dropped by 5.1%. we ask a chief economist to dig into the data. a growingpe facing human a tearing crisis as migrants tour borders. we ask ahead of the rescue committee what eu leaders should be doing now. olivia: a long time ago in a galaxy far away, a man got the best job ever. we will talk to the toymaker who has designed star wars toys for forcest 40 years on this friday. good afternoon. i'm olivia sterns. matt: let's get straight to a look at the market here as we hover around session lows.

the s&p down 1.8%. 1915 is what you're looking at on the s&p, the august low 1867. we are still well above those lows but approaching them as we lose more than 3% on the week. down 10%.e dow is now all the major averages are in correction mode. they are 10% or more off their most recent peak. matt: and all down for the year as well. down year to date. take a look at treasuries. you have investors who bought the dip and the 10-year note is yielding 2.12%. s been tracking the equity markets pretty well. olivia: if we can try to get the two-year yield up, that is what is interesting in the treasury market, the short end of the curve is selling off while money is continuing to go into the longer dated bonds. you are seeing two-year yields are up a couple of basis points.

look at that. did the two-year note change three basis points in 5 seconds? matt: it did, unless the graphics had a glitch. olivia: the curve is deepening and that says something about when investors think that will actually move to raise rates. control room can take my terminal right now, we can show the two-year today. a big turnaround. after you got the jobs number, that is a straight vertical line there. and then you see this being the price, not the yield, fall and then climb until right now. please come into my terminal for a second. what i have just pulled up is wirp. is ait shows right here 30% price probability priced in that the fed will in fact move in september.

the low point i saw last week was when [indiscernible] i'm going to go ahead and say even though i think it's a great function, wirp, i don't buy fed funds futures as a predictor. olivia: i'm with you. matt: let's take a look at the top stories at this hour. olivia: we have not seen an unemployment rate this low in seven years. .1%, that sounds pretty good. the federal reserve visitors that close to full employment, leading many to speculate that interest rates may be raised in a couple of weeks. 173,000 jobs for the month of august. revised numbers show the economy added more jobs for both june and july. matt: jeffrey lacher says it's time for the fed to end the era of zero interest rates. in a speech in richmond, lacher said the labor market has improved and short-term

inflation is nearly fed's target. >> i'm not arguing this economy is perfect by any means, but nor is it on the ropes, requiring the stimulus of low monetary policy interest rates to get it back into the ring. it's time to align our monetary policy with the progress we have made. voting members a of the open market committee. he did not say whether he favors raising rates at the next meeting in two weeks or at the meeting in two months rather than that. olivia: standard chartered is considering cutting 250 managing directors. bloomberg news says the move is part of a plan by the ceo to reverse the two-year profit slide. the british lender has cut about 4000 jobs so far this year. last month said it is on track to cut costs by more than $400 million in 2015. this year shares have fallen by 26%. shares down by 19% year

to date. matt: hundreds of migrants broke free of police in hungary today and are walking towards austria, more than 80 miles away. the refugees for help for nearly two days on a stalled train near budapest. reporters saw a crowd of refugees fleeing west along the tracks. they refused to enter a camp where officials want to register them. hungry now has five such camps. political leaders are meeting throughout europe to discuss the crisis. many of the refugees are fleeing syria.n british prime minister david cameron says his country will try to help. david cameron: we will continue with our approach of taking them from the refugee camps. this provides some with a more direct and save route to the united kingdom rather than risking the hazardous journey which has tragically caused -- cost so many of their lives. matt: cameron met with the spanish prime minister.

he would not commit to raising the number of syrians spain will accept, even though they are fleeing a war in syria. how do you turn people like that away? federal prosecutors have laid out their case against the british trader blamed in the 2010 flash crash. he has been indicted by a grand jury in chicago. in three weeks the u.s. will try to have him extradited from london. matt: bentley says its first suv will not just be the most expensive, but also the fastest. bentley says they -- it will top out faster than the cheyenne turbo. those are some of the top stories we're following for you at this hour. olivia: should the u.s. be doing more to help the millions of refugees fleeing out of syria?

we will hear from the head of the international rescue committee. it is force friday. we will introduce you to the man who has been designing "star wars" toys for 40 years. olivia: not everyone is happy about the drop in the unemployment rate. why community colleges suffer more when americans go back to work. matt: the u.s. unemployment rate inl to a seven-year low august. the labor department reports the jobless rate dropped to 5.1 percent, hitting the fed's goal of full employment. olivia: wilted a's report prompted the fence to raise ra tes this month? michelle, thanks are taking the time to join us this friday afternoon. how do you think the fed will digest this labor report? about my caller for the fed hiking in september after seeing this report.

