this is "nightly busine" with tyler mathisen and sue herera. >> not as good as it looks. the unemployment rate drops to the lowest level in seven years but for all the wrong reasons. historic settlement. bp tries to put the gulf oil spill behind i by agreeing to the largest environmental settlement ever. crucial vote. the greeks head to the polls to decide tcountry. but what exactly are they voting on? all of that and more for "nightly for this thursday july 2nd. >> good evening, everyone. welcome. okay but not great. that's how the june employment report is being described. the u.s. economy created 223,000 jobs in june a decent number but less economists had been expecting. wages were stagnant while the

unemployme rate fell to 5.3% and therein lies the problem. the unemployment rate did not drop because workers found more jobs but because people stopped looking. hampton pearson has more. >> rep whi june headline unemployme is the lowest since the 2008 recession, the jobs report was weaker than expected. hiring came in below the 233,000 consensus forecasts, wages were flat and job growth for april and may was revised downward by 60,000. not the kind of jobs report leading economists and fed watchers say is likely to move monetary policy makers anytime soon. te not yet sufficiently convinced that the two tests for rate hikes have been met, which is further movement in the labor market and reasonable confidence that it will move back to 2%. >> the overall labor force part tags rate dropped to 66.2%, the

lowest since 1977. the primary reason fewer teens and recent college graduates than usual enderte the labor forecast. june is a function of fact that people like my 19-year-old daughter the get a summer job. >> rep the labor secretary has been involved in efforts to increase the hiring in baltimore where there's an added sense of urgency after the riots this spring. this week we went to baltimore where don fry is coordinated efforts by city government to create 8,000 summer jobs for baltimore youth through public/pri partnerships what we saw from the unrest that occurred a couple of months ago, i think this report indicates the an enhanced focus on young people when opportunities can be presented to young people. >> r for many of the youths there's a lot more at stake than just a summer job for a few weeks. it's a potential game changer

for 18-year-old single parent headed to col this fall who's getting an opportunity to learn busines skills. >> if i make it through this and really make something out of it i will really pat myself on the back for this and i'll be so grateful to be able to help support my friends. the challenges of a changing workforce in a slow growth econo are also on the feds radar screen and it ponders raising intert rates from historic lows. for "nightly busine i'm hampton pearson in washington our guest tonight says today's jobs report will not change the timing or pay of the rate hike. bill welcome and good to have you with us. you say this is basically what the fed needs to do what it wants when it wants. what will it do and when? >> we think the fed can move in september and we think things are right on schedule. my reaction to your notion of

job growth is we have an economy that is growing at a 2 1/2 to 3% pace. this is what the fed is looking for. bill just to push back on that a little bit, if you look at the fed funds futures, they are not signaling ae big firms on the street are on the opposite side of where you guys are. they say that given greece the fed won't move. >> the impact of greece is going to be insofar as the u.s. financial markets and internatl markets generally. so far there's been no sign that that has happened. greece is off the table as far as the fed increase is earn canned. has no effect what solve. what is more important is what is going on domestically. you're right, the fed fund future are pricing in a lot of downside risks and that's where we stand. the best case is that the septembe increase is in line and we're waiting to see if in fact the data coming in is going to ratify that or not. i think the bulk is surely to

the downside and that's why we have pricing the way it is. >> what about inflation, bill? where do you see that? it's really been quiet below what the fed would like. >> what inflation? that's exactly the issue. there is no -- it's not sufficient stren in the economy to generate any kind of impetus towards revising prices. we don't see inflation hitting the 2% targets that the fed has in mind until easily 2017. as far as the fed is earn canned it's not inflation now that is the issue. >> are you worried at all about the participation rate? >> yes, i am. yes, i am. that's a real issue because we don't have enough people coming into the labor force because people are discouraged. their view of the economy is one where, you know we're not possibly going to maintain the 2 1/2 or 3% because, after all, potential growth right now is only at 1 1/2 to 2% much lower than what most would have thought. an that's the consequence of severe shock that we've had and

