the economy. under the easing starting april 12, non-essential stores and jim's reopen. odds and restaurants can serve customers outside and international travel could resume next month. some measures need votes in parliament to pass. meanwhile, cdc director dr. rochelle walensky warns the u.s. is facing another week of rising cases, with young people leading the spike. she spoke at a press reading by the response team. >> we are now entering our fourth week of increased trends in cases. we are learning many outbreaks in young people are related to youth, sports, and extracurricular activity. karina: she sends the rate of vaccinations is also -- also ramping up with the cdc reporting more than 106 million people have received at least one inoculation.

new daily infections in india climbed to more than 100,000 over the last 20 hours. authorities say private officers to switch to work from home protocol for the entire month of april. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm karina mitchell. this is bloomberg. >> it is 1:00 p.m. in new york, 1:00 a.m. in hong kong. i'm kailey leinz. welcome to "bloomberg markets." here are the top stories we are following for you from around the world. the fallout continues, credit suisse may be replacing their

chief risk officer while sparing the ceo. as the bank tallies losses that could reach into the billions. we will have all of the details. gas guzzlers no more. we will get a peek at general motors new all electric suv. dmc's global vice president is our guest. u.s. air travel sets records. the tsa is screening more than 1.5 million people at airports. we will talk to sarah nelson, president of the association of flight attendants international about what the skies ahead look like. let's take a check on the markets. the economic data in the u.s. is roaring ahead and so too does the equity market upside surprise on payroll spread. that leaves us with a record high on the s&p 500. it is being led by tech. the nasdaq 100 higher by two percentage points. as we see the vix at an 18 handle. a little elevated. up the 20 plus levels we have

been at for so long. this is an equity market that seems calm on the surface. this as we see yields come in about one basis point on the 10 year. it climbed five basis points on friday as the bond market was open on the day of the payrolls report. sitting around 1.71%. keep an eye on oil. wti crude down 6%. opec slowly putting supply back on to the market. shale players are ramping up production. all the while, virus cases worsening in many parts of the world. that calls into question the demand picture. let's turn to wall street where the fallout from the collapse of the company continues to make headlines. they are discussing replacing the chief risk officer as they tallied losses that could reach into the billions from the debacle. joining us with more is wall street reporter sonali basak. it seems that he will be safe here but he is the one that

elevated her to this position in the first place. cross that line for me. sonali: is a tough question. you have investors trying to give patients to really turn around, get rid of some of these issues. they had green sale, then arche goes. why was it credit suisse versus the other banks that are facing these issues? what team will he have to get past these issues while also doing such a steeper review of these individual business lines? kailey: what is a going to mean when it comes to their share buybacks? what is the financial implication? sonali: beyond the lawsuit itself. that is the big worry. the buybacks, the dividends gets in trouble. let's talk also about any regulatory issues they have in the u.s. with the fed or in switzerland on top of that. right now, what analysts are saying is that they can be about the regulatory capital even with

these losses. what becomes of the financial return to shareholders, not just this quarter but other quarters. kailey: that has to be a question of how you have deutsche bank, morgan stanley managed to come out of this unscathed and for credit suisse, it could be that bad. sonali: why are we focusing on credit suisse? it is because it is bearing so much of the pain. i was speaking to carson block, the short seller, and i was asking, are you worried about the leverage outside of the banking system? he said, most banks have a rain on client leverage. we are still assessing that across the industry and what that looks like. the thing is, why did this come down to credit suisse and its risk management. he said credit suisse is being fair of deutsche bank's incompetence and scandal. really looked on a tough look on the hedge fund community, and people who are borrowing from banks. kailey: any other headlines from your conversation with carson block? sonali: one will -- one thing i

asked is will anything change? we asked the same thing with gamestop. he said memories are short. at some point, there will be another one. things will probably go back to normal. a lot of the reasons these issues come around is because you have a new generation and they forget what happened. kailey: short-term memory loss apparently. sonali basak, thank you so much,. covering all things wall street coming up, a new suv in town. we will discuss the newest member of the company's electric lineup. it is a hummer. this is bloomberg. ♪