i know that headline figure was disappointing. every other aspect of the report was solid, including that drop in the unemployment rate to 5.1%. we are at a level that the fed believes is at or very close to full employment and we are still sitting at zero on interest rates. theink that for most on committee, that isn't going to be something that is justified any longer. about the people talk labor participation rate, and they have been talking about it for a long time, do you buy that it's a serious problem? we saw it start to come down in the year 2000. like the blsemed was forecasting it would continue to drop for the next 40 years. is it demographics? >> yes. let it go. that is not something that i think easy monetary policy can

correct. we have suspected for a long time that the labor force participation rate was coming down more for structural reasons. the fact that we continue to see the economy grow, we have added stillns of jobs, and it is coming down underscores the point that this is something that is really structural as you pointed out, the aging population. ishink it is something that beyond the fed's control. there is no question that labor force growth is slower and it's probably still slower than we would have thought, even given the demographic situation. the bottom line is we got to look at things beyond that to some extent, and the fact that this is not something that easy monetary policy is going to reverse. olivia: one of the biggest stories for the economy has been the swoon in the price of oil. it peaked in june.

what the you think about the net impact of cheap oil on the u.s. economy? there's no question that we've seen an adverse impact on manufacturing activities, specifically mining activities, as a result of oil prices coming down. we have seen a big call back in investment in the energy sector. i think we all still agree the lower energy prices for the majority of consumers and companies is a positive thing. lower gasoline prices are a factor. we are not seeing consumers spend all of those savings, but i do think it is bolstering the consumer spending. we are running closer to 3% now than 2.5% of than we have been for many years in this expansion. is a positive for the u.s. economy and for the global economy, even though i think near term, markets are focused

on the negative aspects in terms of deflation. i think ultimately policy makers would agree that these are positive developments for global growth. matt: this morning i was graphing. core pc it's 1.8%. throw in wage growth and more hours. what would the fed's excuse be not to raise rates? that is the point. the argument against raising rates for many people, inflation is so far below the mandate there's no hurry. and that's true. i don't think we are talking about even anywhere close to getting monetary policy to neutral, getting the funds rate back to 3% or 3.5%. the question is, is this degree of monetary -- 350 basis points

below neutral, is that it still warranted given where we are and the progress we have made, like jeff lacher said, in terms of the economic progress on the labor market and stuff? i don't think it's justified and the problem is -- it may not be higher inflation that ultimately is the consequence. it looks like it is fine to stay at zero inflation. what if zero rates are fueling another issue that we are not focusing on, and that is why inappropriate policy i think has to be addressed. the guestsot of coming on bloomberg throughout the summer have been saying that. it is not whether or not the said may have missed their window in the market. take you so much. the u.s. economy at rbs securities joining us from connecticut. matt: still ahead, the rise of -you might be

surprised how these independent workers are changing the face of the u.s. workforce. ♪

olivia: i'm olivia sterns here with matt miller. out theocks closing week sharply lower if they don't rally. losses accelerated across the board after that jobs report. david sigrid is standing by with the latest on the market. just looking at the major indexes, s&p 500 down 35 points, about 2%. the s&p here -- losses this week around 3%, looking at the dow, down 2% as well. if you look at all the down

stocks, all 30 of them down by about 1%. this all goes back to this jobs report. i went to go to my terminal if i could, to the imf map. just looking at all the sectors, how they're all down about 2%. let's see how banks, real estate insurance -- they are the losers of the day, they had been for most of the day. look at the dollar. it was upgraded to a bye-bye bank of america -- buy by bank of america merrill lynch. be someorts there could takeover interest there, as well as area trading at 794. that is about 4.8%. back to you guys. imap is to be one of my favorite functions. olivia: we are going to talk about the job market.

