taylor: let's take a look at how the markets performed on the day. a big jobs day friday and numbers came in better than expected. the s&p up .5% and big tech does it again, amazon continuing to do it, up one point fix percent -- 1.6%. update based paint -- update basis points -- up eight basis points on the day, and a strong jobs report, which means -- for

the federal reserve. that was a wrap of what'd you miss?. the show starts now. ♪ caroline: i'm caroline hyde, and all eyes are on the phenomenal january payrolls numbers. 400 67,000 new jobs in the u.s. last month. each and every employment was -- today, we will be digging into the confusing labor data we got, and to start, our own businesses or engage in give work. first let's sort through those numbers. romaine: we also had a jump for december. this is our average hourly

earnings, and the participation rate did take up, something jay powell in the fed participating, getting baggage of the workforce. at the white house, they are trying to get a little more activity. we heard from secretary marty walsh a little earlier on bloomberg television. >> it was a very solid report. underlying what is telling us, we are in a different position from june 2020. we are seeing people in economies and workplaces and workers learning to live with a pandemic and adjust. taylor: let's break this down. reade pickert, let me start with you. these were phenomenal numbers. what it has explained what

economists got so wrong? when romaine asked, could have economists got it so wrong? we learned that yes, that it is possible. a lot of us expected a weaker negative number because of the way workers who are sick are classified in this payroll survey. but we got this really strong number, and part of the renewable is for the seasonal investment process. not only did we have miller apartment ads -- you so more companies holding on the holiday workers than they have in the past. romaine: give us more clarity about the types of industry where we saw those types of gains?

>> there is something familiar and flag raising about the composition of today's report. if you look at background ammunition and --, -- as we look at those industries, romaine, it is highly concentrated and all the sectors we know that were not hiring in january when omicron was running rampant, restaurants were closed , hotels were seeing limited traffic, the stores were closed. we look at these sectors -- retailer, transportation a warehousing, $54. professional and business services, az excel and and --

it's the post holiday layoffs through the statistical gyrations of economists that end up turning up as job creation in january. the absence of layoffs shows up as a job scheme, which accounts for 75% of that headlined rogaine we saw today. caroline: so if we cannot hang our hat on what payrolls said, what more of the frequency data are you looking at to be painting a more accurate picture about where we are in the labor market and the economy? >> i do think this number is hard to parse anything as meaningful from, given, crime, the host of revisions we got as well. but do you think we need of good

fit of momentum going forward? one data point that stuck out to me in the report in terms of omicron's impact was this number, 3.6 million workers who did not go to work because they were sick. those double the number you saw in december, then use 6 million people say they did not work because the business they worked at reduced they are or was close to hood. -- close to covid. romaine: wait a second, wait a second. look right through that wage number and don't pay any attention to it, because we know so many people were out sick or businesses were closed -- if you are a high wage worker, generally you get paid if you are taking a sick day. if you look at sectors like the

restaurants and leisure and hospitality, they are not showing up for work, they are not generally getting paid. that skews toward higher wage inflation, especially when i see a snow storm, hurricane, is -- it's skews the wage number. definitely look ahead to the february data for some clarity. romaine: carl riccadonna at bloomberg intelligence and reade pickert, who covers all things economics down in washington. we will stay on this topic. the headline numbers we've got, an old trend we have been talking a lot about with regards to get were -- gig ware.

craig j lewis is joining us, founder and ceo of gig wage. we have seen the shift towards more gig workers and independent workers, if you will, and during the pandemic, that seemed to accelerate out of necessity. now that we are coming out of this pandemic, we are seeing trends persist, aren't louis? -- it could be hard to go back to working in the confines of the last 100 years of office work, if you will. we are seeing the trend continue and think it will over the next 5, 10, 15 years. caroline: when do you see the handwringing about the tight labor market, the desperation to get good supplies, trucking and the like? is that what you are seeing in payrolls data?

craig: oh, absolutely. the consumer, the worker is definitely in control right now. they have the leverage and companies, some of them are slow to adapt. they think you have to increase wages, but people are looking for the time, flexibility, looting to be filled do work. if they are not going to meet workers where they are, companies will either adapt or slowly die. taylor: we are seeing a lot of this, what we call the great resignation. are people adapting and moving for higher wages or moving for more flexibility? or, as part of the great resignation, maybe wanting to be an entrepreneur and own their own business? craig: at gig wage, we talk about the gig economy as a pathway to micro entrepreneurship. we also see self-employed

individuals building on peer-to-peer marketplaces, like etsy or outdoorsy, where they do rv rentals. it's a passed onto burner ship and is an exciting thing -- onto entrepreneurship and is an exciting thing. romaine: let's talk about the optionality and the potential path to a more equitable economy. we have seen in the gig workers space a large influx of racial minorities as well as women, and a lot of people who come from backgrounds in the traditional corporate world that would face a lot of obstacles to get the traditional american dream, if you will. has this been driven to this point by the obstacles in a more traditional world?

