david: from bloomberg's world headquarters in new york, good afternoon. --e is what we are watching a mixed jobs report. more americans entering the workforce, but part-time jobs dominate. what does that mean for chair yellen and her timeline for future rates? the world's largest sovereign wealth fund selling its stake in its parent oil company. the first major non-health-care ipo in 201 -- why are companies pulling back from going public. we are one hour away from the close of trading. let's head to the markets desk where julie hyman has the latest. julie: it looks like we are all the highs of the session. we had a day reversal -- actually earlier in the day, a reversal of major averages, which were trading lower.

i have been looking at the push and pull in the markets -- what is leaving -- leading us higher. rather than macro, it seems to be at least partially due to some company news and analyst commentary on various companies. health care is the best forming group in today's -- performing group in today's session. the pharmaceutical company says in two final stage trials they saw results in trying to treat severe eczema. they are trying to diversify away from the top-selling drug. you can see other biotech and specialty pharma companies are gaining. the nasdaq biotech index has done quite well this week. it has seen a gain of more than 6%, the best weekly performance going all the way back to september. not the only group gaining, but health care is a big part of it. david:: financials and health

what about others? -- losers? airplanes slump on concerns of lower profits. ual, american, delta, and hawaiian taking a hit. deutsche bank says it prefers the mystic headlines not exposed -- domestic airlines not exposed to domestic -- business travel. gm, ford, and fiat reporting sales rose by a smaller than expected amount. toyota reporting an unexpected decline. tesla going higher after the introduction of its model 3, and getting 198,000 orders. that is what elon musk tweeted

earlier today. hotels are in focus, not in transportation, but in travel, one could argue. ambangnese group led by insurance with join its takeover bid for starwood. marriott is the last one standing in the takeover fight. david:: thank you so much. let's check the headlines on the bloomberg first word news. ramy inocencio has that from the news desk. ramy: first, president obama says the nuclear pact with iran has achieved substantial success. he spoke at the nuclear security summit in washington dc. take a listen. president obama: we have seen real progress. already, iran has dismantled two thirds of installed centrifuges. it has shipped 98% of its enriched uranium stockpile out of iran. reactor removed the

core and filled it with concrete. if the wrong word to cheat, the breakout time to build a nuclear weapon has gone from two to three months to allow one year. avid: the president --ramy: u.s. president said it will take time for iranians to three integrated to the world economy. in a nationally televised mr. zillow -- the south forcan president apologized using state funds to upgrade his house. the districtfrom of columbia are now banned from traveling to north carolina because of a controversial law that aims to limit bathroom options for transgendered people, and prohibits local

antidiscrimination measures. boston and connecticut have also banned trips to the tar heel state. no school for about 400,000 kids in chicago. teachers that have been working without a contract since june staged a one-day walkout. they say the strike is stationed getting lawmakers to adequately fund education and other programs. 24 hours a day powered by 2400 journalists in 115 or dish news bureaus around the world. added to itrs 15,000 -- 215,000 workers last month, but the on employment raise -- rose slightly to 5%. average hourly earnings rose 2.3% from last year. the labor market strengthened markets. .oined by kathryn rooney vera also with us, yelena shulyatyeva senior u.s. economist for

bloomberg intelligence. a pretty good headline number here, in line with what you expected? well, it was slightly above, but a positive number. the report provides evidence that the labor market is holding up in the face of slower economic growth. that is a positive site. the fly in the ointment was the absence of a rebound in the length of the work week. that was a weak signal. let me explain why -- income growth is slowing, and that means consumption growth could slow, so that, in turn, could suggest that economic in the first quarter could be slower. david: catherine, you have had time to look through this. what stood out to -- the participation rate look good. i think that was an

interesting point -- labor participation -- the fourth consecutive month of an increase, and that is important from a structural perspective. i took that as a bullet sign. it increases the number of the people of the labor force, which can bring down real wages can we just cannot increase if there is an additional supply. my concern with real wages -- 2.2% year over year is ok, but not fantastic. so, it is not enough to risk the 2% inflation target, which i do not think we get to 4 -- for years to come. my take is the fed is not going to hike in april. i agree with market consensus, but i put it toward the back end of this year. twice, they go once, max and i think the u.s. dollar is going to continue to slide. week,k the u.s. is in a kind of, economic cycle. i see 2% growth this year, and i think in this scenario where it

is not too hot, not too cold -- it is slow but steady -- i do not see inflation taking off, i do not see deflation either -- i think this is a right opportunity to look outside of the united states for yield. into some this broader context -- we talked about the housing market, consumer spending, consumer sentiment. we got more data on that today. how does the jobs number fit into what we have gotten over the last week or so? yelena: i think the data has been mixed, really, and a lot of analysts have mentioned that. i think they will look through data, and the latest confirmation came from loretta mr., who said we need more evidence that momentum is picking up, but we can look through the monthly volatility. in thedications confidence surveys are

suggesting that things will probably improve later on. spoke earlier today in new york or she is the president of the cleveland fed. she said she was not the dissenting vote or she responded to some criticism that the fed might be behind the curve. think the fednot is behind the curve, a while they are risks to moving too soon, there are risks to 82 long given the legs. we live with uncertainty. one could always make the case that we should wait to act until we get more information. david: we live with uncertainty. what is your take away from what she said? ms. vera: i agree. i do not think the u.s. -- the fed is behind the curve and we are far away from our 2% target. reallyt see inflation rebounding until you see stronger growth in real wages.

this is a service-based economy. you have to see real wages take off. mucharming has to produce stronger numbers. i do not think inflation is a threat. for that reason, i see u.s. 10-years finishing this year at 2%. i do not think the yields are going to rise to much more. the default market yields are going to remain very low, which increases the update for yield elsewhere, as well as an improvement in risk sentiment in terms of risk aversion. china is looking better. manufacturing data came out ok today. oil has bounced. our forecast was for 45 by year-end, and dollar weakness -- that has been critical. thed: bringing up service-based economy, looking at the jobs hat were added -- so many are low-paying jobs. something worrisome to you, or in the context of the jobs lost in the aftermath of the recession -- yelena: it was actually a mix.

i would not say all the jobs were low-paying job. we have seen some growth in the professional and business sector. that is picking up as well. yes, we did see some growth in the retail sector, which is also encouraging. it is all jobs. it is growth. i think the details were quite positive as well. david: and lastly here, we get more data on manufacturing. your takeaway. twas not as great plenrpbuinhesn mae lileitetr. i thi rhtow nuctinisn e st, buweig s gwtgog foar awith ra . w'll go ob aerhe rk te magofou peis xtp, sau aa epes r e ilhtf e l e. wunck the pn d its ajor mpcaons, a er cvi sthep's umd,neomnys anng rosh. ndill ta's bsept rnfed cijanet ll

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