back on. >> the meeting is june. it is a process. we are not going to sign something june 12. we're going to start a process. , we can go today fast or we can go slowly. he noted the meeting with the most senior north korean to visit the white house lasted longer than expected. theresa may says the decision to impose tariffs on steel and anminum from the eu is justifies -- is unjustified. she decided the importance of the transatlantic special relationship. the eu set in motion its trade retaliation.

saysrench finance minister the u.s. is becoming isolated as president trump continues to push and america first trade policy. >> we should have been united. of course of growth, employment, development, and instead of that we will be divided. it will not be a g7. a g sixbe ag six -- plus one. mark: the eu says it will take to imposesteps terrorist. next go will place duties on everything from u.s. steel to cheese. and i would judge has agreed to

block the most restrictive abortion laws in the united states. the organization sued the state arguing the law would ban most abortions if a beagle heartbeat can be detected is unconstitutional. the law was scheduled to take affect july 1. global news 20 for hours a day --air and diet tick tack tictoc on twitter. i'm mark crumpton. this is bloomberg. julia: in new york, i'm julia chesley. we are 30 miss from the close of trading. stocks rally and treasuries fall on solid payroll numbers.

joe: the question is would you miss? summit with gentle north korea's back on. president trump met with north korea's former spy chief. the tweet that stole the spotlight from the numbers in the jobs report, president trump hinted at strong data. the prime minister elect of spain faces a tough road ahead. will have toament convince his allies to unite behind him. >> the summit became president trump and north korean kim jong-un is back on again. it president met with the north korean envoy and spy chief at the white house today to lay groundwork for the june 12 meeting. >> i look forward to the day i can take the sanctions off of north korea. here with more, margaret,

what is about this going to happen an hour ago. he did seem to manage expectations and say this is the long path ahead. it could not get more public than what we saw today. >> that is right. president put a box around this to manage expectations. this is the first meeting. it will set the tone. i never said it is all going to get done in one meeting. it was a two-hour visit with the former spy chief. two hours at the white house, an extraordinary amount of time. now with another foreign leader, not up here. , theyw from the readout did talk about sanctions. it sounded like they did talk a little bit about aid.

future prospects of aid. we did not know if they talked about the u.s. military posture at all. it was enough to atisfy the president's instinctive urge to go forward to that date. joe: as far as we know the north korea has not offered any concession on anything. >> we have not seen a copy of the letter. the president also has not read a copy of the letter. we believe he has been briefed before he went into the meeting. that becomes important. perhaps not for a first meeting. perhaps if he is going to have a meeting without having any idea where north korea is willing to go, in order for anything to , the u.s. needs to have a clear understanding of whether they could ever define nuclearization which is not just north korea and its program but

for the e -- the u.s.. been a sticking point. it seems like it is still a sticking point now. nick --ther steps with nuclear weapons, something about suspending testing that would get things off the ground enough to get to a meeting. meetingbilateral involves so many global players including china and japan. the president made interesting comments. he did not like the meeting. it is interesting to hear the president way in. if it has anything to do with the mueller probed the president tries to keep it gentle on the russia pro. cold oneen hot and

chinese dealings with the north korean regime. cold on the interplay. the president did not like the second meeting between kim and the chinese leader that precipitated the suspension of the june 12 summit. most recently in this go around weaker the president saying he appreciates the work he is doing. timely of course. wilbur ross is heading to beijing. we are all bemused about the interplay between the confusion and the trade talks. helping outtates with north korea here. >> i find it confusing. play, when you add

it all up there are a few things going on. the president wants to message to his base he is serious about taking on allies as well as the in between and a more hostile regime. in the trade tariff route he sees these punitive measures and play with her or not you are against the u.s., or close to the u.s.. he things are being treated unfairly. when it comes to international relations this is going to be a big test. it has ability to sideline progress. the president is committed to make progress. how he balances those issues, how this goes will be important

precursors to what happens june 12. >> you mentioned it is unusual two hours with someone who is not a year. give us perspective. can you think of anything similar? >> what does come to mind, in a slightly different way, the meeting with vladimir putin that took place. was one visit with not a lot of notetaking. a lot of speculation. the president did have company from staff and did have clear guidelines for where he wants to steer the conversation leading up into the meeting.

