welcome guys it's great to have both of you and good to have you together john first of all what do you make of these numbers and i also want your take on wage growth. both good questions par good to be back with you so it's really kind of a whipple i mean you know for all fifty thousand that's really not remarkable at the numbers been off three four five hundred thousand that would be remarkable but let's consider where most people enter and exit the workforce that's part of the equation that and then let's look at job growth in terms of inflation relative to wages so we enter the job market typically about one thousand or twenty on average that's when people take their first job in america but we exit about age sixty three and it doesn't matter how strong the economy might be if you're going to exit at sixty three that's the average retirement age that's just something that father nature and mother father time and mother nature they hold the true trump card so whatever it is we're trying to do to make it an environment where people are working that's good but let's look at the quality of those jobs let's look at the income let's look at inflation so we can see for example in two thousand and eight

the numbers were the same will started annual income household income where there's one or two people in that household making about fifty seven thousand dollars but just to keep up with inflation that was averaged about one point six percent my firm is as looked at over the last ten years that would meet means that we need to have an income of about sixty seven thousand dollars today and as of two thousand and seventeen we were at around sixty one for in round numbers so clearly inflation for jobs has been running at about zero point six six as you know that's slightly more than one half of one percent per year versus inflation of one point six percent per year so even those with jobs to the extent that we have a job it may not be the same income and even if it is the same income and of it's not it close to seventy thousand dollars are our ability to spin is declining as house prices have been rising for the same type period of a cumulative about thirty five percent or three and a half percent per year so that the numbers are interesting when we dig in the

details and peter i really you know i noticed you shaking your head in agreement on some of that i want your reaction. but i'm really interested in this debate peter that's been going on it was a couple weeks ago where larry kudlow the economic advisor to the president said you know wage growth is really a lot higher than the figures say what i mean the figures from the own their own department of labor and so there is this question about whether or not it's calculated right so what do you make peter of wage growth and do we need to somehow consider whether or not a recalculation is in order. well first of all a lot of things need to be recalculated i think the way the government measures inflation i think it does a bad job of capturing the true increase in the cost of living so i think real wages have actually fallen a lot further than the official fishbowls to to six would reveal and of course you mentioned at the top of the show about this you know lowest unemployment rate since

one thousand nine hundred sixty nine well you know as donald trump used to correctly point out when he was a candidate for president that the numbers are not real because we no longer measure the unemployment rate the way we measured it back then if we did and we counted all the people that are working part time who want to work full time and all the people who are discouraged not just the people who are discouraged for one year like we get the you six but all the long term discouraged unemployed the real unemployment rate is well above ten percent right now so we're not even close to where we were in one nine hundred sixty nine but also you have to remember by one nine hundred seventy the unemployment rate has soared back above six percent so things can change very quickly and you know you want to talk about what's happening to wages look what's happening in interest rates interest rates are rising sharply they have a long way to go a lot of americans who have jobs also have debt they have mortgages they have car loans student loans credit card debt all that is going to be eating

a bigger chunk of their income gas prices are rising oil prices have almost doubled this year they're going to keep rising especially when the dollar starts to fall and these trumped tariffs are just going to add more to the rising cost of living so i know i think real wages are falling and pretty soon employment is going to be falling too because look at the housing market look at the auto market we're headed to recession and we're in a recession a lot of jobs are going to be lost but the price the cost of living is going to keep rising this is going to be stagflation so it's going to be much worse than what we had in two thousand and eight and two thousand and nine real quick i've just got a little bit of time john can you give me the sectors just real briefly. that did well in this job report and then peter i'm going to ask you for the ones that didn't do so well john. well certainly as technology by the way i mean just look at it this way when we look at the average household income two thousand and eighteen it's about sixty two thousand now to peter's point let's just go backwards and what what we've seen literally for the first time is we started at fifty seven thousand

in two thousand and eight for four years we went negative for four years in a row we went below fifty seven thousand so this downturn the last time affected on average as more dramatically than we saw it wasn't to two thousand and thirteen that we got above fifty seven thousand dollars again now if we look a little more in again closer under the hood we can look at that's the household average when we go by ethnicity it becomes a lot more interesting certainly to me and that's first to see again whether it's one or two people working about sixty one sixty two thousand dollars on average if we're on the other hand we're african-american it's a little north of forty thousand dollars household income has spandex only about forty seven thousand and eight americans by contrast are around eighty thousand dollars household income so it would seem to me that maybe we can't change our background in terms of geology but it might make sense to get some new skills and certainly math and science are two of the ones that where the future is going it's not about working in a coal mine anymore and just real quick peter we're out of time but tell me about

the sectors that were not so great once this last yeah. yeah you know we can't find those kind of people because too many kids are in school drinking as we've been talking about a lot lately with respect to cavanagh that's what goes on and u.s. colleges now there's a lot of drinking and a lot of math and science but the big problem here is that we are continuing to disturbing trends we had under obama of creating low paying service sector jobs a lot of part time jobs and all these jobs are a function of the bubble and when the bubble pops the jobs go away it's all been a function of artificially low interest rates we've built an economy on a foundation of cheap money that cheap money is getting a lot less cheap soon it's going to be expensive and that whole house of cards is going to come tumbling down. thank you so much guys really appreciate it super interesting as always peter schiff the c.e.o. of chief global strategist for euro pacific capital and john grace the founder and president we sure appreciate you being with us thanks guys.

