the january adp employment report. forecasters say the economy likely added 193,000 private jobs last month. and then the big government jobs report out on friday. sara, thanks. in corporate news, a number of legal headlines out of the financial sector this morning, jpmorgan agreeing to pay $614 million in the mortgage fraud case. the late nest a string of legal claims against the bank. as part of the settlement, jpm admitted it defrauded federal agencies by underwriting mortgage loans. at issue, thousands of insured loans that were not eligible for insurance by the fha or department of veteran affairs. morgan stanley will pay $1.25 billion to resolve the mortgage lawsuit. morgan will add $150 million to its legal reserve as a result of the settlement. and a new judge priding over the bank of america's proposed $8.5 million settlement has postponed entering a final judgment in the case. the decision raises the possibility of additional rel maneuvers. the judge agreed this wouldn't take effect until at least february 19

adp is coming out at 8:15 a.m.gn exchange markets are stable and nymex crude is $97.95. >> remember the sony vaio? it is close to selling the japanese pc unit and the buyer is supposed to be a japanese investor group. it is part of a wider restructuring of sony that could be announced as early as tomorrow. radioshack will close as many as 500 stores. you saw the commercial during the super bowl. the closings will take place in the coming months but no details are given on which locations. the struggling electronics retailer has about 4300 stores overall. the new ceo is scheduled to take over this week. morgan stanley joins the parade of companies settling with regulators over mortgage-backed bonds. it will pay $1.25 billion to settle a lawsuit wrought by the federal housing finance agency alleging he sold bonds to fannie mae and freddie mac without adequately disclosing their risks. the headline we have expected for years is the three year battle of google and the european union. that is settle. >> google will not

the january adp employment report.

we saw a spike after that adp report this morning.the 1278 level to know the bull market is back. simon and kelly, back to you. >> in the meantime, on the main markets we are cutting our losses at the moment. what's going on? >> it was the mirror image of yesterday. yesterday we rallied in the morning and sold off and rallied today. if you're not paying attention, it doesn't make you a little crazy, you're not paying attention. today we do the opposite, of course. we move -- put up the s&p. we moved down. then we got the sm number and rallied up. opposite of what happened yesterday. let's call it indetermine nate day so far. we're going to get dennis lockhard not far from now that's going to weigh in on whether the fed is going to continuous program. let's move on and show you other things. yesterday, biotech was strong. guess what is weak today? biotech. a little bit of a disappointment there with gilead. transports are weak because ch robinson was a real disappointment. the transports bringing down some of the groups associated with

adp data showing 175,000 private sector positions were created in january.re's another report out today that's getting more and more attention when it comes to the reading of the health of the job market. we can certainly use some clarity on that. steve liesman's got it for us. >> going to get to that in a second. a sigh of relief from two economic reports this morning after we had a string of bad misses. we got one today, a near-miss, adp out by just 12,000 compared to the estimate and a beat in the ism services indicator. here's the ism overall. there's the 54, looking 53 1/2 reversing some of the weakness we saw in december economy and service sector growing according to that. capital economics saying that the ism service indicator quote, makes us more confident that the weakness of some of the other incoming data is just due to temporary weather effects. pantheon economics saying the employment component is quote, consistent with payroll gains. that may be a little high for the overall report which puts it more at 170, 180, but here's that employment com

that is according to adp. this morning but that did fall short of the expected 180,000, that was the estimate. as overall job market struggles to recover, the technology sector is helping lead the way in job creation. could you think that adp has it right this morning? >> yeah, there is generally a pretty good correlation but they do different times. i think number will be a little higher from the bls. >> hope it is better than december, 74,000? >> it can't help but be better than december. cheryl: what do you think about that the january effect wasn't a market claim, it was unfortunately a jobs claim. trucking companies, construction companies. couldn't get workers out to the sites. what does that mean? >> weather does have an impact. you saw it in car sales. there's a correlation there too. so i think it will have some damping impact. there are a lost professions unrelated to the weather and technology is one of them. cheryl: technology certainly is. discuss technology and unemployment, in the 3% range right