kailey: this is "bloomberg

markets." i'm kailey leinz. today, gmc is unveiling its new hummer easy suv, expanding its electric truck lineup with production beginning in early 2023, and a hefty price tag. joining us is dmc global vice president duncan aldrin -- duncan aldred. what are you anticipating demand for this suv in particular is going to look like relative to the pickup? duncan: i think demand will be off the charts, quite frankly. we launched the pickup truck gmc hummer ev back in october. and again, the addition one which was a limited-edition sold out in minutes. we have released the suv behind me. this addition sold out in equally quicktime. the demand is huge. the price tag are fairly significant. it begins at $80,000, going up to 100 $5,000 for the gmc suv

version of the hummer ev. again, what you are getting for that price tag is quite revolutionary technology. a whole suite of technology, giving capability, refinement, giving a really premium vehicle. we expect amanda to continue to being high -- we expect demand to continue to be high. as we speak, as we get more more reservations coming in. kailey: do you think this will help the hummer name be kind of one that wealthy buyers flock to a way that other gm brands have not been necessarily? duncan: i think what we have seen on gmc, which is what we call the mother brands for hummer ev, is we have seen a direction where this has gone more and more premium every year. we have come out of the back of quarter one. we grew our sales 25%. we got the record average price paid for gmc around $50,000.

within the, we have a brand called -- within that, we have a new brand at $65,000 plus. that covers hiccups through two smaller suvs. but that in perspective, that is a higher average price page -- paste. when we had hummer ev and other sub brands within gmc, it is going to take it to a new level. we have already seen this get higher and higher with gmc. around $75,000. this vehicle will be in the $80,000 to $100,000 range. it offers us another step upwards as well. i'm very confident that buyers will be attracted to this vehicle. kailey: can you give us an update to what extent buyers have been attracted to the ev pickup, since that has been an option for longer? what do the preorder numbers look like, for how buyers will show up when that starts rolling

off in the fall? duncan: as you say, we will start with a limited start of production which is reflective of what has been a record-breaking development time of two years for this vehicle, from original idea to the deliveries taking place. we have enough demand, i will not go into specific numbers, but that will take us through 2023. then we will bring in the suv. and with the volumes we have of reservations, we will be feeling -- filling up 2023 very quickly. hi demand, really exciting start following the reveal of the suv we had on saturday. kailey: the ev space is really hot right now. how do you capture market share? how do you compete? duncan: i think you have some truth -- you need something truly revolutionary not only to ev's but the entire. industry. . is very exciting time that the industry came into being 100 odd years ago. when you think of the battery,

this vehicle has huge presence, is a big vehicle, yet it can do zero to 60 in three and a half seconds. it can also lift six inches to go over the most difficult terrain in what we call extract mode. you can take the roof panels off and dropped the glass of the rear so it becomes basically a convertible ev with powered electric vehicle platform as well. the screens on the inside are like nothing you have ever seen. the graphics on them, the information it displays truly, truly remarkable. when you put all of these things together, not to mention the super cruise where you can do hands-free driving on highways including -- without having to have your hands on the wheel, this technology is truly revolutionary to the industry. i think combine that with an iconic name like hummer, and you have got an absolute outstanding vehicle, which will generate a

lot of demand. kailey: i want to widen the conversation to challenge the auto industry globally. that is the semiconductor shortage. i know it has affected gmc when it comes to production of the terrain in mexico. i think that factory may be coming back online this week after two months off. how long is that semiconductor shortage going to be a problem and what is it going to cost you in sales? duncan: it's funny because the demand is so high for gmc at the moment, that we just ended the first quarter with probably our lowest inventory levels in our history. but we grew 25% versus last year. we are seeing that demand continued to be superstrong. the trick with those low inventory environments is to turn the stock quickly. we can do that. so we are selling vehicles when they are on the way to the dealership. when they arrive at a dealership, they are often presold. which is great -- which is a great customer experience to get

into a vehicle straight from the factory. it is just creating a win-win for gmc, to the dealer, and the customer. as we go forward, we do anticipate an easing of the chip shortage. we also have been building vehicles and we will fit the chip as soon as they are available. we will see a better availability environment in the second half of the year. as i say, gmc has been such a fast-growing brand, not only now, but for the last three years. we learned to live with low levels of inventory. it ends up being good for gmc, the dealer and the customer. kailey: we have to leave it there. thank you for your time. gmc global vice president duncan aldred. let's keep the conversation on ev's with our stock of the hour. tesla's first quarter deliveries were called a jaw dropper, as the surge and china sales lifted the total to a record despite

