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it blowout, can payrolls report if looking at the adp number?essed for that. you have the dow up i-78 points on the open and the s&p up by eight points. -- you have the dow up by 78 points. this is setting the overall mood of the market. let's check out apple early in .he session, up by about 5% it sold 3.1 million more phones last quarter and returned to overall revenue and iphone growth. second-quarter outlook is not as bad as many analysts had been expecting due to headwinds. that is trickling through to some suppliers. here is a look at two of them, both stocks up. the supply chain looks relatively strong from pacific crest, so minimal risk of inventory correction due to apple's quarter. the other stock we want to watch his electronic arts, off by about 1%. it had a fourth-quarter earnings below estimates. half of its business is out of the u.s., so there is an fx pressure. the december cells quarter was pretty good, but they did not want to upgrade the full year because they are worried about and certainty in about the dollar, something we
it blowout, can payrolls report if looking at the adp number?essed for that. you have the dow up i-78 points on the open and the s&p up by eight points. -- you have the dow up by 78 points. this is setting the overall mood of the market. let's check out apple early in .he session, up by about 5% it sold 3.1 million more phones last quarter and returned to overall revenue and iphone growth. second-quarter outlook is not as bad as many analysts had been expecting due to headwinds. that is...
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>> 206,000. >> because you add in adp, right?of the five components i use. >> you've been on a hot streak. >> i'm up for a big miss. it's true. a revision to the mean. >> we're going to look at the futures before we head into this. we're about 20 seconds away from the january number. right now the dow futures are up by 58 points. the nasdaq by down about ten. >> okay. this is pretty good. if it's disappointing, i'm going to be disappointed. hampton pearson will give us the number. he's standing by at the labor department. you can hear the countdown. so exciting. the number please, hampton. >> reporter: 227,000. january nonfarm payrolls increased by 227,000 jobs. the unemployment rate is 4.8%. average hourly earnings, one-tenth of 1%, 2.5% year over year. december was actually revised downward from 0.4% to 0.2. private sector job growth in january, up by 237,000. revisions for november and december, a net loss of 39,000, below what had previously been reported. january job leaders, retail, up 46,000. construction, plus 36. food an
>> 206,000. >> because you add in adp, right?of the five components i use. >> you've been on a hot streak. >> i'm up for a big miss. it's true. a revision to the mean. >> we're going to look at the futures before we head into this. we're about 20 seconds away from the january number. right now the dow futures are up by 58 points. the nasdaq by down about ten. >> okay. this is pretty good. if it's disappointing, i'm going to be disappointed. hampton pearson...
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the yield did anyway at 8:15 when the adp number came out. you see here is it's nice to have that confirmation because there's a little bit of concern that maybe there was some weather inside the adp or maybe there were seasonal adjustments. but when you get the manufacturing index increasing along with it, especially the employment component inside that also going up production numbers going up, new orders numbers going up, it suggests you may have a little awakening in the manufacturing sector of the economy. >> i wonder, brian, if this is a direct result of a boost in confidence from the election. one thing that president trump has been consistent on is his message that he's going to bring american manufacturing back and prioritize policies that would do that. do you see this sort of bump in confidence reading through to the broader economy? >> i do think that this is partially attributable to a boost in confidence, however i think some of it is just a natural reaction to the improved economic data we've seen since the summer. keep in mind
the yield did anyway at 8:15 when the adp number came out. you see here is it's nice to have that confirmation because there's a little bit of concern that maybe there was some weather inside the adp or maybe there were seasonal adjustments. but when you get the manufacturing index increasing along with it, especially the employment component inside that also going up production numbers going up, new orders numbers going up, it suggests you may have a little awakening in the manufacturing...
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adp crushes expectations, biggest jump since june and yields in the dollar creeping up on that.oadmap will begin with the apple rally and earnings beat. shares up more than 4% premarket
adp crushes expectations, biggest jump since june and yields in the dollar creeping up on that.oadmap will begin with the apple rally and earnings beat. shares up more than 4% premarket
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we're just minutes away from the adp employment report.arket reaction straight ahead. >>> plus, kfc's first ever super bowl ad. we'll have you seeing double. we'll tell you why as the final hour of "squawk box" begins right now. >>> live from the most powerful city in the world, new york, this is "squawk box." > >>>. >>> good morning and welcome back to "squawk box" here on cnbc, live from the nasdaq market site in times square. i'm joe kernen along with becky quick and andrew ross sorkin. the futures, last we looked, up about 40, 45. the s&p up six. the nasdaq up just under 30. treasury yields moderating a little bit, down 2.46 or 2.45. 2.47 now on the ten year. >>> making headlines this morning, the big news, apple shares are jumping on better than expected results. iphone sales blowing past wall street estimates. the stock right now, take a quick look, looks like it's up over 4.5%. >>> separately, mortgage applications fell 3.2% in the latest week, a 13% drop in fha applications. this was the result of the trump administration reversing
we're just minutes away from the adp employment report.arket reaction straight ahead. >>> plus, kfc's first ever super bowl ad. we'll have you seeing double. we'll tell you why as the final hour of "squawk box" begins right now. >>> live from the most powerful city in the world, new york, this is "squawk box." > >>>. >>> good morning and welcome back to "squawk box" here on cnbc, live from the nasdaq market site in times...
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>> the adp covers 25% of private-sector payrolls. they have a lot of information to make this judgment. claims were also low coming into this. we have had a pop in a number of business surveys. there were reasons to be optimistic before the adp number but i think it is suggesting we will get a number in the 200 range. jon: we will have a number that is -- the white house will say that overestimates the amount of slack in the economy. how do those two views collide? president has talked about this is misleading. i think the numbers are as good as we can get them. you can have a debate about who to include. there is a range of numbers included. we may focus too much on just the headline number. hasemployment report itself a number of different indicators. what is hard to argue with is that we have had a significant improvement in the labor market in the last five years. on a broad range of measures, we are essentially back where we were before the crisis. there are some structural things that have led to a decline in isor force but mos
>> the adp covers 25% of private-sector payrolls. they have a lot of information to make this judgment. claims were also low coming into this. we have had a pop in a number of business surveys. there were reasons to be optimistic before the adp number but i think it is suggesting we will get a number in the 200 range. jon: we will have a number that is -- the white house will say that overestimates the amount of slack in the economy. how do those two views collide? president has talked...
