jack: everyone is worried about peak growth if they put those stories aside bank stocks could do well, it is cheap and a fast grower and it's worth a look. jack: great ideas, think your. to read more check out this week's barron's magazine or online appearance.com, don't forget to follow us on twitter at barron's online. that is all for us, see you next week on "barron's roundtable". >> from the fox studio in new york city, this is "maria bartiromo wall street". maria: happy weekend everyone, welcome the program that analyzes the week that was in helps position you for the week ahead, i am maria bartiromo one-on-one with jamie dimon coming up my exclusive interview with the j.p. morgan chase chairman and ceo, i asked him about the jobs market and his plan to get staff back in the office, concerns over the delta variant and i wanted to know about his big push to do more

business in china, you hear his response for all of that and more. i look on the markets and where the end of the week after a better-than-expected july jobs report employers adding the best pay since last august and through the cycle president john long skeeter talk more, it's great to have you as we can, thank you so much for being here, give me your thoughts on what you saw from the july jobs report was it a solid number? >> got to get the very solid number we had the deep decline by the unemployment of 5.4% in addition to the creation of more than 900,000 jobs, moreover we had a general but average hourly earnings, when we take this together, more jobs of average hourly earnings were looking at a very healthy increase by wage and salary income and that's going to help fund consumer spending over the near-term.

maria: 930,000 jobs in the month of june i'm sorry 943,000 jobs in the month rising, 938,000 in june june was revised upward as well, why are these numbers so strong in your view despite the fact that some people say growth has already peaked. >> the very strong, not so much because we have this dramatic improvement in underlying labor markets with fundamentals and the demand for labor rather we have to realize were still recovering from that unusual extraordinary loss of jobs and economic activity to the pin topic. let's not forget that more than 300,000 new jobs in the month of july came from the leisure and hospitality industry and that return of workers represents

nothing more than the reopening of bars, restaurants and hotels. maria: that's really great point, leisure and hospitality is typically lower wages than some of the other industries that we are following in wages overall were of 4% year-over-year, for tenth of 8% higher month over month, your thoughts on that as we all worry about inflation and its impact is using wages going up were expecting the federal reserve to begin his tapering program and talk about that later this month at the jackson hole conference, what are you thinking about what we sell about wages. >> on the wage front what i'm struck by getting this acceleration of wages will we still have a relatively high rate about employment 5.4%, let's not forget prior to the pandemic, the unemployment rate

was at 3.5%. i can't help but worry what might happen to wage growth once the unemployment approaches for percent and moreover the antidotal evidence strongly supports a continuation of rampant wage growth complains of difficulty in attracting workers and i would think these difficulties will only put additional upward pressure on the growth of wages. maria: great to see you this weekend, thank you so much, we will follow all of that, were stained with jobs, the largest bank in tim j.p. morgan chase looking for help advisors i spoke with jamie dimon in a fox business exclusive and asked them if they're struggling to hire workers like the thousands of other businesses across the country. >> yes probably the first time in my life and the business

roundtable for 20 years having a hard time attracting talent it's always no, no, no and this is the first time we say yes and we see it at different places and different things and all different reasons people try to come under the supposed to stick answer we think 8 million people who are not yet employed less employment 2 million prior to retired 2 million away for school so they could go back to work in 2 million looking for different jobs and maybe 2 million being paid were not to work, that's a predominant reason, i know people, it's very possible the tide change, people take them back, people moved to different cities and said i'm not going back to the old job so they look for the new one, i'm a little optimistic that it will sort itself out. >> is it a policy.

>> would like to thought left and right, it's a key part and it's a bigger part for certain types of jobs. maria: what about inflation we know everything is costing more, a lot of things are costing more are you seeing inflation do you agree is temporary with what the fed has said. >> i don't but i'm also looking ahead and having fiscal deficit that big is unprecedented and that by itself is almost inflationary it's different than qe and uc and the wages and all these people going back to work, i think there is a portion of temporary and a portion is probably not another range of possible outcomes, part of it inflation is higher in the fourth quarter, levels off in the fourth quarter next year end starts to come down it's not scary in the ten year bond rate, that is fine, life is okay obviously fits dramatically higher the fed putting those

