>> i am worried about the labor market and i think economists are. >> the current wave of infections is weighing on activity. >> we have seen a lot of demand destruction. >> there is demand from consumers and that will find its way back to the market. >> the federal reserve will get nervous. >> managed to maintain a disconnect from the real world. >> the market is telling you spending will come and we will party like it is 1999. >> this is "bloomberg surveillance". is "bloomberg

surveillance" on bloomberg tv and radio. interesting to see how the unprecedented has become mundane over and over again. a remarkable week, and the unusual one with a lot of strategists having to change their year outlook within days. tom: dead on. securities, a reassessment on january 8. that says it all. lisa: we are still in a winter of discontent as our next guest has praised it. we're looking forward to a time with more physical support with a more consistent view of how the world will look. highly uncertain given we don't know when the pandemic will and -- will end. tom: lots of good perspective from michael mckee on the jobs report. the news load this morning is so extraordinary. we will get to the data quickly

to give you the best we can. flat.s are up, the vix is , strongeres back dollar over the last two days. research of the zeitgeist is higher oil. of the quality of inflation expectation, we are not going to do that now to get through with our guest, but there has been a shift in the discussion of the inflation to come. that will come certainly next week here on "bloomberg surveillance." if we were to give out a toy fee for original -- eight trophy for research in 2020, there's only daniel alpert and cornell university's work on measuring the labor economy pre-pandemic and then within the collapse of the labor economy in this worsening pandemic.

daniel alpert with westwood capital. seeed an update on what you on the american labor economy away from the usual statistics. daniel: let's face it, at this point we have had 74 million initial claims for unemployment insurance. we are down about 8.5 million jobs overall. what the market is exhibiting is an enormous turn. 750,000, 850,000 people each week claiming unemployment benefits. we are about to see what happens when the jobs numbers come out for december. the total jobs numbers has not moved that much. we have business instability. we have instability with employers. we have them facing a very tough winter ahead. are they slowed down by colder weather and serving meals

outside and what have you. they're now facing this huge wall of the committed liabilities, deferred rents, deferred debt services, and other obligations suspended by forbearance. tom: i want to talk about the forbearance in a bit. daniel alpert, summers in blanchard talked about goods producing -- people staying out of work for a long time and they can't sustain their job. bring that over to the modern service sector economy -- economy. what does that look like? daniel: the industry in theory should be less of a problem because a lot of service jobs don't involve tremendous skew -- skill leaving -- skill levels. in theory. what that does to the human being is not as well understood. work, the tendency

to not look for work after a period of a time, feelings of despondency, those things all what is aplay into form of hysteresis. this is not absent during the -- this was not absent during the financial crisis and this one where we still have more people out of work relative to where they were in february of 2020. face difficulty in re-employing these people but they will not be be employed if the businesses that employed them fail. that is my biggest concern. lisa: tom uses gamma and beta and hysteresis, i will just say it takes time when you look at the ramifications of what we have seen from the pandemic to know what the longer-term

effects will be. you talk about the turn under the babel -- labor markets. what will be the longer-term effect, the ramifications of that in ways people are maybe not considering? daniel: people will crave more longer-term employment. the difficulty in interpreting this data is none of this has been seen before. theseou start to look at disparities between unemployment claims and jobs numbers, you have to ask yourself what that is doing to businesses and people. are we developing a just and kind labor force was already on its way? of kitchena series staff and waiters in my restaurant only in the summers and fall and then i lay them off in the winter. what kind of environment does that create for people over the long-term? having learned you can do that, having learned there is a labor

force out there willing to participate in that situation, is that desire among business is going to continue? just like we were facing remote work, will that continue or will we have no occupancy in office buildings? lisa: do you think the fiscal stimulus as proposed is youicient to plug this gap are talking about and keep these businesses going until they can start hiring people again? daniel: i think so. the additional unemployment benefits will help households and under the act just past. whether it will be enough is another story. we did not see enough assistance to state and local governments. they can't print their own currency, they need help from the federal government and the employee a ton of people. that force is going to need to be maintained. tom: daniel alpert with us.

outnt to go to an headline of london where he speaks about a major incident. this is an identifier involving the nhs and the u.k. i'm taking this from the evening standard in the u.k. this is one example of the immediacy in london. their largest hospital has more than 120 patients in icu. they only have space for 30 more. alpert, i want to move to the economics of this. we know it is easy for politicians to move aside eviction notices and help individuals that are really beleaguered. then there is the forbearance on the mortgages, on landlords, on the owners of our buildings and houses. evictionmove from relief to forbearance relief -- how do we move from eviction relief to forbearance leaf?