adp employment numbers are out today. >>

our economic data that came out yesterday in the adp reportism non-manufacturing were soothing to the markets and earnings were pretty good. last ofall, the retail stocksthey were a washout and most of them rallied yesterday. >>let's talk about olympic sized investing. is there any way you are playing the olympic games and what about the bricks? russia is in that area. are the emerging markets a place to park money? >>emerging markets are definitely a place to park money but you have to be very particular. you just can't put them with one big brush because when you have certain countries that have rising rates, lower fx rates you're gonna have capital outflowsnot a good place to invest. so i would be very particular. russia would not be at the top of my list right now. >>thank you for joining us today larry. take care. >>you're welcome. traders are juggling numbers ahead of the unemployment data...planned job cuts jumped a surprising 47% in january, following december's 13-year low. john challenger of outplacement firm challenger grey and christmas says the sector that took the bigges

the adp report out yesterday showed 175,000 jobs were added to payrolls in january below the predicted 180,000. twitter tumble trouble...the social media company reported a wide loss in it's first earnings report. revenue rose but user growth was weaker than expected. the stock plunged 9% after the close. green mountain stock grows-- shares surged 40% after earnings topped estimates and breaking news its' signed a deal wtih coke for an at home beverage system -- bursting the bubble of investors in soda steam. at least for now.. scott shellady of trean joins us now for the lowdown on the market. good morning to you. >>good morning. >>with the jobs number coming out on friday stocks seem to just want to sell off. what do you think scott? >>yesterday we basically settled kind of flat. i think what is really important is today and whether the ecb comes to our rescue. the hope pushed bonds lower and those yields higher thinking that something might be done but if we don't get some help todaywe need some help from our partnersboth europe and asia. i think they punish stocks and it could make

payroll firm adp says that private companies hired 175,000 workers in january. that was less than expected. and the firm blamed the dip on snow storms and extreme cold weather. so just how much is the winter chill cooling u.s. economic growth? steve liesman takes a look tonight. >> reporter: it's been one of the colder and snowier winters for big swaths of the country. that means a potential big impact on the nation's economy. winter of course is expected to be cold and snowy, but this year the numbers relative to normal have come in much higher in the case of snow and much lower in the case of temperatures. >> retail is going to be impacted. there will be fewer people out and about and spending money. it impacts the restaurant money. fewer people out and shopping. people basically are frozen in place. they're home, they're not going out, they're not spending money. and it just has an overall blanket on the economy. >> and what a blanket it's been. chicago's 58 inches so far puts the windy city on track for the fourth snowiest on record. new york headed for a to

you can see down about a quarter --half of a percent, really, >> adp numbers were not good.ryone is tense right now. they want to be in recovery but we are in a recovery without confidence. the moment we start to hear anything slightly negative. >> i am waiting to see what cbs numbers look like after the bell. >> they might be doing the right thing culture early. if you are a shareholder and you know you could believe in $2 billion of the bottom line, it is an issue. still here with our guest host. the executive chairman of canyon ranch. we have now got to talk about a couple of retailers. jcpenney is a favorite of bill ackman, find the most in four months after posting fourth- quarter same-store sales that missed estimates. the company is shutting stores a 75% stock price decline in the last year and it is not the only one. radioshack, a favorite of maps, will close 500 stores within months. they do they should not have spent all of that money on super bowl ads. julie hyman is here with more. what do you make of this? >> let's get to jcpenney. shares fell to a record low to

the reality is that all the economic data supports continued economic growth, including today's adp numberwhat is the big deal? you can get a big number on friday around employment and ita is just change. the first thing i would need to get bearish would be the expectation of the recessionary forecast. d say that readingsay that r economics, speaking to the companies, the chance for recession is probably one out ol babl five percent? the second thing, and i said is a month ago, but now we are on er side of the equation, a quick 10% to 15% from the year-end level on a zone of valuation. that is not happening. quite the contrary, we are creating opportunity in the , rk the four thing would be growth under one percent or less, threatening the outlook of corporate rockets, or ternatively grte over thregr and a ercent, which would bring the fed into play. but the kenny steel computation, most bear markets are induced by recessions. the case for a recession does not seem to be a credible case. >> mr. cooperman, what are you buying? >> aig is generating a fair amount of excess capital, nine times

analysts say the weaker than forecast adp employment data is another sign that the economy is not whereople were expecting to see it. both gold and silver are seeing a rebound, and palladium has come out of its biggest slump in almost three years. a lot of traders are looking at a global situation for the economy as bullish. >> su keenan, thanks. more than 100 french and his men are visiting iran this week. executives from france's biggest aviation and industrial companies are looking to explore deals with the country that could be worth hundreds of millions of dollars. the u.s. state department says such trade visits are "not helpful." , our bloomberg foreign policy correspondent in washington. --retary of state kerry for phoned the french prime minister to express concern. as we know, talking to iran is not a sanctionable activity, but actually going through with deals that are not permitted, that would be sanctionable. sanctions were enacted in the aftermath of the agreement in geneva, which just on january 20.t it would basically fix -- to iran from fixing it failing aviation fleet.

