that is labor. labor costs rise. some of that has to do with more power than the workers have these days. we will focus that on the next half hour. the unionization efforts are probably the strongest we have seen in several years if not decades. amazon and starbucks and deere are dealing with companies demanding better pay and working conditions. the worries that seem to be a bit shallow -- it continues. we are getting headlines today out of another company here dealing with workers that are saying we want a little bit more. kellogg's, they make cereal. >> it is really incredible when you think about some of the strongest labor efforts that we had. you mentioned we talked a lot about amazon earlier this year. we talked about john deere. today we talked about where headlines out of kellogg's. i wonder how much of this has been about the macro economic backdrop that workers are feeling empowered and really rethinking where we want to be after this covid scenario. how much of it is a president that is really touting thi

job openings, wages, flows in and out of the labor force, and various parts of the labor force, we'd also tend to look broadly and inclusively at different demographic groups and not just at the headline aggregate numbers. and so that's a judgment for the committee to make. the committee will make a judgment that we've achieved, labor market conditions consistent with maximum employment and it's admittedly a judgment call because it's a range of factors, unlike inflation where we have one number that sort of dominates, it's a broad range of things. so, as i mention in my opening remarks, in my view, we are making rapid progress toward maximum employment, and you see that in, of course, in some of the factors that i mentioned. >> great. thank you. steve. at cnbc. >> thank you, mr. chairman. my question is, it's often said that monetary policy has long and variable lags. how does continuing to buy assets now, even though it's at a slower pace, address the current inflation problem? won't the impact of today's changes, not really have any impact for six months or a year down the road fr

we got me labor market report -- the labor market report two days after the meeting.e week after that, on the 12th of november, we got the cpi reading. i just came to the view over that weekend that we needed to speed up the taper. and we started working on that. that is a full 10 days or so before the president made a decision, in re-nominating me. obviously it had nothing to do with that at all. i just thought, this is what we have to do. my colleagues were out talking about a faster taper. that doesn't happen by accident. they were out talking about a faster taper before the president made his decision. it is a decision that effectively was more than in train. to the point that people were talking about it publicly. that's what happened. absolutely nothing to do with it whatsoever. we are always going to do what we think is the right thing and i will always do what i think the right thing is for the economy and for the people that we serve. >> just a quick follow-up, i guess some people sing that -- saying that it was the stimulus in march, that we didn't really ne

labor organization. the number has gone up to a 160000000 worldwide with most working in agriculture, including in the cocoa harvest, altogether bar of chocolate into your hands. some companies and producing nations are fighting back. but are they going far enough? christina becker investigates a tender, creamy delicious. that's probably the 1st thing that comes to mind when you think of chocolate. but what about child labor and the exploitation of cocoa farmers? the chocolate is so delicious, that all too often we tend to forget about that. more than 1600000 children broken cocoa plantations in ghana in the ivory coast. the 2 countries groped 60 percent of the world's cocoa. they also provide beans for the german and european market. the children have to work to help reduce my chocolate bar. it's not out of the question. does that make me criminal if he can chocolate, a crime? yes, says journalist turn funded cooking. he even turned himself into the police for buying and eating chocolate. i realized tha

now you are the secretary of labor. you are the first former union leader to run the labor department in more than 40 years. how is that experience shaped your views on the employee employer relationship? >> as mayor, it's interesting, i had a different perspective. i was so called management of the city of boston. but when you are the mayor of boston, or secretary of labor, it's about respecting workers rights, and always appreciating workers. i've always been a person was always very appreciative of workers in this country, and support of the workers in this country, whether i was negotiating for them or opposite them as mayor of the city of boston. all of my lived experiences have really helped me in this job that i'm in today. >> so then how different is it from being a mayor of a great city like boston compared to being the secretary of labor at a national level? >> very different in some ways. i loved being a mayor, and i love the mayors in this country because they are in the front lines. they are the closest ele

