reaction to the march jobs report. the unemployment rate is down to 3.6%. the president spoke from the white house earlier today. >> more and more americans get jobs it's going to ease supply pressures. it's good news for the economy and it means that we have gone from being on the mend to being on the move. mark: he says the job growth shows his policies are working with that more needs to be done to get prices under control. talks between ukraine and russia have resumed. today's negotiations were by video link. the russian foreign minister says moscow is preparing a response to ukraine's proposals for ending the war.

thousands of people travel between malaysia and singapore in cars, motorcycles, and i foot. after the land border reopened fully for the first time in two years. the causeway is now allowing vaccinated people to cross over without having to test or quarantine. officials say 400,000 people are expected to cross in the first week of reopening. china could get its covert infection numbers down to zero. that is according to an epidemiologist. the doctor says based on the past two years of experience and a new understanding of how the virus changes, covid zero is still achievable. he says more sensitive surveillance is still needed. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 it's journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

a >> welcome to bloomberg markets. romaine: here the top stories we are following. jobs day here in the united states. or than 400,000 people suggesting recovery in the labor market. we will speak to one restaurant tour on the tactics the industry is taking. china stocks trading in the u.s. are rallying. authorities in beijing are closer to resolving a dispute with securities regulators in washington. >> let's start with a quick check of the major averages.

the first day of the new month and quarter. in the first quarter, it was the roughest we have seen in a couple of years. we did see a healthy rally for some of the hardest hit stocks from the midpoint of march into the end of the month. some cautiousness as we start the new month of trading especially given what we sell with the jobs report today which adds to the idea of an aggressive u.s. fed going forward. let's talk more about the jobs highlights. the payrolls number coming in at 431,000. we saw a revision for the month of february. the average hourly earnings showing an improvement from the month of february and year-over-year. i heard you make the comment

about inflation versus wage growth. the participation rate is taking higher. the big question seems to be does it keep up with labor demand? romaine: that's the big issue. we have seen wage growth, but inflation is outstripping that. tightness in the labor market is a good thing if you are looking for a job but it puts pressure on employers. a lot of the deficit that we ended up in because of the pandemic, we have not fully recovered from that. bloomberg spoke with the u.s. labor secretary about some of the participation numbers earlier. >> think about moving into 2022, 1 .6 million people still need to move forward in the workforce. how do we make sure the labor participation number goes up? they're still jobs in the united

states. i'm excited about the report, but we are thinking about how do we move forward. romaine: let's get more insight. when you look at the numbers that we got today, the trendline we have had over the past few months, are you encouraged? any red flags that jumped out at you? >> one of the things that keeps coming up is how much we keep missing each month. the bureau of labor statistics has had to revise up. the numbers for the previous months. the recovery in jobs has been so rapid. they have not been able to catch up. we could see another upward revision. 1.7 million jobs created in the first quarter during the height of omicron which is important. on the broader issues, what we're looking at is wages for

nonsupervisory workers are accelerating. there is a gap between demand and supply. we have leisure and hospitality jobs, nonsupervisory workers going up. that in -- outpaces inflation but it's not enough for many workers who have to pay higher commute costs and higher shelter costs. their specific costs, it still higher for them. inflation hits 100% of the population while unemployment hits a smaller percentage. the good news, those workers coming back. we have lost some due to retirement. some are on retiring -- unre tiring. it may be a reflection of those people on fixed incomes and don't have the funds to cover the additional expense that inflation is burning in their

wallet. that is something we have to keep a close eye on as well. also encouraged by women coming back. it's no quince and and's that schools being open allows women to rejoin the labor force. that's good news. the problem is, we saw a number of workers out due to illness had plummeted. women are caretakers and where they don't have to care for more people, they can care for their families with income. >> we alluded to the market reaction today. what is your perspective? >> half a percent is in the bag for march. basically nothing will stop them from half a percent in may.

whether we get another half a percent in june that's on the table. there are those within the fed system nipping at the bit. the complication is, we will get a window to this next week with the minutes to the march meeting. they decided on the roadmap of how they are going to reduce balance sheet. how much in monthly treasury bonds and mortgage backed securities they are going to allow to roll off the balance sheet. that may complicate the calculus in june because the fed will want to see how the rolloff is going and they may want to do only quarter-point again in june. if we get half a percent and a quarter-point in june, we are talking about the fastest rate hikes starting in march that we have seen since 1994 off a much lower base which means the marginal impact on the u.s. economy in terms of interest expense is much greater than

what we saw in 1994 and that increase in rates over four months time that included an emergency increase in rates by a quarter-point. that is not something we will see this time around. romaine: with what the fed has indicated so far, do you think there is a way for them to successfully navigate the idea of tamping down inflation without destroying the wage gains and completely shutting down some of the jobs and labor market gains so far? >> i did a quick calculation. jay powell has said he wants to see the ratio of job openings to job seekers around one-to-one which is where we had it prior to the crisis. that labor market was delivering real wage gains and bringing people and from the sidelines that had been marginalized in the past.