the industrywide shortage of computer chips. ritika gupta is here with a look. >> some incredible numbers here. 180 5000 deliveries in the first quarter. that is a record, beating the previous quarter and also 10,000 above analyst estimates. all the while, facing a global chip shortage. this has given the shares a much needed park. we are reversing what has been a year to date loss for tesla. we are pushed above the consensus analyst target price of $637. we had dipped below that last month. we had not done that for a year. but that as we face weakness for tesla, and it has been part of the broader selloff in tech stocks we have seen. it has had good user date, particularly the biden infrastructure plan throwing money at ev's. that has lead for wedbush to raise his -- raise its price target to $1000.

it is not all rosy in this space, as he can see, particularly for the startup players. they are getting hit by the news today. for them, it means more competition and not just from tesla, from those automakers and the likes of gm, ford. both getting overweight from wells fargo. and over in europe, competition from vw as well. these stocks may have rallied last week on this infrastructure plan, hitting a bit of a snag on this news today. kailey: they've got to compete with the hummer ev suv we were talking about. on the subject of infrastructure, president biden has set aside money to grow the ev industry in the u.s. how big could the use of ev's become an eventuality? ritika: $174 billion grown in the ev space, in this infrastructure plan. if we look at it in the broad context, ev sales as a percentage of u.s. car sales just 2%. that is expected to grow to 25%

by 2030. if you compare that to china, if these estimates are anything to go by, that would be half of what they are producing. in the broader context, u.s. still has a long way to go to catch up and get parity. kailey: thank you so much for that great report. on a programming note, tune in later this week for a special on the chip crunch. that is at 5:00 p.m. eastern time this wednesday. still ahead, we will discuss the u.k. prime minister boris johnson ambitious testing plan with caitlin rivers at the bloomberg school of public health. this is bloomberg. ♪

kailey: this is "bloomberg markets." i am kailey leinz. the cdc is tracking a rise in covid-19 cases from sports and extracurricular activities in the u.s.

here's what the head of the agency dr. rochelle walensky had to say. >> we are now entering our fourth week of increased trends in cases. we are learning many outbreaks in young people are related to youth sports and extracurricular activities. kailey: for more, we are joined by caitlin rivers, johns hopkins center for health security senior scholar at the bloomberg school of public health. there is a lot of conversation about the prospect of a fourth wave. how bad could that actually be, given the number of americans who have already had a covid-19 and therefore have at least some level of immunity, and the speed at which vaccines are rolling out? caitlin: we are seeing an uptick in the number of states, particularly in new england and the north midwest, and that does make me nervous. i would likes -- like to see transmission come down. my overall level of concern is lower than it would be if i had seen these trends six months ago. that is because there are a lot

of adults who are vaccinated and many more people who have had covid before and are presumed to be immune. one in four adults have initiated their vaccine series and probably 25% to 30% of people have probably become infected with covid and are thought to be immune. we are getting to the point where it will be harder for the virus to get around. i think that is good news. for now, we need to be careful. kailey: it could be easier for variants to get around. what is the risk that they can outsmart the vaccine, and that we may be good for some period of time but then we will have to vaccinate everyone again to compete with a new strain of covid-19? caitlin: it is true public health officials are tracking the emergence of variants closely. there are a few we are worried about. some spread more easily between people and some are not as good of a match for the vaccine. the good news is more and more evidence is showing the vaccines are still effective against those variants. we will always be on the lookout for the next threat, just to be

sure we have a good understanding of what is going on. i think our vaccines will be well protected against these new variants. kailey:kailey: the vaccination program is going better in the u.s. than other places in the world. europe and several emerging markets for example. how worried are you about the degree to which other nations are behind? what does that mean for the trajectory of the pandemic as a whole outside of the u.s.? caitlin: there are many places in the world where vaccination campaigns have only just begun or are barely underway. it is a concern. those places remain vulnerable. it is a concern for the people who live there and a concern for us in the u.s. places that are unprotected could to see more variants occur. a needs to be a priority for the global community to get the vaccines out as quickly as possible. that is something i would like to see an emphasis on. kailey: the cdc has issued new guidance that fully vaccinated people can travel, but international travel still remains a question mark with the