breaks, that caused a little bit of recession type of thing. maria: would you expect the tenure to go to three and half percent. >> in my own view, no one knows the future, we don't run the company. >> it hit 1.1% yesterday. >> people are so overreacting to stimulus and also in all these other things, government are providing a tremendous amount of bonds, the second that they change, i think you will see those rates go up to a higher rate. it's good for banks but that's not why i wanted, it's more normal if you have growth of 3% the ten year bond should be a 3%, i think it should be a good thing and when it happens by the end year or three years from now i just don't know no one seeing this physical monetary stimulus,

will be writing books about this for 100 years. maria: more of my exclusive interview with jamie dimon he's been pushing hard for staff to come back into the office but now with the spread of the delta variant will that change his variant will that change his plans, i'm asking him variant will that change his plans, i'm asking him variant will that change his plans, i'm asking him variant will that change his plans, i'm asking him ♪ ♪ ♪ ♪ ♪ ♪ hey google, turn up the heat. ♪ ♪ ♪ shingles? camera man: yeah, 1 out of 3 people get shingles in their lifetime. well that leaves 2 out of 3 people who don't. i don't know anybody who's had it. your uncle had shingles. you mean that nasty red rash? and donna next door had it for weeks. yeah, but there's nothing you can do about it. camera man: actually, shingles can be prevented.

shingles can be whaaaat? camera man: prevented. you can get vaccinated. baby, call the doctor. camera man: hey! you can also get it from your pharmacist! 50 years or older? get vaccinated for shingles now. ♪ when i was young ♪ no-no-no-no-no please please no. ♪ i never needed anyone. ♪ front desk. yes, hello... i'm so... please hold. ♪ those days are done. ♪ i got you. ♪ all by yourself. ♪ go with us and find millions of flexible options. all in our app. expedia. it matters who you travel with.

maria: will come back j.p. morgan chase one of the first major banks telling its workers to return to the office this fall jamie dimon has been pushing hard for his staff to come back to the trading desk, i asked him about the spread of the delta variant and whether that's changing his plan, here's what he told me in a fox business exclusive. >> we asked her folks 100% of the people to come in 50% of the time and we do not intend to change, any rational person look at all these things the local laws and requirements in any

delta variant, that the negative, i don't think it's too really economy, of course we have to look at cdc and make a bunch of changes, we simply haven't decided, when people asked mary gwenda make a change every week we look at it we reserve the right to make a change. maria: you may make a change next week. >> it's possible. maria: will you mandate vaccines for everybody coming back. >> we are begging and praying that their vaccines isaac is good for them, their communities, vaccinated and stuff like that we have not mandated it, some people are starting to and that's one of the things were looking at down the road, other people done other things i can't go to the office a nonvaccinated, there will be a lot of pressure for people to get vaccinated. maria: mayor de blasio is mandating a vaccine to do indoor dining in new york. you have a big stake in this people getting back you have an enormous building that you're still in the process of construction is that three or $5 billion building.

>> four and half billion dollars. >> the best building in the world, please come visit when it's open. maria: you said no changes, your going forward. >> were not going forward because we want to fill our building, were gonna take care of employees, the vaccinated, vaccinated in the customers. outbuilding will be changed more open formats and seating and we expect to be hybrid in its aforementioned change in its enormous, we operate under an apprenticeship system and the creativity that isn't quite the same when i'm sharing ideas i took one trip to california met 150 people nine months ago and mail private equity, lawyers, we have a million ideas and what you can do better you come back

loaded, you don't learn that by sitting behind a camera for two and half days. even that is much quicker when the management team is on this trip with me, most of them will make it together were talking about stuff and all they were following up on it we do it by zoom remotely, i think there's a lot of flaws to zoom not that will have a form of hybrid but let's not get reckless over it, i want to point out to the american public the pressure explains a little bit more, every day for the last year 100 million people gone to work, 40 million were working at home police, firemen, sanitation, military, doctors, nurses, manufacturing, farmers, 90% farming community in north dakota, all bank branches, walgreens, walmart, ups, fedex people are obsessed of the people not going to work and we should undo the obsession and focused on the healthy society and protecting the people and educate the people and get back

to healthier economy. maria: do you think you will change and push it back in terms of easing up on people if they don't want to come back because of the new. >> were doing every day we have clients walk into the branches and employees and they don't want to come to the office and compromise which we asked for a doctor's certificate were knocking about people do exactly what they want, it's gonna work for us not the clients and the employees, i'm not that worried about it i think we gotta do it over time. maria: lawlessness, human rights violation and national security threats, some of the major risks in doing business with china communist party i'm asking j.p. communist party i'm asking j.p. morgan i'm so glad you're ok, sgt. houston.