-- forbearance relief? no demand there is for space you are not going to throw anyone out, you will see you have to continue to pay expenses and those cause you to lose money. business, you have a seasonality we have never seen before. i see all these close restaurants and retail stores. -- closeding to restaurants and retail stores. this is going to affect people. byseholds are being affected moratoriums and debt service. you're going to need to engage in a reconstruction exercise as we saw in the great depression or you will need to have a program where things are capitalized and carried over the

long-term. it is going to be difficult. the longer this goes on, the worse it gets. that comment on capitalizing over the long-term, you don't hear that enough. classiche two or three books of the financial crisis is oversupply." us -- i amis giving sure we will hear from other geographies. have to go back to the labor economy in 19 minutes. it is grim out there. what does the next month look like? lisa: especially if we continue acceleration in covid cases. we were talking about los angeles and how they had more debts from -- deaths from covid then the entire homicide numbers in los angeles from 2019. you wonder how businesses can

get back up and running, how can we get people reemployed before we create a stopgap measure. the vaccine is the only way to do that. tom: i have got to believe there is some kind of understanding of relief. you see that in the markets with futures up 12 and dow futures down. 1.09% on the 10 year yield. lisa: we are looking at the highest treasury yield going back to march of last year. how hard -- how high can they go? it is a head fake or does this signal brighter times? tom: we have a great set of guests coming up. julia coronado, macropolicy perspectives, she will join us. worldwide, this is bloomberg. the dollar is slightly stronger this morning. good morning. ♪

trump is condemning the attack on the u.s. capitol which hisened when he asked supporters to take action. he said those demonstrators defiled the seat of american democracy and he promised to pursue a smooth transition to the biden administration. trouble is coming under more pressure. ands of impeachment pressure on mike pence to take steps to taken from office. congressional leaders say mike pence and the cabinet should invoke the 25th amendment. mike pence has not responded. another truck cabinet member has resigned over the riot at the capital. blame fors laid the the mayhem at the feet of the president. she says the president's rhetoric was the infection point

for her. -- she is married to mitch mcconnell and she called it "dramatic." steps onds to take stability. the chineseis that economy is not balanced. that it issee the is not as balanced as we would like it to have. it is relying on public support, namely of the more traditional public infrastructure. what is lacking is consumption. ritika: he says as a result it is important for china to phase .ut fiscal support gradually global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪

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>> i don't see it impacting the

recoveryupport the because i don't think we will be back to our goals. i think this is a journey, not a sprint. the mathematician from cleveland ohio, loretta mester's is one of our brightest lights at the federal reserve. now withalk about this our chief underemployment economist, michael mckee. eventful 2020. we jump into the job report in seven minutes. achael mckee, loretta with message that the fed changes fiscal calculus when it comes to a democratic senate, house, and white house. to take they will have into account the idea of stimulus which becomes more likely now.

how fast does that change the economy? it will partly be about if it stimulates traditional hiring. but also about how much spending does it create that create shortages that leads us to the additional inflation. you have some people on the fed suggesting we might see the fed begin to taper at the end of the year if we get more inflation. mester suggesting we would just let it ride because she does not expect inflation to breakout this year. tom: in the research combine, romaine bostick and the equity markets and now i need economics, michael mckee's purview. barrelmorris said $60 a

on crude late this year. what does that mean? michael: it is less the level then the change of the level. how fast does it go up and how fast does that translate into headline inflation from oil. how fast does it get into gasoline? we have seen this move to the suburbs during the covid crisis. maybe we will buy more gasoline in 2021 and then it becomes a bigger part of household budgets. it is also headline inflation. we know oil prices go up and down. unless there is a breakout and it happens quickly, the fed will probably look through that. , we will get into the month's last year -- the months last year when we saw the economy collapse and we sought deflationary numbers. those will father of the cop -- of the cap conditions. -- of the calculations.

