the agency plans to spend as much as $2275 per person. state department is also looking into federal benefits including medicaid. russian vladimir putin says the sooner the taliban can join civilized countries the better. he says russia has no interest in afghanistan's disintegration. russia has courted a taliban in recent years even as the kremlin has outlawed the group as a terrorist organization. a lawsuit is demanding that german carmakers volkswagen, daimler, and bmw pledge to reducing greenhouse gas emissions. daimler says it has already started to implement a pathway toward climate neutrality.

singapore will maintain its current level on pandemic restrictions despite a rise in cases. the country has one of the best vaccination rates. an official says they are moving into a phase called living with covid and that there is no need to impose more curbs. they will start increasing testing and begin booster shops for vinyl workgroups. 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. ♪ greg: welcome to bloomberg markets. i'm greg bonnell. matt: i'm matt miller. we welcome our bloomberg and bnn bloomberg audiences. here are the top stories we are following for you from around the world. in u.s. jobs miss. the reaction to the august payrolls report with afl-cio

chief economist william spriggs. plus, we discuss the state of the hospitality industry as bars and restaurants lose 42,000 jobs in august. caroline styne, the co-owner of the luques group, founding member of the independent restaurant coalition, joins us. cracking down on greenwashing. fund managers feel the heat as the sec cracks down on overblown esd labels. the latest from our bloomberg exclusive. greg: pretty fascinating to take a look at the market action today. a little bit confounding. we had this huge and miss the jobs number. it felt like for a while the market was trying to make sense of what to do with that number. you can see the nasdaq is up about 1/5 of 1%.

positive pressure on yields. you had a big miss on jobs, maybe the recovery is not as firm as jay powell and co. think but bond yields pushing higher. in toronto, we are up 45 point. we have been setting record closes for the past couple of days, so as long as there is a green arrow by the tsx at the close it will be another record high. let's get back to that disappointment on the u.s. jobs front. hiring downshifting pretty abruptly for the month of august, the smallest jobs gain in about seven months. >> this was a materially lower number. >> this has some delta variant on it. >> this is the long game coming out of a worldwide pandemic. >> one huge red flag for me. >> hospitality and leisure.

>> zero jobs were created in leisure and hospitality. >> the market is looking through this and seeing this is temporary. >> the fed is going to taper. >> the market is pushing back any sort of fed taper announcement to maybe november, december. >> the most important thing not to lose sight here is the emphasis that tapering is not tightening. greg: joining us for more insight is afl-cio chief economist william spriggs. i want to start with your take on the labor market. is there a lack of jobs to be offered or a lack of workers to fill those jobs? >> the problem is with hiring. we are not seeing it go as quickly as we would like. these numbers are disturbing on three important levels.

one, we know retail sales slipped last month. the fact that retail employment also slipped is disturbing because that means brick-and-mortar stores are fearing the worst, and are highly sensitive to that slippage. we have a noninsurance benefit clip that we will hit, taking billions out of consumption each week. i am looking at retail, given their sensitivity to the numbers. this pattern by which black workers are still not able to find jobs, we had the anomaly where black labor force participation increased and black workers did succeed in finding more jobs, but more did not find jobs, so the black on appointment rate went up from 8.2% to 8.8%. conversely, the white labor force participation shrink even

though they seemed to stop looking. the white unemployment rate went down in the opposite direction. we have the owner limit rate or blacks with associate degrees higher than the unemployment rate for whiteley school dropouts. that tells me that employers are still on a planet where they are not desperate for workers. they are bypassing black workers. that tells me they are not serious. then there is the concern with leisure and hospitality. this is the sector that lost the most jobs. they were leading with huge job gains and that is why the numbers have been so big so long. that stall looks like what we saw when the virus spiked last year in the winter. this is not good because that is when we need to get more jobs back. matt: i saw a chart from the

nfib, national federation for independent business, and it showed that we have and historically amount of businesses surveyed with jobs openings. it also shows we have an historically high number of businesses willing to pay more to get workers through the door. does this hiring climate really feel like that, that we have so many openings and employers are willing to pay more and more? william: employers are willing to show they are willing to pay more. part of that is because a large number of states are already on the path toward $15 an hour. low-wage workers are getting a boost from that alone. but, no, i don't think you can take the job vacancies as serious.