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thanks a lot. >> so adp was darn good. what does that do now to the fed? >> it's an indicator on the employment number on friday. we still have to get the employment number on friday. i think it's an indication that growth is improving. we're seeing a system that is reflating. it's well beyond just a new president. i think the fed has got to start moving. i don't think they're going to tell you much about that today. but i do think that the fed has alluded to going three times and, you know what, you can actual he see them go a bit more than that to four times potentially this coming year. but adp is just confirmation of the data continues to be strong, not just in the u.s., globally. >> wow, i mean, the magic word seems to be march. >> right. >> as in will they go in march. will this force their hand to go in march. is that what you're saying? >> i think the markets have discounted their ability to go in march and there's a lot of suggestion about they haven't set up the market to go in march. i don't think they have to do much more. they've suggested tha
thanks a lot. >> so adp was darn good. what does that do now to the fed? >> it's an indicator on the employment number on friday. we still have to get the employment number on friday. i think it's an indication that growth is improving. we're seeing a system that is reflating. it's well beyond just a new president. i think the fed has got to start moving. i don't think they're going to tell you much about that today. but i do think that the fed has alluded to going three times and,...
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we are waiting on adp report. about 45 minutes. it will be will be released. change in interest rates expected. we're looking at gains there. and each overnight markets are mixed. there up half a%. it's the new pictures that are literally out of this world. we have the picture for you. we kick it off this half hour first with confirmation roadblock. they are doubling down on delaying resin trumps cabinet picks. and ask her about the relevancy of some of the democrats question during that treasury secretary nominee. there were very thorough questions asked of every single one of the nominees. steve mnuchin was a goldman sachs alumni. he wants to undo all of the consumer protections. and that allowed the banks to make money. >> this coming as house minority leader have indicated their opposition to judge neil gore shits. we want to bring in the political analyst in the author of we the people who had what is your take on all of this. i think we have a major class coming on the nomination and it's not because as we were just discussing in the break because of his
we are waiting on adp report. about 45 minutes. it will be will be released. change in interest rates expected. we're looking at gains there. and each overnight markets are mixed. there up half a%. it's the new pictures that are literally out of this world. we have the picture for you. we kick it off this half hour first with confirmation roadblock. they are doubling down on delaying resin trumps cabinet picks. and ask her about the relevancy of some of the democrats question during that...
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Feb 2, 2017
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the number on adp private employment. the number jumping. the last few months the correlation between adp and the government jobs figure coming out on from it -- friday, february 3, we may get a strong jobs report. i am wondering if things are holding up quite well. we will be listening to fed speakers over the next weeks and months and watching all the economic reports. no move today but who knows, you have to watch trump and watch the economy. thank you. let's get to the first word news with courtney collins. isrtney: resident trump [inaudible] trump accused the mexican military of being scared of what he calls "bad hombres." he might send the u.s. army across the border to "take care of it." rex tillerson will be sworn in charlie a secretary of state. a 63-43 senate vote so lawmakers split along party lines on his choice of a oilman with no government experience. republicans supported the view that his background gives him the connections and skills needed to promote the u.s. interests abroad. the bill to take the u.k. out of the european
the number on adp private employment. the number jumping. the last few months the correlation between adp and the government jobs figure coming out on from it -- friday, february 3, we may get a strong jobs report. i am wondering if things are holding up quite well. we will be listening to fed speakers over the next weeks and months and watching all the economic reports. no move today but who knows, you have to watch trump and watch the economy. thank you. let's get to the first word news with...
SFGTV: San Francisco Government Television
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Feb 4, 2017
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or adp. and he want for the individual projects as required.irport development plan is a long range planning study that will help to guide the future development. the study is a replacement to the 1989 master plan. excuse me. and includes proposals to enhance and develop passenger terminals or land side facilities and support existing facilities in order to match our passenger growth and runway capacity limitations that exist in the current physical layout of the airport. it is worth noting that there are no shore line or runway projects included in the adp. the ordinance before you essentially requests your approval for us to resequence some of the chapter 29 requirements for the wave of an initial report, at the board of supervisors for the entire plan. and instead to bring you the individual projects as they would be triggered under a normal fiscal feasibility report. airport staff did meet with supervisor peskin as the original author of chapter 29 and worked with his staff as well as the city attorney's office clabively on this ordinance t
or adp. and he want for the individual projects as required.irport development plan is a long range planning study that will help to guide the future development. the study is a replacement to the 1989 master plan. excuse me. and includes proposals to enhance and develop passenger terminals or land side facilities and support existing facilities in order to match our passenger growth and runway capacity limitations that exist in the current physical layout of the airport. it is worth noting...
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tom: parse adp. small commitment and big businesses.ges your perspective on fridays report? mike: a huge jump in services jobs and manufacturing and construction jobs. the manufacturing component has been the week part of the jobs report for some time. we see the sentiment indicators turn higher and now, we've seen some evidence that maybe hiring is picking up in manufacturing. if that continues, those are higher wage jobs, they should push up our tower learnings -- average hourly earnings. for tooyou stand still long, you may get picked for an empty spot in the trump administration. --stitution that's this institution is so important, there is never a dead meeting. chair yellen is one of the same voices we've got in washington. scarlet: the u.s. senate right now has voted to confirm rex tillerson as secretary of state. the vote is still taking place, but rex tillerson has passed the 50 vote threshold required for confirmation. he will soon be the secretary of state. that wraps us up for the special coverage of the fed decision. "bloomb
tom: parse adp. small commitment and big businesses.ges your perspective on fridays report? mike: a huge jump in services jobs and manufacturing and construction jobs. the manufacturing component has been the week part of the jobs report for some time. we see the sentiment indicators turn higher and now, we've seen some evidence that maybe hiring is picking up in manufacturing. if that continues, those are higher wage jobs, they should push up our tower learnings -- average hourly earnings. for...
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the adp number that came out this week was hot and then you had the fed come out dovish. a mixed signal and sectors are reacting that way. you need a hot number for the banks to start acting bertin stead of becoming head win, you also have to watch the s&p cash. s&p cash is flirting with accelerating up trend. if you trade actively, you to watch 22.70, 22.68. if we hold above that, the momentum stays. liz: we did see, phil, you're at the cme, trading pits behind you, i don't care what you're trading, they start to move, it was a good number again, this is a number you want to see fall. these are people going on welfare rolls and things like that, unemployment lines. we did see the january layoff jump 30%. as you're looking at what to see tomorrow, we have viewers thinking what what amount i going to do because you have the job story? >> you have to look at both. listen, we are expecting a very strong -- some of the layoff in january is seasonalment you get that at this time of the year. the confidence that we are seeing in manufacturing sector. the adp numbers we saw earl
the adp number that came out this week was hot and then you had the fed come out dovish. a mixed signal and sectors are reacting that way. you need a hot number for the banks to start acting bertin stead of becoming head win, you also have to watch the s&p cash. s&p cash is flirting with accelerating up trend. if you trade actively, you to watch 22.70, 22.68. if we hold above that, the momentum stays. liz: we did see, phil, you're at the cme, trading pits behind you, i don't care what...