lisa: thank you for being with us. we will have you back on shortly when we get the jobs numbers we will get in about 10 minutes. we want to get a view on what to expect with those numbers. julia coronado joining us now. thank you for being with us. we are talking about inflation and that leads into the labor markets, the idea that we have this vast lack of jobs. what are you expecting to see in this labor report in terms of the demand for labor and how resilient it will be on the other of the pandemic? julia: i don't think we will get any signals of what things look like on the other site today. what we will see his weakness in labor demand. we are expecting a 100 doesn't decline -- a 100,000 decline. pandemic thathe we are in at the moment. it is causing shutdowns and

limits on activity. that is going to be the bad news we will see clearly in the numbers. -- i learned five five or sixere are unemployment rates. what is the real unemployment rate? are we double digit and higher? julia: if we need one metric, what we really need to be looking at is the employment population ratio, in particular prime age of the population radio. -- publishing ratio. how many people between 25 and 65 are working? that is the single gauge of how healthy the labor market is. that is when people are generally working. we are down because a lot of people have lost their jobs and

other people have left the labor force. that is the big issue with looking at the unemployment rate. if you want one metric, i think the employment population ratio. we have lost a lot of people who had to stay home with kids who are stay home from school. a lot of other people can't find jobs. "turn."ioned church." a lot of people have gained jobs and lost jobs -- the disruptions in the labor market is nothing like we have ever seen. lisa: the psychological effects of that -- cannot be overstated.

range of go to the estimates. i was looking at the range from a loss of jobs on the low and to a gain in jobs in the payrolls report. that is a gap of 700,000 jobs. an difficult is it as economist to pinpoint this market given how quickly it is moving? how certain are you about our assessment of it? julia: that is a great point. it has been hard to read the tea leaves in regards to the labor with the employment report. one of the things we just can't see is the temporary layoff and the re-connections of temporarily enough workers. they don't show up in claims. they don't show up in hiring because they are getting rehired. a lot of the metrics we have seen for years and years which were never perfect, now they are even worse. that leads me to another point

which i keep coming back to. we need to be humble about these numbers. i think if we look back to the great recession, we saw the biggest provision to unemployment, gdp in the years following the great recession we had ever seen. changed the way we look at the recovery. the data collections during this pandemic have been even more disruptive. we should be humble in the thinking of the economy. we have some guideposts, things can change in our understanding. tom: we welcome you all here on bloomberg television and radio worldwide. michael mckee with that report in a moment. julia coronado, one of my themes is hysteresis which is agonizing

longer-term unemployment that seems to be tangible. what does hysteresis mean within the service sector economy? the things we learned from the last recovery is that hysteresis is not permanent. people can come back to the labor force. when the job market is strong enough and the jobs are there, people will come back. we saw impressive gains in labor force participation in the five years before covid that nobody really expected. i think in the current pandemic, that is even shorter. it hinges on getting the pandemic under control and getting open. if people can send their children into the schools, the prior pattern of labor engagement can come back.

am optimistic we can get back to recovery but it hinges on getting the pandemic under control and the public health situation squared away. lisa: one of the factors is not only did we have this disruption to the labor market from the pandemic, but it has brought technological changes as to the churn.- the.cn of economy. . how can we look at the labor market on the others i've? -- on the others? alia: recessions are requirement for structures to survive. jobschanges allocations of

. you look at the sectoral. composition of jobs, we look at chu whichr is the number of people gainingn and losing jobs each month. we cannot expect that dynamic. even more that dynamic this time around. tom: thank you so much. we greatly appreciate it. is of the great things we do steal from our guests as much as we can. b -- let me bring up the charts dr. coronado talked about which is labor participation, the idea that down we go and up we go with a good jobs recovery. what is absolutely stunning is spirit is 54 labor back to the gloom of 2007, isn't it? one reasonchael: that number is better than the

unemployment rate is it includes people who are not in the labor force because they have given up looking for work. you can imagine a lot of people who were laid off because of covid shutdowns said i will take the unemployment money and i will not bother looking because the restaurants are all closed and there will not be any jobs out there. that gives you a picture of where the economy is and where workers are that is better than the unemployment rate we are talking about. are 45 seconds away from this report. i want michael mckee to collect his thoughts. important is so this a price of november, not bad. we flip that in 31 days. lisa: yet yet you're talking about about the younger workers is so key. these entry-level jobs determined their entire career path and have an implication for their earnings going forward.