. >> we heard that adp came out with their private jobs numbers. >> there has been a lot out cold weathermanufacturing counting how many hours people are working. they aren't doing the first friday of each month and they are watching how the job market is improving. the month-to- month numbers are looking good. >> we hear that things are getting a battered but now it kinda went away in january. is it something to worry about? >> spot market was getting better, four straight months from september through december. there were down 4%. that is okay, usa today has a nice piece of why people should purchase. do not take this is too much. >> the big announcement from cvs and that it will no longer sell tobacco products, socially, this is a good news for them but didn't lose $2 billion spread >> in a market that's 554 billion, this is great that they're doing this obviously, with this obama care, a lot of new thoughts in health are going to be about not getting diseases. people die every year from smoking. this is a preventable disease. long story short this is not going to mean anything for the

disney shows a jump of its profits the private sector added 175,000 jobs last month as adp reported a care mark reported it would stop selling tobco products by october it estimates it will lose about $2 billion of revenue each year as a result. a d a rinder to listen to my financial reports on salem radio twork three times a day business in a bracket headlines. and to provide healthare insurae to 5 million iranians us did dig at mr. obama. we will be right back. >> what are the republicans up to? senator cruz says it is simply a also saysspushing immigration reform could derails the senate vtory. what will the republicans do lou: the obamacare frustration in a shrink the executive action to get around congress the white house announces it is creating climate hubs you know, how much we those. spread all across the country willis says local climate change risk such as drough, while fire, flood in developing plans fell those seven the of scenes will with so much better. nextast agreed somewhat republican should delay emigration until after the midterm elections. co-host from the ve inte

disney shows a jump of its profits the private sector added 175,000 jobs last month as adp reported a care mark reported it would stop selling tobacco products by october it estimates it will lose about $2 billion of revenue each year as a result. a and a reminder to listen to my financial reports on salem radio network three times a day business in a bracket headlines. and to provide health care insurance to 5 million iranians us did dig at mr. obama. we will be right back. >> what are the republicans up to? senator cruz says it is simply a also saysspushing immigration reform could derails the senate victory. what will the republicans do? dentures are very diffe to real teeth. they're about 10 times softer and may have surface pores where bacteria can multiply. polident kills 99.99% of odor causing bactia and helps dissolve stains. that's why i recommend polident. [ male announcer ] cleaner, fresher, brighter every day. lou: the obamacare frustration in a shrink the executive action to get around congress the white house announces it is creating climate hubs you know, how much we th

payroll processing firm adp says that is the smallest private sector job increase since august.imate was 180,000. this ahead of friday's monthly jobs report from the u.s. government. merck missed fourth quarter estimates for profit and revenue but a world's third biggest drugmaker announced collaboration agreement with three other drugmakers to test experimental cancer drug. that is the latest from the fox business network giving you the power to prosper. what does everything mean to you? with the quicksilver cash back card from capital one, it means unlimited 1.5% cash back on everything you purchase, every day. it doesn't mean, "everything.. as long as you buy it at theas station." it doesn't mean, "everything... unl you hit your cash back limit." it means earn 1.5%ash back on every purchase, every place, every occasion, all over creation. that's what everything should mean. so consider... what's in your wallet? dagen: then northeast pelted with snow and ice the brunt of the storm moving north wreaking havoc on travelers once again. connell: logan airport in boston, the latest

on wednesday we'll be getting the adp private payroll numbers.are expecting to see 193,000 private sector jobs added in the month of january. on thursday, we get the weekly jobless claims expected to come in at 338,000. the biggie comes friday. forecasters say they are looking for nonfarm payrolls for january to come in at 183,000. this would be after that incredibly disappointing 74,000 number for december. the unemployment rate is expected to tick down by a tenth of 1% to 6.6%. i'm looking at the markets this morning and after a lousy month of january, for any of the bulls out there, well, things are barely budging this morning. we did see weakness earlier this morning but at this point it looks like everybody is right around the flat line. dow futures are up by three points, s&p futures are flat lining. nasdaq is flat line, too. we'll see what happens as we get into this new trading. >> we're keeping a close watch on the asian markets. nikkei is now in correction mode, down 10.3% since the beginning of 2014. the hang seng and the shanghai comp