this is sam with usaa. do you see the tow truck? yes, thank you, that was fast. sgt. houston never expected this to happen. or that her grandpa's dog tags would be left behind. but that one call got her a tow and rental... ...paid her claim... ...and we even pulled a few strings. making it easy to make things right: that's what we're made for. usaa. what you're made of, we're made for. get a quote today. [engine revs] ricky bobby, today the road is your classroom. [engine revs] now let's go borrow a boat and make some bad decisions. [engine revs] time to go incognito. [zippers fasten] [engine revs] i love you, ricky! i love you, cal! what's the next stop? it's time for your extracurriculars. ¡vámanos, amigos! woo-hoo!

why choose proven quality sleep from sleep number? because a quality night's sleep is scientifically proven it's time for your extracurriculars. to help increase energy and improve recovery. and it keeps you at your best all day long. the new sleep number 360 smart bed is temperature balancing. and it helps keep you asleep by sensing your movement and automatically adjusts to keep you both effortlessly comfortable. proven quality sleep is life-changing sleep. only from sleep number.

maria: it's being called red july, last month we saw one and a half trillion dollar selloff in market value at its worst from chinese companies, investors lost $400 billion and that a crackdown in china just in the month of july choosing gd global after plunge after the ipo when china announced regulatory action against the company j.p. morgan was one of the underwriters. beijing greeted j.p. morgan though this is relicensed to expand and own its business in china and i asked jamie dimon how he does business in the country amid the risks and violations that you hear me talk about on this program, here is his response. >> i think the biggest issue you mentioned before, about 15 years ago the business community and the government should've started focusing on china and we didn't

because people are happy and it would change over time and we should have focused on and now we are i think the right thing to do is a continued competitor in there using unfair subsidies and we share profit policy, we can do it unilaterally, i don't think you see decoupling the massive restructuring, the american public, i would keep in mind our gdp 65000, there's is ten we have wonderful neighbors in mexico and canada and in the pacific, we have japan, the koreans, philippines, pakistan, india, russia, it's a tough part of the world, they have huge corruption in the prices, they don't have all the energy that they need, we do, we have the gifts of god and is called

innovation, freedom, freedom of mind, religion, enterprise and when you travel in america, it is vibrant america's not lost this if i would give one advice to government, we need to do things work confidently, i think we've grown slowly the last 20 years not because immigration in china not because any other reason than their own confidence about policy. maria: is not just the competitive situation, they're making edicts that are impacting you jp was one of the lead underwriters on jd global and how much money did j.p. morgan lose on the deal. >> life in the fast lane. >> did you change isn't going to sway you anyway on being the manager for the next big china deal. >> at my but don't get breathless over it we do business in 100 countries and the laws of those lands' end on the law of america as they apply sanctions and no attorney think

like that so we will adopt and change so we can serve our clients in the proper way under the law and foreign policy except for the american government, i'm not as worried about china as everybody else come american can do things unilaterally if we don't want to buy one way we won't, and they can do the same thing countries have the right to do unilaterally and they will find a common ground in america is doing the right thing reaching out to our allies, our biggest weapon as allies to set global terms of trait, all the issues about tariffs and subsidies and things like that i'm not as worried about other people, america will be the most prosperous nation of the planet and will be smaller than china the farmer prosperous in 20 years. maria: maybe xi jinping and his colleagues want to overtake the united states as the number one

superpower they use 2020 to gain more get underground they invaded india and went into hong kong and started throwing more into jail, to administration to trump a administration in the biden administration told us they are committing genocide, people look at you for leadership you're gonna go in there and open up shop and expand your operations after what we know about the ccp. >> we have plans first 30 years and you can say of that about a lot of countries around the world, american foreign policy, you may not believe this but american foreign-policy launched a j.p. morgan to properly expand to serve american companies, other companies and to be part of that at that the point time that they decided they don't want to do it, we simply will not do it, it's not every company can do whatever it wants again those things are terrible i be barking up the wrong tree