tom: the labor economy here -- it used to be about wage dynamics. maybe i looked out 26 or 27 has changed so much within this pandemic. futures of 12, dow futures up. yield, 1.08. we now look at the job economy of america, michael mckee. michael: we did lose jobs for the first time since april, 140,000 jobs lost during the month of september -- december. 95,000 jobs lost. -- backup,rolls change in manufacturing payrolls -- manufacturing went up by 38,000 jobs. atthis point, we are looking

a service industry that has rolled over. rate and thatent is the same as the prior month. the forecast was that it would go up. the average with the hours does go up. that tells you something about the economy slowing down during the month. the labor force participation rate is different than the population ratio. 61.5, same as it was in november. that is below where it had been. let me dive deeper. we will take a look and maybe you can tell us how the markets -- tom: we are up to one point 10 on the 10 year yield, a little under that but let's call it. 1.10 on 10-year gilts. the curve is steepening. between the school year and the

tenure -- equities come in but they are regrouping right now. question ofs also a whether this is a bad enough aport to jerk congress into sooner and bigger fiscal stimulus. the bad news is good news. is there any silver linings under this data that you can see that would justify this move higher in yields and lower in price for bonds apart from just a prospect of more stimulus? michael: i think it is the prospect of more stimulus which is baked in by the georgia senate results. i don't know how much of a move you will get. to become the first five minutes after a major release is like on the roulette wheel. as the day goes on, did a price in additional odds? i'm not sure. joe biden said he would pass the

$2000 stimulus, the extra $1400 as one of their first items so i think the market is expecting that. ,he employment population ratio 57.4. that was unchanged and they up from the los. the implement publishing ratio was in the 60's. we have come down a long way and a lot of people are not out there getting jobs. tom: the american labor economy, michael mckee is sharing with us now. positive revision of the previous months in the stunning -140,000 and that i look at the other data. -servicesassive goods partition. is it that simple? michael: yes and no.

in general we have seen a lot of people go -- we have seen consumer spending moved from services to goods producing. factories have been able to keep people more separated where you can't do that at the dry cleaner or the restaurant. there has been that dichotomy. the one caution i would give you is that this is the re-benchmarking of -- rebenchmarking month so the numbers are not comparable to what they were in december. for the most part, they will not be different in terms of jobs created but in terms of overall population and how many people are looking for jobs, there is probably a difference. lisa: thank you so much for all of that. in anrst loss in jobs entire month since april. job losses,ave of the second wave of the coronavirus, and the second wave of pain hopefully jerking

congress into more action. that is the opinion of jeffrey .osenberg, joining us right now your thoughts on this report? >> i think you are right. see higher yields on what is a very disappointing report and it is really about looking through this report to its publications for fiscal policy. fiscal policy expeditions were high, this underscores the likelihood we will see significant additional stimulus in the new administration and from the new congress. that is why you are seeing higher yields. regardsrt is weak with to leisure and hospitality down only 500,000 jobs. about thery clearly covid resurgence we are seeing and underscoring the need for more fiscal policy. it is a different bond market

reaction but i think it makes a lot of sense that we are looking past the near term weakness towards the policy response. that means better growth and higher rates. that has been a trend. i don't think this report will take us off that trend. tom: the futures are up 55, an ease in equities. i know ed carbonate melon you atk horse and cart -- i know negienate melon -- at car melon you took horse and cart 202. which is the horse and which is the cart? is it the fixed income market? on oil that will affect the headline levels of inflation.

longer-term inflation expectations will focus on core. the expectations in the developments are about a reflationary trait rolling through the fixed income markets. you see it in terms of market-based measures of inflation, breaking even, measures breaking out to the upside. is it in nominal yield measures and the steepening of the yield curve. the overall conclusion is expectations for significant monetary and fiscal policy coordination to deliver a reflationary thrust to the economy that flows through into financial markets. it starts with financial market expectations. that is what you see building. it has been building for some time and has gotten acceleration after the georgia runoff election. the negative news will be looked through today for its implications to further the reflationary response. lisa: i don't what to read too

much into the response but it is interesting to see the bond market reacting more than equities. equities took a little dip in future trading's, ponce took a definitive move, price lower and healed higher on the expectation of stimulus. have we reached a point where higher yields with a lighting economy in the background becomes a headwind for stocks? of goingens the thesis into higher valuation because there is no alternative. jeffrey: i don't think we are there yet. you have to take a step back from these changes in yield levels from an environment where where were depressed and we think about the yields being below 1% throughout the post-covid environment. we have reached that level recently. these levels are still exceptionally low. the fed is telling you they are happy to see that.