january's esm manufacturing number, auto sales numbers and the adp employment report all falling short of expectexpectat. >>> it may be the weather, but will the market react if it's a weak one? >> yes, they will. they'll try and strip it out. but i don't think anybody believes -- we're looking at very poor numbers. >> i don't believe that the -- >> that's what i'm saying, you have to get some really weak numbers. in that sense, there's positioning going into it as it always is and then whatever happens. >> do you think some of the bounce we saw in the resource markets yesterday was you know what? we can put this aside? >> yeah, we can relax a little bit. >> and the employment component of the ism manufacturing was really weaker, the weakest since june of last year. there has to be spengtation built into the cake, but we could be disappointed here, i guess. >> we don't know that. that's always the number. these are the things that have been impacted. car sales, we already know, down 1.3%. and this january, kind of a weakish month. the ism manufacturing, 51.3. and the nonmanufacturing,

if i'm running a payroll and using a traditional pay roll processor like adp and running human resources you in? we're talking about good companies you're competing against. >> el washit's realwell, it's r having a core h.r. system, where you can take all the complexity, put it in the cloud and at the same time having workday do payroll so that you have one solution, one vendor and it makes it just simple for the whole team. >> all right. and in the time that's left, when we met you last you said people felt -- you said something that was very tough. you said did you not think that oracle had done a great job of taking care of customers. are those your words or is it when you see your customers, that's what they say? >> i say i think that's in general the legacy vendors have not done a good job taking care of customers. at some level it's not their fault. the technologies are based on 15 to 20-year-old architectures. they're heavily customized, user interfaces aren't great. it's hard to deliver customer satisfaction. whether it's a salesforce, workday, drop box, it's a new level of user

we're going to get a peek at the job market, we're going to look at the data from the payrolle company adpot a monthly report on hiring. and friday's jobs report, disappointing, quite frankly, i'm going to be looking to see if the brutal cold and snow that's blanketed much of the country is going to sort of play havoc in these numbers and whether it took a toll on construction and retail. we could see that effect in jobs report. >> we complain about the snow, real a huge impact. >> there are overtime for some people and other people who couldn't go to a job interview. >>> coming up, facing scandal on the road. the chris christie road show. the new jersey governor's new plan to stop the poll numbers from sinking. that's coming up next. ♪ ♪ turn around ♪ every now and then i get a little bit hungry ♪ ♪ and there's nothing really good around ♪ ♪ turn around ♪ every now and then i get a little bit tired ♪ ♪ of living off the taste of the air ♪ ♪ turn around, barry ♪ finally, i have a manly chocolatey snack ♪ ♪ and fiber so my wife won't give me any more flack ♪ ♪ i finally found the right snac

according to the latest adp report, the private sector added just 1 75,000 jobs in january, the weakestg since august. this comes just two days before the big monthly government jobs report that's out on friday. and all of this to the to mention our heating bills are going up. for those who heat their homes with natural gas which accounts for about half of the united states, prices have skyrocketed some 50% from a year ago and are now at their highest level in four years. and neil, maybe this is icing on the cake, at the end of that farm bill you've been talking about on your show there is a fee for heating oil which the other half of the united states uses. a 0.2 cents increase, while that doesn't sound much that can hurt and add up. >> add up to the 15 cent tax on christmas trees and away we go. >> right. >> sandra, thank you very much. >> thank you. >>> in the meantime isn't this nice, now it's ice that's the worry. to janice, why do you deep doing this. >> blame the groundhog, don't blame me. we're going to be dealing with ice and the fact is, we're going to see below freezing tempe

i think today's report, both ism nonmanufacturing and adp, give us valuable information, and that is there isn't a linear move in the data that measures the u.s. economy that's looking straight up. it still looks like it could be fits and starts and we will need a couple more numbers on the employment side to get through the weather issues as big or small as they may be to convince analysts what direction the market is going. the problem is we continue to look at 2014 like it's 2013. by the time we get through another two months when we know some more on the economy in a concrete fashion, if it continues the way it is, there's going to be many that are going to have their average price a lot higher than it is today. >> and, joe bell, you know, as we do look back at 2013, we were talking so much about the amount of cash sitting on the sidelines and we saw it as a potential bullish sign. that was money waiting to get in the market. we're not talking about that right now with this 5.5% pullback but you still feel that is a bullish indicator we need to keep an eye on, yes? >> bigger pict