way the pandemic trajectory is going in those parts of the world. would you advise from your perspective as a public health professional that people travel internationally if they have been vaccinated? is that something that should be allowed? caitlin: if you are fully vaccinated, your risk will be lower. the cdc asks people traveling internationally get tested before returning to the u.s. many destinations will also require covid testing. i think those two things does make it a safer enterprise. for people who are unvaccinated, i still recommend holding off. kailey: what are your thoughts on the idea of a vaccine passport? caitlin: i think this will be a way to get back to activities that we value. i do think it will play a role going forward. the concern is making sure everyone has access to it and it does not become something that is only available to people who are wealthy or elite. i think that will be the major challenge going forward, equity issues. kailey: and implementation,

equity consistency, all questions. this is part of a travel question. how much do we know at this point about the ability of vaccinated people to transmit the virus? it is one thing to be protected yourself. it is another thing not to pose a risk to other people. caitlin: that is a great question. this is good news. we are seeing more and more evidence that people who are fully vaccinated are unlikely to carry the virus and unlikely to transmit it to others. it is not never. but we are seeing it is uncommon. that is great news. it gives us more flexibility. kailey: great news is something we all need. think you so much to caitlin rivers, johns hopkins center for health security scholar. it is supported by michael r. bloomberg, the founder of bloomberg lp and bloomberg philanthropy's. coming up, the global economy is on track for its fastest growth in more than half a century. economists are warning of a dangerous divergence between some regions. that story is coming up next. in the markets, we are looking at a record high on the s&p 500.

the index is up 1.4%. your outperformance is coming from large cap technology. the nasdaq 100 up by 1.6%, as we see yields not doing a lot. you did get the five basis point move on friday on the blowout march payrolls number in the u.s. we are basically unchanged. 1.71% is where we sit on the u.s. 10 year. the real dramatic action is in the commodity complex. wti crude at this point, down 5.4%. we are sitting at $58 a barrel. more supply coming onto the market. demand concerns are still present. we will have much more next. this is bloomberg. ♪

karina: janet is calling for a global minimum corporate tax

rate. janet yellen's comments are part of the bigger push by the biden administration trade levies on u.s. companies to help pay for the massive stimulus plan. she says the u.s. is working with g20 nations to find an appropriate minimum. the white house a six to 21% rate to help ensure a more level playing field globally. in france, the economy will grow less than expected due to the four midweek coronavirus lucked out. they cut the gdp forecast from 6% to 5%. france's closing schools and 150,000 stores to slow the spread of the virus. a four-day, 32 hour week, will hurt the economy? spain wants to find out. the prime minister's government will ask hundreds of companies to join in on one of the biggest tests ever. they have earmarked 59 million dollars to help pay for a three have in your program with the idea of a small left-wing political party. donald trump is holding off, for

now, on plans to establish a presidential library. the former president has not publicly ruled out another presidential bid, but sources say he thinks planning a library could suggest he will not run again. all u.s. presidents since franklin d roosevelt have pursued a presidential library archive records and burnish their legacy. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. amanda: welcome to bloomberg markets. kailey: and i am in for matt miller. we welcome our audiences. here are the top stories from around the world. the world economy is on course

for its fastest growth in more than half a century this year, but it interest the vergence is starting to develop, according to the imf. we will have the details. and travelers are taking to the skies again. we will talk about how the airline industry is doing as demand for travel picks up. plus, despite high unemployment, a record share of small businesses say they have jobs they cannot fill. we will have all of those details and much more, amanda. amanda: and we are seeing some return to optimism in these markets, kaylee, return to how equities are faring. it is a growth stocks that are the leaders of the market back in the driver's seat again today. pretty broad-based. everything but energy is moving up. that 4000 mark. the nasdaq is the power, and it is the subgroups that make up the s&p five that are on the move, communications, tech, consumer discretionary with some big moves. google up four points sent -- 4%