where we have these surges in the economy advertised ahead of series hiring. so you see the job posted but you don't know how serious they are in terms of looking. many of those are part-time positions. if you are on unemployment, you are supposed to be looking for a full-time job. the high wage industries actually did better this month at hiring. a lot of workers are recalibrating themselves. they are aimed at those higher wage jobs, so they are bypassing those lower wage firms that are not provided the same rate. greg: that sounds like a problem at the heart of what the fed is talking about, making sure the economic recovery was more equitable. you say that you are concerned about black unemployment being persistent. if you are seeing gains, it is in the higher-paying jobs. does the fed have the tools to bring about an equitable

recovery in the labor market? william: yes, by having patients. what we are seeing is a realization that we are still down millions of jobs from the previous peak, and the fed is being patient. eventually, employers will be serious, that they are really looking for any worker, and they will start hiring black workers and stop bypassing them. that will only happen if you are patient. unfortunately, our fiscal policy is not showing the same patience. the withdrawal of unemployment insurance right now will be a catastrophe. we have median unemployment linked to blacks at 22 weeks. over half of black workers have been unemployed for 22 weeks. latinos, about 18 weeks. the end of the extended unemployment benefits for those

long-term unemployed, the end of those benefits for those who were eligible before, those who got the pandemic unemployment assistance because they tended to be low-wage workers and worked part-time, those workers are losing as well. all of that is disappearing too soon. we see the fed being patient with the labor market. unfortunately, our fiscal policy is not being as patient as we needed to be. greg: great to get your insights today, william spriggs. for what it is worth, we are in the middle of an election campaign here in canada. housing has been a key concern for rotors. the largest housing market in the country is toronto. it is true that volumes have pulled back from their pandemic frenzy, but the problem is home prices are not calming down. that is what matters,

particularly if you are a first-time buyer. the average price is around $1.7 million. inventories are down with a tight market. no prospective relief for a prospective homebuyer. matt: you still have the demand out there just pushing the prices higher. this is a problem that we see not just in toronto, canada, or in the u.s., but really across western europe as well. it is more of a global problem than it is a localized one, although i am sure you are feeling it acutely there. we will discuss the health of the hospitality industry as bars and restaurants lose 42,000 jobs in august. caroline styne joins us, the co-owner of the luques group in los angeles. this is bloomberg. ♪

matt: this is bloomberg markets. restaurants and bars lost 42,000 jobs in the month of august. it is the first downturn for the sector in eight months amid the the spread of the delta variant. joining us now is caroline styne, co-owner of the luques group. we featured a few members on the program. remind us what you are trying to do with the restaurant revitalization fund and where you are right now. caroline: we are desperately trying to get legislators to replenish the fund. we went to the $28.6 billion initially put into the fund

quickly, and there are tens of thousands of restaurant that did not get funded that desperately need the money. as they are moving toward this reconciliation package, we are begging and pleading for them to not forget this industry which has been hit so hard since the beginning of the pandemic. we are still not out of the woods. we need them to put in the rest of the funds we need, just under $50 billion that we need, and it will save millions of jobs. greg: when i talk to restaurant owners in canada, there were supports put in place, some of them were loans. they say that is all good and well to get us to this point, but now we are still struggling and we have debt that we were not preparing for. could this be a breaking point? caroline: restaurants around me are closing left and right. it seems like we are getting out of this, things are back to

normal, people are dining in restaurants, but between the delta variants, these whether happenings, new york just got flooded, new jersey. poor new orleans. those restaurant tours are really feeling the pain. it is true, that money that is loaned, it is debt. we have put off paying that rent to our landlords. we have been taking out loans, people have been taking out second mortgages to keep their businesses afloat. without a recovery ahead, significant revenues coming in, profit coming in, there is no way to get us out of that debt and restaurants will close. matt: what happened to the recovery that we saw at the beginning of the summer?