we don't have full visibility yet. this reporter is asking questions about how the meeting went. when it comes down to it, what is in that letter? how do they feel like they move the ball in terms of staging conditions for the summit? we still have some work to do, i would say. >> well said. the president indicated he had not opened the letter yet. said how you would love to see it. but he had not opened it. >> i wonder how the kim kardashian meeting was. seemedident trump excited about the release of the jobs report. this is bloomberg.

the u.s. labor market. the economy added 220 3000 jobs in may. unemployment fell to 3.8 percent. average earnings rose 0.3% month on month. donald trump tweeted that he was looking forward to seeing the figures. joining us more insight, the chief u.s. economist. my apologies. >> the president is the president. we know he likes positive job gains. this is a no no. >> anything that he tweets is going to get not only national but international attention.

it is a lot to do about nothing giving the comments were very specify.nd did not the report was fairly in line with expectations. we have had strong payroll reports. today's report was broadly in line. if there is anything to take away, that watching was always the job. now it is president watching. >> looking at the market today we see short-term rates dropping up on that number. equity markets are fine. does that suggest as long as the economy is humming along you can solid pace of rate hikes? >> absolutely. what we have seen is strong job numbers that are missing

inflation. ant is what we did get upside surprise today on average hourly earnings. pressures are lacking in virtually every part of the larger aggregate numbers. when we get that it has this goldilocks feel we see the economy growing, but the fed seems undeterred. the focus turns to the second half of the year. markets are reticent to price in rate hikes more. markets have the not given the fed the green light. drop in the unemployment rate. 3.8.umber looks like when you look at the three decimal points it was almost 2%.

>> i want to go to average hourly earnings and wage gains. 2.7%. better than expected. we have stabilized around this rate. what is going to cause it to take another leg up? >> i think it is what everyone is nervous about. it is what the fed is paying attention to. the beige book call which only people like me are forced to read, you see discussion of tight labor markets and wage pressure. it is not bubbled up. it makes me worry that there may crest waiting to crash on us when it comes to the wage numbers.

the job numbers are going to be the most important. >> unemployment continuing to drop -- drop. it continues to be higher than what people would think is possible. -- full employment had people say it will pick up over can't keep thing up those numbers. we basically do. does that suggest there is more labor slag or people are estimate -- underestimating the ability of the economy? wagewrote a blog saying labor increase has to normalize. that did not happen. it just kept going. a big pool ofis available labor. the participation rate is that workers,ve category of

still low relative to what we have seen. there is every possibility that comes back online. it could continue for some time. >> thank you for joining us on this job today. has been upended by the announcement of tariffs from the u.s.. they discuss that with the chancellor. >> we're disappointed as close allies and partners of the u.s.. they have taken this step on national security grounds. we are close security partners. we continue to talk with them. we know that president trump's way of doing business is personal. the fact he is going to have direct interaction with the leaders of the country's most

affected by these measures gives us hope we should focus this calm then trying to situation, look for ways forward and hopefully leaders can make some progress. what will you focus on? what are you hoping to achieve? >> these series of meetings are part of a ongoing process of advancing the agendas of the g7. the chairman of the president have different parties. genderhas a focus on equality and advancing the role of women in economic development, something the u.k. is supportive of the that will be a theme. we have to take forward the trade agenda. questiono look at the about how we tax the digital economy.

>> there is turmoil in europe. exitng negotiations around . how does that play into your thinking? >> it complicates issues from a u.k. perspective. we remain part of the european union. in terms of a trade response to we working asof part of the european union. we are also looking at our future potential trade relationships. once we are outside the european union. definitely a more complex situation. there are a number of things just on, which brexit is one. >> brexit is a great complication. one great fear is what happens to the financial center in the u.k.? there has been debate over how to manage that.