but me it's not going to fix the world, we will very rigorous policy, how we do business, where we do business, who we do it with an underwritten law and that's what they're going to do. maria: as a fiduciary, the principal and the broker as it relates to investing in the chinese companies the fact that you know they don't have to adhere to our u.s. accounting standards, they don't have to know until 2023, how can you justify in these companies, they could be tied to the chinese military that is trying to overtake this country. >> that's a different issue as it relates to national security the american government going to tell me what to do and i am a patriot way before i run j.p. morgan, that's what we follow in speak all the time about things like this, we do business in a lot of countries, a lot of countries don't have the same accounting and rule of law in the same ownership principles in the same enterprise we still do

business with those countries on that plan and over time the world is better off i'd be a little cautious to get too reckless over this particular issue. maria: i do think as this relates to china's national security, a couple of questions from shareholders do you expect your credit card customers to have any privacy will you have to send their data to the ccp do you think you operate on a level for playing field, do you really believe j.p. morgan will be in charge of j.p. morgan china? >> yes, i do. >> data sharing is a real issue but we do not share our data with the chinese government, again this becomes very complex because every country is talking about whose datasets were, were gonna be very careful, where the forefront protecting the privacy of the people data et cetera in

dividends will be the regular way, were not in china because of one president or something like that hopefully were there for 30 years and hopefully becomes more mature acceptable part of the global world, that doesn't happen then elsewhere we read history and help with intervention help and elsewhere. maria: you think any contracts i will be back by a rule of law. >> every country when we sign a contract we know what the rules are in china but it does not mean that i like them, limu emu... and doug. so then i said to him, you oughta customize your car insurance with liberty mutual, so you only pay for what you need. oh um, doug can we talk about something other than work, it's the weekend. yeah, yeah. [ squawk ] hot dog or... chicken? [ squawk ]

only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ i'm morgan, and there's more to me than hiv. more love, more adventure, more community. but with my hiv treatment, there's not more medicines in my pill. i talked to my doctor and switched to fewer medicines with dovato. dovato is for some adults who are starting hiv-1 treatment or replacing their current hiv-1 regimen. with just 2 medicines in 1 pill, dovato is as effective as a 3-drug regimen... to help you reach and stay undetectable. research shows people who take hiv treatment as prescribed and get to and stay undetectable can no longer transmit hiv through sex. don't take dovato if you're allergic to its ingredients or if you take dofetilide. taking dovato with dofetilide can cause serious or life-threatening side effects. hepatitis b can become harder to treat while on dovato. don't stop dovato without talking to your doctor, as your hepatitis b may worsen or become life-threatening. serious or life-threatening side effects can occur, including allergic reactions, lactic acid buildup,

and liver problems. if you have a rash and other symptoms of an allergic reaction, stop dovato and get medical help right away. tell your doctor if you have kidney or liver problems, or if you are, may be, or plan to be pregnant. dovato may harm your unborn baby. use effective birth control while on dovato. do not breastfeed while taking dovato. most common side effects are headache, nausea, diarrhea, trouble sleeping, tiredness, and anxiety. so much goes into who i am. hiv medicine is one part of it. ask your doctor about dovato-i did. ♪♪ experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing on the 2021 rx 350. experience amazing at your lexus dealer.

maria: will come back another major program in the works next week and make sure you tune into wall street every friday night at 9:00 p.m. eastern plus i'll see you this weekend on "sunday

morning futures", 10:00 a.m. eastern interviews with elise stefanik, north dakota senator kevin cramer, former national intelligence director john ratcliffe and the author of blackout can do so went my special guest on sunday start smart right here every weekday n "mornings with maria" on fox business we hope you'll start your day every weekday with us, that will do it for hello, welcome back to kudlow. i am larry kudlow. good to be with you. if i can administration rolling toward their goal of a green new deal. infrastructure package has about 140 billion worth of subsidies and government investment funds. subsidies for electric cars, subsidies for electric charging stations, transformation utility grid, handouts to certain companies, one for the energy department