apple is still technology and a lot of technology they gear away from outside of adp and ibms.: howard, you proved axiom, there are no solutions only tradeoffs the way it works in this field. howard silverblatt, thanks for coming in. >> thanks for having me. david: liz? liz: david, you may not realize, you the investor have one major advantage over billionaire warren buffett. yes, we talked with a man who came up with a buffett based investing model for the individual investor of the he has five stock picks you definitely want to hear about. >>> what happened inside pimco, the world's largest bond firm when co-founder bill gross scared off with former ceo mohammed el-erian? we talk to"wall street journal"r who got the inside scoop. it is a fascinating tale of power an money. ♪ ♪ we asked people a question, how much money do you think you'll need when you retire? $500,000. maybe half-million. say a million dollars. [ dan ] then we gave each person a ribbon to show how ma years that amount might last. ♪ i was trying to like pull it a litfurther. you kno i was tryin to stretch it

the reality that adp does their own payrolls. it is also has a large sample size. sector employment was actually very strong. we know from the ism non-manufacturing employment, mostly services was actually quite strong. when you are taking a look what really caused the disappointing headline number, the non-farm. it wasn't manufacturing and it wasn't construction and it wasn't natural resours. it was the service side. frankly i don't have really great explanation for you. it wasn't just the fact that government payrolls are down 29,000. the private services services wo unusually anemic this. is a silver lining in that non-farm payroll report, that goods producing employment was up almost 80,000 in the month. that was the best month for goods-producing employment. the people in america that actually make things. that was the best month we've had in eight years. what i notice is that the goods-producing part of the economy leads the service sector part of the economy, not the other way around. hopefully that goods-producing segment will cause a turn around in the ser

major economic reports cite the weather and worse than expected is ism manufacturing, auto sales, and adpmployment report. the big question is, is the weather really a reason or is it just an excuse? >> well, that is exactly what we are going to try and explore. sheila, thank you ever so much. now, can extreme winter weather take the blame for the economic slow down or were we all just a little too euphoric in the fourth quarter of last year? let's talk. we have two of the best. joel, the chief u.s. economist at deutsch bank and david, former deputy assistant treasury secretary. good evening to both of you. let me start with joe. steve liesman is saying that this is actually one of the coldest winters on record. 15 to 20 major cities have record snowfalls. does that satisfy you as a reason for the lousy numbers coming in in january which, in turn, have helped drive stocks to a 5, 6, 7% correction? >> the weather has been bad, larry. it's clear that it's inhibited economic activity. it has hurt some january weather but we're going too far in blaming everything on the weather. january typic

i wanted to ask you about the jobs report and adp and that report and we are flat out of the time of you good to see. >> you come back and see us again soon. >>> two days before the olympic opening ceremonies and there is new criticism overbay rights in russia. activists protesting the country's harsh laws comparing them to games held in nazi germany. and west virginia governor says the water is safe after a toxic chemical spill but not all experts are convinced. ♪ ♪ >>> welcome back. here is a look at our top stories. big decision from cvs, announcing it will no longer sale cigarettes and other tobacco products at its section 600 location as cross the country rich. the change will happen october 1st, it stands to lose $2 billion of revenue each year. a storm has left hundreds of thousands of people without power, 600,000 homes and businesses in the philadelphia area don't have electricity. a number of highways have been shutdown and hundreds of schools are closed. the vatican says reports the u.n. released today on sex abuse in the church is distorted and unfair. the human rights co

. >> when i get hired i working with the adp police, mentors it, which -- >> his work as a translator brought threats, by the same taliban insurgents he helps u.s. forces hunt down. >> i feel danger. every day, every hour. maybe one day or one hour or-- 1 week they are going to kill me. >> he applied for a special immigration nearly two years ago paying for documents and medical examinations himself. >> 18 months that i'm waiting for my visa i have-- i have to spend a lot of money, like i spent $2,000 because of my daughter, and my wife. >> the visa would allow him and his family to move to the u.s. if only it would come. >> in 202009 they passed the congress ep accept act, it increased the number of visas so afghans like him could come to the united states but there's a problem. congress expected the state department which overcease the program to approve many more visas in much less time. >> senator ben carden helped write the law. >> they were there as part of our war effort. and now they're at great risk. we have a responsibility for them to find a safe place for them to live. if