you are view is aligning says makes sense. >> my view is once the leave european union it will make sense or a from our point of point ofthe remaining view: continue to have cross-border trading. london is europe's most important financial center. is it -- it is an asset for the whole of the european union. finding a way that allows us to do that, that recognizes the legitimate concerns the rest of the eu would have about a major financial center, serving their market outside of their jurisdiction. we have to address those concerns. also encouraging our partners to resist the temptation to be crudely protectionist in the way they look at the future of financial services. >> there has been a suggestion although service is are

thertant, it is late 20% of economy. perhaps you could take a hard line and say we are going to be the rule makers. view of trying to negotiate from that position of strength. it is less than 20%. it is seven to their economy. the vast majority of that seven and is domestic facing or rest of the world facing. of the 7%, a quarter is eu facing. it is relatively small but strategically important part of our economy. there are two options for us. can align sufficiently with the eu rulebook and we of doing things to ensure that we have continued access to european markets. for an will look approach which maximizes our opportunities in the world. that was philip

hammond. from new york, this is bloomberg. this is bloomberg.

hour,t: our stock of the fiat chrysler. if you look at the sheriffs but they are down. julie hyman is here. this has to do with expectations. julie: it is unclear why the stock is down. year toes were up 20% date. they have outperformed. said financial theets were set because other automakers, they have had this strategy. the financial targets were more conservative than expected. another analyst said the targets format. everything looked good. wooed haven the kate

been a big m&a deal. these are the theories about why this stock might be going down. that was a failed experiment, the reintroduction of the fiat brand. numbers, itat the looks different than that. and 11% gain for the month. line were downle 46% to which you cannot even see. it is small compared to the rest. the why access is such. >> jeep is the outperform are here. looking at how many cars they want to sell jeep is what is pushing the big brand.

it is going to continue to push. >> exactly. forget small cars. thank you. market closes next.

♪ [applause] julia: "what'd you miss?"

stocks rise, treasuries fall. if you are tuning in live on twitter, we want to welcome you to our closing bell coverage. we begin with market minutes. jobster-than-expected report from a helped to set the ,cene for stocks, which rallied and the s&p 500 erased declines for the week, the unemployment rate falling to three point 8%. joe: incredible numbers today. it has been a while since we have seen a report this solid. scarlet: tech shares led the way. the nasdaq at an 11 week high. , sales growthmes

accelerated last quarter. print thatgood encourage investors for lululemon. 9%.crombie & fitch falling there is some investor optimism. comparable sales did top estimates overall, but the stock was not able to hold onto premarket gains. it finished down 8.7%. fiat chrysler with may sales sales ofhat showed how despite the 40% fanfare that came with the 2011 launch. remember jennifer lopez?

julia: jennifer lopez in a fiat? i'm not buying it. joe: u.s. rates up across the board in the wake of that solid jobs report, which puts the fed path on a clear path. when the italy stuff was at its peak, they dropped to 2.76, now the 10 year up 2.9%. italy quieting down a little. some wild swings this week. they are forming the government. the panic has eased. a new prime has minister, it has a new centerleft, pro-europe

government, and its two-year yield back in the negative territory. the two-year yield. it was in negative territory two weeks ago, then went as high as 2.8%. government,ly got a so what does that bring? have an appetite for riskier assets and safe havens under pressure. .6%,r-yen higher relatively unchanged towards the back end of the session. , the highest for one week. we spoke to philip hammond. he said there is scope for the boe to normalize rates over time. i'm not sure he knows better than mark carney, but sterling

higher in the session. sense ofto give you a what we saw in the one-they move. the turkish lira developments towards the election, under pressure in the session by 2.5%. the colombian peso the outperform her. i'm looking for the turkish lira. 1.5%. there you go. joe: oil and gold down. look at oil. was in the low 70's, then some anxiety building on the whethersuppliers about the prices were getting too high . now in the selling mode. has some great stories on

bloomberg about the bottleneck in taxes. filling up the capacity to ship it. gold down .5%. those are today's market minutes. scarlet: for more on today's jobs report and market moves, let's bring in the head of portfolio strategy forever core r ever court. yields on italian bonds blew out completely. why did we get such an outsize reaction when it was clear there was not going to be in italy exit? >> it would take time, but euro assets are less attractive en the uncertainty going forward.