today. facebook is up and tesla. we are noting some great data on the bloomberg today showing the first act to back inflow above 2 billion and's 2017, speaking to enthusiasm. some of what is driving that, 10-year yield at one point 7%. outlook for the economy, strong payroll data. ism services hitting a record. that is a sign that the u.s. looks to reopen and there is reason for optimism. it is not optimism that is global in nature. while the u.s. and china may be on track for strong recovery growth, many other countries will lag across europe, canada, and emerging-market spirit we will see a lag effect. rich miller joins us from washington with a great story on the bloomberg terminal today. in terms of the disparity we can expect to see, it is pretty pronounced in terms of where it leaves the global output. rich: it showed up even in the

first quarter that we just finished, the u.s. coming in strongly and global growth up, but you have france, germany, italy, japan, at least according to our estimates by our economic folks, all contracting. a lot depends on this pace of vaccinations, but it is also about policy. the u.s. is shoveling out trillions of dollars of money into the economy to get it powered up. amanda: the u.s. has done much more robust fiscal spending than in europe, for example. but how much can fiscal spending make up for the slope vaccination rollout -- the slow vaccination rollout? even if the government in the european countries started shelling out more money, how much does it matter so long as the vaccine front is still a struggle? rich: that is a good point. the u.s. shoveled out a lot of money last year by the economy did not go anywhere because

people basically saved the money. they were too scared to go out and/or local governments were telling them not to go out. so you are right, i mean, unfortunately, it has become a cliche, but it is all about the virus. not just the u.s. but the whole world, being on top of it. amanda: one thing we are worried about, rich, along with inequity in the globe that will prefer -- that will persist for a little while here, does it hamper u.s. economic growth? i would expect it to hamper chinese growth more. are the domestic economy is large enough in both countries despite the fact they will see slower growth with the biggest trading partners -- will they still do ok? rich: i think they still do ok. they could do a lot better. but the nature of this crisis, right, it is the variants. as long as viruses are spreading

in other parts of the world, there is a risk we will get variants that the vaccinations will not be that efficacious against contracting. so it is in our best interest, in the u.s., to get the whole world vaccinated as quickly as we can. amanda: if we are going to see growth picking up in the u.s., that comes with other factors like higher yields, for example. that could have its own negative effects on other economies. how big of a negative impact is that higher barring cost story? rich: well, you can see in europe and with the european central bank, they have been talking about an unwelcome tightening of financial conditions. u.s. long-term interest rates have pulled up european rates. then there's a whole slew of developing countries that were

pretty indented going into this and have had to dive even deeper into debt because of the pandemic. many of them borrowed money in dollars, so as u.s. interest rates rise, their interest rate bills are going up. yeah, don't get me wrong, the u.s. expansion is a strong expansion and is helpful. we are going to buy a lot from everybody else. but it is a two-edged sword. >> we should also keep in mind, this is global data we are looking at here. i was struck by that 2024 global number being something like 3% below pre-pandemic expectations. but we will also see huge economic disparities inside america, not unlike every other country, there have been have and have-nots to this pandemic, and some people will fare very

well coming out of it, others will not. they will be hurt badly and will continue to be hurt oddly paired we should not overlook that. rich: definitely. it is not only a k-shaped recovery on global growth with rich countries doing better and poor ones liking, it is unfortunately that kind of recovery within the u.s. with those people who are wealthy are doing a lot better than those who are especially in the service sector industries, doing a lot worse. kailey: obviously, this entire conversation is the backdrop for the imf meetings this week. can you characterize the strength at that u.s. treasury secretary janet yellen is going to bring to those meetings? rich: well, she gave her first international economics speech today, and she highlighted, among other things, the disparity we have just been talking about here. but she is a formal -- former federal reserve, so she is

well-known and well respected by the international community. and obviously you have a president who is more focused on cooperation globally than confrontation that -- any sort of president trump america first policies. she said america first does not mean america alone. it is a definite tone, and she is going to be a good messenger. she is well-respected. kailey: she absolutely is. rich miller, thank you so much for your time. coming up, hiring again, united airlines is set to resume pilot hiring as they see signs of sales recovery. we discussed with the president of association of flight attendants international sara nelson. that is coming up next. this is bloomberg. ♪

