds, and currencies. it didn't do so well last month. publishers mayk have lost the war when it comes to e-books. they also revenues fall in the last quarter after striking a deal with amazon that let them set prices and avoid amazons deep discounts. still the executive wall street journal, higher prices are turning off buyers. man is underty arrest after a drone crashed into an empty seating section of louis armstrong stadium during the u.s. open match last night. i was there. the fans went crazy. the device broke into pieces and the match was erected. -- disrupted. the man is charged with reckless endangerment and operating a drone in an unauthorized area. no one was injured. those in the top stories. for "star wars," fans, christmas

has come early. disney unleash the full marketing force behind the first film in the space avengers series. merchandise for episode seven fanson sale midnight, and flock to stores like target, toys "r" us, and walmart. they have been open since midnight selling products tied to the next star wars film. this fourth friday, we're joined by the man who has been designing "star wars," toys since the first film came out in 1977. i welcome mark bordreaux. and with me in new york is brendan greeley, who has brought a lot of his own for us on set. we have to start with mark. you have the coolest job in the country. thanks for making the time to speak with us. what do you think is the hottest toy that we made? mark: good morning, thank you to speak toortunity

all the fans the world. we are excited about the fourth friday. the star wars team globally worked really hard to get this product available for this afternoon. and last night. we really are excited for not only the global team, but for the fans. this is all for the fans, it's why we work so hard. we are all very passionate fans ourselves, of the "star wars," franchise. we are working with lucasfilm, very much looking forward to today. i just want to say thank you for giving my childhood meaning and joy. i want to ask you -- you have to strike a balance between the best to you can make right now, and nostalgia for those of us who bought them as children. when you were designing the iconic figures that you made in the 1970's, when you modify them and update them for today, do they have to move and feel and look exactly like the ones you made in the 70's?

gets the entire team together for each and every product that we do. and we determine what's the best way of executing that particular character, whether it's for rebel animation, will for the film. we strive to do the very best region every product. whether it was something we did back in the 70's, or whether it's something that we are working on right now. fortunately, technology has allowed us to really have advances in the sculpting, the tooling, the vendor is really doing an awesome job executing the product. ,t really takes a lot of people as you might imagine, to put this together. we are very excited about the product. we are very passionate, and we love what we do. i have theentioned, opportunity to work on this for 40 years. it's been a once-in-a-lifetime opportunity for me. i am very grateful for that. olivia: we have been showing

some video of you designing the new version of the millennium falcon. the starship you personally designed everything will starship has ever come out of "star wars," toys. i wonder how you do this when you haven't seen the movie? you only get part of the script? mark: we work with lucasfilm partners. they provide us with as much information as they can about the film. elements from the the movie, what we would call the key story beats. we incorporate all of those into the toys. but we want to make more than just replicas. we actually want to make toys that the kids will actually be able to relive the excitement from the film. and also add to the fantasy. can they develop the stories on the road as well? -- on their own as well. with the millennium falcon, we

have added off-camera features or hidden reveals. ,he nerf launcher that pops up those are all things that are actually in the millennium falcon. ,e just have never seen it that's the way we help design the product internally. we say this needs to be an be abletoy, we want to to engage the fans come engage the fantasy, have a product to interact with the action figures. action figures are the stay of "star wars." it so much about the characters and the droids, we do need to have vehicles to fly around the galaxy in. make the strive to items the best toy that we can. but still keeping true to the star wars canon, and what star wars is all about. olivia: thank you for your time, mark boudreau, the senior product designer at hasbro. we will have to get you to send brendan greeley one of these lifesavers. brendan: or the millennium

falcon, i didn't have one. olivia: you are the target audience. that was what we saw, the 40-year-old, not the six-year-old child. olivia: you have more money to spend. tom brady is happy after a big win in court. if you think deflategate is behind us, think again. we look at that next. ♪

olivia: need welcome back to the "bloomberg market day." brady 18 -- won a battle, but the nfl will appeal. the war the players association drags on. joining us is kenneth shropshire

-- mayfl may have eventually win, but the whole saga has muddied the organization. does it make business sense to drag this out? ken: it's not a good look at all. in business sense, maybe not. in terms of labor-management relations, this is an ongoing relationship between management and labor. part of what the league is saying is we are not going to let you do what you want to do. we are going to set our authority where we think we have it. that is part of what the time in court is all about. olivia: the ruling is a win for the players union, i think the next collective bargaining prop is until 2021. how can the union leverage this victory? part with the union has gotten as a judge saying league,

you must abide by your own rules. you have to do what you have done in the past. what the court really looks at here is whether or not there's a following of industrial traditions, rules the nfl has followed before. you see this in labor law all the time. the confidence the union had was that this was so unique, something that had not been done before by the nfl. so they couldn't do it now. that's what the judge understood about labor law. it was really clear was the broader picture. the union will be able to use that going forward to really press the league to more clearly define what rules apply, in what given situations. olivia: what do you think is the follow-up for roger goodell? is his job in jeopardy? ken: i don't think so. i think it's really a moment where -- if the league does not get its house in order -- that's in terms of being able to take the steps they think they need to take. the rules are not clear enough, they have to follow the rules that are in place to deliver the

sanctions they are delivered in the past five to seven cases. the idea of him losing his job -- here's a guy who's been making more money for the league than ever before. he's paid several million dollars for the job that he did last year. i don't think his job is immediately in jeopardy. i think there's a great moment for the nfl to take some steps forward. the whole union management kind public aura is-- going to cause delays. olivia: why does it seem like the league is so determined to diminish the union leverage? ken: that is the relationship. even between collective bargaining sessions, the bargaining that's going on in the positioning that's going on. part of what's going to be negotiated next time is clearly more of this power that the commissioner has. in a sense, we are looking for

that line is. where to courts say the league can go in terms of delivering sanctions, even where there is not agreement in the collective bargaining process. how absolute is the authority of the commissioner? you can bet that these definitions that have come up in terms of how the conditioners -- commissioners decisions are reviewed will come up in the future. olivia: do you think the judge made the right decision? reading it carefully, the whole idea of how does the industry operators really key. kenneth shropshire joining us from philadelphia. much more on the "bloomberg market day." we will be right back. ♪

olivia: 11:00 in new york city, 4:00 in london. >> welcome to the "bloomberg market day." less jobs ofd

forecast, wages are up. we hear from bill gross. betty: the manager in that has european leaders searching for answers. we ask what the eu should be doing about the syrian refugees flooding into europe. >> is the job report and falling and implement rate enough to warrant the interest rate hike? we hear from alan krueger. ♪ olivia: good morning, i'm olivia sterns. brendan: i'm brendan greeley. we are 90 minutes into the trading day, we begin with a look at the markets out. u.s. stocks, mostly read today. -- red today.