that concluded he stoked violence ahead of the deadly insurrection in january. mr. trump responded, calling it an insult. facebook plans to end the controversial policy championed by mark zuckerberg that he tempted politicians from rules that ban hate speech. president biden is crediting the vaccination campaign in the improvement in the may jobs report. employers added 559,000 jobs, and approval -- an improvement from april. >> progress that is pulling our economy out of the worst crisis in 100 years. as testament to the new strategy, not only growing yet but growing from the bottom up. mark: economist say the payroll add is modest, evidence that many companies are struggling to

find workers as the economy recovers. the unemployment rate dipped to just under 6%. g7 finance ministers, including the u.s. treasury secretary janet yellen are nearing a deal for global corporate tax rates of at least 15%. it is lower than the 21% the u.s. initially proposed. the ministers are trying to agree on how to divide levies on global companies such as facebook and amazon. the weekend negotiations are an important step with agreements taking months to finalize. 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. i am mark crumpton. this is bloomberg. ♪

amanda: welcome to "bloomberg markets." matt: welcome bloomberg and bloomberg bnn audiences. here are the top stories from around the world. i jobs miss. i report in the u.s. and canada fall short of analysis. the latest data with diane dwonk at grant thornton. we will look at how labor shortages and food inflation are influencing the restaurant industry with cheetie kumar, a member of the restaurant coalition. a framework for global minimum tax. we will catch you up to the speed on the meeting of g7 finance ministers as they close in on a plan for that global minimum corporate rate. amanda? amanda: markets are in a more positive frame of mind today.

it is big tech leading the s&p 500 higher. it is busting out of that range it's been trading in interfirst record territory. -- into fresh record territory. . energy is holding its own we are watching west texas flirting with $70. it's a pretty high price. the biggest names are microsoft, tesla, netflix. maybe it takes longer than we thought to get back to full employment. that may be feeding into that narrative. bitcoin on the date down 3.8%. that is nothing. the back-and-forth. elon musk negativity and at the bitcoin conference jack dorsey saying nothing is like bitcoin and his company may double down on bitcoin with a wallet. fascinating to watch that. for what it's worth, you went to

one of the key stories for business. a potential agreement by the g7, the finance ministers on a minimum corporate tax. at least 15% is what is being negotiated. as they need today and tomorrow we expect to see some kind of statement release. this could capture big tech as well, which might be one of the driving forces getting a tax on digital corporations in other countries. it will be a big step in a first step in the world. matt: it will be interesting to see what they mean by this. a flora 15%. yesterday, we had the biden administration saying it could give up 28% it was aiming for and go for a flora 15% -- floor of 15%. a lot of companies that 20% would still end up paying less than zero with all the deductions they take, the

loopholes they managed to wrangle out of congress, the debt financing they can write off. if there is a floor they cannot go below, a lot of the biggest companies in the world would be forced to pay a lot more money in taxes. it's a very interesting number that the biden administration is suggesting. we will see what happens when republicans get hold of it. and the g7 in terms of a global minimum tax. it's a great chart. you can see the russell 3000 weighted average. this is just the average. a lot of companies are very good at massaging their tax bills and they end up paying very little. coming up, hiring -- please. amanda: i was going to say

shopping is one of the goals that is behind this push. stopping companies from locating another countries because of the lower tax rate. matt: some people think that is bad. on the other hand, countries should be competitive. this is another way to be competitive and attract companies to their shores. ireland is competitive in a number of ways. fantastic weather, gorgeous moors, and a low tax rate. they managed to board the biggest companies in the world to their shores and a very happy with the set up the way it is, thank you very much. not that they need the g7 coming to knock on their door and saying you have to charge so-and-so amount of taxes. they are happy that they have been able to get those. it's a very interesting debate we don't have time for right now. maybe over the weekend we will do a facetime or resume call z