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with them good to see everybody thanks for being with us charles kick us offing pg expectations. >> adpee really worrisome areas have amazing reversals i love to so he that happen mining manufacturing construction how impressive that number was last year o mining averaged loss 6,000 a month last month made 6,000 manufacturing lost 3,000 up 15,000 from a construction added 7,000 a month last year try 25,000 adp did we get anything remotely like that? this is a home run number. maria: that is really good analysis some areas that you mentioned that have been in recessionary times for a long time, joining us does -- does that jive with what you are seek in terms of where jobs are. >> absolutely i totally agree with charles's point where jobs are starting to come back great to see that manufacturing and construction through the adp report came back strong, hoping he we're going to see that from the report, but in addition i think it is going to be interesting to look at wages mar we saw wages up 2.9% in december the minute wage increases for january, 19 states that really impacts the hourly
with them good to see everybody thanks for being with us charles kick us offing pg expectations. >> adpee really worrisome areas have amazing reversals i love to so he that happen mining manufacturing construction how impressive that number was last year o mining averaged loss 6,000 a month last month made 6,000 manufacturing lost 3,000 up 15,000 from a construction added 7,000 a month last year try 25,000 adp did we get anything remotely like that? this is a home run number. maria: that...
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and adp shows strong private sector hiring. president trump campaign how to make america work again even before he took office of market delivered and is turning the economy around is looking forward to insure every american who wants a job as the opportunity to find one. he is pleased of the job growth in the labor force participation is rising and recognizes there's a lot more work to be done. he has a big and bold agenda to create jobs and his first two weeks in office even more than 50 business leaders. he participated in a strategic forum was among the most successful companies to understand the importance of the open dialogue had to make the nation's economy stronger. that firsthand experience will continued to seek opinions while crafting the economic agenda. one primary goal of new and improved of placement opportunities looking at a full range of policy measures of tax and trade reform to rebuild the crumbling infrastructure and improve the education system. the president will be citing to executive actions as part of
and adp shows strong private sector hiring. president trump campaign how to make america work again even before he took office of market delivered and is turning the economy around is looking forward to insure every american who wants a job as the opportunity to find one. he is pleased of the job growth in the labor force participation is rising and recognizes there's a lot more work to be done. he has a big and bold agenda to create jobs and his first two weeks in office even more than 50...
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according the pay roll processor adp, 246,000 new workers to their rank and file. that was a lot more than expected and it was best single month since last june. and hiring wasn't led by the services sector. construction jobs led the way this time and even the troubled manufacturing sector added 15,000 positions. >> and the first statement on interest rates since donald trump became president and the fed decide wasn't right time on like, it didn't offer many clues as to what may come next. >> the federal reserve kept rates unchanged in the january meeting and kept the markets guessing about when the next rate like will come. they are forecasting three likes this year. look for june to be the most likely next month. and the chance of a quarter point hike fell in march to 22% afterwards. in its yubou abou unanimous dec maintained the language if what it used in december. it said the economy is expanding at a moderate pace and the labor market is continuing on strengthen. it is the gradual rate increases and it will make sure its balance sheet which swelled up after t
according the pay roll processor adp, 246,000 new workers to their rank and file. that was a lot more than expected and it was best single month since last june. and hiring wasn't led by the services sector. construction jobs led the way this time and even the troubled manufacturing sector added 15,000 positions. >> and the first statement on interest rates since donald trump became president and the fed decide wasn't right time on like, it didn't offer many clues as to what may come...
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matt: the white line shows year-over-year job growth according to the adp employment report. scarlet: better than expected. matt: yes, slightly better than expected, but on a year-over-year basis, we did not see an acceleration in job growth. the blue line shows the official government statistics -- the same measure we will get friday. you can see there has been a deceleration there lately. it is the slowest pace of job growth we have seen in about three years. this is one of the things we have been showing a lot -- the charts, comparing hard and soft data. the jobs report happens to be one of the hard data points that has been wobbly lately. we want to see that improve. we know that is the most important metric the fed likes to watch, anyway. scarlet: that, and average hourly earnings -- any sense of wage gains. you brought another chart, aggregate weekly payrolls compared to pce -- which does the fed rely on more? job: this chart looks at growth and adds the earnings component. it is looking at how fast jobs are growing, and also how fast wages are growing on top of it, and
matt: the white line shows year-over-year job growth according to the adp employment report. scarlet: better than expected. matt: yes, slightly better than expected, but on a year-over-year basis, we did not see an acceleration in job growth. the blue line shows the official government statistics -- the same measure we will get friday. you can see there has been a deceleration there lately. it is the slowest pace of job growth we have seen in about three years. this is one of the things we have...
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according to a poll, economic confidence is at a new high and adp showed strong higher -- hirings. even before he took office, markets new he would deliver on that promise. he has taken significant steps to turning our economy around and is looking forward to ensuring every american who has -- wants a job can find one. -- well crafting an economic agenda. all these meetings are focused on one primary goal, of new and improved employment opportunities. we are looking at a full range of policy measures to achieve that goal, military relief, empowering women in the workplace, rebuilding infrastructure and improving education. also in pursuit of that goal, the president will be signing two executive actions to overhaul regulatory systems. i expect that to happen close to 1:00. the first is an executive order proposing guidelines and principles that set the table for a regulatory system that mitigates risk, encourages growth, and more importantly protects consumers. the dodd frank act is a disastrous policy hindering our markets, reducing the availability of credit, and crippling our ec
according to a poll, economic confidence is at a new high and adp showed strong higher -- hirings. even before he took office, markets new he would deliver on that promise. he has taken significant steps to turning our economy around and is looking forward to ensuring every american who has -- wants a job can find one. -- well crafting an economic agenda. all these meetings are focused on one primary goal, of new and improved employment opportunities. we are looking at a full range of policy...