we got a good adp number, a good claims number, another good domestic auto sales number this week. i think investors are settling down and saying economic momentum which was 5.1% real growth in the last two quarters of last year for the private sector, if it has slowed, it's not much. i'm going to take this opportunity of a 5% cheapening of the market to get back into the market where i missed maybe a big part of the move last year. >> what part? you say -- >> i think -- i think the stock market, i think there's a lot of people that didn't -- that missed a big part of the move last year and when it got going, they decided it was too high to buy and they just watched it go up. they have been waiting for a pull-back and opportunity to get in. this might be it. we might have maybe already put the lows in for this little mini swoon and are going to go higher if the economic reports stay okay. i think that's going to be the case. >> you are both pretty bullish, like bull and even bigger bull. steve, you are looking at about 2100 for your year end forecast but you also do not think the e

weak ism already had analysts and economists marking down their expectation not only for tomorrow's adp but in a subtle way also for friday's jobs report. >> yeah, we need those to either confirm or deny what we have been seeing in weak economic data pieces. thank you very much, rick santelli. let's head over to the nasdaq. seema mody, what are you watching there? >> the snap-back rally, is what traders are calling it. large cap tech, internet, biotech are all staging a comeback. let's put it into perspective. the nasdaq is still down more than 4% since january 23rd, when china came out with weaker than expected pmi data and which spurred the sell-off. it's really been the chip stocks that have fallen the hardest. intel, qualcomm down 3% to 5%. in terms of what's leading the nasdaq, gilead sciences is the best performing stock on the nasdaq 100. some are seeing the sell-off as a good buying opportunity. with that said, one day doesn't make a trend. consistency is important here. that's what market technicians are telling me. >> seema, thank you very much. >>> today as you just heard is

private payroll tracker adp reporting a gain of 175,000 jobs in january.m what it reported in december a gain of 227,000 jobs. and that will be important as we head into the labor department report on friday. the two reports can vary quite a bit. if you recall in december labor reported a gain of only 74,000 jobs. let's look at the stock market right now. after ending our losses yesterday had some nice gains come back about 74 points. and right now the dow is losing 34 points. nasdaq is down 20. s&p down 6. michelle and frank, back to you. >> thank you, jason brooks from kcbs news. >>> it is wednesday and liz is busy. >> breaking news just coming from from san jose. it's a traffic alert that was just issued by chp. the southbound 880 stevens creek off-ramp is closed because of a big rig. it just took down a power pole, power of lines on the road off the freeway. the northbound off-ramp from 880 might also be affected. also in the south bay northbound 101 old oakland road that accident just continuing to cause problems on 101. now we have a new accident in

but it just that adp just announced a 175,000 jobs at it and the month of january.5000 below expectations. so doubt futures down 36 right now. most investors anxiously awaiting>>: it was an amazing performance but now the red hot chili peppers are admitting that their halftime show at the super bowl was a completely live. in a message on the band's website bassist flea says it's their general policy to not my performances but the nfl made it clear that they had to do it that way. so they pre-recorded instruments for their song give it away but had live vocals street flea says they could have plugged in their guitars but decided not to thinking in better to not be even more fake. >>: bruno mars may come up the real winner of last weekend's super bowl. a billboard reports sales of his album unorthodox jukebox are up 164 percent since the halftime performance. the rise is expected to account for more than 40,000 the rise is expected to account for more than 40,000 copies sold just last week. sleep train's presidents' day sale is on now. save up to $500 on beautyrest an

. >> according to the adp national employment report, small and fives created for new jobs in january. in your opinion, why are small adding more jobs than the larger counterparts? >> we have seen over a longer increases in jobs in most sectors of the economy. largek small and businesses have by and large contributed to that. there has been broad improvement in the labor market. the volckersible rule could boost small-business business lending as banks seek out revenue in traditional ?inancial products what we saw during the financial crisis was a fact. we saw stories about small businesses having problems accessing capital. yet it is changing. do you think that the volcker rule has anything to play with that? >> i would not tie trends in credit availability for small businesses so much to the volcker rule. downturn,during the during the great recession, lots of small businesses have had difficulty in accessing credit tr. business conditions have not been good for many small businesses during that period. demand for credit by many small businesses has not been that high. for smallone'