, job openings, wages, flows in and out of the labor force in various parts of the labor force.so tend to look broadly and inclusively at different demographic groups and not just at the headline aggregate numbers. that he is a judgment for the committee to make. the committee will make a judgment that we have achieved labor market conditions consistent with maximum employment when it makes that, it is admittedly a judgment call because it is a range of factors. unlike inflation, where we have one number that sort of dominates. it is a broad range of things. so as i mentioned in my opening remarks, in my view, we are making rapid progress toward maximum employment and you see that in -- of course in some of the factors that i mentioned. >> great thank you. steve at cnbc. >> thank you, mr. chairman my question is, it's often said that monetary poll so has long and variable lags. how does continuing to buy assets now, even though it's at slower pace, address the current inflation problem? won't the impact of today's changes not really have any impact for six months or a year down

of labor, it is a little different. this job, as a think about a moment in time we are living in, even though it is challenging and i get asked a lot of questions, it is a very exciting, interesting time to be secretary of labor. we are going through a time in the country that has been 100 years since we've gone through something like this and trying to work to make sure we support american workers and move the country forward. it is an incredible honor and opportunity. >> secretary walsh, maybe folks know this but they are about the find out. you are a huge red sox fan. in about five hours, the sox will start their championship series against the houston astros. put on your sportscasters hat. will the red sox go all the way to the world series? if they do, will they win the world series? >> taking a line from one of my favorite nfl coaches of all time. we will take it one pitch at a time. bill belichick would say that. i will let you know in 4-7 games. >> [laughter] that is a non-answer. if you are is huge of a red sox

a strong labor market. he talked about this before when the number came out disappointingly low, that was a sign of incredible strength because firms were not able to get the workers that they wanted and we have a record number people quitting and job openings relative to the number of people looking for jobs. and so, i think the fed has commenced itself no matter what the number has come out today that it is going to need more -- need to move more swiftly where it will develop a narrative that the split market is so hot that they could not hire enough workers. lisa: what is your sense of the idea that the fed will have to raise more than people previously expected, they will have to raise faster to a higher base rate than we thought three months ago? randy: the key thing will be how the variance and particular policy responses come out. and so, if it turns out, and there is some preliminary evidence on this, that the new variant is something that spreads rapidly, but is not very -- but does not cause much

what does the labor market look like in a world without covid? that be the thing that would really like to see , but, you know, it doesn't look like that's coming anytime soon. reporter: just to quickly follow-up on that. if some of the reason that we would force participation isn't back to february 2020 levels because people are voluntarily making life decisions that are different, does that make you think we're going to end up at a lower rate overall? >> well, there's a demographic trend underlying all of this , and we actually got above the demographic trend at the end of the last expansion, but so one would expect overtime that labor force participation would move down because an aging population, the older people are the lower their participation rate is, so you would expect that the trend be lower and that overtime, participation would move down. the question of how much we can get backup closer to where we were in february of 2020 and indeed for the year or so before that is a good one, and i mean, what we can do is try to create the condi

so labor law is totally rotten.d fortin in the labor law is a real mindset post up at various moments, great social movements in this country, whether it is the women smith and work civil rights -- women's movement or civil rights, we have a section of capital which has made this decision that it is better to accommodate the social movement then n, whether it is public relations or political or possibly being broken up, the dangers of resisting this movement are too great. clearly, this was true in a civil rights movement where midwestern manufacturers in the 1960's through the republican party in the midwest thought they would support the civil rights law's. what i am looking to is if enough century -- pressure is put on these companies, if the democratic party makes -- understands one of its great problems is the absence of a trade union movement, whic would be similar to the democratic party, did you will get a change in managerial attitudes on thi not everyone, but ctainly a company like starbucks, which is in a

the pros include bringing more people into the labor market.e of the cons say there are more crashes that happen. romaine: you can drive a commercial truck at 18. with the exception of new york state. this basically allows you to make longer hauls across state lines. the idea that an 18-year-old would not be responsible enough to handle a big rig, i'm not sure i buy it. caroline: i like that. taylor: that does it. bloomberg technology is up next. ♪ >> from the heart of where innovation, money, and power can buy -- combine, this is bloomberg technology with emily chang. emily: i am emily chang in san francisco and this is bloomberg technology. the apple falls. why demand is slowing for apple's most popular device. omicron keeps popping up around the world, but a ea