the dollar was bid significantly. inflation expectations go down. u.s. treasury yields go down. so dollar up, future expectations down, treasury yields down, and that is what we saw. scarlet: we knew that if there was an election that it would not be for 3-4 months. a lot could happen. >> yes, a lot could happen. but a lot of good and bad could happen during the summer months. people were not sure how this was going to break. five-star was filled with year old-skeptics -- euro skeptics. that is your chaos scenario if they get voted in. julia: isn't that complete overreaction. both parties have backed off. we are two referendums away from

a decision. >> it is absolutely an overreaction. what happened was that it was an overreaction, but there was a few in the market that the way you pull them back from the latch was letting your banks go threatening to let the banks go under. are saying the risk of having to force politicians back into line in italy now means as far as faye wishon is concerned that you just up to -- you just have to apply deeper discounts. >> exactly. julia: you have to be selective even now surely in europe. >> absolutely. think about it going forward. i don't think a lot of investors are familiar with the interest

intricacies of a tying politics. who knows what it will be at any given moment. there is a bid for the dollar, then dollar up, inflation expectations down, treasury yields down. scarlet: what were expectations before this happened? >> short treasuries. we saw negative yields in italy. joe: what is your view of positioning now? we had the extreme overreaction earlier in the week. young today at 2.9%.we had theo sense a strong conviction one way or the other? was extremely interesting. it gets to the point on positioning. you had a blowout payroll report, then follow with a manufacturing pmi strong across the board. employment better, new orders is goingme all which

to help the faster pace of rate hikes. low.uesday at the chaos midday today, 34%. have this big jobs number come this overhang from italy's adjust positioning is all tracking short treasuries and there is still unwinding. the reason the market went up as much as it did is because people don't believe the fed will be as aggressive if that italy overhang is out there. , if thet to be clear calendar were different and we have gotten this job report a week ago before the italy chaos, this would have confirmed to the market at that time three-for rate hikes? >> yes, and a lot of my calls would have been right. to go through a week of a ,ot of defensive sectors utilities, staples because

10-year gilts collapsed in the face of italy. if this had happened with the tying risk, it would have been a different situation. the analogy is 1998. that was a time when we have robust economic growth, the asian financial crisis, the fed cut despite rising unemployment rate. i'm not saying they will cut. julia: you suggested the conduit was the u.s. dollar. >> yes. julia: you want to use that to reflect greater risk or uncertainty in the euro area, so what is that mean for your calls for the u.s. dollar going forward? assuming the chaos scenario stays off the table, i would think the dollar is flat to slightly higher from here. ,yle brainard said it yesterday the u.s. dollar going up has

implications for emerging markets and has an impact on future inflation. until we see the inflation, it will be tough. julia: great to chat with you. thank you for that. g7 nowup, what was the the g six plus one. how america first is shaping up to be america alone. we will head to canada next. this is bloomberg. ♪ this is bloomberg. ♪

mark: the european union and china and say they will deepen ties on trade and investment and

that they fully support global trade rules. comes 24 hourst after the u.s. slapped tariffs on steel and aluminum imports. >> we are clearly leaving times uncertainty -- live in times of geopolitical uncertainty. the cooperation becomes more important or china and europe and for the rest of the world. mark: china's foreign minister joined her and confirmed support for the wto as the center of the rules-based, multilateral trading system. president trump his meeting with for juneun is back on 12. the president said he would be making a mistake not to go for it with the on-again off-again nuclear summit in singapore. for june the president says his meeting with the most senior north

koreans lasted longer than expected today and was the most senior meeting between the u.s. and north korean official in 18 years. russia's foreign ministry says it is baffled by comments made by the u.s. state department about sergey lavrov ross trip to north korea. the state department representative had urged moscow not to work against washington's efforts to bring kim jong-un to the negotiating table. moscow is calling on the u.s. to take what it calls a rational approach of achieving peace on the korean peninsula and noted the staged murder of a russian journalist that had damaged the credibility of ukraine. isagency in puerto rico trying to get an accurate fatality count a year after hurricane maria. the institute of statistics said today it is suing the territory health department and demographic registry to obtain death records. many believe the official toll

of 64 deaths is as severe undercount and anger is building across the island as families of victims seek answers. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. julia: "what'd you miss?" g7 summitf the chees meeting after president trump ripped up the agenda yesterday with the announcement on tariffs. the president double down on his nafta views of splitting it up into two separate deals. >> i would not mind a separate deal with canada where you have one type of product and a separate deal with mexico. these are two very different countries. it has been a lousy deal for the united states from day one. julia: our international correspondent is there with the