the job market is growing. of americans tend jobs are the only way out of unemployment. employers say they like the flexibility but many employers and some economists say the benefits are limited. i spoke to jody greenstone miller and i asked her what is driving the move to more and more temporary workers. if you look at those numbers, those numbers have gone up by 50% since 2011. there is a column out today the talks about the extraordinary growth. what i think you are seeing is for a group of people who 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 but there are a lot of people who 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: this is a conversation

we've been having this week, talking about the uber loss, ub er drivers suing to be classified as full-time employees and not contractors. do you think r labor regulations are outdated in this binary category between independent contractor and full-time employee? the modern labor market has people doing all sorts of things, patching together lots of temporary jobs. maybe they should be in a different category. >> not only our labor laws antiquated, they are incredibly confusing here you have differences from state to state, differences even within different federal agencies, and they are 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 a protected everybody. olivia: what would that be? a combination of things.

the government has a legitimate interest in collecting taxes. i think there are legitimate interests on protecting workers and giving them access to the same kinds of legal protections that full-time employees get. and i think there is a benefit to everybody to have clarity. i think uncertainty is the worst thing for everyone, for the markets, employers, and employees. things laborof the economists has been talking more and more about is the long-term unemployed. are the high end people you're working with work putting together all this temporary work, are they finding it difficult to go back to the full-time labor market? >> it's really interesting. the people who are capable of earning over $100,000 a year as toependents often don't want go back. sometimes they get enticed because they do a project they like and they do convert. but i think it's a very fluid market.

people enjoy if they can continue to get project work, which is the key thing to make an independent market work, i think you will see many people choosing to do it this way. olivia: that was jody greenstone miller, ceo of the business talent group. matt: coming up on "market are," thousands of refugees locked in a standoff with police in hungary.others are walking to austria and germany as leaders fight over what to do. eu needs to do with these refugees of a war in syria. ♪

olivia: as europe faces its biggest migrant crisis since the second world war, british prime minister david cameron said britain will accept thousands of additional syrian refugees. matt: earlier today bloomberg's betty liu spoke with david

miliband, the former u.k. secretary of state for foreign affairs and now president of the international rescue committee. they asked him what he thought of the prime minister's statement. >> it isn't just a political and economic crisis, but a moral crisis in europe. with 4 million refugees from the syria conflict alone, the bulk of them in the neighboring countries, in jordan and lebanon , no one can say a few thousand people is enough but it's a step in the right direction given that david cameron was saying on wednesday 216, which is the current number of people who have gone into the u.k. us refugees this year from syria is enough. the fact that he has moved is a good thing. this problem has to be tackled both at source. the continuing flow of people because of the humanitarian situation, lack of diplomatic progress, and it has to be tackled in europe where there are hundreds of thousands of refugees already. the government of

turkey has stepped up, but of course you see in poland and slovakia and hungary and thathere, they don't leave they should be accepting these refugees and they want to turn them back. as you are aware, the hunter in prime minister -- this is a quote. he said, the problem is not european, it's germany. he said, refugees want to end up in germany. so why should they, they feel, have to deal with these issues if the refugees really want to end up in germany, the u.k., and america? , ait is a syrian problem running sort of international politics, 4 million people expelled from the country by war, 78% lights out across syria, 7 million people displaced. it is a syrian problem.

betty: we can have an intellectual debate about this, but it's really the heart strings, pulling the heartstrings of the world that has brought this attention. we all saw the dreadful pictures of the little boy who was washed ashore. during that time, you tweeted out, as did many others, you tweeted out these words, these powerful images of a dead syrian child on a beach doesn't change europe's attitude towards refugees, what will? about itrible to think but wednesday of this week may have been an inflection point. the photo was part of that. there was also a sense of shame. that is the word being used more often by europeans. big is then is how inflection point, and does it lead to more effective action in greece when my colleagues can tell you there aren't enough water and sanitation facilities,

there has been real trouble today on the greek islands where they are being overrun, the services are being overrun, does it lead to a renewed effort to tackle the problems in syria? does it lead to europe taking a different view? that was david miliband speaking on the "bloomberg market day" earlier today. matt: that's it for you, huh? olivia: have a great day labor -- great labor day weekend. matt: we are looking at a drop of 3.7% for the week as it stands on the s&p. we will be back with more on the "bloomberg market day." ♪

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. matt: welcome back to "bloomberg market day." ate's a shot from our roof 731 lexington avenue.