kailey: this is bloomberg markets. i am kailey leinz with amanda lange united airlines it to resume pilot hiring with 300 payments as they see a sign of sales recovery. the staffing questions with airlines is so interesting for me because if united looking to hire more people, but delta says it has to cancel flights because of staffing shortages. amanda: for what it is worth, really interesting set of events for delta over the weekend. one of the busiest weekends delta has seen since pre-pandemic. you can take that as good news. the bad news, not enough seats. 100 flights canceled because delta cannot keep up with the passenger traffic. they added middle seats back. they were not scheduled to do that until may. they did it this weekend to

accommodate passengers, which will raise questions by some about the health and safety of moving that up. potentially vaccines out and about among travelers will help a little bit. kailey: delta is the last major airline to at that middle seatback. i have been on a number of flights in which i have had to sit in the middle seat as of late. let's bring in our guest sara nelson. i want to get your take on this hiring and staffing question. what we have heard from delta and united over the past several weeks, how easy or difficult is it going to be to fill those holes? >> not very easy at all, which is why we proposed last march, in the cares act, relief that we keep aviation workers in our jobs. when there is a lapse in our employment, we lose current qualifications because you cannot go to trainings and then

you are required more trainings when you come back, and their covert protocols in the training centers now, so it is difficult for airlines to staff up. this is one of the very good things that congress did with our imploring, to put in paradise the payroll support system for the aviation workers -- put in place the payroll support system. there was a lapse in that. people were recalled to their jobs what we are finding among flight attendants alone is that the lapse in qualifications october 1 through dues for 28, even though we are getting this people paid, they are still in some cases waiting for a training date to return to actual scheduled flying. so it is so important that now, as it demand is coming back, we are ready and able to lift people up in the air. if we had not had this program in place, which is something we talked about last march and through the year, we would not be able to meet that demand. and delta airlines actually made some very deep cuts, more than others, cut back on hours, and

that is why they're are in this position. amanda: one interesting aspect of this will be some of the airlines themselves reduced their capacity, virtually taking planes out of service. air canada has said it will be three to five years before it gets back to the pre-pandemic capacity, partly because that reduction and it takes time to ramp back up. you saw the tsa numbers, traveling almost back to the pre-pandemic era or getting back to it. do you think you will get your staffing back to where it was? >> look, we're going to be smaller, no doubt, but we are going to have to have all those airplanes back up in the air. that takes mechanics that are certified and takes all the people who prepared the plane to get up in the air. it takes people in the kitchen, even loading the proper items on board to get people food and water during a flight. all of this is much better planned actually then canada.

in the united states, we took a position that we needed to keep the staff in place with our security and safety credentials so we would be able to meet this demand. sure enough, we were right. all the airline employees being in place and ready to do this by this summer is important. the other thing that will be important is that business travel resumes. while we are seeing tsa numbers up, we are not seen revenues up because we do not have the business travelers back yet. that will also require international travel as well. we have to be corded knitting with countries and lifting those bans when it is safe and as it is safe and have risk mitigation vectors in the place. all of that will require the airline industry fully remove -- resuming. amanda: do you think vaccinations should be required for flight attendants? >> vaccinations need to be accessible to all flight attendants. there are exceptions. we have to understand that there

are exceptions, and we had to take that on a case-by-case basis. but we are encouraging all of our numbers to get vaccinated. one of our biggest issues was that vaccinations were being handled by states, so this was very fluctuating in the way that flight attendants could have access to that vaccine. we are still focusing on making sure that that is accessible, setting up vaccination clinics at the airports, not only for the transportation workers there but also the communities around the airports. we are working on distributing that vaccine and making sure everyone can get it that wants it. amanda: once that has happened, what measures are you taking as a union, as a group, to make sure there is some sort of formal passport system? we have seen some states rejecting that concept. would it not make your workers safer on the job if there was a system in place? >> look, there are a lot of problems with the passport concept. i think there can be best practices in place.

