by andrew standing of the west coast is that lars angela -- my understanding of the west coast is that los angeles has surpassed san francisco but is not the size of new york or london in terms of financial services. i apologize for not knowing more about that specific industry but it is my understanding that san francisco is not quite big enough to be a major global financial center and got caught in a process in which the leaders surged ahead. a very important part of this story is how the local serving sector has performed relative to the others. i showed you the chart that says that they move in sync but they don't move at the same rate overtime. we have seen absolute job losses from the last recession to this recession in this group of industries and we have relatively little employment for a city of our size. supervisor cohen: can you give an example of what local industries we're talking about? >> the biggest is a trade and i will have a breakdown in a moment. there are a range of industries -- let's go back to this one. health-care, personal services, retail trade, wholesale tr

second pimm lar will then be growth components, this is what we're going to discuss also on the 23rd of may, in only a few days' time when we meet for the formal council meeting. >> angelahis morning. it's going to be on the internet as well you. can find there's plenty more to talk about. >> i know. i'm going to watch it as soon as we're done here. >>> let's take a quick look at how the futures are doing. we're about flaet on the day. dow jones would open loweren 13%s, nasdaq, 4.5%. >> sometimes there's not enough time to get in everything you want. we're done. >> there's always tomorrow. >> stay tuned for "squawk box." >> bye. >>> good morning. another day, another round of worries about greece but germany's merkel tells cnbc she wants the country to stay in the euro. >>> plus, the social offering. facebook is increasing the size of its ipo. and market-moving releases this morning. economic stats on housing and production along with quarterly results from retail giant target. it's wednesday, may 16th, 2012, and "squawk box" begins right now. >>> good morning.