labor organization. the number has gone up to a 160000000 worldwide with most working in agriculture, including in the cocoa harvest, altogether, bar of chocolate into your hands. some companies and producing nations of fighting back. but are they going far enough? christina becker investigates 9. 10, they're creamy delicious. that's probably the 1st thing that comes to mind when you think of chocolate. but what about child labor and the exploitation of cocoa farmers? the chocolate is so delicious, that all too often we tend to forget about that. more than 1600000 children broken cocoa plantations in ghana in the ivory coast. the 2 countries groped 60 percent of the world's cocoa. they also provide beans for the german and european market. the children have to work to help reduce my chocolate bar. it's not out of the question. does that make me criminal? if he can chocolate, a crime? yes, this journalist turned from the curtain, he even turned himself into the police for buying an eating chocolate. i rea

job openings, wages, flows in and out of the labor force and various parts of the labor force.inclusively at different demographic groups, not just at the headline and aggregate numbers. so that's a judgment for the committee to make. the committee will make a judgment we've achieved labor market conditions consistent with maximum employment. when it makes that is it is admittedly a judgment call because it's a range of factors, unlike inflation where we have one number that sort of dominates. it's a broad range of things. so as i mentioned in my opening remarks in my view we are making rapid progress toward maximum employment and you see that in of course, in some of the factors that i mentioned. >> great, thank you. steve at cnbc. reporter: thank you, mr. chairman. my question is if, as often said that monetary policy as long and variable lags. how does continuing to buy assets now, even though at a slower pace address the current inflation problem? won't the impact of today's changes not really have any impact for six months or a year down the road on the current inflation p

it is still a strong labor market with strong labor market pricing and wage inflation.han: 60 minutes away from the opening bell. nasdaq 100 futures up .6%. counting down to the opening, will be catching up with mohamed el-erian and rick rieder, mike collins and anastasia amoroso to break down the jobs report and get reaction from the white house in about 50 minutes. tom: the reaction of a market lifting up. i would note the nasdaq 100 up .6% and the vix escaping the 30 and 28 level, 26.18. jeffrey rosenberg with us with blackrock. i want to talk about systematic edge responsibilities at blackrock. i do not care about systematic even out into january. how are you managing allocated capital to the middle of next year, say july 28 fed meeting? jeffrey: this is a really good question because what we are debating is the bigger picture away from today's report is the fed is talking about the accelerating the pace of tapering so they can accelerate the pace of tightening. markets have priced that in. a lot of that changes with us. the bigger change we all have to contemplate

market indicators labor market indicators without an accompanying addition of labor supply, and also strong spending that signals growth, mosignificant growth in the comg months. remember every dollar of asset purchasesn adds accommodation t at this point the economy is very strong and inflationary pressures are high therefore it is appropriate in my view to consider wrapping up which we announced at the november meeting i expect we will discuss that at the upcoming meeting of course between now and then we will see another labor market report and inflation report and get a better sense of the new covid variant. you say you were surprised. i think most of us were, coming back in september we didn't see more folks reenter the labor force. i believe that tapering and accelerating serves as kind of insurance policy if we don't get this return and we see these potential overheating of the economy, so i do hope that you willve move more aggressive on this. i would also like to touch again you mentioned the new variants. what factors, one of the things we have to maintain is the ability to

not all support free immigration, free trade and labor. the reasons are not about jobs or wages or high school dropouts for the most part it. >> when you're speaking of the news when you see what's going on with the u.s./mexico border people coming in, being sent out, the wall being built, what is your reaction? >> my reaction is we would not have as much of his and illegal immigration problem if we created easier past two legality, legal immigration that is for the vast majority the world it's impossible to immigrate legally to the united states and they say immigrate legally like my ancestors said they have a point i would like them to migrate legally to print you cannot migrate legally without a massive weight you might not even live to see if you come for most countries from around the world for the chances of winning immigration lotteries are minuscule. your ancestors could come here legally because we did not have restrictions. a lot with illegal immigration go away if you have greater legal checkpoints and not quantitative restricti

