joining me to discuss, labor secretary marty walsh.hank you for taking the time this morning. >> thank you for having me today, jim. >> so, first of all, prior to this report, as you know, after the second quarter gdp numbers came out, the fears were of recession. you had a former fed official bill dudley warning almost certainly there will be a full re recession, from the white house view after the numbers, is that easing fears in your forecast that the economy will or has entered recession? >> well, certainly something out there today we're hearing, if we're in a recession, companies would be laying people off rather than hiring them. we saw people hiring not at record numbers, but big numbers. i think a lot of companies are still growing, still adding people on. we have seen all the jobs that were lost prepandemic recovered from the pandemic. we saw the unemployment rate 3.5% today. the day before the pandemic was 3.6%. we're seeing lower numbers there. we're seeing people go back to work. in certain areas we're seeing education, lo

labor secretary, marty walsh. always a pleasure to see you.e u.s. job market. >> well, certainly it's a good, strong month. when you look at the overall picture from the day president biden took office until today, all the jobs that were lost at the beginning days of the pandemic and throughout the pandemic have been gained. we're seeing areas like manufacturing, which is a really surprising and happy -- good number, i should say. not only did we recover from manufacturing but we've gone beyond manufacturing. a lot of what we're dealing with right now when it comes to supply chain and inflation is because we're so reliant on foreign imports and creation of products in other countries and we're starting to see more of that happening in the united states. the president is going to sign into law next week the chips bill which is going to allow us the opportunity to do more manufacturing of semiconductors and microchips here in the united states of america and that will help us with inflationary pressures and be less reliant on foreign imports. we

secretary of state marty walsh -- antony blinken, and a russian foreign minister say they are willing to talk about a prisoner swap involving wnba star brittany greiner and other jailed americans. the diplomat spoke on a sideline in cambodia. a day after a court sentence them on drug charges. the president called this unacceptable. global news, on-air, and on quicktake, powered by 2700 journalists and analysts in on -- in over 120 countries. i am mark crumpton. this is bloomberg. >> welcome to bloomberg markets. >> as we always say on this program, we have to get it quick check on these markets. as you can see, some of the big lows of the session came after that jobs report. since then, we are climbing our way back it we are on the s&p, and nasdaq is the big underperformer. it gives a huge move in the yield market. take a look at this. the yield is higher. on a two-year yield, we are backup 19 basis points to it. as mentioned, we continue to talk about the duration and magnitude of the inversion. -40 basis points, but still as inverted since august or september of 2000. as we continue

marty walsh spoke with bloomberg >>.ooking at the different sectors, most of the economy has recovered. the jobs companies had pre-pandemic have returned. it shows good wage growth and gains. manufacturing has come back to be on pre-pandemic levels. with that chips bill that will be signed into law next week we can manufacture more in the u.s. which will help us with inflationary pressure about microchips and semi conductors. >> what a turnaround since the pandemic. can we take a minute to think about how much we have recovered. you think these jobs stain -- job gains will be sustainable. >> we were shutting down businesses and restaurants and did not know what the economy held in thinking about where we are today is incredible and i think in my opinion this will be sustainable moving forward. we will have a new type of economy. we are still dealing with inflation. i think we will adapt and adjust and move forward and the infrastructure law that was signed into law, we will see more investment in american roads and bridg

that is why am interested in what marty walsh has to say.ow are they going to dovetail a softening labor market with a strong economy that they need to get reelected? it is always about the economy, and right now people want to have some optimism in the people they collect. jonathan: i'm -- they elect. jonathan: i'm not ready to call it a win yet. lisa: how much is it the direction of travel, though? even more than the actual price? people have seen it come down dramatically. remember that feeling when he saw prices climbing and climbing. it was demoralizing. if you see the bill increasing and then decreasing, it gives you want. jonathan: is it on their side, tom? is the calendar on their side? tom: i look to november, nobody is talking about. the fed is bigger than september, absolute. jonathan: futures unchanged on the s&p. going into payrolls, one hour and five minutes away. this is bloomberg. ♪ jonathan: good morning on this payrolls friday morning. figures unchanged on the s&p. not unchanged from the june lows. 20% higher on the nasdaq.

emocratic congressmen from new york said i don't know if he will run, we'll talk about it later, marty walsht town in the world earlier said this. >> certainly i think some in my party need too take a step back and maybe shut their twitters off. easy to be a monday morning quarterback on the sidelines, but he took over office with 10 million americans out of work, with no plan on the pandemic. and quite honestly, he has done an amazing job in my opinion of working across the aisle. >> part of the problem is the expect faces this high, so maybe they don't get credit. and they do take shots at each other. >> and it won't he said. there are a lot of democratic voters who want a new candidate come 2024, they don't think that biden could win, they think that trump or anybody else could win. but if he doesn't run, it just opens up a free for you will a, who is the person who would succeed him. >> everyone should have a hype man like marty walsh. >> as long as they have that boston accent, we'll take it. we'll be right back. to make dek for your life. so we offer a complete exam andnd x-rays fre to

