g us to discuss that are mark zandi, chief economist at moody's analytics and markh ham tack. i'm going to with you, mark. >> there are two marks? oing to zandi i was say. >> there you go. >> how unusual is this phenomenon where it's alm one to one? and is it sustainable? >> it is veryunusual. i don't think it's ever happened in history. we've got datae back into early 2000s. we've never seen anything like it. it'sonsistent with all of the other labor market data. 3.9% unemployment, very low under employment rateat quit are high. people are quitting their jobs and they don't do that unless they thinkhey can find another one pretty quickly. this is very, very unusual. somethinge haven't seen historically. >> markham rick then, who's benefiing? obviousl employees, theoretically they should have some pricing power here even though we're not seeing wages go up. are there sectors benefitting from this very tight labor market now? >> well in this latest data i think we saw professional and businessic se, construction and transportation sort of leading the way. the other part of cours

, because nobody really knows where this tariff story will end >> precisely we were speaking to mark zandy a few days ago, and he said with these trade tensions it's just noise. he was saying almost not to pay attention to it, but if you're a business leader trying to make decisions years ahead, there's so much uncertainty stemming from washington. and i think it makes the macro environment difficult. and then there's another factor about the slower growth in europe with the pmi number from yesterday, this idea that volatility is making a comeback, part of that is because we don't have this growth story >> i have to say -- >> it's not a synchronized growth story anymore >> right i do believe we can reconnect with geoff and hadley live from the st. peert petersburg forum before the gremlins were clui cg on the cables, we were talking about the uncertainty over the markets despite this cease-fire that we've seen between the u.s. and china. >> trade is not the only thing overhanging the story at the forum. sanctions is still very much an issue at the heart of russian business peoples mind. we

i was talking to mark zandi, who was a prominent non-partisan economist who is saying he is taking adge hammer to 70 years of worldwide trade policy led by the united states. you don't do that with no consequences. >> that wraps thing up for me this hour. kasie hunt is in the building. did you read peter baker's article about the new obama book, taking us behind the scenes as to what happened after donald trump was elected? >> yeah. it's -- i mean, peter baker -- >> ben rhodes' book. >> and peter has an incredible lens and perspective. >> most interesting article of the day. go out and read it. >> for sure all of you should. >> and the facebook. >> we have rewritten the too much this show several times to accommodator to all of the breaking news this. hour, president trump will be leaving texas. once again the president is surrounded by controversial headlines. today the president caused a stir before he left washington, starting with a tweet on former fbi director james comey. then flexing his clemensy powers by issuing another pardon and suggesting more are coming, then triggering

strong, but slowing, as businesses are unable to fill a record number of open positions," said mark zandiwhich helps adp compile the report. "finding workers is increasingly becoming businesses' number one problem." the unemployment rate has fallen to a 17-year low of 3.9%. that means there are fewer available workers for each job opening. monthly job growth averaged a healthy 200,000 to the first four months of the year, according to labor's report, but that's likely to slow. run-up in home prices is 'not sustainable': realtors' chief economist . . . home values have been rising for six straight years, and the gains have been accelerating for the past two years. the average rate on the 30-year fixed mortgage is nearly a full percentage point higher today than it was in september 2017, its latest low. homebuyer demand may be weakening. a monthly survey found fewer potential buyers requesting home tours or making offers.. unlike the last housing boom, the gains are not driven by fast and easy mortgage money, but instead by solid buyer demand and very low supply. still, like the last housin

there i know somebody who knows more about this than i do >> who would that be >> that would be mark zandiou did. >> mark, i'm setting you up on this are we on a downward decline here on job growth because we can't find the workers. >> yeah. i think so the peak in job growth was actually 2015 we created 225,000 jobs per month on average. 2016 we were down to 195,000 last year 185,000. even with all the fiscal stimulus this year, we'd be lucky to get 185,000 i think it's because we can't -- businesses just can't fill the open positions which are now at a record high. this lack of labor is now becoming a binding constraint on growth >> and what about this trade transport area which saw the decline? we keep hearing all the stories. they need truckers trucking costs are going up. transport costs are going up is that because they can't find workers in that sector >> you know, that's retail trade. that's amazon killing the brick and mortar guys. there is one sector of the economy that's struggling with lack of demand for labor that's brick and mortar retailer they're getting crushed. >> just to

mark zandi's here from moody's analytics. >> good to be with you >> how did this happen >> this is the. steve does a great job of getting those numbers right. >> he gets them right? >> yeah. >> where does he get them from >> he does get them from me, yeah but he does -- he's a great communicator he gets it across nicely if you'd ask me to do that, it'd take a half hour >> you want to give us your highlight of these numbers >> anything over 200k is fantastic growth right? and if you're at a 5%, 6%, 7% unemployment rate, there's nothing but good news. 4.1% unemployment rate, 200k means you're going into the threes and it's going to be a problem. >> this is surprising to you, the job growth that it's still happening. you thought awhile ago it was going to be hard to keep these numbers up you thought it was going to be hard to do was it about the participation rate or was it something else? why is it still possible >> surprise maybe. i didn't know exactly when it will slow. but it will slow the unemployment rate is continuing to decline at this rate of job growth >> is there anyone 25 to 5