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we got an update on adp employment. 246,000, up from the estimate of 160,000.hat is the kind of thing that will make bond investors nervous and cheer on equity investors. >> great to have you on the program. let's dig into the raw numbers. bloomberg intelligence forecasting the next rate hike at the f1c meeting. where do you stand now that you have had time to digest this is just statement? >> we are similar. we think the next rate hike is june. i think the risk is rising that it could be march. similar,ment very although as you just noted, consumers stressed that consumer business confidence is rising. there is a disconnect with business sentiment is outstripping the kind of court activity data. -- of core activity data. activity data catches up, the fed will have to change. small business confidence is strong. they are large players in the economy. certainly we are forecasting 200-5000 jobs to be createda t n omura. another thing that could add to the move is if the dollar keeps weakening. that would keep further pressure on prices. sheri: you talk about this
we got an update on adp employment. 246,000, up from the estimate of 160,000.hat is the kind of thing that will make bond investors nervous and cheer on equity investors. >> great to have you on the program. let's dig into the raw numbers. bloomberg intelligence forecasting the next rate hike at the f1c meeting. where do you stand now that you have had time to digest this is just statement? >> we are similar. we think the next rate hike is june. i think the risk is rising that it...
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. >> the upside to payroll is the market leading towards it after the blowout adp report. what do you make of the stock wages? >> it is disappointing. the cyclical factors are being overwhelmed by structural issues. two messages from this report. this will make the fed less likely to hike in march. reducing the probability of a march hike. secondly, it puts more focus on structural measures to enhance wage growth in the economy. alix: still to come as we review the week, exclusive interviews and ge ceo jeffrey immult john williams. apple, sony, just a few of the week's biggest earnings reports. next, more top business headlines. a new leader in global car sales. the brand just suffered through the worst year ever. >> the key reason here is definitely china. this is bloomberg. ♪ alix: this is bloomberg best. let's continue our global tour of the week's top stories. in washington dc, president trump announced his first supreme court nominee. last night during primetime president trump introduced the nation to his new supreme court nominee. that is federal court of appeals ju
. >> the upside to payroll is the market leading towards it after the blowout adp report. what do you make of the stock wages? >> it is disappointing. the cyclical factors are being overwhelmed by structural issues. two messages from this report. this will make the fed less likely to hike in march. reducing the probability of a march hike. secondly, it puts more focus on structural measures to enhance wage growth in the economy. alix: still to come as we review the week, exclusive...
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the adp report significantly better than anticipated.s better when we expect little and get a lot. however, on that note, the upper end of consensus is 2,000. and i think we have a good chance to clear that hurdle. while we have hit a bump in the road that mirrors the anxiety in washington, d.c. i want to make sure your position in this market to go higher. make sure you go to my site for commend the airy, wstreet.com. also tomorrow donald trump is going to get with his advisory council. the meeting begins with president trump. he will speak for 15-20 minutes. he will be followed by steven schwartzman. and they will folk fuss on regulatory relief, women in the workforce, tax and trade, and infrastructure. by the way, after the bell, snap, they announced their intentions to go public. they will issue three classes of stock including a non-voting public share on the new york stock exchange. 5 no clue if this is a buy yet. but i would say zero voting rights for me are a red flag. that's just my opinion. donald trump promising big changes in
the adp report significantly better than anticipated.s better when we expect little and get a lot. however, on that note, the upper end of consensus is 2,000. and i think we have a good chance to clear that hurdle. while we have hit a bump in the road that mirrors the anxiety in washington, d.c. i want to make sure your position in this market to go higher. make sure you go to my site for commend the airy, wstreet.com. also tomorrow donald trump is going to get with his advisory council. the...
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we got the adp employment report that showed the biggest gain in jobs in seven months. that means rates are pushing higher but it doesn't necessarily translate into a first stock. treasury yields are rising, you would think interest rate sensitive groups are rising. it's not happening. it is not happening with utilities, utilities are down 1.8% and that has to do with earnings. take a look at some of the earnings -- dominion resources leading the losses, down 5%. the midpoint forecast is below estimates. it's seeing lower nuclear power prices for its millstone plant in connecticut. it's also seeing a step down in credits and ant slow recovery is what it is predicting and that's having a ripple effect among other utilities. would updateu we you on oil prices in the wake of oil inventory numbers. oil is still on the rise. in the face of the build and supplies we saw, gasoline supplies, the highest and 27 years, yet we also learned opec cut its supply by 180,000 barrels a day, so that appears to be offsetting the u.s. data. it could be make or break for the dollar as the r
we got the adp employment report that showed the biggest gain in jobs in seven months. that means rates are pushing higher but it doesn't necessarily translate into a first stock. treasury yields are rising, you would think interest rate sensitive groups are rising. it's not happening. it is not happening with utilities, utilities are down 1.8% and that has to do with earnings. take a look at some of the earnings -- dominion resources leading the losses, down 5%. the midpoint forecast is below...
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friday, the adp services number, private job count, the most workers added to the private sector in seven months, 256,000 net, new jobs. it could be a signal that we will get a stronger than forecast payroll number on friday, one more adding to this question about the fed. where you wait to june, consider a hike in march, but we don't have that number yet. rishaad: right, let's have a look at the doe, i'm meeting, mark carney in the difficult position, because the inflation built-in is from essentially devaluation of sterling after june 23, but does he wait till that goes away? wouldn't interest rate hikes be like pushing on a string here? a good question, because they welcome the fall in the pound because they want to boost u.k. exports, make the exports cheaper overseas. the question is at what point does of falling currency make in port so sensitive that it hurts consumers and slows down the theomy, but we are seeing steady rise in inflation as the latest monthly retail sales and the u.k. showed a sudden drop after spending holding up well after the brexit vote last june. this is anoth
friday, the adp services number, private job count, the most workers added to the private sector in seven months, 256,000 net, new jobs. it could be a signal that we will get a stronger than forecast payroll number on friday, one more adding to this question about the fed. where you wait to june, consider a hike in march, but we don't have that number yet. rishaad: right, let's have a look at the doe, i'm meeting, mark carney in the difficult position, because the inflation built-in is from...