we've seen labor market data without improvement in labor supply. i've seen strong spending data.bering every dollar of asset purchases does increase accommodation. we now look at an economy that's very strong and inflationary pressures that are high. that means it's appropriate i think for us to discuss in our next meeting whether it will be appropriate to wrap up our purchases if you munch -- a few months earlier. in those two weeks we will get more data. sen. kennedy: thank you. madam secretary, you and i do not agree on everything, but i have great respect for your intellect and experience. and i understand you have a job to do. i would be remiss if i did not point out that in my opinion, there is no fair-minded person in the milky way who believes the infrastructure bill and build back better bill are not going to require the american people to incur substantial debt. and here's my question. and i'm looking for a number. how much in the biden administration's opinion is too much debt? at what point as you incur debt will the biden administration say ok that is it. we can borr

the rise in labor force participation.have been waiting for a pickup if labor supply it is a key part of our outlook for the economy for next year, is that labor supply is indeed going to start to pick up. that means there is more room for the labor market to run. we into tau the labor force participation rate break out of the sticky range it was in over the summer we just broke out of the 84% range. we also had expanding hours. we had wages that remained robust in aggregate, if you look at the income that was generated by the labor market with stronger hours and stronger wages, even though we created fewer jobs last month we actually created more labor market income than we did in october where we had almost twice the pace of grob job growh a lot of interesting mix of data points in there. when you look through the top line number it was quite a solid report. >> labor participation rate i find particularly interesting because for so long we have been asking, where are the workers? there are all of these job openings, and

and those camp and international brands are still benefiting from for we were forced labor. so this means that we have a lot more to do and the 1st labor production act and the verdict of the order tribunal gives us hope it's. it means that we're not alone in the fight. i'm, i'm, i'm going to bring in this thought here. this one is for you, ma'am. at john, it comes from the feet who is very sympathetic towards the chinese authorities. china is treated unfairly. sion janet protects the freedom of travel of people, of, or ethnic groups, including the weaknesses and their communication with overseas relatives, according to the law. i know that guess here, i know that is not true a far as your relatives are concerned, but have a listen here to the chinese foreign ministry who is pushing back on the sanctions that were just applied by the u. s. and then malick jan. pick up off the back. here we go. sure. on that you've got we are telling the united states that the chinese government is unwavering and its determination to defend national sovereignty, security and development inter

i wanted to follow up on some of your earlier comments about labor force participation. i wonder what you think needs to change in the economy to kind of get a meaningful recovery in labor force participation, and also whether running the economy hot like in the last expansion is one way of doing that >> well, the labor market is hotter than it ever ran in the last expansion, if you think about it the ratio of job openings, for example, to vacancies is at all-time highs quits, the wages, all those things are even hotter but what would it take for labor force participation to move up more you know, why is it low is the question there are a bunch of answers and all of them probably have some, you know, some validity. part of it will be that for certain people they don't want to go back into the labor force because either they're medically vulnerable or they're not comfortable going back while covid is still -- that's one thing. the lack of availability of childcare is part of it, not just for children but for older people it has been pointed out by many that the stock mark

where you get the labor.talked to ceo's which our customers, we are running below capacity in the usb is nest -- in the you have -- in the u.s. beef business. our turkey business has been running at a labor shortage. we have had to come up with creative ways to attract hourly workers into the industry, whether it be enhanced health care benefits. it might be specialty training you different kind of skills, and might be on-site daycare. we are looking at a lot of different ways to attract people to the business. people think about where do i want to work, what i want to do with my life? it is happening around the country. we have had to be more creative and more thoughtful about how can we attract people into the business? we are part of what is going on in food and agriculture. guy: how much can you automate? how much more could you automate. dave: that is a key question. one of the takeaways from covid, i'm not saying something a lot of people do not know, covid has accelerated the pace of change for a lot o