latest for us. in my to put my head hands because i want to ask you whether these nafta negotiations are still going on or not in the light of tariffs being applied to the canadians and mexicans, and now discussion once again of it being broken down completely. >> i can tell you the negotiations are not going on right now. i have an answer as to whether there will be any kind of bilateral agreements. not right now. neither candidate nor mexico is interested in a bilateral agreement. canadiannts ago, the nafta negotiator announced she has filed a formal complaint naftahe wto and the dispute settlement organization over the president's tariffs. it does not look like nafta will go anywhere. it does not look like much of dot the u.s. it is trying to

will go much of anywhere. the world is united against the trump administration and its tariffs here it there is one area on which they can agree, and this may be the basis of some future work together, and that is china and the president's plan to impose tariffs on a unilateral basis. im to work like h with them to solve the intellectual property issue. i spoke with the finance minister about that. here is what he had to say. protection of intellectual property is for us of importance and we have to think about that question with our american friends. discuss with our american friends on the question of access to public procurement because we can no longer accept a chinese company having access to that when it is not the same for the french companies willing to have access in china.

we are ready to discuss about that. he said the french will not negotiate with the u.s. over anything as long as the administration demands tariffs be placed on them. they say we don't negotiate with a gun at our head. i heard you talking italy. i just finished speaking with italy's central banker. he said the formation of the new government ensures it has market credibility and italy is in the euro tuesday. joe: i am confused on that. there were close to a deal and want to get by the state. -- this date. what happened since then? one, thele of things, mexicans were not on board the way the canadians were. for canada to work

with united states on the automobiles proposal. canadian auto workers make the same as american auto workers, but the mexican peso is so much lower that it is hard to guarantee such a big race for the workers. been able tove find in some other areas, but then justin trudeau said he was ready to come to washington and figure out those areas and work with the president to solve it and tell vice president pence said we will demand that we have the sunset clause. every five years the nafta treaty goes out of business in less we renew it aired justin trudeau says that is a nonstarter and called off his trip and there are no negotiations plan. joe: a lot of frustration soon to come. thank you so much for joining us. julia: steven mnuchin. i feel for him. joe: he has a tough go for sure.

coming up, political earthquake in spain. you're looking at the prime minister who lost the no-confidence vote. joe: former prime minister. scarlet: we will have the latest from the dread. this is bloomberg. ♪ -- from madrid. this is bloomberg. ♪ ♪

scarlet: "what'd you miss?" the winds of political change sweeping across spain. the prime minister resigned before the no-confidence vote led by the socialist party. us from majority dread is our spanish economy reporter. minister, prime minister-elect, will have his work cut out for him. and embracemehow this eight-party coalition, and there is outrage among the populace.

youctually i wanted to give some breaking news. it is not prime minister elect. the king has just signed the official decree, so he is now the official prime minister. it has been out with the old come in with the new prime minister. you could argue this was the easy part because now it is the hard work. he is overseeing a weak minority government and does not really have a formal coalition. have 84 seats in parliament, the only way to get anything done is to turn further .o the left i can tell you i was in parliament today. i had a lawmaker telling me good luck to the new promised her

because he will need it. they will not make life easy for him. he is in for a bumpy road. julia: what are the people saying? there will clearly be tensions with the politicians and the different factions, but do people think this is the right move and the right decision for democracy in spain? are they happy about this? >> i don't think people in spain get what has happened today. i was talking to people outside of parliament and they were like, are we sure he is out. a week ago, nobody would have taught this possible. , this man was kicked out of the socialist party and only made a comeback last year. now he is the prime minister. the majority of spaniards will be surprised and a lot of them will have to get used to the fact that the prime minister is no longer prime minister and

sanchez is the new prime minister. when it comes to the politicians, they will have to get used to that too. and are very frustrated angry and say this is unfair. thatave to keep in mind the prime minister was forced out of office because of this corruption verdict last week. for spaniards, it will be a mix of not being fully sure what happened today, but being completely surprised by this. he was the last crisis-era leader left in spain decides angela merkel. -- besides angela merkel. >> that's a great point. this is someone who has been through everything, and incredibly experienced politician through all kinds of , thes, the economic crisis catalan crisis. his government is saying we cannot believe this is the way it ends.