-- zoom call. hiring picking up, still short of economist estimates. we will break down the release with graham thorton chief economist diane swonk. this is bloomberg. ♪

matt: this is "bloomberg markets ." i'm met millie with amanda lang. we will bring you all the news right now on the back of the u.s. payroll miss. it seems we are back to that phase where bad news is good news for stock it means less of the fed tapering relatively soon. amanda: on both sides of the

board, and canada we are losing jobs. if you want to make the case that central banks need to be supportive, you have your case today. a disappointing job number. it is going to take longer to get back to full employment as some have thought. some will say based on this data, no. matt: it seems like it was a goldilocks number for the markets. it does not look like the recovery. it is just not going -- the recovery is destroyed. we are not gaining the jobs we lost. listen to some of the guest reactions to the payroll number. >> is this a positive report? >> it's a good report. >> a status quo report. >> signs of the supply-side strength to the labor market. >> it's about labor shortages. >> you can't just flip a switch. >> you can expect to snap your fingers and get a million people back in the labor market. >> it certainly gives the fed an

argument to continue to wait and watch the data. >> the whole tapir discussion is coming to the forefront. >> something changes that timing. >> the fed is doing the right thing by waiting. >> we can pull back a little bit and the accommodative. >> the fed will be more patient and tapering. -- in tapering. >> before they take with the punch bowl too soon. matt: here with us is diane swonk. what was your reaction to the jobs report? another miss. there were a half a million jobs and that's fantastic, but the whispered number was 800,000. diane: i had 500,000. i am pleased at the number. everything is relative and within the margin of error. i think it's important to remember this is the concept of what we are dealing with. consumers are spending, businesses are trying to reopen faster than workers are either

able or willing to come back to work. the willingness is not just i don't want to work because of the $300 supplement. we know from research it's a small deterrent, but not as much as many would like to put the narrative out there. the larger deterrent is the issue of things like childcare. the fact that a lot of baby boomers that were high school degrees or less retired out of the labor force because of concerns about their safety on frontline jobs. i think the viral videos of people being belligerent to front line workers is not helping at all. amanda: is that the case, the downside is it implies wage pressure follows. you will have to pay people more to get them back in an orderly fashion. does that start to influence the transitory argument when it comes to inflation? diane: that is what the debate

within the fed is. that is what we are waiting to see. my own sense is we are seeing the retail behemoth like walmart, amazon, target increase wages, which has intensify the competition for remaining workers. we are only beginning to tap -- their participation rate was in 1978. less than 37% were to right now. you will need to see the casting of the net wider to give workers that were retired because of your contagion and working for hazard pay. it is more of a step function in terms of wages. that is what is to be seen. will it trickle up in terms of raising the wages of entry-level workers and you have to raise the wages up throughout the scale. i don't think that is what we are going to see. i see a lot of automation.

it forced to accelerate adoption of new technologies. you are seeing fast food chains talking bumping being able to speed up the drive-thrus by ordering online and paying online ahead of time. that will laminate much -- eliminate jobs due to automation as well. matt: the jobs that no one wants. no one is clamoring to get a job at mcdonald's, even if they can make more money now than they would have a few years ago. what about retraining the labor force? what about getting americans into more skilled jobs? what do think about president biden's pushed to do things like that and to use his phrase build back better? diane: the issue on education, investment is edgy -- in education is huge. if human beings were malleable and can learn at any age, that's always been understated. what is sad, residual of the

pandemic itself was the fact that we lost educational attainment. high school dropouts picked up. math scores were hurt by the move to online education. those who earn less than $75,000 in household in college dropped out of more than twice the pace of higher income households. this is all going to hurt the quality of our workers and their skills going forward. we need to double down on not only catching up but we have lost -- what we have lost in the pandemic. k-12 and preschool. we need to be able to educate workers for the kind of jobs we have. every country out there has labor shortages of knowledge workers, highly skilled workers. that means on a production floor the ability to do simple math. amanda: you are getting to a place i think we are all realizing. that is at the inequities that

worried us before this pandemic are only going to be worsened. there are those who will come out better off. there are going to be a swath of populations that need more support. is there a willingness to do that? diane: there certainly is within the administration. whether or not it can get passed in congress is another issue. the role emergency aid in the supplements and stimulus have played has helped to take the pressure off. we were in a much more dire situation at the end of the year before the additional $600 billion in emergency supplements was passed, and the additional $1.9 trillion. they want to claw back some of the money for state and local governments. i think the interesting thing is the money for state and local governments going into education, we need that to catch up. it really is going to be a very

difficult time in terms of inequality if we don't make efforts. we have done some things to help people out. we wanted to bridge the pandemic. there are a couple of cracks and people fell through. if we want to come out the other side of this, we need to invest in our people. that is something we have not done for a very long time. investment in education has been eroding for over four decades. the concepts of training, we have not seen major training programs ramp up in the latter part of the 1990's. women already had a lower participation rate here than they did in japan. we are doing something wrong. we need to correct a lot of those wrongs to equalize the playing field and increase the potential for the overall economy to grow. amanda: diane, so good to have you with us. diane swonk, appreciate your time. one of the sectors shifting to new technologies may be the

restaurant industry. we will get a read on the health of the overall business with our guest, cheetie kumar, member of the independent restaurant coalition. that is next.