labor organization. the number has gone up to a 160000000 worldwide with most working in agriculture, including in the cocoa harvest altogether, that bar of chocolate into your hands. some companies and producing nations of fighting back. but are they going far enough? christina becker investigates a tender, creamy delicious. that's probably the 1st thing that comes to mind when you think of chocolate. but what about child labor and the exploitation of cocoa farmers? the chocolate is so delicious, that all too often we tend to forget about that. more than 1600000 children broken cocoa plantations in ghana in the ivory coast. the 2 countries groped 60 percent of the world's cocoa. they also provide beans for the german and european market. the children have to work to help reduce my chocolate bar. it's not out of the question. does that make me criminal? is eaten chocolate, a crime? yes, says journalist turn found the cooking. he even turned himself into the police for buying an eating chocolate. i realiz

i am also the force labor project coordinator and the worker rights consortium. get to have you. i'm at john. always get to see you on the street. we ran our audience. hey, you are what you day. thank you very much for having me here today. again, as i mentioned you are, i work for radio free asia as a director of waco service. we cover china related news. thank you. well, jennifer donio to get on the stream and how will i to get to have you please introduce yourself to our international audience. thank you for having me here. i am or to indicate i am a project researcher at transitional justice database. it's an ongoing project that focuses on the registration of disappeared, an extra traditionally intern at target vehicle. yes, i want to start with this u. k. independent tribunal. what difference does it make if an independent tribunal says what is happening to china's weak as that is janice? i jo, how you start? well, 1st of all, it's when i 1st heard this, the decision of announcement of the decision by that we were tribunal. as an we were individual, i didn't know whether i

especially in a tight labor market, the incentives are to reduce labor input.would be productivity enhancing. we definitely can expect as a baseline forecast the productivity performance this cycle will be better than last cycle. everything points to that. that would be part of it. one of the things danny blanchflower has been looking at is the decline in consumer sentiment and whether that will weigh on spending. that would be a much more negative demand decline. we have not seen that in the data. consumer sentiment has fallen off a couple of months. delta inflation. consumers are powering ahead and reporting the best labor market they have seen in decades. tom: can you inform us on the back that if we get productivity, we do not get wage growth. that is the great fear of those worried about high interest rates. julia: the thing with productivity is you can get wage growth. that is the story of the 1990's. we had some of the strongest real wage growth, which was just fine because productivity was delivering that. that is what we are seeing in some of the leisu

for its use of uighur forced labor. since 2017, the people's republic of china has systemically carried out mass detention, torture, political indoctrination, restrictions on religious practices, and inhumane atrocities against uighurs and members of other ethnic and religious minority groups. we've seen the people's republican of china expand its extensive program of oppression and transform it into a system of state-sponsored forced labor. thousands of adults and children have been forced to work against their will and produce raw materials that are woven into international supply chains and into our homes. according to the united states holocaust memphis museum, it has been conservatively estimated that more than 80,000 uighurs transferred out of exin dieng to work in factories across china between the years of 2017 and 2019. with some of them being sent directly from detention centers. some analysts estimate over 100,000 detainees in xinjiang are working in conditions of forced labor today. i see firsthand the benef

in fact, tapping is highly skilled labor. cut you need to make on a tree is very precise, or else you will damage the tree. and so to be able to do that 300 times a day, you know, that takes a lot of skill. but they were classified as unskilled labor, they received the lowest wage, as i said, in 1950, it was 18 cents a day. now, firestone provided free medical care. they provided -- you saw the housing. and they provided free education up to the 8th grade for workers on the plantation, although education was segregated, so the children of white managers went to different schools than those of liberian workers. so the wage rate was not really -- it wasn't really possible for workers to kind of move into the middle class. now, you know, it did provide opportunities for the education of their children, and that provided a way out for some on the plantation. they also had a nurse training program, and, you know, i have talked to a number of people that went through that and then went on to have, you know, become more of a middle