to get from the 1.8 job openings in february two the level, i don't see it happening without a major destruction in the demand for workers. if we were to see a 5% fall in job openings between february levels that we just got and march, if we look at that compared to the number of workers actively looking for work, that would be a new record going in the opposite direction of something the fed considers one of their key measures. romaine: always wonderful to catch up with you. a bloomberg scoop about u.s. listed chinese stocks and how beijing is preparing to meet some of the demands with regard to the audits.

we will discuss coming up in just a bit. this is bloomberg. ♪

romaine: this is bloomberg

markets. time now for our stock of the hour. we are looking at chinese adrs. they were facing expulsion from the american market. this is regarding compliance with rules in the united states. what is fueling this rally? >> i think it's the idea that one headwind against china tech, the idea that it is an investable because of one factor, but the regulatory crackdown from beijing. china tech started rallying last week or the week before. there was not unknown reason, but the technicals lead the fundamentals. now we are finding out this is a possibility and that all of these companies that were going to be delisted in 2024 may still

be allowed to trade in the u.s.. that's a reason to think that they are investable at this time. >> no doubt and the chinese economy, a number of headwinds. they talked about this as being an interesting development considering their past stance. that is almost sending a broader message to the market. >> that's a great point. it seems to be a break from what the previous stance had been. there seems to be a diplomatic message that the ties between the chinese and the u.s. can come together. jon: thank you for the breakdown. staying with the technology sector, some news we want to get

to on amazon which is commenting after a warehouse worker getting so -- union support in this historic labor when. workers voted to join an upstart labor market. it could embolden workers. amazon saying it is disappointing -- disappointed with the outcome in staten island. it is evaluating options including following -- filing objections. we're going to take a quick break. jobs in the u.s. restaurant industry have made great progress, but still well below pre-pandemic levels. we're going to get analysis. a board member of the independent restaurant coalition. this is bloomberg. ♪

jon: this is bloomberg markets. we were talking earlier about the jobs picture and our guest talked about the leisure and hospitality sector which got a nice boost. we note this is still a sector that is largely struggling. there's a long way to go back to where we were before the pandemic in terms of jobs, the unemployment rate still higher than the national average. we keep talking about inflation, the wages are reality for any restaurant owner. people need to get paid more. more perspective. tyler aiken is a partner at a

restaurant in delaware. he is also the owner of the independent restaurant coalition. on the one hand, i'm sure you are feeling excited about the fact we're getting back to business. there are still lingering issues you are trying to navigate. >> first of all, thanks for having me. most restaurant owners and employees are carrying heavy baggage from the last couple of years. a lot of these numbers, they bring optimism. it remains difficult. there are glimmers of hope, but there are things that still need to be done. >> when you talk about hiring and getting back to fully

staffed levels whether it's at your restaurant or others in orbit, i'm curious about whether you are finding it more difficult to hire for front of the house staff versus folks in the kitchen. >> incredibly difficult across the board. before the pandemic, if you had a job to fill, you would listed on a jobsite or cast your net and try to find the person you needed. now, having just opened job post has become a cost of doing business. most restaurants are now in the position of having to offer hiring bonuses, referral bonuses and of course there is the natural wage growth because the demand of labor has fallen quite a bit.

>> we have heard for many restaurant operators over the last couple of years and the issue of government assistance, government funding comes up frequently. what is needed right now and how would you describe the state of relations when it comes to addressing those needs? parks what is needed right now is a replenishment of the restaurant revitalization fund. that was created in the american recovery plan to the tune of $28.6 billion. of the almost 300,000 applicants, only 100,000 were funded. the two thirds that were not have seen their problems compounding in the meantime. relying on the promise that senator schumer gave us upon creation of the plan. this is merely a down payment. seeing an already bad situation

get worse. when we see comments from people like the american recovery plan coordinator in the meeting we conducted with the white house, saying they are watching the situation closely, it's hard to think that that is credible because the situation is quite bad. we are speaking to operators every day. it's a totally disingenuous position. >> do you have any sort of hope that there will be resolution to this? >> i do have hope. that hope is not as strong as it was a couple of bouts ago when there seems to be support forming for doing this replenishment, it should have happened 10 or 11 months ago. we still have very strong allies, people like

representative blumenauer and other senators on the republican side of the aisle who are fighting on the hill. it becomes harder to imagine all the time when we see the signals from the white house that there doesn't seem to be a stomach for what is needed. as it relates to the jobs topics specifically, the failure to replenish the program has created a dynamic within the job market for our sector where there are one third of restaurants that have the resources to do things like incentivize employees with new benefits, higher wages whereas the two thirds of restaurants that were not funded are at a loss for options when it comes to being competitive with new hiring.

>> obviously a tough time for restaurants around the country. we appreciate you taking time to share your story. we have talked a lot on the show about how restaurants are the lifeblood of so many communities. seeing them struggle has much broader ramifications. jon: as we take a look at the intraday performance, we will see within rest of the day brings. this is bloomberg. ♪

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mark: european union leaders

told china they expect beijing to help and the russian war in ukraine. >> we expect china if not supporting the sanctions at least to do everything not to interfere in any kind. also on that point we were very clear. >> long scheduled summit was an opportunity for eu leaders to set out there expect -- their expectations. international nuclear monitors will return to the chernobyl plant. as soon as russian troops complete their withdrawal and operators resume control. the agency says it is the start of oversight of ukraine's nuclear facilities. the russian