they will not be happy to see an -- a disruptive increase in rates. forecasts fore the year and they center around basis points for the year. fiscal fine in terms of stimulus boosting market expectations. without those market expectations doing the financial stability the fed is targeting. i think if we have these gradual increases in rates, that will not get in the way of financial stability. wonderful analyses. jeffrey rosenberg, michael mckee mentions the statistics on parts and restaurants. -- on bars and restaurants. can you extrapolate to the early february report? michael: next month or a year ago?

tom: right now. michael: in a sense you can because it does not look like the lockdown situation has changed. we are seeing more cases, more deaths every day. it looks like we will be in perhaps worse shape. what happened in december came in the early parts of the month. in theveys were taken week that includes the 12th of the month. the 12th of the month in january is not looking good right now. i would imagine we will not see additional hiring. however, have people already lost their jobs? in december, many will we see is significant number of people who go on payroll or stay off payroll? lisa: let's tie this together and highlight how pivotal of a week this has been. an exceptional start to a year

following an unprecedented 2020. we started this segment talking about how people had to rewrite their year-ahead theses after what happened with the georgia election and given what we are seeing with the surprise now with a labor market that is more week that many expected -- weaker than many expected. are you basing your 2021 theses on this week's action? jeffrey: the thing that has happened this week is expectations were already going into the year that growth would be better than expected. the georgia elections have only added to the confidence that market participants have that growth will be better than expected. that is providing some cushion, some safety net to the positive sentiment around financial markets. for the bond market, the expectations that yields will rise. i don't think we are seeing a significant change from that.

i think you're seeing it reinforced with today's news and the news on fiscal policy. tom: thank you so much, we appreciate your time with us on this jobs report. michael mckee continues with us. futures came down and came up again, up 14. maybe that is on stimulus hopes. upthe yield space, we went to 1.10. from two andnged three weeks ago. on the dollar i have fractional strength. -- $51rude at the end of -- $51.19. mike and i parker medically -- mike and i are sealed in the studio. what are you looking at with the

report? michael: the number of people who were employed in retail industries. we did see 121,000 jobs, most of those merchandise stores which includes the warehouse centers. that is relatively good news, less than you would normally see. we did see a big again in warehouse -- a big gain in warehouse and carriers because of people ordering online. we are seeing a shift in unemployment and i'm sure a lot of people added those jobs or who went -- for who were laid off went into those to really. it is interesting to see -- it will be interesting to see how that plays off in january. ifwill be interesting to see we see job losses in the warehouse and delivery space. lisa: this is a confusing report.

we saw a decline in the number of jobs yet the unemployment rate stayed the same. that is confusing. the other confusing aspect is that the hourly average earnings increased more than people have expected. as tou give us some color what explains this? michael: the average hourly earnings is easily explained, the people who lost their jobs are people who made the least money. the people who are still on payrolls are more highly paid so that skews the numbers. the fed and others have stopped looking at that number because it is not really representative at this point and it does not suggest anything about inflation. when you look at the unemployment rate and what see aed there, we did not big change in the labor force, only 31,000 people came into the labor force. employment rose significantly

versus unemployment. unemployment went up by only 8000 in the household survey. employment went up by 21,000. he did not see any change in the unemployment rate. for people who were looking work -- that was only people who were looking for work. it is better to look at the employment to efficient ratio. tom: what is the real unemployment rate? rb above iraq percent unemployment rate -- are we 12% unemployment rate? are sayingst people around 9%. okay, thank you so much. lisa can you drive forward to 9:00. what are you going to do?

lisa: we have incredible gifts coming up. we have rick rieder of blackrock, anastasia of jp morgan. a lot of reaction to the job figures we highlighted. it really caps a 12 month unprecedented like we have never seen. i will put a three-month moving average on it, talk to me in march about where the labor economy is. futures up 14. nasdaq 113,000, bitcoin up to $42,000. let me start with first principles here as everyone writes, are you worried about inflation? depends why you should be worried about inflation.

i think inflation will go up this year if nothing else the basis is going to get more favorable. we know oil prices have gone up, that will push inflation up. we have had tax cuts this year. the effects of those will unwind oprah 2020 one. envision rates across the economies will push up. the real question i think is the central bank's response and is this sustained serious that will increase inflation over the coming years. the answer is probably that the central banks won't respond to it and it is probably not the sustained inflation shock that many expected. i don't think we are going to get there in 2021. tom: morgan stanley put a 2% inflation. -- wel: for eurozone business,

can only dream of getting the inflation levels of 2%. we have not been anywhere close near 2% in the euro zone for a long time. the ecb was getting there. tom: what about in america? inflation has been below 2% in the u.s., too. at this stage, the remarkable thing when you look at core inflation over the past 10 or 15 years, we have been through the financial crisis and recovery from that, concerns about the u.s.ng in parts of in 2017 and 2018. then the pandemic.