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Feb 3, 2017
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a fed meeting, two employment reports, adp, the jobs report today from the bureau of labor statistics, 2s are down two, 5s are down two. 30s are up five basis points on the week. dollar index is still doing better but it's still under 100. my sense is that the interest rate complex of course pays attention to the fed and jobs reports, but there may be bigger fish to fry. i continue to say that i'm bearish, the formation i see on yields looks to go higher. it's just quibbling about the path and intensity in my opinion and the dollar index is acting a little squeamish considering that dynamic. when it comes to dodd-frank, listen, nothing is as it appears to be. i know big banks and big financials will make less money but they're making a boat load of money with dodd-frank. the real issue for big exchanges and big banks, they pay big compliance and insulate themselves from smaller competitors. i think the growth in the dodd-frank will be good for everybody but it will be most especially good for some of the smaller institutions. i think that's why there's -- hey, we've had some big bank
a fed meeting, two employment reports, adp, the jobs report today from the bureau of labor statistics, 2s are down two, 5s are down two. 30s are up five basis points on the week. dollar index is still doing better but it's still under 100. my sense is that the interest rate complex of course pays attention to the fed and jobs reports, but there may be bigger fish to fry. i continue to say that i'm bearish, the formation i see on yields looks to go higher. it's just quibbling about the path and...
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Feb 1, 2017
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first thing, strong adp jobs number this morning. be on the lookout, folks. a lot of economists have been upping the forecast by friday 10,000, 20,000. a bunch looking for 200,000 on friday. ism manufacturing came stronger than expected. beware the ides of march. 30% chance of a rate hike built n the fed is like everybody else, waiting on trump policies. they don't know the politics of getting these things through and the tradeoffs. for example, the negative ideas people have heard about trade and the positive ideas about growth and tax cuts. and, again, all this may come through by watching the balance of risks, which right now are set to be balanced. and then there's the two-year, which reacted to the data at 8:15 this morning, reacted to the data again at 10:00. let me show you what the outlook is for the market versus the fed. for the first time in a long time, what we see is some agreement there. look at that, 1.3% expected this year, .1, 2.7, 2.9. the big story for this year for the fed will be whether or not it's 2 or 3. the fed thinks it's going to be
first thing, strong adp jobs number this morning. be on the lookout, folks. a lot of economists have been upping the forecast by friday 10,000, 20,000. a bunch looking for 200,000 on friday. ism manufacturing came stronger than expected. beware the ides of march. 30% chance of a rate hike built n the fed is like everybody else, waiting on trump policies. they don't know the politics of getting these things through and the tradeoffs. for example, the negative ideas people have heard about trade...
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Feb 1, 2017
02/17
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the january adp report out at 8:15 a.m. eastern. that's the read on private sector jobs.lowed by january ism manufacturing, and december construction spending at 10:00. automakers also reporting january sales numbers, and the fed wraps up its two-day policy meeting. we'll get that announcement and statement at 2:00 p.m. eastern. this is one where there's no news conference which is why exists are saying don't expect a move in policy action. the key is do they hint at a march hike, a march 15th meeting which does have that whole thing or are they more cautious? >> no press conference, but people seem focused on the statement that we will get. the written statement as to just that tone, are they taking note of possible fiscal expansion. >> we get a bunch of earnings. facebook reports fourth quarter results. >> you'll have a front row seat. >> anthem, tractor supply as well. >>> still to come, a round up of the key stocks to watch. >> first as we head to break, the best reporting dow components during the month of january. you're watching "worldwide exchange" on cnbc. mywat
the january adp report out at 8:15 a.m. eastern. that's the read on private sector jobs.lowed by january ism manufacturing, and december construction spending at 10:00. automakers also reporting january sales numbers, and the fed wraps up its two-day policy meeting. we'll get that announcement and statement at 2:00 p.m. eastern. this is one where there's no news conference which is why exists are saying don't expect a move in policy action. the key is do they hint at a march hike, a march 15th...
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if you look at adp released earlier this week, it's been quite strong. if you look at employment component of the business survey, it has been quite strong as well. so there is room for upside surprise. having said that, expectation for the release is quite wide. we have a wide range of headline numbers. >> we're showing a forecast of around 175,000. 174,000 if you're looking at the dow jones forecast. if it's stronger than anticipated, if it's somewhere in the region of 200,000, does that mean that we potentially could be looking at three hikes this year? we're debating two to three hikes from the fed. critics are saying it's way too early to talk about hikes, wait to see what happens after the trump administration gets in, and once wage inflation stops feeding through. >> it is quite early to be definitive about the number of hikes for this year, especially given ms. yellen's comments about monetary policy in response to fiscal policy, because there is so much uncertainty around fiscal policy implementation. dot plots are pointing to three hikes this y
if you look at adp released earlier this week, it's been quite strong. if you look at employment component of the business survey, it has been quite strong as well. so there is room for upside surprise. having said that, expectation for the release is quite wide. we have a wide range of headline numbers. >> we're showing a forecast of around 175,000. 174,000 if you're looking at the dow jones forecast. if it's stronger than anticipated, if it's somewhere in the region of 200,000, does...
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according to adp, got to tell you, a heartening development, we saw reversal fortunes in three key cares,000, after losings 6,000. manufacturing 3,000 jobs a month last year, in january it grew by 15,000. construction, 25,000 new jobs, a 300% improvement over its 2016 average. i think numbers are only tip of the iceberg. it could get a lot better if president trump gets his programs passed through congress. joining me, ed kinard, ford o'connell. tell me where i'm wrong, buddy. >> i don't think you're wrong. the numbers are impressive and we've seen a quick turnaround in confidence since the fall when it became clear president trump would be elected and was elected. charles: so where do we go from here? can the momentum keep going? i feel the momentum will be flash in the pan. only something dumb in washington, d.c., can derail this. >> congress passing kind of legislation that lowers taxes and truly rolls back regulations that will require, i was with paul, chairman ryan last night talking about it. it is a complicated mix of both changes that they want to make and maneuvering that they
according to adp, got to tell you, a heartening development, we saw reversal fortunes in three key cares,000, after losings 6,000. manufacturing 3,000 jobs a month last year, in january it grew by 15,000. construction, 25,000 new jobs, a 300% improvement over its 2016 average. i think numbers are only tip of the iceberg. it could get a lot better if president trump gets his programs passed through congress. joining me, ed kinard, ford o'connell. tell me where i'm wrong, buddy. >> i don't...