the slow growth that we've had post crisis in 2008. >> bill lee with citi you can probably see that he's with citi bill thank you very much. >> tlot. stocks stalled after that so-so jobs report. the major averages closed out the week with losses. uncertaint with greece's referend pressured the markets and we'll have more on that in a few moments. at t dow was at 17,030 s&p was down a fraction. bp enters into an historic settlement e compa agreed to pay a record fine related to damages caused by the oil spill in the gulf of mexico five years ago. as a ult are result bp shares jumped today. eamon javers has more. >> r officials announced the news on thursday a record-breg settlement with bp that would end years of

litigati in the wake of the 2010 deepwater horiz oil spill. it will be split among the gulf coast states with louisiana getting the largest share at $6.8 billion. all of that money will go to environml restoration and economic recovery. the settlement clears out the majority of pending lawsuits at the state and local level. and much of it will be tax de de for bp. >> we think this is going to help our state recover and move on. the last thing that we wanted was to be tied up again in a black hole of litigation that could have gone 15 20 30 years that perhaps our grandchildren wo seen the results of. >> for its pa bp says the company is happy to put the mess in the past. the settlement resolves the company's largest remaining legal exposures, provides clarity on costs and creates

certainty of payment for all parties involved. this deal will still have to go through a public process and ultimate be approved by a federal judge. but if it does go through, it will be the biggest environml settlement in the history of the united states. for "nightly businen 1/2javewashingt> regulators are accusing fiat of not moving fast enough on recalls. failed to provide timely informn to agency which is looking into chrysler's handling of 23 recalls involving 11 million vehicles. > more now on greece that could decide whether the country will use the euro as its currency. e heads to the polls, the question on the ballot i but clear. michelle caruso-cabrera has the details from athens. >> the ballots are printed and polling stations are being moved into place as greece

goes into full campaign mode. a vote to decide whether or not to accept unpopular economic reforms in exchange for billions more in bailout money. the street with posters urging greeks to vote yes or no. . xoi means no. nai is pronounced nay and means yes. as for both sides, still the airwaves. social media sites like facebook and twitter are als campaign platforms. while the choice in answers is clear, the actual question on the ballot is complicated. it reads, should the plan of agreement be accepted which was submitte by the european commission t european central bank and the international monetary fund in the euro group of june 2015 and comprise of two parts which constitute their unified proposal? regardless of what the ballot says other european leaders have told the greek people very

clearly, they should see this vote as a decision on whether or they want to stay in the euro. dutch finance minister said no place in the eurozone if it's not willing to reform. the prime of the country, alexis tsipras, went on television tonig and said that's not true. he's tel greece to vote against e agreement saying a strong no vote will give them a et abouter negotiating position. in the meantime the banks are still closed except t pensione who come day by day and collect 120 euros of their monthly stipend. they won't decide until at least monday after the results of the referendum are known. because greece is so reliant on imports, business leaders say

it's onl a matter of time before there are shortages. if you look at it at the end of the day, you're looking at machinery and pharmaceuticals. customers are already shifting their buying habits for fear of empty shelves. they are buying less cosmetics and more needed products like milk diabetes supplies like testing strips and insulin. >> reporte regardless of what happens on sunday the greek economy is already sufferi dramatical.r "nightly busine" michelle caruso-cabrera, athens. > still ahead, as the health ca industry undergoes tremendous change there are some stocks that could see some big gains. our market monitor i

whole foods top executives apologizg for overcharging in new yorky stores. the group was under investign for allegedly mislabeling packages with the wrong weight. the company co-c oechlt os will explain how this will not happen again. >> they are inadvertent because it's a hands-on approach to bringing you fresh food. what's important is what we're committed to do to fix that. we're increase our training in our new york stores and around the country because we want to be perfect in this area. we don't want there ever to be any mistakes. while the compa apologized whole foods still disputes the department claim that it systemat overcharges customers.> a we reported earlier in the program, the economy added 223,000 jobs last month. this as an increasing numb of americans are turning to