we have a shortage of labor and neglect of labor simultaneously.some places, businesses have shut down because they can't find employees, as you well know if you live here. so again at the very same moment, we have both too many workers and also to fewer workers. that does not make sense. how can that possibly be happening? and again, we are going to be honest and tell you we are not entirely sure how it's happening. no one is entirely sure. but we can tell you it's definitely not natural. this is not how markets are supposed to work. this is not a good sign. if you are running the country and you would be responsible person, you'd be concerned about a trend like this but the leaders don't seem especially concerned. a professor of economics at michigan state university, cook has advised joe biden's economic possibly. she is considered a shoo-in for a plumber to the federal reserve board. lisa cook will be one of the people in charge with fixing the mess. how is she going to do? the early sides are not especially promising. not long ago cook and oth

we will see how the end of furlough hits the labor market. even if on the face of it the data seems like good news, more than twice as many vacancies as there were last christmas, if you take the october unemployment figure, not the three-month average, you can see that is the first four months after furlough ended and a rise in economic inactivity. that is fueling the recruitment problems. it is the tightness in the labor market that will weigh on the bank of england because of the pressure. alix: andrew bailey saying he does not think omicron will be a stress event for the market. is he trying to set us up for any hawkish signal on thursday or is that still looking forward to february? lizzy: i do not think it is a hawkish and from the governor. this is him comparing the impact on markets to the earthquake at the start of the pandemic. even though there has been a marked movement in markets after the news of the very it first emerged so that is now reversed. markets do not expect a december rate hike. we have interesting analysis. the bank

member of the labor party who's been thrown out of the labor party. they've accused of being an angie's m. i. all right, this is jewish voice for labor. this is julia sally injurious. i know you, you are the sorry, the jewish people under the care. so i'm a leadership. i'm being persecuted by cool. now. yeah, of course their kiss dom or is he's a sort of blair clone. he's the, i'll do anything to maintain a position of political power in this country. and also he is one of the couple of people trying to drag the labor party so far to the right of what it was set out for which was to represent the working people of great britain by and which it did a did to some large extent even even with the clement atlee government of the 2nd world war which was slightly right wing. but with the 2 traditions of a anthony which would ban and michael foot and proper people who represented the interests of the working class back as well. the labor party was full and that is where jeremy kobus was trying to steer back to when he was rail, rotate by the israeli lobby and

the 50-year-olds have left of labor in huge waves.the reason for that is financial markets have allowed them to do so. the narrative changes, maybe they come back. kailey: if your 401(k) is doing well, maybe you can retire early. we also have to have a conversation about shifting behavior in light of the virus. sometimes it is forced on you. the buffalo bills announced they will require proof of vaccination to be able to enter the stadium. that is already status quo in new york. you want to show your id and your vaccine card. the question will be what requires full vaccination. it is not me two shots in your booster. the bills doing quite well this season. 8-6 an interesting post season when it comes to the nfl playoffs. i know that is not your kind of football, but it is my kind of football. i had to get it in. coming up, brian kelly will be joining us. on tv and radio. this is bloomberg. ritika: president biden will host a meeting at the white house later this morning to discuss global supply chain bottlenecks and the covid-19 pande

labor organization. the number has gone up to a 160000000 worldwide with most working in agriculture, including in the cocoa harvest, altogether, bar of chocolate into your hands. some companies and producing nations of fighting back. but are they going far enough? christina becker investigates move 10, they're creamy delicious. that's probably the 1st thing that comes to mind when you think of chocolate. but what about child labor and the exploitation of cocoa farmers? the chocolate is so delicious, that all too often we tend to forget about that. more than 1600000 children broken cocoa plantations in ghana in the ivory coast. the 2 countries groped 60 percent of the world's cocoa. they also provide beans for the german and european market. the children have to work to help reduce my chocolate bar. it's not out of the question. does that make me criminal if he can chocolate a crime? yes, this journalist turned funded, couldn't. he even turned himself into the police for buying and eating chocolate? i re