the no-confidence vote is humiliating. again, this is politics. in terms of his legacy, he hopes spaniards will remember him for they recovery. took over spain, it was in recession and people bought it would go the way greece went. that did not happen. the first prime minister unseated by a motion of confidence in parliament. this is history we are seeing today. a humbling and humiliating moment for the prime minister who cannot believe it today. julia: thank you so much. have a great weekend. up, the charts and today's jobs report that you can't miss. this is bloomberg. ♪ s. this is bloomberg. ♪

mark: i am mark crumpton with first word news. the united nations security council held a closed-door discussion about a resolution to ensure "international protection for palestinian civilians and an alternative proposal to condemn hamas over recent violence in gaza." nikki haley promised to veto the resolution for not mentioning hamas. in european union has set motion's trade retaliation against the united states. the eu filed a request for consultations at the wto. a trade commissioner call the u.s. action "very unfortunate." because itfortunate

will cause a lot of damage to our steel and aluminum industry. it is unfortunate because the motivation behind it, the section 232 the americans are using, is not relevant. it is pure protectionism. on the senior fellow german council on foreign relations says europe is "tearing itself apart" while facing pressure from many sides. he spoke after the u.s. impose tariffs on steel and aluminum imports from the eu and accused america of trying to divide and conquer. >> the biggest problem for europeans is that many europeans are still daydreaming, still dream of a a liberal international world while around us this world is not exist any longer. america is about to destroy this role-based order.

russia has been playing its own game anyway, so europe has to wake up. mark: india's prime minister modi is renewing calls for a maritime agreement in the south china sea to make international waters more secure. showed that when stand on the side of principle, not behind one power or the other, they earn the respect of the world and a voice in international affairs. mark: prime minister modi spoke at a key security conference in singapore as concerns over chinese activity in those waters continues to escalate. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. scarlet: let's get a recap of

today's market action. rising with the nasdaq outperforming, up 1.5% here it the dow industrials adding 219 points on the back of a stronger-than-expected jobs report for may. julia: "what'd you miss?" u.s. labor growth bolted payroll gains this year. --halted payroll great to have you with us. talk about wages. ,> the wage metrics we track they went up to the fastest pace of growth we have seen so far in this expansion. theou dig into the numbers, yellow line shows that number we were talking about, aggregate wage growth. the blue line shows what it looks like if you take out the retail sector. the red line at the bottom shows the contribution of the retail sector to that overall number. what propelledt

the gains was all retail. that has really searched. this is the type of sector you would expect, that phillips curve pressure, because it is a low-paying industry. it has typically risen as the unemployment rate has fallen. 2016-2017, it fell a lot and the sector is dealing with headwinds , so that is why the phillips curve has not looked so great. now it is returning to that trend where you would expect it. it is not clear that will stick. it will be interesting to see where that goes. many ways of breaking it down. you also looked at unemployment and unemployment for african-americans versus whites. what is interesting here is we have the chart on my bloomberg,

the unemployment rate is 1.6 times the white unemployment rate, which is a cycle low here since 2009. >> our colleague pointed this out today. as you can see, the ratio of black to white unemployment fell to a record low in may. the thing is that it is still 1.6 times white unemployment. the interesting thing here, especially from the federal reserve perspective, the fed has been talking about these distributional outcomes. they then talking about it in speeches. they've opened a whole institute at the minneapolis fed to look into stuff like this. while normally we would look at the chart and say it is a strong labor market, one of the best on that 1.6e are still at number and are having to redefine what a strong labor market looks like. that attention

on these gaps can allow you to declare victory at 1.6, so i think it will be a part of the conversation going forward. not too long ago was 2.2 for january. scarlet: there are some pretty big ranges here. >> there is no guarantee this will stick. julia: how did the participation rates compare? when you talk about bringing people in from the sidelines, does that make a difference? >> absolutely. participation rates are generally rising. some of them are lower during the previous expansion. up to previouse levels, so a mixed picture, but a solid decline in unemployment. e, prime age nonemployment continues to go down. people notthe working continues to drop. at one point we are thinking all