if you're not in the city, rejoice. it is hot and humid and people at the u.s. open are dropping like flies. let's get straight to the stories making news this labor day weekend. now the passage of the iran nuclear deal assured, the obama administration stepping up efforts to reassure persian gulf allies. the president's meeting at the white house with the saudi king. the saudi's want to be sure the u.s. will make iran live up to the agreement. the president also said that yemen is a key area of concern. president obama: we share a concern about yemen and the need to restore a functioning government that is inclusive and that can relieve the humanitarian situation there. matt: the king was scheduled to visit the u.s. in may but postponed because of tensions during the talks with iran. democratic presidential candidate hillary clinton will be walking a tightrope when she campaigns today in puerto rico.

the u.s. territory is struggling with $72 billion in debt the governor says cannot be repaid. clinton is in favor of letting puerto rican agencies file for bankruptcy but that may alienate creditors and hedge funds, and many of them are clinton supporters. one other note on puerto rico, its public finance corporation failed to pay bondholders and additional $4 million in interest due on september 1. the miss payment was noted friday. in august it became the commonwealth's first debt issuer to default on its obligations. the agency failed to make a $58 million principal and interest payment after the legislature did not approve the funds, citing a budget crunch. after dominating the market in image sensors to help people take high-quality photos with smartphones, sony is on to the next thing. they are focusing on sensors and take photos 10 times faster than the human eye can see. the new affordable technology can process 1000 images a

second. the high speed sensors could help driverless cars avoid road hazards or allow industrial robots to speed up manufacturing . sony controls about 40% of the $8.7 billion image sensor market last year. those are some of the top stories we are following for you in this hour. coming up in the next half hour, commodity markets in new york getting ready to close after what has been an incredibly volatile week. a look at where things are settling ahead of the long holiday weekend. we will introduce you to the man who knows chewbacca better than anyone because he has been working on "star wars" toys for more than 40 years. when the unemployment rate drops, so does enrollment at two-year colleges. a look at what is behind this inverse relationship great all that and more coming up on "bloomberg market day." right now g 20 finance ministers are meeting in turkey. they're hoping to call the nerves of markets rattled by

china process slowing performance and the process of illuminating u.s. fed rate hike. china is at the top of the agenda. we heard from the deputy governor of the central bank of china a little bit earlier today. he said the fundamentals of the chinese economy are fine and a chinese currency is, as he put this, quote, more or less stable. in those exclusive comments to us he was trying to address what a lot of the g20 participants want to talk about in addition to their concerns about some of the market volatility we have seen from china. it is a message that all the chinese here -- there is a b20 conference leading businessmen from g20 countries going on at the same time. i was speaking with one of the chinese businessmen there, who na's biggest chia

railway company's. he said the same thing. the underlying economy is not as big a problem as people think. have a listen. the last two weeks you see a lot of things happen in china that are making people concerning about this. the fundamentals of the economy have not changed much. thought things people [indiscernible] rate., the exchange you see the fundamental economics, especially the manufacturing industry, things have not changed much. we heard the deputy governor of the central bank saying they

still expect the chinese economy to grow by about 7%. one eu official we were talking to said that vantage point, the visibility of how the chinese economy is going to continue to grow and what policymakers are going to do is something the officials have really not gotten here and that is something they would like to get. there are going to be more meetings between central bankers and finance ministers the chinese delegation later today and they are going to want a lot more answers. >> the question this summer from markets in the u.s. has always been what is more significant, in the- is the weakness shanghai composite, or is it the possibility of a tantrum with the rate hike in september. how is the fed part of the conversation where you are? >> the rate hike conversation is huge. people are very concerned, particularly the emerging market participants. they would love for the rate hike to get pushed back. they were all listening to the jobs report today.

yesterday when we got our hands it mayaft communique, change, but it included a not-so-subtle reference to the fed saying that central banks in general when they tighten need to be clear in their communications, need to calibrate the tightening with other countries. there you go, that's what they think. they want the fed to do what it needs to do. they would appreciate it if it did not happen so quickly and wasn't very dramatic. matt: that was bloomberg's ryan chilcote speaking with brendan greeley. coming up on the "bloomberg man whoay," meet the knows chewbacca better than anyone. he built the original deathstar that was in your bedroom. the toymaker coming up on this sports -- force friday. ♪

matt: welcome back to the "bloomberg market day." i'm matt miller. prices have been key drivers of market action up and down. this isn't the oil price, this is the baker hughes crude oil rig count. is alix steel onset? oh, she's right next to me.