labor, these a jewelry, the sally injurious. i know you are the side of the jewish people under the care, so my leadership are being persecuted by now. yeah, of course they'll kiss star marez. he's a sort of blair clone. he's a, i'll do anything to maintain a position of political power in this country. and also he is one of the couple of people trying to drag the labor party so far to the right of what it was set up for, which was to represent the working people of great britain by which it did a did to some large extent, even even with the clement, oddly government of the 2nd world war, which was slightly right wing, but with the traditions of a, antony wedgewood, ben and michael foot, and proper people who represented the interests of the working class back is what the labor party was full. and that is where jeremy kobus was trying to steer back to when he was rail, rotate by the israeli lobby and removed from the political same much much i have to say to the relief of the right wing of everything that represents the right wi

i am also the 4th labor project coordinator at the worker rights consortium. get to have you. i'm at john. always get to see you on the street. we run our audience. hey, you are what you day. and thank you very much for having me here today. again, if i may change your mind, i work for radio free asia as a deputy director of waiters service. we cover china related news. thank you very much and for joining us again on the stream and how will i to get to have you please introduce yourself to our international audience. thank you for having me here. i am or to in a good i am a project researcher at over transitional justice database. it's an ongoing project that focuses on the registration of disappeared and extrajudicial intern, ogres and at a target vehicle. yes, i want to start with this u. k. independent tribunal. what difference does it make if an independent tribunal says what is happening to china as we goes? that is janice. i jo, how you start. well, 1st of all, it's when i 1st heard this the decision of the announcement of the decision by the weaker tribunal. as i knew w

in the next few months, the labor force remains constrained in the labor market will uptight.ill continue to accelerate. that will feed into inflationary pressures. as we get further out, i optimistic the labor force will come back. you look at primates participation, it rose 90 basis -- you look at prime age participation, it rose 90 basis points last year. i'm optimistic for the second half of next year and further out. in the near term it is likely to remain constrained given omicron and the pandemic. kailey: i wonder how the buildup of savings plays in. the fact that the consumer has a strong balance sheet has allowed the consumer to keep pace and the wage growth is not where it might need to be in order for consumption to be that strong. as the consumer starts to draw down on those savings from is it going to take a complete removal of that buffer to drive people back to the labor force? matthew: sure. we have excess savings around $2.4 trillion since the pandemic hit. the key point is that is heavily skewed towards the upper part of the income distribution. we have a lar

and they labored jointly together, he wrote, and he who could from his labor or slumber over his pathed not how. and how it prospered the general store must maintain, even the most honest among them, wrote captain smith, could hardly take too much pain in the week under public ownership and come on store house system as now for themselves they will do in a day. and it's not so much corn from the labors of 30 as now three or four will provide for themselves. both at jamestown and plymouth colony, it was established that men would not work for the fullest of their capability. without the incentive the ownership and personal profits and it was likewise demonstrated so long as there's dependence upon a public store house, person incentive withers, and production falls even among the most honor christian people as captain smith and governor bradford noted. the positive lesson learned from these two examples is that the individual's right to zone property, the spirit of self-reliance, and the presence of incentives, individual freedoms, and responsibilities worked for the good of all. today

labor challenges are hard.ng able to show consumers, who want to have a path of employment in retail, show them the opportunity for growth and engagement. i think there is a new job creation opportunity ahead of us for the retail landscape. kailey: that is the labor challenge. on the supply chain side, you think retailers have rethought how they approach supply chains? will we see more re-shoring of supply chains, closer to where they need to sell the items, to not have things stuck out on ships in the port of los angeles? dana: i think changes have been going on with the chase model, just-in-time delivery. shifting some of the ports to the east coast and west coast so it is not all in one place, shifting locations in manufacturing. this was certainly a teaching moment in terms of how to ensure your inventory is available when needed. it is more agility that every company is putting into place. kailey: is this also a teaching moment that maybe you don't need to have as much inventory because it actually gives y