eight months in a row you are adding jobs in the industry, and then in august, a loss of 42,000. why? caroline: it is the delta variant. it has hit us hard. in los angeles, in june, it was masks off, feeling normal, and then quickly that all turned around. people are not comparable eating indoors. people are not even comfortable socializing. a friend of mine booked a reservation at a restaurant yesterday and then call me back and said my friends are not dining out. this is going on across the country. we are still not out of the woods in terms of where this pandemic is going. that is exactly what we are feeling at restaurants. our reservations are down. no matter how busy we may look at 7:00, he is not happening throughout the entire night and day. that is what we need. greg: when we finally get past

this -- and unfortunately it continues to drag on longer than anyone wants -- but when we put the pandemic behind us, have restaurants changed fundamentally, or will we just go back to our lives again and dine out more often? caroline: i think there will still be some lingering reticence for people to be in crowds. i know a great deal of people, including myself, that are looking forward to going back to a packed bar, but not everyone will. we have to make accommodations for outdoor dining. here in l.a. we have that temporary al fresco program, but we need to make sure it is a permanent feature to balance the concerns people have about being in crowds of people. while the restaurant industry lost a lot of jobs, we laid off

millions of people, so people went to other industries. that is something that we will have to battle with as well. matt: how hard will it be to get them back? i talked recently to someone who said, she had people who were lifelong employees, and now she has people who she doesn't know how long they will last. how hard is it to get back those workers that you can trust and depend on? >> it will take a long time. some of us have really trusted, valued, dedicated people that stayed on, but a lot of people do delete. i had a bartender that worked with us for a long time. during the pandemic when he was laid off, he went to coding camp and now he is at a tech firm. a lot of people reevaluated the jobs they are in. it's about getting people more interested in this industry,

getting people to feel comfortable about working in the public sector again. greg: great to get your insights. we all hope for better days ahead. caroline styne, co-owner of the luques group. the sec is cracking down on esg labels. why regulators are targeting this $35 trillion in assets. this is bloomberg. ♪

greg: this is bloomberg markets. esg. companies love to use that label , makes them look like they are on the vanguard of an issue, but the sec is cracking down on companies not living up to the promise. let's bring in ben bain for more on this. >> as you said, this has really

been the label that funds increasingly pace on their investment products, that investment advisors are referring to. we are talking about trillions in assets right now that are labeled as trainable. as this boom has been happening, regulators in washington and around the world are increasingly skeptical about whether these funds or investments are all that sustainable. the sec, for the second time in two years, has been peppering investment advisors, money managers with queries, how do you determine if something is sustainable or green? in addition to just the screens you are using to figure that out, how are you dealing with differences in jurisdictions? europe is, in some ways, head of the u.s. in terms of imposing standards. they have had rules in place

since march. in the u.s., it is much more murky. with the sec is doing, what examiners are looking for, is to figure out what that label means, and if there are some this representation's of what they are saying, they could face problems with the regulator. matt: i wonder, as long as you declare what is in your fund, are you allowed to label it esg? as long as you are transparent about your holdings, does matter what you call it? ben: that is another area that is murky. this whole asset class has really taken off in the course of a couple of years. as you know, rules take a long time to catch up. right now there is not a clear standard for what you have to have in that fund, if you are going to stick a green label on it, if you are going to say it is esg. what does that actually mean?

we have also seen that that definition has shifted as time goes on. maybe five years ago being environmentally friendly means one thing, but now something else. it is also a mix of investments, how things are weighted. examiners are trying to probe these funds, figure out what is going on, whether there are misstatements. at the same time, the sec is trying to write rules. whatever they find will certainly inform that process as well. matt: great to have you on this issue. maybe feeling the heat of an s.e.c. crackdown. for greg bonnell, i'm matt miller. this is bloomberg. ♪

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>> i'm karina mitchell. president biden will serve a damage from hurricane i do today as he visits louisiana, or

hundreds of thousands of homes and businesses remain without electricity. he will meet with governor john bel edwards and officials. the storm's path of destruction stretches from the gulf coast to the new york city region. about 6000 national guard members have been deployed to louisiana, mississippi, alabama, and texas. in a surprise announcement, japan's prime minister said he will resign after failing to control the country's coronavirus surge. the move comes weeks before a general election. we becomes the next leader of the liberal democratic party is virtually assured of becoming prime minister, because of the parties dominance in parliament. the main spokesman for the taliban says investments from china will be essential to help rebuild afghanistan. he told an italian newspaper the taliban are looking for help on large projects. afghanistan has been shattered by 20 years of war. new leaders will have to