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Feb 4, 2017
02/17
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the market leading towards it after the blowout adp report. what did you make of the softer wages?it is disappointing. the cyclical factors are being overwhelmed by structural issues. i think two messages here from this report. one is that this will make the fed less likely to hike in march. so reducing the probability of a march hike. secondly, it puts more focus on structural measures to enhance wage growth in the economy. alix: still to come as we review the week on "bloomberg best", exclusive interviews with the ge ceo and san francisco fed president john williams. apple, facebook, sony, deutsche bank, just a few of the week's biggest earnings reports. next, more top business headlines. a new leader in global car sales. it is a brand that just suffered through the worst year ever. >> the key reason here is definitely china. alix: this is bloomberg. ♪ alix: this is "bloomberg best." i am alix steel. let's continue our global tour of the week's top stories. in washington, d.c., president trump announced his first supreme court nominee. >> last night during primetime , president t
the market leading towards it after the blowout adp report. what did you make of the softer wages?it is disappointing. the cyclical factors are being overwhelmed by structural issues. i think two messages here from this report. one is that this will make the fed less likely to hike in march. so reducing the probability of a march hike. secondly, it puts more focus on structural measures to enhance wage growth in the economy. alix: still to come as we review the week on "bloomberg...
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Feb 1, 2017
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but the fact is adp data today was better than expected.f course, everybody copies their neighbor's homework because all the expectations for friday's number have moved up. the point, is look at an intraday chart of 2-year note yields, real sensitive to better data, almost more than i would have thought, but given that it didn't really trade above the range -- we've seen this 1.24-1.25. it's the fact that they did it at all that's important. listen, uncertainty. there's many levels of uncertainty. when i look at the dow, and for better or for worse, it is a barometer to some extent, like the t.a.r.p. vote, about feelings, about feelings about this president. real quickly, on november 8th, the dow was at 18,332, okay? now, since then, we've touched 20,000 the end of january. i'm not going to use that. i'm going to use the first high, 19,974, and the lowest level after that was on the 19th, and that was 19,732. let's get past the math real quickly. so, basically, we had a 240-point retracement on a move that was 1,642 points, so roughly 15%-1
but the fact is adp data today was better than expected.f course, everybody copies their neighbor's homework because all the expectations for friday's number have moved up. the point, is look at an intraday chart of 2-year note yields, real sensitive to better data, almost more than i would have thought, but given that it didn't really trade above the range -- we've seen this 1.24-1.25. it's the fact that they did it at all that's important. listen, uncertainty. there's many levels of...
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Feb 1, 2017
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getting some good news on the economy, adp says private firms added 246,000 jobs in january.s much better than expected. labor delivers its january jobs report on friday. and the fed wraps up its first meeting of 2017. it would be a big surprise if the fed raised rates given all the political uncertainty that's hit the stock market this week. numbers good so far. dow is up 89. nasdaq gaining 39. s&p up 8. also sunnyvale advanced microdevices is up 9% on its strong earnings. back to you. >> thank you. >> reporter: city council members have signed off on a $16 million plan to house the homeless but this proposal stands out from the pack because it hinges on a downtown high-rise. the idea is to build the apartment complex next to saint james park with the highest concentration of homeless in the city. the site would be six stories tall with 84 units. so far, the $16 million is a loan to the developer and homeless agency behind the proposal. this villas on the park complex would also include a variety of services from career training to drug and mental health programs. the plan m
getting some good news on the economy, adp says private firms added 246,000 jobs in january.s much better than expected. labor delivers its january jobs report on friday. and the fed wraps up its first meeting of 2017. it would be a big surprise if the fed raised rates given all the political uncertainty that's hit the stock market this week. numbers good so far. dow is up 89. nasdaq gaining 39. s&p up 8. also sunnyvale advanced microdevices is up 9% on its strong earnings. back to you....
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Feb 3, 2017
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take a look at the numbers. 227,000. 175,000 was the estimate, 193,000 the adjusted estimate after adpate rising as people came into the workforce. participation rate rising 62.9%, but average hourly earnings disappointing. here's the yield. you can see it just cratered around the time the number came out, then also didn't pick up very much with the ism number, that stronger services number than expected. here's where the jobs were, construction. look at the top to the bottom, construction, leisure/hospitality. there could about have not better weather in there, so that might have been one factor. retail 40,000 and professional business services 39,000. and temporary help up 15,000. all this dropping a probability of a march hike to just about 4%. it had been around 17% before the number. john riley from rdq thinks the market is long and priced out the size of the march hike and many economists don't think the u.s. economy will sustain job growth at this level, north of 250,000. they think the sustainable rate, if we're lucky, is around 150,000 to 170,000. carl? >> steve, a busy day fo
take a look at the numbers. 227,000. 175,000 was the estimate, 193,000 the adjusted estimate after adpate rising as people came into the workforce. participation rate rising 62.9%, but average hourly earnings disappointing. here's the yield. you can see it just cratered around the time the number came out, then also didn't pick up very much with the ism number, that stronger services number than expected. here's where the jobs were, construction. look at the top to the bottom, construction,...
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. >> well, based on what adp was. >> huge. >> but what about the other issue, paul, of the dollar?oldman has a note out today that says this is not, and not in all caps, the end of the dollar bull run. say after all, fiscal stimulus and protectionism is hard to reconcile, even with the new administration wants. >> one of the many people in december that said euro is going to break parity this year, scott. i took that view on strongly. the problem with the dollar, we all reacted to trump, and that's fine. but when you buy the dollar, you sell something. and then that case, it was selling the euro. euro is actually doing well. the fact that there is so much liquidity out there, the low currency, and this whole european political situation that everybody was so worried about is not an issue, in our opinion. so the euro back to 108, i rec on will go to 110 and then think about selling it. they might be right, but i think that people are trying to play with the view. >> there it is. just about 108. joe, meantime, we're having this conversation about whether you should be nervous or caut
. >> well, based on what adp was. >> huge. >> but what about the other issue, paul, of the dollar?oldman has a note out today that says this is not, and not in all caps, the end of the dollar bull run. say after all, fiscal stimulus and protectionism is hard to reconcile, even with the new administration wants. >> one of the many people in december that said euro is going to break parity this year, scott. i took that view on strongly. the problem with the dollar, we all...