freelancg and away from traditiol full-time 9:00 to 5:00 jobs. mary thompson has the latest installment of where the jobs are. >> reporte for emily sharon a six-month search for a full-time job ended tslots of part-time work through task rabbit. >> my work exploded. >> the former teacher, broadcaste and chef finding strong demand for her writing, cooking and other skills through the online odd jobs marketplace. >> i've been hired to write a love letter and deliver a frapuccino. >> these on-demand marketplaces are expanding freelance well into the territory that used to be occupied exclusively by

full-time employment. professor says this sharing-dr shift benefiting high-quali freelancers whose work is generating more jobs for these free lancers at higher pay. >> across every profession it's significan higher than the bure of labor statistics averages. >> rep still, while 10% of the firm's 30,000 taskers make part-time work their full-time job, most tasks make ends meet. >> 90% of the community is actually utilizing this to pay one to three bills every single month. there is party city. sharon grosses about $3500 a month after they take their cut. as much as sharon loves the ever

changing nature of her job. >> nice to meet you. >> r at her age, she wants the stability of a full-time job. i want to know exactly what i'm making. >> the income uncertaint for many peopleg on their own, which they believe could be partly solved by a government worker funded rainy day reserve. you could imagine the people would be able to put away pretax amounts into an account. >> reporte one way of providing protection for a growing number of the workforce. i'm mary thompson in new york city. >> to read more head to our website, nbr.com. > another multibillion dollar health ce merger is where we begin tonight's market focus. health net is being bought in a deal at valued at over $6 billion. insurers are increasingly combinin help cut costs.

health net popped and centene fell. shares of zoom literally zoomed on news that pay pal will buy the online money transfer company. e deal is worth about $900 million before pay pal spins off from ebay. the stock climbed 21% to 2505. >> shares of yelp saying ouch. the company stopped its search for a buyer. the online review company hired goldman s to help find a suitor but it will hold off on a sale for now. the stock dropped 10% closing at 38.18. and anthem is rekindling their talks after cigna is reportedly consg a possible acquisition o humana. anthem fell 1% to 1.63. cigna off a fraction. > and now to

our mark monitor betting big on health care who he suspects it will rise in the next year and a half. he's a portfolio manager, a wealth management firm. michael, welcome. nice to have you here. >> thanks for having me. >> let's start with your picks because i'm interested in some of the reasoning behind it. dana herr is one of the stocks and you're looking for a company that is in the first stages of longer term transitions. tell me about it. >> thas right. it's a great example. they announced in the acn about a month ago and the company is going to be splitting. next year and a half you're going to have an industri busin which was the core business and a faster growing health care business and we see that as a potential catalyst. each will be leveraged more to do more acquisitions and generate more internal growth. >> your second choice on $168 price target or thereabouts, is

united health care. i assume this is because you believe united will be one of the last men standing one of the winners in the consolidation is going on? >> that's right, tyler. you have the biggest of the breed, so to speak, and united actually is the most diversifie so they have not just health care management part of the business but internally they have a faster growing business in the pharmacy of benefit manageme part of health care. and the whole group kind of got a lift here in the last week and a half or so. some of that overhang from a potentia negative decision from the affordable care act. the supreme court took that risk away. we do see consolidation happening. the is some jockeying on share pric right now. >> serna has a price target of $100 over the next 18 to 24 months and it's a digital solution. it's an interesting pick.