56.4 from 55.6, we saw a decline in the manufacturing index, worse than expected manufacturing for adpumbers, this is the first good news we have gotten, indicating that things may not be terrible when we get the labor department report on friday. we leave you with some good news about the economy, which we have not had a lot of lately. >> help us to put this into perspective. clearly, we need to see more data, but is this better news today than the number from monday was worse because the services economy is so much larger than the manufacturing economy? be, butior, it should the iso nine manufacturing , anythingso broad that is not manufacturing, it does not have as good a correlation with how the economy performs as the manufacturing one does. the other issues that the manufacturing one, as they said affectedoom work, was by the weather. services that will be less affected by the weather, we have to separate that out and we will not have a good picture for several months, although i know that does not help you right now. >> thank you very much, michael mckee. >> now you are going to

the household survey and the adp survey cannot be dismissed.survey and 638,000. >> i want to go to the heart of the psychology. you and i would hang on every word rum sir johnson tumbled 10 -- sir johnson templeton. he would say shares are on sale. that is exactly what they are but we are scared stiff. >> this is a unique time in history where we have very low inflation, one percent inflation, low interest rates, growing gdp and profits and valuations on stocks that are simply average at 15 times this year's earnings. times earnings with growth at six percent. the price you pay for the growth you're getting. what is the upper bound? the consensus, i believe, about eight percent growth on earnings for this year. combine that with the dividend yield of more than two percent, and if the multiple just stays where it is in the market moves with earnings in the dividend return, that is a 10% plus total returned, pretty darn good. >> that works. that has been down for-five percent since the start of the year. the laszlo birinyi seeing it at 1900 by th

would have another positive day in the equity markets today, but we had a few disappointment in the adprs that drag us down earlier, and the cvs news drag them down about two percent. >> it is waiting for the jobs report on friday, isn't it? this is what everyone will be looking at, that an janet yellen. >> no question about it. ♪ but look at that. the snow seems to have cleared up, but there is a lot of sludge on the streets. >> well, it is new york. >> there was eight inches of snow that i had to shovel off of the car. >> i did not even bother. i put it into four-wheel-drive and flew down the parkway. >> it would be great if we could take off monday to go skiing. >> i was so bummed out when punxsutawney phil saw his own shadow. >> and now you are psyched because you can go skiing. >> i can drive around in the snow. youentioned earlier that were the biggest retailer in puerto rico and you did a lot of retail, starting with an innovative idea because you are from brooklyn and for an entrepreneur at fairgrounds, flea markets, and it grew into a massive empire. tell us about it. >> i saw

adp on wednesday. of course, big number, jobs, nfp, friday. current estimates around 185.antelli and get that ism data. good morning, rick. >> ism, we have december construction spending. ism, 51.3. 51.3, looking for a number closer to 56. this come off the last look at 56.5. when was the last time we saw a number at 51.3? boy, i have to go back quite a ways since may. may of last year, when we were at 50, as a matter of fact. we had back-to-back 50s. now, let's look at some of the components, employment component is, of course, particularly high importance at 52.3, that's a drop from 55.8. if we look at some of the new orders data, 51.2 versus 64.4. those are large drops. december construction spending was up a tenth, that's actualry a tenth better that what we were looking for. so it's close. last look downgraded from up 1% in november, now stands at up .8. i look at the market, we dropped below the yields we closed at friday, two-month plus yoelields the movie polar geist said, "they're back," referring to equities. >> dow, on that data, down almost 100 points. reaction

adp did drop a little bit. up 175,000 private sector employment growth.es on bund yields and gilt yields, as well. on the currency markets, the pound, kind of where we were yesterday post the services pmi number. nothing really expected from the bank of england today. the aussie/dollar, 0.8948. dollar/yen, 101.52. this is kind of where we were this time yesterday. similarly, also for euro/dollar, we hit that two-month low of 1.7477. currently at 11.7521. jewels. >> thanks, ross. central bankers face a challenge at their meeting today after falling inflation in the eurozone came closer to slipping into deflation. geoff and annette are still in frankfurt. geoff, as i see it, you've got three challenges. disinflation, tighter monetary conditions and credit points from the deleveraging that we're seeing. is he going to continue to manage it with words alone today? >> it's interesting what the markets are telling you, isn't it? ross running us through the euro/dollar rate here. and the fact that we came off the 1.3477 off 1.35. and the markets thinking with no

according to the adp national employment report, small businesses creates four in five new jobs in january. in your opinion, why are small businesses adding more jobs than the larger counterparts? >> well, we have seen over a longer time, not just the month, increases in jobs, in most sectors of the economy. i think both small and large businesses have by and large contributed to that. so of course there's a good deal of month-to-month variation. but there's been broad improvement in the labor market. it could further boost small business lending as the financial products due to general prohibition on risky and lucrative proprietary trading. what we saw during the financial crisis was a fact. we saw stories about small businesses having problems accessing capital. yet it is changing. do you think that the volcker rule has anything? >> i suppose i wouldn't tie trends in credit availability for small businesses so much to the volcker rule. but certainly during the downturn, during the great recession lots of small businesses have had difficulty accessing credit. business conditions haven't b