amanda: this is "bloomberg markets." we have been talking about the path to reopening. restaurants very much and focus. maybe at the leading edge of both trends. cheetie kumar is with us now, restaurant owner and member of the independent restaurant coalition. we have been talking about the rush for talent and trying to get people back to jobs. what has your experience been? cheetie: thanks for having me. pre-pandemic hiring was always the biggest challenge. staffing was the biggest

challenge. we had a full service dining room restaurant. it takes a lot of training and a lot of knowledge on the part of everybody who works here to do their job. we think of ourselves as career builders. it was challenging before. coming back it is just as challenging, if not more. i feel like a lot of people have left the industry, either temporarily or in their mind permanently. it almost feels like all of a sudden we are expected to get back to normal, whatever that is. it will take some time for us to hire the right people. matt: walk us through the difference. i am guessing a typical restaurant worker maybe is doing something complete the different and in there for the tips for a few months or a few years. it sounds like your employees are people that are dedicated to the restaurant industry.

talk about the differences and tell us what the challenges are in getting your restaurant fully staffed. cheetie: the industry has always been a place where people either start their job career or entry into the workforce. i myself was a musician for a long time. i bartended to support the habit. the restaurant industry became my career. i think it really is a matter of supporting whatever level of person you have on your staff. that does not mean you value somebody less because you think they might only be in the district for five years. it's about making industry a more sustainable industry for people to come to. a lot of times people are searching and they don't know what they want to do. if it's a viable career, it can be one that is super rewarding.

amanda: restaurants have not only lost time and revenue opportunities, but they have increased costs as they reopen in safety and food prices. how is the restaurant violation fund playing into that? how will that help restaurants that have struggled to reopen? cheetie: we could not make it without this grant. what the grant allowed us to do is to plan for the next 2.5 to three years, to recoup considerable debts. we restructured our labor, our job payment structure for everyone on the team. that has required considerable financial investment on our part. there is no way we could have done that without the grant. knowing if we did not have in the bank, knowing it could be

something we could rely on to mitigate some of those costs. i think a lot of industries, especially the ones that are service-oriented have realized we do need to shift how we think about workers. the conversation about minimum wage is something i will deafen leave be something we need to address as an industry and a country for the next few years. whatever the pace of change will be. the grant fund allowed us to hire people and give them wages we may not be able to afford if we were just looking at what our revenue is. matt: very interesting stuff. we would love to have you on again to check back as this recovery continues and you get more and more customers. cheetie kumar is an award-winning chef and owner of garland in raleigh, north

carolina. great to get your take on what is going on on the ground in this recovery. it is very interesting. i am going to have my first in-restaurant dining experience tonight. my wife does not think it is too fancy we are going to the local brew dog. i can't wait. we run out, get a test, and then make a reservation and go in. soon enough we will be able to do that without the test. i hope you have the same experience very soon. economies around the world need to get back to normal. this is bloomberg. ♪

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mark: i am mark crumpton with first word news. donald trump won't get a like on facebook for two years. this is because the tech giant

suspended his accounts. this follows an investigation that concluded he stoked violence ahead of the deadly january 6 insurrection. mr. trump responded calling this an insult. facebook plans to end the policy championed by ceo mark zuckerberg that exhibited politicians from rules that band hate speech and abuse --banned hate speech and abuse. g7 finance ministers are nearing a deal for a minimum global corporate tax rate of at least 15%. it is lower than the 21% the u.s. initially proposed. is the u.k.'s chancellor of the exchequer hosting his colleagues in london. >> it's increasingly clear in a complex global, digital economy we cannot continue to reside on attack system designed in the 1920's. mark: the