considering a release to increase crude production. the biden administration is very concerned about the prices at the pump. >> on average, gasoline isis will be about $3.05 -- gasoline prices will be $3.05 at the beginning of december. they will do an adjustment and we will see if it will hold. but the biden administration about the price at the pump and people's wallets for natural gas including propane and heating oil, particularly in the northeast. ritika: allies ignored pleas and stop for plans of monthly output of 400,000 barrels a day. it has been compared to a shakespearean drama but this real family drama has billions

at stake. a decision likely on the messy family rogers dispute. he replaced several board members without approval. his mothers and sisters are trying to stop him. a company owned by the chinese government is working to acquire hong kong's south morning post newspaper. there interested in a deal with alibaba -- they are interested in a deal with alibaba. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta.

this is bloomberg. amanda: welcome to "bloomberg markets." matt: i'm matt miller you're here other top stories we are following. stocks at a record high as jobs growth ignites a rally in america the labor market seems in a recovery and both the u.s. and canada will break down the numbers with the chief economist at graham thorton. pfizer shares soaring after the covid bill shows strong results in occult trials. we will discuss the game changing of fact. as the economy reopens, bike startup line is looking for

notable investors. we will speak to the ceo, wayne ting. amanda: some factors you mentioned in play, stocks at another weekly high. you can see the 10 year is below . growth story in the driver seat. internals, some stocks leading the markets on the s&p 500, every subgroup is in positive territory with the exception of health care and it is the news about pfizer's pill for covid-19 that has the whole group moving. moderna, 24% move lower, another blow to that company taking hits on the vaccine front relative to pfizer. we are watching energy strong on the day, but across the board a lot of enthusiasm.

a lot of that is being driven by the jobs numbers we saw. but the u.s. and canada, both reporting. the unemployment rate here is falling to 6.7%, total hours worked rising 1%. most of the attention is on the u.s. data and what it says about strength of recovery. it is what former treasury secretary larry summers had to say. very: we have a very strong cash larry: we have a very strong economy -- larry: with a very strong economy on the demand side but not on the supply side. that is overheating. you did not see an increase in labor force dissipation. amanda: let's bring in diane s wonk. there's been a lot of talk that

this is a supply-side sugary story. we are not back to pre-pandemic levels if you take the trajectory of job growth, we are not there yet. how would you rate the health of the recovery at this point? diane: actually, we just got a big step up and i am encouraged to see the private sector picking up where the public sector has left off. we sought education jobs continue to fall. that is hard, especially for people looking for extracurricular and after will programs that help the kids to stay in school longer so they can actually work. childcare continued to decline. that is when the participation issues, friction, women did come back after losing ground in september but still low. it is important to point out that we are starting to see real traction. as we open the economy more, you'll see very robust job gains through the end of the year and

i think we will see the federal reserve in response accelerate the tapering of asset purchases once we get into 2022. they left the door wide open for that earlier this week with a strong november number. that is exactly what they are going to see because they want to space out from the end of tapering asset purchases. matt: president biden was talking about think 190 some people fully vaccinated and that is to be the biggest piece economic recovery has. now we have news from pfizer that they may have a pill that they say reduces hospitalization and death in high-risk cases 89%. that is astounding. what kind of game changer could that be for the economic recovery? diane: it is huge, along with other treatments we already have .

reduced hospitalizations already and most importantly we are vaccinating kids five to 11 years old. that is important as well in terms of keeping kids in school and not having these quarantines we were having. all of that allows us to have the economy open more fully. it allows the u.s. open the economy more fully in the economy where the pandemic is ongoing. that is something that gets lost in translation. we are going to see very robust job gains going forward. this is just the beginning of the economy we are accelerating after the delta wave and to the extent we can keep outbreaks muted in the u.s., you will see the overall economy pick up. what is causing inflation today, demand search, supply chain bottlenecks to a surge demand for labor with frictions in the labor market of people returning . that demand in labor has indeed

done work on this. by the end of october they think we have a record-breaking 11.1 million job openings. that is stunning after already record numbers in august. we are outpacing job openings versus labor supply as well. matt: i want to ask about the infrastructure spending lands in the build back better spending. if the vaccines and medicines are one huge piece of the reopening, the economic recovery, the growth we have seen, how much more of a boost can we get from the 500 billion or 1.7 5 trillion in spending? are those bills necessary for growth? diane: it is not about growth. the infrastructure bill -- my dog is in the background -- the

infrastructure bill is important and partly build back better includes claim change issues. we should finance that at low rates at longer terms. they are paying us to do it on inflation adjusted basis and losses due to climate changes by embracing that. it takes time to ramp up. that will not hit until 2024 or 2025. we should pay for social spending. otherwise that can be more inflationary in environment where we already have inflation running high. out side of chairman powell, most of the fed is hardwired to worry more about inflation than the labor market. amanda: that gets us back to larry summers in disagreement with some other series economist