we can speed up the process in the the airport. we will have questions about covid for a long time we will have temperature checks and all these risk mitigation factors. if you are able to confirm that you have had the vaccine and have had some tort of passport -- that you have had the vaccine and have some sort of a passport to speed up the process of security, that will help to alleviate a lot of the stress and strain his people check-in at the airports. but it cannot be a required program because there will be disadvantages and equity problems. we have. seen is in the past we do not want to bar people from having access to flying just because of a passport. it can be an additional tool but should not be required. kailey: i want to talk about be on travel and speak to you as a union leader. how confident are you in a labor movement revival in the u.s.? >> people are ready more than ever. often times in labor organizing,

it takes a common experience. we have never had a common experience like we have in the past year about safety in the workplace or lack thereof. and all of the stress and strain of not having access to jobs, our safety net programs not covering what needs to be there for people. so i believe that we are primed and ready to organize, and you are seeing that in the vote in alabama right now, taking on the largest corporation in the world, amazon. and i think you will see a lot of labor organizing. that is also echoed by the president of the united states and in all the plans and policies he's putting forward. amanda: great to have you with us. several nest -- sara nelson of the flight attendant's international. the airline industry with staffing shortages. small businesses are having a hard time attracting talent back to work. that is coming up next. ♪

kailey: this is bloomberg markets. we have to talk about the latest u.s. jobs numbers. on the headline, yes, the unemployment rate is sitting at 6%, but we also have to pay attention to labor force participation, because the headline on employment rates may understate the degree of the labor market. that rate is still only 61.5%, well below the 63.3% from february of 2020. amanda: yeah, which is so important, something economists worried about in a recession, the so-called scarring effect. here is your participation rate, and you can flip it on its head and look at a wonderful graphic inside your terminal, unfilled jobs for small businesses. this one shows record levels of gaps in ability to fill jobs at

the moment. it comes in a story by peter coy in the business week, just out today. peter, great to have you with us for this. he is our businessweek senior economist. the unfilled jobs number is critical because it means businesses cannot restart at the rates they would hope, cannot get capacity up again. how serious is this? peter: a big problem for small businesses. back to the labor force participation rate, one way to interpret that is there is a lot of slack because there are all these people who are currently not participating in that the labor market who presumably could come off the sidelines if there was enough pressure. another way to interpret it is kind of negative, woah, some people got out of the labor market and might not be coming back anytime soon. that latter interpretation is the one i am hearing from a lot of small businesses. they are actually doing everything they can, pulling out all the stops, to get people to

even apply for work, and they're just not getting applications even. i talked to a woman in kentucky who runs a very small business making silver jewelry, and she had to lay off three full-time employees last year. she tried to get them to come back once business kind of got going again, and they just also know -- all said no. amanda: that would be the big fear, people opting out of the labor force, seen as a more permanent situation. what would you watch for to show up in the data? is it a lagging indicator we will only see in a little while? peter: you already mentioned the national federation of independent business report where they say that 42% of people they survey said they could not fill jobs. they had jobs in march they cannot fill, and that was literally the highest in the data going back to 1974. i mean, it is one data point,

but you can also look at the jolt data from the bureau of labor statistics survey. very high quality report. and that also showed that the quits rate is unusually high. it tends to be high when people feel confident that they can easily get another job so they are willing to quit the one they have now. kailey: could we also see this showing up in the wage growth data? at what point is a labor shortage going to create wage pressure? peter: that is the $64,000 question. and i did not really get into it in this story, had enough trouble just nailing down the data about what is happening with the difficulty of finding jobs, but the small business data does show that one of the things employers are doing is offering more money. so it could be there is more pressure in the pipeline for higher wages in the months ahead than you would guess, simply

from looking at the unemployment rate. amanda: really interesting, peter. so good to have this. appreciate it. peter coy of bloomberg businessweek, economic editor. it is those kinds of concerns that will feed into how markets fare. they're doing ok today. that is it for us today. bloomberg markets. ♪

>> i'm karina mitchell. boris johnson has revealed a bold plan to reopen the economy.

stores, outdoor attractions and gyms will reopen. he warns britons not to let their guard down. >> we can't be complacent. we can see the waves of sickness afflicting our countries and we have seen how this story goes. we still don't know how strong the vaccine shield will be when cases begin to rise, as i'm afraid they will. >> the prime minister says a ban on foreign travel could be lifted as soon as may 17. new york lawmakers have reportedly reached a tentative agreement that would mean wealthy new yorkers have the dubious distinction of paying the highest taxes in the country. single filers earning more than $1 million will see their tax rates climb to 9.6% fro