we are going to speak with labor secretary marty walsh in a few minutes.dent biden's sweeping economic package, senator kyrsten sinema now on board with what is known as the inflation reduction act, giving democrats the 50 votes they need. there is still one hurdle, though, to overcome before it heads to a vet. and in china, the ministry of foreign affairs taking action in response to u.s. support of taiwan. that now includes halting future phone calls and is and meetings. the white house has summoned the chinese ambassador to the u.s. to condemn what it calls china's irresponsible military activities and we begin there. cnn white house reporter natasha bertrand, also cnn international correspondent seli

labor secretary marty walsh on the back of a great jobs report on friday which many people say will emboldene fed does, 75 basis points in the next two meetings some people say is what we will need. dani: does this mean this bear market rally for equities is going to be short-lived? not everyone saying that the rally -- berkshire hathaway, its bottom line has been punished in the second quarter. the conglomerate posted a net loss of $43.8 billion. there is some action in terms of buying as well. here to break it down is laura wright. what is the reaction from these earnings? laura: not disappointed. that is in the valley of berkshire hathaway's portfolio. any gains or losses from equity investments must be included as a component of earnings. but for warren buffett, this can be extremely misleading. you have to exclude the equity fluctuations, operation earnings, revenue decreasing 40% year over year. berkshire hathaway were in net purchases, capitalizing on the buy the dip mentality. the cash file basically unchanged for the quarter. warren buffett sees this as oxygen for his holding compan

labor secretary marty walsh spoke to bloomberg. >> most of the economy has recovered. the jobs that companies had pre-pandemic have all return. it shows good gains. we have shown good wage growth. an infection is one of those areas that certainly we have seen back not just to pre-pandemic levels, but go beyond that. guy: this makes the september raise a base case of 75 points. we are watching with admiration what is happening in the united states as we look at our economic performance over here. i want to talk about first on the states. is 75 basis points in september, given the current data, enough? geoff: i think of it as a fundamental base case. the fed will still say they are data-dependent and are not committing to anything. i think the market, and judging by the reaction you mentioned, is hoping, can we glide toward a goldilocks environment where you have wage growth, real income growth, but inflation is not getting surged beyond current levels, or inflation expectations will not search beyond current levels? that is sort of the hope the market has right now. so,

secretary of labor marty walsh. this is bloomberg. stay with us. >> everything you need to get set for the start of u.s. trading. this is bloomberg the open with jonathan ferro. jonathan: we begin with the big issue, the fed has a lot more work to do. >>

at 9:30 marty walsh is joining bloomberg television. i'm curious what he has to say, with the messaging so tricky at a time when the federal reserve and even congress members are saying we need the labor market to cool off in order for this economy to get back under control and get some price control in the economy. this is not a comfortable message. how does he talk about that? jonathan: we will have a very serious conversation on bloomberg radio as well. mike and tom want me to ask about the red sox. i will try to squeeze that in. we have to talk about secretary blinken. tk saying china has chosen to overreact to speaker pelosi's visit. an headline after headline just dropping around this story. tom: it is a movable feast right now and into the weekend. you wonder when the white house will make some formal statement. i did notice the sanctions on speaker pelosi. jonathan: any extra headlines, we will bring them to you as we count down to payrolls friday. joining us now is dominic konstam. let's start here. soft versus hard. you think

i was talking to marty walsh about the jobs report.s a very hot jobs report. 528,000 jobs added to the economy. when we talk about inflation outpacing wages, the labor secretary said the u.s. feeling is effects of the recession. listen to his words. >> this is an all of government approach to bring the pressures down. none of this was caused by this administration. it was partly pandemic and in is a global recession. we can't lose sight of that. what is happening here is across the globe and in a higher level some places. >> this is the first time anyone from the administration talked about the u.s. feeling a recession. if you listen to president joe biden, you'd think he's in charge of a very, very strong economy. listen to him. >> the first time in a long time, workers are receiving more. employers are competing for american workers. we're seeing a resurgence of worker organization and unionization. where i come from, that's a good thing. >> the fact is, wages are rising at 5.2% and cpi inflation is 9.1%. so wages are losing ground.

and marty walsh weighing in earlier. take a listen. >> if we were in a recession, companies will be laying people off rather than hiring them. we saw people hiring at -- not record numbers, but big numbers. i think that is a lot of companies are still growing, still adding people on. >> is it that simple? >> i think that the economy is giving us mixed messages. yes, in this jobs report there is very little evidence of recession. you see big numbers and acceleration in hiring when people were expecting a slowdown and acceleration in wage growth at least in nominal terms. so that in and of itself does not suggest that the economy is about to collapse. but there are other things in the economy that are a little murkier. at the very least the fact that the economy is so hot right now that the job market is strong enough, may encourage the fed to slam on the brakes a little bit more quickly. >> and so speaking of the fed, right, i think that that is what a lot of people are concerned about. the fed has said that we can contai

labor secretary marty walsh, will join us to discuss the state of the economy.uld have major implications across the country as democrats have cleared a path for sweeping legislation now that senator kyrsten sinema has agreed to the deal. california center alex padilla will discuss where this goes next. china sanctions nancy pelosi over her visit to taiwan.