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remember the adp report we had earlier in the week. we'll talk about the correlation later.att shoji the futures. -- showed you the futures. nd yields,e bud beginning to fade a little in reaction to what is coming out firmly from wall street. its figure out what is happening around the world. let's go now to our bloomberg first word. sophie: thanks, guys. the bank of japan offered to buy unlimited amount of onset a fixed rate at a scheduled operation to reassert control over surging yields. the central bank will buy five to 10 year securities from secondary markets. it is offering to buy the 0.110ark 10 year notes at percent. the move comes after an earlier attempt of spending bond purchases failed. residents trump's administration is set to play new sanctions on iran as early as today. according to two people familiar with the plan, the penalties are in debt punishing iran for sponsoring terrorism and testing ballistic missiles. 17 entities may face sanctions. both trump and national security adviser mike flynn have said iran is "on notice." has hikedntral bank its monetary
remember the adp report we had earlier in the week. we'll talk about the correlation later.att shoji the futures. -- showed you the futures. nd yields,e bud beginning to fade a little in reaction to what is coming out firmly from wall street. its figure out what is happening around the world. let's go now to our bloomberg first word. sophie: thanks, guys. the bank of japan offered to buy unlimited amount of onset a fixed rate at a scheduled operation to reassert control over surging yields. the...
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Feb 23, 2017
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adp, also down by around 4%. rio is also in there as well on the losing side.ve had big news out of the mining sector with glencore. it beat estimates as it posted its adjusted profit. 1.99 billion dollars after deep restructuring and rebound in metal prices. the chairman of bloomberg lp is a senior independent nonexecutive director at glencore. let us get analysis from the this earnings season, and specifically around glencore. the cohead of global macro and market research i goldman sachs joins us and will kennedy. let us start with you, shall we? the beat for glencore this morning, thanks to the management of metals prices, the top line story around glencore. fromencore is different its competitors because it has the big trading business along with the mining business. ist is really interesting the trading business again is track, which standards through the downturn, but came in with a stronger profit since 2008, so they have both parts of the business performing very well, and that led to a big heat on the earnings, and it seems the turnaround is largely c
adp, also down by around 4%. rio is also in there as well on the losing side.ve had big news out of the mining sector with glencore. it beat estimates as it posted its adjusted profit. 1.99 billion dollars after deep restructuring and rebound in metal prices. the chairman of bloomberg lp is a senior independent nonexecutive director at glencore. let us get analysis from the this earnings season, and specifically around glencore. the cohead of global macro and market research i goldman sachs...
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Feb 22, 2017
02/17
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do you believe that's anned adp comparison?much if not more energy than the tea party rallies had. we all remember them as democrats. we remember the energy. we remember people telling us you better be careful, you better be careful, and a lot of us were saying well, you know, i don't know, i don't know if this is going to last. and many of us bshed it off. but i think it has the same a. energy, only time will tell if it's able to coalesce into a real, organized, on the ground operation where we're getting volunteers who are going to knock on doors and help get our message out. time will tell. >> you represent a part of the country, the youngstown area in ohio that is really is the reason donald trump got elected president. this was sort of the basis for your challenge to nancy pelosi as the house leader after the election. these were voters in a lot of cases who've been with obama, who switched to donald trump. your district includes a lot of them. what is your read on how they're reacting to the first month of the trump presi
do you believe that's anned adp comparison?much if not more energy than the tea party rallies had. we all remember them as democrats. we remember the energy. we remember people telling us you better be careful, you better be careful, and a lot of us were saying well, you know, i don't know, i don't know if this is going to last. and many of us bshed it off. but i think it has the same a. energy, only time will tell if it's able to coalesce into a real, organized, on the ground operation where...
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according to a recent gallop pistol economic confidence is at a new high and adp showed strong privateector hiring. the markets knew trump would deliver on the promise, the president's already taken significant steps to turn our economy around and he's looking forward to ensuring that every american who wants a job has the opportunity to find one. the president's definitely pleased that the job growth far surpassed expectations and that the labor force participation is rising he also recognizes that there's a lot more work to be done. the president has a big and bold agenda to grow the u.s. economy and to create jobs. in just his first two weeks in office, he's met with more than 50 business leaders across a vast range of industries. this morning, the president participated in a strategic and policy forum with business leaders from some of our countries most succeful companies. the president understands the importance of an open dialogue, fellow business leaders on how to make the economy, the nation's economy stronger. his firsthand experience as a successful businessman helps to guid
according to a recent gallop pistol economic confidence is at a new high and adp showed strong privateector hiring. the markets knew trump would deliver on the promise, the president's already taken significant steps to turn our economy around and he's looking forward to ensuring that every american who wants a job has the opportunity to find one. the president's definitely pleased that the job growth far surpassed expectations and that the labor force participation is rising he also recognizes...
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adp number.t killer non-productivity also rising.ctivity picking up due to labor costs coming down slightly in terms of estimates. squeezing, productivity rising, labor improving, those are three things we will be hearing from tomorrow's jobs report. 175,000 for the month of january would be up from december. full coverage on bloomberg. we get to the topic of brexit. the u.k. publishing a 75 page brexit paper to discuss -- paper. to discuss, joining me is the democratic union deputy leader. we get to take the 75 pages and take them point by point and negotiate with you. >> how much time do you have? jonathan: we will start with financial services. in our new strategic partnership agreement, we will be the freest possible trade of financial services between the u.k. and eu member states. what is the chance of that happening? issue, we have four freedoms in europe and one is freedom of labor movement, freedom of good movement and services movement -- goods movement and services movement. nonean have all four or and that is one of the p
adp number.t killer non-productivity also rising.ctivity picking up due to labor costs coming down slightly in terms of estimates. squeezing, productivity rising, labor improving, those are three things we will be hearing from tomorrow's jobs report. 175,000 for the month of january would be up from december. full coverage on bloomberg. we get to the topic of brexit. the u.k. publishing a 75 page brexit paper to discuss -- paper. to discuss, joining me is the democratic union deputy leader. we...
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according to a recent gallup poll, economic confidence is at a new high, and adp showed a strong privatetor hiring. president trump campaigned on how to make america work again, even before he took office the markets knew he would deliver on that promise. the president has artie taken significant steps to turn our economy around, and he is looking forward to ensuring that every american who wants a job has the opportunity to find one. while the presidents definitely pleased that the job growth has far surpassed expectations and that the labor force participation is rising, he also recognizes that there is a lot more work to be done. the president has a big and bold agenda to grow the u.s. economy and create jobs. in just his first two weeks in office, he has met with more than 50 business leaders across a vast range of industries. this morning, the president participated in a strategic and policy forum with business leaders from some of our country's most successful companies. the president understands the importance of an open dialogue with fellow business leaders on how to make the eco
according to a recent gallup poll, economic confidence is at a new high, and adp showed a strong privatetor hiring. president trump campaigned on how to make america work again, even before he took office the markets knew he would deliver on that promise. the president has artie taken significant steps to turn our economy around, and he is looking forward to ensuring that every american who wants a job has the opportunity to find one. while the presidents definitely pleased that the job growth...