>> yes. serner is the waste fraud and abuse in the health care system and it's the largest independent i.t. services company for health care. they've got a really impressive growth projectory and we see that going for the next five years. a little bit of growth there in name not for the faint of heart. it doesn't have some of the dividend protection that unite and dana herr has but the company is on a good track, we think. michael, thank you very much. michael with svb capital. you. > coming up do you remember when you used to put pennies in a piggy bank to save or invest? now there'

50 years after the grateful dead was formed the band will be playing its final show. and farewl tour isn't just about the songs and the fans but also about the band's financial legacy. steve liesn has more from >> 50 years ago, the grateful dead embarked on a long, strange trip that changed the music business. is weekend, the former band members joined together for what is their last show together. it promises to be one of the biggest concerts ever with nearly 250,000 tickets sold ove night

and then dead heads call the couch tour the ability tot on multiple media from anywhere in the world. >> whe you're watching on your home or tv you can go to a concert venue. it's across the country and they are having screenings you can go to movie theaters it's going to be in movie theaters around the worln see it at your house and sit on your couch. we tried to make it available to everywhere the two early shows in santa clara, california, the band included the ability to see it on the web and the first ever music stream on youtube. an estimated 100,000 people paid for it and watched the show. he thinks chicago could be many times that number as the band finds a way to monetize 50 years of goodwill. the grateful dead's most successf "a touch of gray" with fans streaming in

from around the world, the city of chicago is expecting a touch of green with an estimated impact between 50 and $100 million. for "nightly busine i'm steve liesman. >> steve, in case you didn't guess, is a big dead fan. well it's no secret that 20 something millennials have not been in a rush to save their money. they h been paying off college loans and may have seen their parents lose money in the stock market over the past 20 years. and so now, though there's an app for that. apps for investing are not brand new but this app is our latest bright idea. >> reporte marlin white is one of the millennials you keep reading about. this 25-year-old washington, event planner has been hesitant to invest his money. >> i think the traditional stock market you're supposed to understa or if your parents don't invest you don't have anyone to tell you how to do it. >> rep now he's using an investme management and

budgeting cell phone app called acorns. white says its round-up function is helping him find money to invest tracking debit and credit card purchases and rounding the charges up to the nearest dollar putting spare change aside for investments. think it's going to blow up because with the app it makes it really easy. >> r jeff got the idea for the app when he was a senior in college about six years ago. now he's a fourth generation investme pro in southern california. his dad walter didn't need much convinci to help his son start the business. >> i co-sip for car insurance o my phone at that point, mul i could do but it was difficult to start investing. i remember one day i had the smartpho and said dad, this is your brokerage firm this is your broker. these things are getting so smart. what' rea smart is the way the app is attracting customers. about 850,000 in just ten months since it went live. users contribute and indicate a

risk tolerance. the app uses acorn's proprietary formulas to come up with an asset mix, typically stocks and bonds in etfs from big names like vanguard and pimco. >> it's built up and it's a very big decision and if you can reduce it down to an app approprie decision something that people can commit to in a few minutes with investing spare change it can be quite effective. on top of the typical fees acorn charges just a couple of bucks and one quarter of 1% for accounts more than grand. >> it wasn't too long ago it cost $35 to do a wire transfer and we can now transfer for just a penny or two. >> r users are accustom to do business on their phone and they are getting hooked. i check it a couple times a day. of course that video game-like attraction can also be a concern. games are good at getting you

over and over again. in finance, that's not necessarily a good thing. >> this professor says constantly trading and checking balances runs counter to the idea of long-term investing but he also notes these apps are helping to enlighten new investors. thinking about how you increase their financial literacy how you increase their sense of empowerment. those are really where i think it's exciting. exciting too, for jeff and walter who feel like they are helping to blaze a trail with acorns that could be lined up with a whole lot of nuts down the road. >> i believe that this will be ubiquitous we're making it easy and accessible. >> old business done a new way. 850,000 customers is nothing to sneeze at right in the ballpark with some of the big brokerage firms that have had apps for several years.

do you use your phone for financials? i don't. not my phone. >>r computer? >> i use my computer. i know. i'm still a little nervous t -- >> you're much more progressive than i am my dear. >> i d that. that does it for "nightly for tonight. i'm sue herera. thanks for joining us. >> and i'm tyler mat son we'll see you back here tomorrow for a special "nightl edition. >> you're making me feel

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