stuckinflation has been in the range. i think it will take quite a lot. i think our listeners and viewers know where i am on this. the great missed call of this great disinflation has been the chart that shows the vector --ards oops, no it didn't. i have yet to get a good welanation of where legitimately reflate. different ande is the reason it will be different is because policymakers will either want inflation to be higher for will probably retire inflation and it is a price worth paying for policy objectives. the difference before -- this is

why the change or the shift in the inflation target by the fed is so important. shift in the balance of policymakers. i think it is all about how inflation is perceived as a risk and a threat by central banks and governments. i think 30 years into the great period of inflation, we are becoming more sanguine about the thrust of higher inflation. issue to me.iggest it is not actively wanting higher inflation and tolerating it. tom: capital economics is a claim for thoughtful pieces about the shift of the global economy. with this election in america,

is there a shift away from austerity? be.: i think there may well the election in the u.s. is a portent. -- is important. i don't think it is just the election in u.s.. if you look at what is happening , the sameand the u.k. type of government we had in 2010. very few on austerity as a way to deal with debt. germany is moving towards a more fiscal policy as well. you are right to point to the u.s. presidential election and the news that came from georgia. the big wave -- the blue wave is not as big as we expected.

it is happening in parts of the euro zone, too. i think it is a reflection of the fact that austerity in 2010 was premature. we know that bond gets will tolerate higher levels of government debt. what level over a 10 year yield do you signal a true breakout towards some form of new reflationary global economy? the numbers all over the map. 1.5%. a 1.3%, a what is your number where the higher yield signals something different? neil: that is a great question. one i could spend all afternoon debating. you can pick a number, they are all over the map. i think the interesting thing is not what number signifies a breakout in terms of deflation of the global economy, but what

the fed would do. with a move towards more -- systemic structure? we have been here where the fed has capped yields. whereby if a world not by regulation than other policies they will keep yields at 1.5 because that is what we need to sustain demand. is ine visionary pressure the short-term -- thank you, thrilled you could trust this morning. upities sustained, futures at 13, dow futures up 70 points. low, 22comes into a new points. the yield is 109, we printed 110. we are in 107 63. there is some yield movement as

people try to adjust the currents. there has been only one move in bitcoin. the mail we received was extraordinary over the past two hours. with bitcoin at $41,000, we need a surveillance friday. edward joins us. i want to address the bitcoin doctors, they have been crushed. .rame their argument for or against bitcoin. they say it is no good. what is the no good? onard: i can't be too hard these guys because i was one of them. it keeps coming back. we still don't know what the

ultimate use of bitcoin is. 2.0?it be gold i don't know. will it replace the dollar? i don't know. it is something people like. ,t is the explosive upside people get find it. said it is going to five thousand or 50,000. what would break this? edward: there are significant risks. seen anye, we have not real regulation come into force yet. if we's desk if we see galatian come into force, that will be a game changer. number two, is it the ultimate winner? bitcoin's supply is limited. the supply of cryptocurrencies is not, there are a number of

them. on bitcoin. coming up, more on the american economy. marty walsh of the biden cabinet. this is bloomberg. ♪ ♪ you can go your own way it's time you make the rules. so join the 2 million people who have switched to xfinity mobile. you can choose from the latest phones or bring your own device and choose the amount of data that's right for you to save even more. and you'll get nationwide 5g at no extra cost. all on the most reliable network. so choose a data option that's right for you. get nationwide 5g included and save up to $300 a year on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile.

worldwide,ur viewers i'm lisa abramowicz, in for jonathan ferro. the countdown to the open starts right now. let's take a look at the monthly jobs report, a total loss of 140,000 jobs versus an expected gain of 50,000. michael mckee has more. mike? mike: it is an interesting report to look through, because there are some unusual factors in an unusual year. we saw the economy start recovering in the fall and then start falling off a cliff again, so you've got a dichotomy here. 140,000 jobs lost during the month of december, which is the first time since april that we have lost jobs, but for the months of october and november, there were 135,000 additional ofs filed, so you get a net 5000. it's not the tot