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Feb 2, 2017
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data -- andrew: the adp should give them encouragement.ed,g is going as in the right direction for the fed to continue through the increasing rates and we think they will deliver another two to three hikes as well. now, there is also a lot of uncertainty in the upcoming policy, particularly around the trade front, and i think the goes forank -- that the bank of england, which is looking at the implications of brexit. they are going to have to deal with that uncertainty as they increase their policy rates. we'll talk about the boe in just a second. final thought from you on what is happening with the fed. or changingussion language regarding the balance sheet. when we get the minutes, would you expect there to have been a conversation surrounding that balance sheet, because there does seem to be an increasing view from some members that we need to start talking about the sort of withdrawal of the rolling over of that balance sheet, and if we were to see that happen, that would take a fairly substantial buyer out of the market. andrew: indee
data -- andrew: the adp should give them encouragement.ed,g is going as in the right direction for the fed to continue through the increasing rates and we think they will deliver another two to three hikes as well. now, there is also a lot of uncertainty in the upcoming policy, particularly around the trade front, and i think the goes forank -- that the bank of england, which is looking at the implications of brexit. they are going to have to deal with that uncertainty as they increase their...
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Feb 1, 2017
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booming 246,000 jobs in january . . . .businesses added 246,000 jobs in january, payroll processor adpng the government this week will report a spike in hiring after a recent moderation. they estimate the labor department on friday will announce 175,000 additional jobs in the public and private sectors.- winner: at&t plans to deliver fast internet over power poles . . . .at&t raised a few eyebrows last fall when it announced experimental technology to deliver speedy "multi-gigabit" wireless internet over existing power lines. now that potential solution, called project airgig, appears much closer to becoming reality, and has moved well beyond the experimental stage. at&t says it is having "advanced discussions" with power companies to begin field trials of project airgig in at least two locations by the fall, and if all goes well, commercial deployment could occur within 9 to 12 months. one of the trials will be in the u.s.; a second could be outside the country. winner: 'dynamite': apple breaks streak with iphone rebound .. . . spurred by strong iphone 7 and iphone 7 plus holiday sale
booming 246,000 jobs in january . . . .businesses added 246,000 jobs in january, payroll processor adpng the government this week will report a spike in hiring after a recent moderation. they estimate the labor department on friday will announce 175,000 additional jobs in the public and private sectors.- winner: at&t plans to deliver fast internet over power poles . . . .at&t raised a few eyebrows last fall when it announced experimental technology to deliver speedy...
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Feb 7, 2017
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. >> the stocks that generate revenues domestically, look at adp, paychecks, companies generating revenuesestically, discover, those are the companies to have in the portfolio. >> goldman got this note, predicting unilateral targeted actions from the administration when it comes to trade. you expect this to pick up? >> the concern about trade is likely to grow, not decline, as the idea of, how do you get tax reform and how is that revenue neutral or not, and where are the potential offsetings? the tariff, some concerns about -- >> talking about border adjustment. >> assign a low probability that is passed in that fashion. >> covered a lot of ground. david, thank you. david kostin. >>> up nooext, g mrkm faces pre for its manufacturing strategy. marry b mary barra, part of the president's council. we're up on all the major averages. did you know slow internet can actually hold your business back? say goodbye to slow downloads, slow backups, slow everything. comcast business offers blazing fast and reliable internet that's over 6 times faster than slow internet from the phone company. say hel
. >> the stocks that generate revenues domestically, look at adp, paychecks, companies generating revenuesestically, discover, those are the companies to have in the portfolio. >> goldman got this note, predicting unilateral targeted actions from the administration when it comes to trade. you expect this to pick up? >> the concern about trade is likely to grow, not decline, as the idea of, how do you get tax reform and how is that revenue neutral or not, and where are the...
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. >> we had a great number from adp yesterday. do you think that translates to the jobs coming tomorrow? >> if something skews dramatically from what we've been seeing in the trend we've been seeing, then it matters again. >> right. >> then we become focused on that again. right now everything is macro. everything is what sectors is president trump talking to. how is the economy doing as a whole and what are our relationships like? >> you don't think we'll get much of a response depending what the number is? typically, strong number yields would go up, stocks might go up depending which sector we're talking about, right? >> i think we've had a long enough look. i think chair yellen has done a good job at telegraphing what she would like to do and then doesn't do it. >> yes. yes. >> i think the market has become numb to words. the job market would have to be dramatically different than what we're expecting. people are looking for stronger dollar, looking for yields to go higher. as a whole market has had every reason to sell off an
. >> we had a great number from adp yesterday. do you think that translates to the jobs coming tomorrow? >> if something skews dramatically from what we've been seeing in the trend we've been seeing, then it matters again. >> right. >> then we become focused on that again. right now everything is macro. everything is what sectors is president trump talking to. how is the economy doing as a whole and what are our relationships like? >> you don't think we'll get much...
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last year at adp we lost 6,000 jobs every month in mining. last month we gained 6,000 jobs. about 7,000 jobs in construction. we had 36,000 jobs. i mean, complete sea change. and so now it is not just the excitement and enthusiasm that we saw instantaneously after november 8th. now it is manifesting into reality, it becomes contagious. stuart: maybe i was wrong. i said the jobs report has nothing to do with what is going on in the stock market. >> you have to comb through there. there are amazing signs. think about the 36,000 construction workers. we have a heroin epidemic. part of that is dad doesn't have a job in five years. man of the house earning income, being a father, having the household dynamic that has been an american hallmark. we cure a lost i wills in this country you don't see with the headline number -- ills. stuart: good one. left-hand side of the screen, the white house where the business council meeting is being held where we speak. we'll get the president on tape shortly. don't know exactly when. when the meeting ends, the president comes out make as state
last year at adp we lost 6,000 jobs every month in mining. last month we gained 6,000 jobs. about 7,000 jobs in construction. we had 36,000 jobs. i mean, complete sea change. and so now it is not just the excitement and enthusiasm that we saw instantaneously after november 8th. now it is manifesting into reality, it becomes contagious. stuart: maybe i was wrong. i said the jobs report has nothing to do with what is going on in the stock market. >> you have to comb through there. there are...