i know that crude oil is trading down right now and it has been incredibly volatile. ag count is something i have vague sense of but you are keeping track of all the time. what was that chart and what does it tell us? oil: that was baker hughes rig count, which fell by 13 last week. it is significant because the last six weeks we have seen an increase. we saw that rally a few weeks ago and now they are taking some of those rigs off-line. matt: down 60% over the last 12 months, is this all the rigs that baker hughes has out? alix: yeah. they track all the rigs here in the u.s. you name it, they have it. the reason it is significant is it is a precursor to future production. within the number we saw 13 rigs lower, but we saw a guilford add 6.

guilford add 6. that prolongs the oil price slump because production keeps coming online. matt: we still have -- some people say that this glut is the big problem and that the world is awash in oil. alix: some don't agree. is one of the best oil traders, best known oil traders out there. matt: maybe because of the paycheck. alix: he's also now bullish. matt: he is a $100 -- $100 man.on this is why he is so famous to people not in the industry. he was getting paid $100 million a year. it's totally awesome. it's like fireworks and unicorns. he thinks that production in the back half of the year is going to fall about 6% versus

the first half of the year. he sees production declining, so he says the world is not a wash, there is a little bit in oversupply. take a look inside the bloomberg terminal for another reason why he's bullish. he's looking at the future when it comes to oil. this green lie here was what traders were expecting oil prices to be in the future six months ago. they thought we would be about 81, even though prices were all the way down much lower. at $65ders are looking versus $50 in just a few months. he's saying it's not that steep. the orange line, not as steep ride -- steep. we just got some oil, some oversupply. matt: as far as i understood it, that is when you buy oil but you are holding it out on a ship and

you are waiting to bring it in. alix: there's a lot of reasons why you can be in contango. it has been pointing to more supply. the steeper a contango you go, the more supply you currently have. that contango has come down a little bit and that is what andy hall is talking about. because of that he says oversupply is not crazy, we can manage it, it will get better, therefore i'm bullish on oil. matt: contango sounds like a spanish dance. -- i'm pretty sure he's been bullish through this entire -- alix: i don't know the answer. i have to look it up and tell you when i come back to you at 3:00. i will find that out for you. he's very different from other shops out there. commerce banks just lowered their forecast for oil today as did berkeley.

they are more bullish come 2016 for the same reason. the reason why we care is because that fx energy shares, the s&p. there is a ripple effect. matt: i am on my terminal looking at glencore share price. crushed, been getting down 60%. speaking of companies that rely on commodity prices to remain stable. alix: this is the worst week for glencore ever. they have been public for about four years, since 2011, this is the worst week that they have seen. downgradedually glencore's outlook to negative from stable. you have glencore saying that china will continue to weigh in on copper and aluminum prices. we continue to have an oversupply. half of this market value has disappeared so far this year. the reason why glencore is so fascinating is they are huge. they are the biggest traders,

one of the biggest producers. when they went public in 2011 they never hit that level again. that's why this is a company to track. matt: you said you had a surprise for me. alix: you love talking about gasoline. guess how much it will cost you to fill up your tank. matt: when are you talking about? alix: labor day weekend. matt: $3.35. alix: $2.44. it is the cheapest gasoline during a labor day weekend since 2004. matt: that is low. but that is not in bronxville. alix: there's a whole thing of how much you are going to get passed on to that. matt: have refineries not been responsible to some extent for holding prices higher a little bit? alix: have they been responsible for holding gasoline prices higher? matt: for not letting them fall

fast enough. alix: no. wti selling for brent. matt: i heard that, but -- mythbusters with alix steel. alix will take a quick break and then she will come back and join me for the rest of the hour. right now i want to take you to our top stories. guess prices 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 those people on the highway straight triple-a says this will be the busiest labor day weekend on u.s. highways in seven years, more than 30 million people expected to travel more than 50 miles from home. weeks after an attempted terror attack on a high-speed train in europe, expert security measures are being put into place on the nation's rail system. the homeland security secretary jeh johnson says travelers will see, quote, and enhanced security presence this holiday weekend. travelers can expect more canine explosion -- explosive detecting

sweeps. we are talking about the rail system in the u.s., which hardly exists at all anyways. a long holiday weekend traditionally includes barbecuing, but marketers say americans are not as thrilled with the guerrillas that used to be. sales of grills peaked in 2007 -- grills as they used to be. sales of grills peaked in 2007. those are just some of the stories we're watching for you at this hour. the galaxy isn't so far away for "star wars" fans. merchandise from "episode seven" went on sale overnight. stores have been open since midnight. what can fans upon solo and chewbacca expect? mark boudreau has been

designing "star wars" twice since the first film came out in 1977 -- >> we're excited about the force friday. our global team worked really hard to get products available for this afternoon and last night, and we really are excited for not only our global team but for the fans. this is all for the fans and this is why we work so hard and so diligently. we are all very passionate fans ourselves of the star wars franchise and we love working with lucasfilm. we are very much looking forward to today. [indiscernible] >> thank you for giving my childhood meaning and joy. strike a balance between the best toy you can make right now and nostalgia for those of us who bought them as children.