craig: the gig economy will meet you where you are. whether you have a full-time job or are making extra money for a vacation, or underrepresented and ignored, there is is stoic bias and racism into the way corporate are rare, -- corporate america has been ran today. you can push a button and make money, and i think it is something that should be highlighted. there is room for improvement for sure, but it is an opportunity for a lot larger pool of people. caroline: is regulation there for the gig economy? is the gig economy there, for people of color, women? as to whether the regulation needs to be seen in particular as some of the entrepreneurs in europe, over a have bo, is actually workers want

flexibility? stop asking us to give them benefits and health care because it will reduce that flexibility. what do you think of that, craig? craig: corporations are slow to adopt this new way of working. regulation of the legislative bodies involved are very slow, technology and behavior are driving this trend. should people not have a sign in show -- should people not have a financial safety net of services> it is incumbent on policymakers and lawmakers to provide freedom and flexibility, but also the social safety net these workers deserve as they are producing tons and tons of audit committee for all types of companies and platforms. my answer, it should be both. caroline: it's great to get some time with you. gig wage, thank you. while the black unemployment

rate has lagged in the pandemic recovery, our next guest is saying that's partly because entrepreneurship is on the rise. john hope bryant is with us, with operation hope, next, to discuss. this is bloomberg. ♪

romaine: today's triple take is focused on the jobs report out today, and something the data did not quite show, the trend we have been seeing in the workforce the past couple of years, really. entrepreneurship. we have seen jobs drop in some of that entrepreneurship, but

that picked up during the pandemic. one thing i thought was interesting about the dates we see, how much minorities have gravitated to the space in a way we have not seen in quite sometime. >> wanting to own their own businesses, undermining some of the worrying deal we have seen. for me, that was the standout data in the day, black unemployment at 6.9%. is there a silver lining to that cloud? there is a man with us who thinks that perhaps that are is -- that there is. job hope bryant -- john hope bryant is with us. john, talk to us about the data that you are trying to peel away at. are we seeing more risk-taking, more entrepreneurship among people of color, which means the

data is not as stark as it looks? john: first of all, risks don't really scare black people. we have been doing so much with so little for so long, we can almost do something with nothing. the real silver lining is, i think your comes black america to save part of america, again, or to help make america better, again. we challenge to this country in the 1960's to be better, we created the constitution of civil rights, that was about cashing checks, really. this is a movement to write checks. the pandemic has also created an opportunity -- every 100 years or so, this country needs arise of entrepreneurs and small business owners. you have the j.p. morgan

chase's, the rockefellers that come to create jobs because that's how you create wealth, and we live in an economic democracy. peel away this day that, that 38% -- that's a 38% rise in black business inflation. caroline: why is that? john: if you are caucasian, whatever phrase you want to have, and you have someone delivering your furniture, your food or whatever, you are pretty safe. you can have sick days because every other day you are sort of sick, you work at home. but if you are a restauranteur, you are at risk. if you are a delivery person, you are at risk. you are getting paid least for

the highest risk and usually not feel appreciated. that's our front line workers. that's not just our front-line workers, but these delivery people and this sheaf of entrepreneurship officer title -- that would not have applied 20 years ago -- this is the risk reward calculation. too much risk for not enough reward. i am not going to be mad at you, mr. economy, i'm going to step away and do my own thing. we have a one million black business initiative at operation hope, 130 million dollars over 10 years, to create new black businesses in america. it has surged just like this. the minority focus index, our folks are truly after is due out our people, clients, and the future.

so you have this hourglass effect where you've got folks who are entrepreneurs that need the capital, the financial capital, the human capital, the mentoring, support, infrastructure, technology so they can surge. when they surge and we pop gdp, all folks rise. romaine: one thing we are seeing differently, and you mentioned the investment from shopify and you have been doing a lot of work through operation hope itself, but we have seen big banks recognize not only funding entrepreneurship overall, but redefining the way big banks think about it. we are seeing some of these banks look at silver writers, as smaller businesses will probably always be small, and they are saying, that is a via wave business and of bio away -- and

a viable way of business and a viable way of life. john: in atlanta last week, making a $20 million investment -- not a gift, not charity, but an investment into the black business growth, he thinks the investment was a small one. we agree. the ceo of truest bank believes half their growth could come from emerging markets. they are not saying community investments, this is somehow philanthropy or charity, they are saying, nurture these entrepreneurs from the bottom up. this could be an emerging market from the future. something like renewable philanthropy. doing one and doing good. help these folks come up, but you might end up with a for-profit business. i was also a guy who was homeless when i was 18 years old

and my credit score was horrible , horrible. now it is 850, right? this is the story of america. goldman sachs, a guy named goldman and a guy named sachs going door to door 50 years ago. these banks and business people are seeing social justice through an economic lens. a citigroup report recently showed that discrimination against blacks alone cost the economy to $16 trillion. that's trillion with a t. $1 trillion a year -- i had to shake myself. $1 trillion a year in additional gdp -- that's not social services, that's not charity, that's significant. there is 1.3% of gdp locked at the bottom pyramid. this pandemic has unleashed entrepreneurial zeal.

people want to be free. this is a new type of freedom, freedom and self-determination. taylor: we appreciate your comments and that insight. john hope bryant, founder and ceo about the ration hope -- of operation hope. we will be back with our final take. this is bloomberg. ♪

♪ romaine: we were talking the jobs report, hourly wages went up 5.7%. if you are brian moynihan, your compensation win up over 30%. the chief executive officer bank of america, $1.5 million in base salary and the rest in stocks. taylor: and everything above 7% beats inflation, 7.3%, maybe. caroline: but not getting paid

as much as his counterpart, $75 million? romaine: 75 million dollars versus $35 million? i think he will be ok. it's a good paycheck. caroline: that does it for what'd you miss? we have bloomberg technology coming up next. have a wonderful weekend. this is bloomberg. ♪

>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is bloomberg technology with emily chang. caroline: i'm caroline hyde in new york in for emily chang. in the next hour, jobs report. the labor market coming into defy economist expectations. and a metamorphic