these guys are playing video games. what does this chart show you? >> this is one of those areas where you can still find a lot of slack in the u.s. labor market. 35-44 as most likely to be employed, still a 11% are not working. you can see how high this number is relative to the past. you might look to this chart and see a structural increase, but look at the 1970's where we had that spike. camewas when paul volcker in and crushed the economy. since then, we had lowered nonemployment before that and higher nonemployment since then comes so that does raise the question, what is the main structural development here? shift in policy, they can't look at this and say that. picture, another month of 200 plus job growth. i've been hearing economists say

even if the economy is good, we can't keep adding 200,000 jobs. still, we keep putting up numbers like that. what you take from that? >> that speaks to the chart we were showing. there are areas where there are a lot of people not working. when the narrative becomes we are at full employment, it becomes easy to write those people off, but those people are coming back in. we are starting to see wage growth, but not gangbusters. there is no evidence we have to stop there. scarlet: still slack in the labor market. thank you so much. matt boesler is our economy and tech reporter. for we are still waiting wage growth, but one industry is beating the board, the crypto space. we will look for the race for talent in this area. subscribe to our weekly podcast on itunes.

there you will find the best content each friday to enjoy over the weekend. there is a new interview about to come out, so check it out. this is bloomberg. ♪

joe: "what'd you miss?" the tight labor market is forcing employers to compete for workers, and it is getting especially fierce in the crypto space. with this is the cofounder of the flat iron school coding boot camp in manhattan. we've known there is a lot of talent in software development howeneral i'm a but tell us

intense it is in the crypto blockchain right now. >> the blockchain spaces unbelievably interesting. it is still a wild, wild west, almost like the internet 20 years ago, so a lot of people don't know what to make of it. companies are catching on and hiring like crazy. joe: no one really has experience. >> not only no experience, but no one is teaching this stuff because it is being invented in real time. you can't get a traditional education in it, but big banks and specific companies are dying for talent. in: if no one has experience the space, what is the experience that is relevant and the types of backgrounds from would someone could perhaps quickly train into it? any background. blockchain is a sophisticated technology. all you need to know is software engineering. the reality is you can learn it pretty quick.

i run a three-month program that gets people jobs with a 90% percent placement rate -- 97% placement rate. you don't need any background. you just need the will to learn. all kinds of backgrounds, financial services, art, music, military. people with financial backgrounds have a big advantage going into the market as blockchain developers. joe: have you seen any cool off in the interest in the space this year on the pure crypto side? >> not even a little bit. it is exhilarating at a crazy pace. this,about it like blockchain is the internet and bitcoin is one website. ascoin will go up and down they figure out how to put regulations and applications around this, but the blockchain excel is essentially a

revolution. there'm curious whether is a difference in blockchain development and the typical move fast and break things. you don't want to move fast and break things when people have potentially millions and billions of dollars in virtual assets at stake. shift thatindset people have to undergo when they are thinking about this? >> actually know. that is what the power of the blockchain is. if you're running a transactions,uns you are at risk. blockchain is decentralized. example, very's projects have gotten hacked and assets have been frozen causing losses. some sort ofilding mobile app that might be nothing. you just reverse it or the next version.

in the blockchain space, there might be huge battles. individual projects might have problems the way individual websites might crash or amazon , sot have issues processing it is a bumpy road on the way up. that is a sign of how quick it is going. it's like getting in on the internet on day one. there's so much money and investment behind it shows you how serious it is. than once a day you hear about some legacy company trying to figure out what they will do in this space. what are the areas that you see on the employer side where they are showing the projects they are trying to do? >> there is a ton going on. there are a lot of companies trying to use the blockchain

because it is cool. it is like the internet. it is hard to predict where it will go. there are some obvious things. decentralized is interesting for currency. 1% of real estate transactions have to pay 1% for title insurance. the blockchain gets rid of that. there are obvious cases, but with the winter net -- the internet, it is up to the entrepreneurs to figure this out. that is why it is an amazing time to learn it. joe: the people starting in this are getting hired right away? >> it is crazy. this month we had our highest job placement month ever. we are perpetually running out of graduates to place in the companies.