a new report from payroll processor adp shows 175,000 private sector jobs were added last month.r than most economists had estimated. but the one to watch really is the report from the labor department and we'll get a read on that on friday. >>> two u.s. retailers are moment away from a second day of scrutiny on capitol hill over massive cyber hack attacks that hit their shoppers at the height of the holiday spending season. john mulligan and michael kingston are set to take more questions about how the hack started and offer solutions to keep such hacks from happening again. joe johns has been following that story for us. tell us more, joe. >> reporter: well, these two people were on capitol hill just yesterday. they will be back on capitol hill today. more questions. there's a lot of talk about legislation on the hill to try to reduce fraud. so, we'll see what comes of it. also expecting to hear from the illinois attorney general lisa madigan who is a number of attorneys general from around the country who is doing an investigation into the very same thing that the secret servi

a new adp survey shows the private work force expanded by 175,000 in january. those numbers cover only private businesses and often are different from the government's report that covers both the public and private sectors. the labor department will announce its january numbers on friday. >>> 7:46. well, the weather and water restrictions, they are definitely on the minds of us here in northern california. but it's sparking action from the white house. pam cook's in the studio to tell us about that. >> yeah, the white house is talking about and taking action hon climate change. today, the obama administration is announcing the creation of seven regional hubs to help communities deal with climate change. these agriculture department hubs will help distribute information to farmers, ranchers and rural communities to fight global warming and adapt to weather changes. the seven hubs will be in iowa, new hampshire, north carolina, colorado, oklahoma, oregon and new mexico but additional hubs will be set up and that includes california where that hub will be in davis

adp, certainly stronger than the previous month. and claims, same thing.0,000 level, the four-week moving average barely unchanged today. it's a funny thing. you do have a lot of snow. december, by the way, had the most people absent due to bad weather since going back to 1976. you can't go back further than that. now, january and february tend to be worse for both of those. wether or not that's the case this time, it's hard to tell. it's anybody's guess. but right now economists sticking -- you know, it's not a bold call to say between 175,000 and 200. what they're doing, kelly, essentially is picking trend. >> all right. steve, stay with us. for more on what to expect in tomorrow's jobs report, let's bring in dennis gartman and greg epps. greg, what's your take here? where do you think the whisper number is right now? i thi >> i think the whisper number is lower than 180. if i thought it was going to miss, i think it would miss on the downside. the reason is we've had a couple of -- it's not just been december with a lot of misses on things like durable

and, of course, after the cbo report earlier in the week and the jobs number from adp yesterday, all unemployment rate dropping because we don't couldn't the unemployed, all the issues should probably come en vogue in a join the vortex tomorrow for the big number. back to you guys. >> okay. let's get the reaction to those numbers. steve liesman standing by. >> crunching numbers with a pen. >> computer error here. rick is right to point to productivity number. he's right, the labor costs. it also makes hiring more challenging. the stronger productivity number could help explain, perhaps, why we had stronger growth in the third and fourth quarters, but not necessarily stronger job growth. job growth remained at 180 to 200. now we know why. the economy was more efficient than it had been at 3.6%. over time, the theory is, i underline it, underscore it, put it in quotations that higher productivity leads to more job growth, more wealth, better standard of living. in the short run it creates dislocation, trouble finding jobs for people. with trade deficit up -- my computer just came up, i

adp numbers cover only private businesses.ational labor relations board is proposing rules today that will allow unions to hold work lay selections more quickly. that could make it easier for unions to organize and help them reverse membership declines. the board approved similar rules two years ago. is this groups challenge them in court and the court ruled that they failed to follow proper voting procedures. turning to international news, russian investigators say security forces killed a militant that may have helped train two suicide bombers that struck the southern city. they had a trolley bus in late december killing 44 people. it heightened security fears ahead of the olympics. committee sponsor at&t is condemning a rush a lot restricting gay-rights activity. the telecommunications giant says in a blog post that the law is harmful to lesbian, gay, and bisexual people and harmful to a diverse society. the winter olympics begin on friday. those are some of the latest headlines on c-span radio. >> i think american see the