and turning from jobs and wages to corporate profits samsung south korea's largest conglomerate has posted a healthy profit of their latest in their latest earnings statement out earlier today with a notable assist from their rival apple samsung posted a profit in q three of fifteen point five billion dollars on revenue of fifty seven point five billion dollars many industry observers noted that samsung benefited from sales of key components they produced for apple's i phone i had known that new versions of i phone brand devices were unveiled last month. and saying in south korea we have another story that links to samsung earlier today former south korean president lee myung bok was sentenced to fifteen years in prison following his conviction on embezzle minton bribery charges both south korean presidents immediately preceding the incumbent president in have now been convicted and sentenced for crimes relating to abuses of power mr leask served as president from

two thousand and eight to two thousand and thirteen while his successor president moon. was removed from office last year mr li was accused of accepting a bribe worth roughly five point five million dollars from samsung prosecutors allege that quid pro quo for the payoff in exchange for president lee's pardon for samsung's disgraced former chairman. one of the great things about boom bust as we broadcast all over the world as we always say but doing a market wrap on numbers as a time crunch here it's really tough to get it but the. end of the week is a good time to look at all markets and we do that right now we start with the dow jones industrial average a new york we didn't reach that twenty seven thousand point high we almost did on wednesday where reach an intraday high but didn't get to that threshold maybe next

week and of course nasdaq also the composite index it nasdaq down as you look at the rest of the western hemisphere both the colombian exchange and the brazilian exchange all down on the week and we're moving to asia we have first of all shanghai shanghai is up for the week and then the nikkei average in japan down for the week and over in hong kong a hang seng index down that's a third straight week down for hang the second straight week down for the nikkei and down under was actually up at the australian stock exchange moving to europe first of all we go to the cac the french cac it was not only down but so were a heck of a lot of those big companies we've told you about before air bus down known told tall and even her maize all down and that the german dax it was down as was dime where the owner of mercedes benz which then switch in the middle of the week looked like they were going to get a big gain but they just ended up a little bit over being flat and then finally moved to the u.k.

with the footsie in the forty one hundred down on the week and we're going to have more on the footsie coming up to you right now. and we now do take a look at the footsie with our friend the c.e.o. of straw marco or afford a chill re welcome. so the footsie is owned by the london stock exchange l.s.e. but not a lot of people know much more about that give us some information about it ok we get the formal name for it is the financial times stock exchange it actually started as a joint venture in one thousand nine hundred four between the financial times and the stock exchange and the u.k. and it's actually of the one hundred top with the market capitalization so sasha stalk. index of those companies that are governed by english common law and it's interesting to think about the fact that it's not actually a barometer though of the u.k. economy because the so many of those companies on there have international

interests so if you wanted to get more of the u.k. economy in a barometer there of you look at the foot see two fifty which has far fewer firms with international interests proportionally let's talk about that a little bit or read a story earlier about you don't leave or who are people who are worried was going to be leaving the u.k. but it's like they're going to stay and hollanders they have headquarters there also you know i was going to state now right well the shareholders sort of rebel because they could see that it would no longer be listed on the footsie one hundred right there was a big well lot of these firms i mean are considering moving and a lot of multinationals not u.k. based firms which firms that are over there are moving to like paris you know in a post bricks at the but what are some of the big stocks traded there on the fruits of what you want to do one hundred ok so you start with astra zeneca the big drug pharmaceutical company you also have burberry b p you have the. retelling food stores like marks and spencers tesco sainsbury's also burbery that's a clothing manufacturing company and whitbread which is a food conglomerate

a hosting company and then you also have rolls royce and royal bank of i think it's royal bank of scotland one of the robotics yeah those were pretty make those are a little cookies are you going to be one of the many things that they manufacture yes actually you have to talk about those are the future hilary forward mark thank you for helping us out on footy sure appreciate it my pleasure thank you. and time now for a quick break but hang in here because when we return a centric electric car c.e.o. elon musk can't leave well enough alone as he takes a swipe at the u.s. securities and exchange commission the car coach lauren fix joins the discuss and other new auto news was the. moberg helps us think through the winners and losers of the new trade agreement between the us mexico and canada it's not a done deal yet it is a go to break here the daily us numbers at the closing bell beckon apply to.