joe: interesting stuff. thank you very much. galaxy digital capital management founder and ceo joins invest summit next week. you can catch that interview wednesday. julia: corporate mexico a group from stop taking the presidency. we go to mexico for the full story. this is bloomberg. ♪ this is bloomberg. ♪

julia: "what'd you miss?" the billionaire versus the left is crusading. candidate who can obrador is the message.

can you talk to me about who this man is and what he is saying to his staff and how far fully is he saying it? >> good afternoon. mexico's second richest man. he is a billionaire and according to bloomberg is worth $11 billion. he has several businesses that mines andnes and -- luxury department stores. they are giving employees mandatory talks where they tell them how mexico is not as bad as it can look and how it is in their best interest to vote for whoever is in second place to help defeat him. the idea behind this is that if , he says, the economic model he will impose will not

him to give the job they currently have. it is a thinly veiled pressure to do something the day of the vote. scarlet: thinly veil pressure is one way of putting it. the meetings are mandatory. is there anything illegal about the way the company is going about this? are they breaking the law or nothing can be done about it? >> the experts i spoke to said it follows in this gray zone where it is not necessarily illegal. to be illegal, there has to be provable coercion. them,trying to convince so the expert said it should warrant an investigation into how far they are taking this pressure, but as long as there is no co-version or way to prove

it doesn't necessarily fall into the illegal arena. julia: how much danger does a represent for billionaires? he has spoken about this idea of the mexican mafia here. what are the big risks for companies and operations like this? is a good question and one that i think we will have to wait and see. he changes his discourse from day to day and from week to week , so he names certain billionaires and businessmen within this mafia of power group , but then says he is willing to work with them and see what is better for the country, so it's going to be very interesting to see where he takes these threats or his promises to work with these is this man. -- these businessmen. we will have to see. joe: what do the latest polls show? >> they show him with a 52%

preference for the vote. that is from a mexican newspaper. i believe our bloomberg called tracker has him at 50% or 51%, nearly a two to one with his nearest rival from another party , so things are looking pretty good for him and it seems that he is going to be the next president, so it will be interesting times for mexico. julia: you are kind of creating a cultural of fear in a company if you are saying you need to vote for someone or your jobs are at risk. what if it backfires and they vote for the guy because they are being threatened? >> yes. what people told me when i interviewed them. it angered them that this billion is going to say to us when of course it is

a free vote, so why does he feel he has the right to tell us what to do. we saw it yesterday and over the past couple of days after the story came out. many twitter users were calling for boycotts for the stores and were angry at this company telling their workers what to do , especially when the workers there are -- earning average of $300 a month, so a billionaire telling them what to do doesn't -- does make people angry. julia: it is a brilliant story. to venezuela. it is persuasive. thank you so much for joining us. scarlet: "what'd you miss?" the etf industry has something for everyone, even those willing to go along on emerging-market debt. we highlight of bond fund for those with an appetite for the chinese yen this week. ♪ powershares etf is the

only etf targeting dim sum bonds. these are bonds issued outside of mainland china. it invests 80% of its assets in the securities. arebiggest allocations banks, sovereigns, and financial services and reaches across the credit spectrum rum investment grade two below, even unrated debt. it has 50 holdings and includes lenovo, the import and next for bank of korea commonwealth bank of australia, and chinese bonds. million in assets and carries an expense ratio of 45 points. light,t gets a green investors should note they are fully exposed to fx risks because there is no currency hedging. scarlet: props to our team for

that fantastic job. joe: coming up, what you need to know for next week. this is bloomberg. ♪ this is bloomberg. ♪

scarlet: "what'd you miss?" erasingin u.s. stocks

the loss for the week, closing up .9%. wilbur ross travels to beijing for more trade talks on saturday. joe: i will be watching for japanese prime minister meeting with president trump thursday to discuss preparations for that planned u.s. summit with north korea. julia: it is back on. this friday begins the g7 leaders summit. scarlet: that does it for "what'd you miss?" joe: have a great weekend. this is bloomberg. ♪ retail.

under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> i am caroline hyde in london. this is "bloomberg technology." facebook hopes to put the data scandal behind it. the annual meeting did not go according as planned. we will discuss what is next. plus, a new threat has emerged in the cybersecurity space. why hardwareom