when you are designing the figures that you made in the late 1970's, when you update them for today, do they have to move and feel and look exactly like the ones you made in the 1970's? togethertire team gets for each and every product we do and we determine what's the best the particularg character, whether it is for animation or the film, we strive to do our very best for each and every product, whether it was something we did back in the 1970's or whether it is something we were working on right now. fortunately technology has allowed us to really have advances in our sculpting, our tooling. our vendor is doing an awesome job executing the product. it really takes a lot of people, as you might imagine, to put this together. but we are very excited about the product. we are a very passionate bunch and we really love what we do.

as was mentioned, i had the opportunity to work on this for 40 years, which has been a once in a lifetime opportunity for me and i'm very grateful for that. we have been showing video of you designing the new version of the millennium falcon. i have been told it you have designed every single starship that has ever come out from "star wars" toys. how do you do this when you have not actually seen the movie? you only get part of the script? >> we work with our lucasfilm partners. they provide us with as much information as they can about the film. incorporate the elements from the movie, what you would call so wey story beats, incorporate all of those into the toys, but we want to make more than just replicas. we want to make toys that the kids will be able to relive the excitement from the film, and also add to that fantasy, can

they developed the stories on their own as well. you will find that in the millennium falcon we have added what we call off camera features or hidden reveals. the nerf launcher that pops up, the hidden to rent -- hidden current -- turret that pops up. we say, this needs to be an awesome toy. we want to be able to engage the fans, engage the fantasy, have the product interact with the action figures. action figures really are the stay of star wars. it is so much about the characters and the droid. but you do need to have vehicles the fly around the galaxy. make the strive to items the best toy we can but still keeping true to the star wars canon and what star wars is all about. matt: that was mark boudreau, who has been designing "star wars" stars -- toys since the

first film. coming up on the "bloomberg market day," a look at why community college enrollment thrives during tough economic times. ♪

matt: community college enrollment thrives the most during recessions and in times of high unemployment. according to the u.s. department of education enrollment at two-year institutions grew 31% from 2002 to 2012. four-year institution growth was only 4.8% in the same period. is invisible bond reporter kate smith, who wrote a story for the terminal and on the web about this. if you're out of a job and don't have skills and you're looking to educate yourself quickly and maybe more cheaply and more efficiently, then you go to a two-year school, right? four year schools you are taking

greek classics and things you will never use. kate: if you are a four-year institution, they are 18-year-olds who want to get their bachelors degree, maybe not so sure what they want to do. matt: they want to party, get away from him and that. -- mom and dad. is a u.s. tradition. two-year institutions are different. half our traditional students and youn, 18 years old, also have nontraditional students. we classify those as over 24 years old. they are looking to spruce up their resume, take a new class. maybe they are out of a job and they are trying to say, this career isn't working for me, what can i do to prove to a new employer that i'm totally ready for this new job? matt: it makes perfect sense, but the contrary is when the economy gets better and fewer people are out of jobs and needing new skills, these schools don't fare well. this morning's really

strong jobs report, the biggest loser -- one of them anyway -- will be community colleges, which is incredible. they have been down since 2011. matt: great chart we have here. you can see the unemployment rate in purple here, and fall enrollment at community schools. it was steadily rising until the inflection. kate: i think this chart is really interesting. you can see it going right up and then right back down. matt: thanks for joining us, kate smith. we are going to take a quick break on "market they." we will be back with more on the labor report. ♪

matt: it is a noon in san francisco. it is just friday and the unemployment rate fell to his lowest level in seven years.

we are going to read the tea leaves. : president obama sitting down with saudi king. we get the latest from a reporter at the white house. it is fantasy football time. no longer just fun and games. now there is real money at stake. ♪ matt: good friday afternoon. i and matt miller here with alix steel. alix: we do have to look at the markets right now. lows oflooking at the the session. t