those who don't accept the slow drivers will disclose the right to be a little. late in the race. i don't buy the stuff i love me it. was somebody how does know it's a mask you never know what's happening and whether they're shooting whether it's here. and that's left out of the things i. love about

a sad but. also to give me a. just because of that interview but i'm at because this is the be all middle class and in the muslims of all these put it when the. unfortunately the united nations security council and its approach to yemen is only to this into the speech it employs it affords every month or two months and then that isn't it it's when leaks in their own i mean that imminent to be presented to the security council would make their statements which are always that easy to do. when a loved one is murdered it's natural to seek the death penalty for the murder i would prefer and it became ill in the death penalty just because i think that's the fair

thing the right thing research shows that for every nine executions one convict is found innocent the idea that we were executing innocent people is terrifying there's just no way that hasn't been that we're even many of the times families want the death penalty to be abolished. the death penalty here is because that's what murder victims' families what that's going to give them peace that's going to give them justice and we come in and say. not quite enough we've been through this this isn't the way.

to. welcome back major names in the global tech sector a scrap. going to react to a bombshell report that a ship's manuf that ship manufactured in china may have secretly surveilled the flow of information at apple and add in the amazon web services the online retailers cloud computing unit bloomberg businessweek broke the story detailing how chips made by a company called super computer and sold by one called elemental gave chinese authorities a virtual open door to affected servers in the wake of the news some tech expert professed to be staggered at the apparent threat from altered chips while others

are planting an altered chip would be an odd workaround when manipulation software would be more likely to escape detection for their part amazon and apple are pushing back vigorously on the story both companies release detailed responses that bloomberg report is untrue and we are going to question more on this one. the economic diplomatic and legal drama surrounding chinese electronics firms e.t.e. has taken another intriguing turn on wednesday u.s. district court judge kate extended probationary status in relation to charges of violating u.s. sanctions on iran and a filter a big filter someone that says listen you say what you want to say i'll look at it we'll send it out and he's not the only one that's in that case is a lot of c.e.o.'s from multiple corporations that have done some pretty serious stupid statements and it comes back to haunt them and you would think in this day and age with social media being as powerful as it is that you would have

a social media filter at some point some companies have put that in place but i know that he communicates with his followers his fans he's the pied piper but i'm really concerned about the future of the company when you know he is the brand if you're on most court to step down or go to prison or whatever might happen that would be horrible for the corporation they're good a lot of people out of jobs or the company would get just sold to someone in the sales would be far from what they are but remember. to this day he has still not made a dollar so investing in a company that's never made a dollar profit not even nickel of profit is very concerning to anyone who invests in that company financially which is why the saudis said we're not getting involved with you we're going to loose it we're going to get the other auto news sometime soon but we keep having to hit this stuff a lauren we're going to talk about nafta next and don't want to hit you with this but would you mind sticking around for that here greyhound. and we del now do move to trade last week a new nafta deal was reached at the eleventh hour between the united states mexico

and canada it's actually called the us mexico canada agreement or u.s. m.c.a. and will govern more than one point two trillion dollars worth of trade between the three nations but the new deal won't go into effect right away it used to be approved by the u.s. congress that has now however stopped us from looking it hasn't stopped us from looking at the deal and picking some of the winners and losers and here to discuss joining lauren is conservative t.v. and radio commentator steve malzberg guys thank you for being here and steve let's start with you what are the sort of next steps that may be in the process of this long road before things kick in. well every country has their own procedure to cut through the red tape of course but for the united states sixty days after the signing the white house has to notify the congress of any laws that need to be changed to comply with the agreement the i.t.c. the international trade commission in the us has to issue a report on this they get about a month and i have to do that they may not take it but that's what they get then it

goes to congress finally and when congress gets it it goes to the ways and means committee and they get forty five days time if they need it if they get it out of committee it goes to the house floor for a vote and then from the house it goes to the senate and then the scent takes the same exact bill it goes to the have the senate finance committee they get fourteen days to play around with that and then they voted out and hopefully it'll be passed by everybody and the president gets the signature he needs to participate in the deal you know a lot of partisan rancor these days in washington but it seems that both the parties the democrats and the republicans are on board steve tell me a little bit about the tech companies google facebook amazon they seem to be pretty pleased but i gather not everybody in the tech sector is happy tell us about it well section two thirty of the communications decency act here in the united states that is going to apply in the new deal so these tech companies through this through to thirty get the protection they need against libel suits for instance they can't

be sued for libel of something appears on their platform anybody who wants to sue has to go after the person who actually wrote it or or started it so that's a big deal i mean that section two thirty is what many attribute to the the growth in the atmosphere to grow these tech companies to what they've become all the time of the bully gravels. supposed to be what is the you to beat up to the loop with a citizen stumbles of many couples loans. to which has the put including bills bundles for some of these outfits of all of them.

was. police in france are angered by plans to arm private security officers as the country wrestles with improving its security situation. given in the book there is a real risk with these agents not having you know training having a weapon in your hand means the possibility of taking it i was of the question. plus the outrage over brett kavanaugh supreme court nomination which has divided america shows no sign of dying down some supporters of his candidacy even being made to apologize. and the most anticipated mixed martial arts fight of the year kicks off in las vegas on saturday night.