, should the fed be acting more aggressively now? inflation rather than waiting for it to take hold russian mark diane: -- hold? diane: i think the inflation will be transitory late 2023, early 2024 is too long. the fed will get nervous because we will get hotter inflation before it cools and we will have wage gains. i don't think it will be entrenched as we saw in the 1970's. the biggest risk is because the lead the fed is hardwired, regardless of how chad -- of how chairman powell feels, think will see hikes in 2022 and 2023. much of the supply chain problems, most are double ordering. that will give us unwanted supply. matt: thanks so much for joining

us. i always love having your insight. diane swonk, chief economist at grant thornton. talking about the surge after pfizer reports pill cuts hospitalizations and deaths by 90%. this is not just in any healthy person. it is high risk. it is huge if this proves to be truly effective. we will discuss how the breakthrough could alter the economic recovery for the good. this is bloomberg. ♪

matt: this is "bloomberg

markets." the race to develop a pill that treats covid move forward. pfizer announces its treatment reduced hospitalizations and deaths in high-risk patients by 89% in recent trials. that news sending pfizer shares soaring higher. the drugmaker said it will cement findings to u.s. regulatory authorities for emergency -- it will submit its findings to the u.s. regulatory authorities for emergency use. i think everyone is talking about this story. it is the most read on the bloomberg terminal. pfizer shares are doing really well. of course pfizer shares have already done really well. this could really change the course of the economic recovery. amanda: what it says about

pfizer, morningstar saying they're not changing the fair value because the long tail is not there. but pfizer's ability of bringing this is very meaningful. that may be why we are seeing companies like moderna suffering. this speaks to pfizer's ability to turn its pipeline into reality. matt: might interesting take on this is that it does give anti-vaxers more traction, especially those against vaccine mandates, because why would you mandate a vaccine if there is a treatment that cures you from the disease anyway as soon as you get it. joining us to talk about is our number -- our bloomberg health reporter. what do we know about this. clinical trial stopped because they were so successful. should we believe this really works?

robert: what we have is a statement from the company. there is no scientific study published. so we don't know the details yet, just the top line data but pfizer has been reliable with their vaccine data in the past. they have proven reliable in the pandemic. this is the first big study of the new drug in high-risk, and vaccinated older patients and it dramatically reduced hospitalizations and deaths. no patient that got the drug died, where as approximately 10 people who got the placebo died. they will rush this to the fda as soon as possible. the reason people are excited is this has been a longtime goal of public health authorities at the

first sign of symptoms you can take to prevent the risk of applications and you can take it at home and we -- and would be much easier to get. if it holds up, really important steps. amanda: i vesely great news. this is an important step if it holds up for our global economy, not just for pfizer. big declines in some of its rivals. merck has arrival pill approved -- has a rival pill approved. dern is down 20%. why that decline? robert: they are definitely down. the one is that the pill would reduce availability of vaccines -- it would reduce demand for vaccines. other trials are going on and

that is in standard risk people and that includes those vaccinated. does it prevent worsening of breakthrough cases. you could imagine a second trial where people wouldn't rush to get boosters if i can just get a pill if i get a breakthrough. it may reduce the vaccine market. matt: thanks so much for joining us, robert for coming on with this breaking story. we are going to have an interview with the ceo of pfizer at 2:00 p.m. new york time to talk about it, just about 10 minutes from now. coming up, stepping into the limelight. going public as clean alternatives on the rise we will speak to the ceo of lyman, wayne

ting. -- of lime, wayne ting. this is bloomberg. ♪

amanda: electric scooter and bike startup lime is having a public offering next year. it is backed by uber and abu dhabi. joining us is the ceo, wayne ting. where are you in terms of your progress for consumer availability? wayne: we are super excited to announce we raised $500 million today to go get continued building of transportation platform that is shared, affordable, and carbon free. we have been working in cities crown the world -- cities around the world. these are shared e bikes and scooters and two times bigger than our nearest competitor in terms of active users.

we are also significantly larger in terms of the number of cities we are in. last quarter we announced the second quarter profitability and we are on a path to continue transforming this business into a profitable, self-sustaining business. matt: i live in berlin and work in frankfurt. if i am late and don't want to take a taxi, i will always jump on a scooter. it has been a game changer for me. as i walked in the door in new york and london i don't see them. what is going on there, because the are -- these are important cities. wayne: we are seeing more cities open up your new york city announced a pilot. the reason why cities are committed to this, you mentioned it is often the fastest way to move we see that in many cities. it is more often than not the most affordable way. we are dramatically more green.

there is no greater crisis and challenge we face in the world as the climate crisis and the biggest source is from transportation. matt: i do want to bring up the actual pollution issue, because they are also, they clutter the sidewalks and they go from gorgeous green and white machines to something you don't necessarily want to look at very quickly. how do you deal with that sort of littering problem? wayne: we spend a lot of time focusing on parking solutions, corrals, and we find users if there are not putting them in the right place. when people say it litter everywhere i always ask, compared to what? you can go to any city and walk down any street and i get a picture of an e bike parked and

someone is complaining but behind it is 10,000 cars. when we reduce the number of cars and bring more bikes and scooters, we will reduce clattering and increase the efficiency of parking. amanda: as you look to an ipo, give us a sense of the path to profitability or cash flow positivity where are you today and where do you hope to be? wayne: we announced the second quarter positive. one of the key things that has allowed us to reach this is the latest bikes that are more efficient and dramatically more green. we will take the capital and scale that to generation for and that will help us improve our profitability through next year. amanda: i feel are spac, or to

o soon to say? wayne: we want to make sure we have the capital. whether it is a spac or to ipo, we will keep an open mind to next year. wayne: wayne ting, thank you so much for that, the ceo of lime. i want to wish you happy birthday. you are catching up to me. matt: i am for 12-year-olds today. amanda: it is a good age. maturity is just around the corner. for matt miller, i'm amanda lang. this is bloomberg. ♪

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>> this is gets the close.

-- this is bloomberg markets the toes. -- bloomberg markets the close. >> this is bloomberg markets. better-than-expected jobs report keeping and i on commodities. we've got you covered. a promising breakthrough, rolling back to life, pfizer ceo joining us next. you not want to miss it.