does the nfib have any position on what to do with it? >> we will be happy to study any proposals, senators and we'll get back to you on that. >> if we can't grapple with that discussion, to me, it's a moot point on any of the rest. it would be good ideas that would be ignoring, you know, what's going to occur with those two trust funds being in big difficulty soon. >> thank you, senator rosen. >> thank you, chair. i appreciate this hearing and thank you everyone for being here today. really appreciate you. you know, i really want to talk about making paid leave work for business owners because that's the crux of what we have to do. that's what all of these conversations boil down to. so, i'm pleased you could join us today really to offer your views as the owner of our own small business and i understand it's a member of the main street alliance, an organization of more than 30,000 small businesses. myself, i'm a member of the health committee and also the senate small business and entrepreneurship committee and i represent nevada where

i know the nfib is behind transparency ideas on health care. when it comes to social security in terms of means testing, raising the age, some of the more difficult questions, and we've got more time for that, does the nfib have any position on what to do with it? >> we would be happy to study any proposals, senator, and we would get back to you on that. >> if we can't grapple with that discussion, to me it's a moot point on any of the rest. it would be good ideas that would be ignoring, you know, what's going to occur with those two trust funds being in big difficulty soon. thank you. >> thank you. senator rosen? >> thank you, chair murray. appreciate this hearing. thank you to everyone for being here today. really appreciate you. i really want to talk about making paid leave work for small business owners because that's really the crux of what we have to do. that's what all these conversations boil down to. so, miss hilaire-finn, i appreciate you joining us today as an owner of your own business and main street alliance, organization of more

we have nfib, small business report, record 44% of small business owners say they cannot fill positionst after that we got that jolts report for march, all-time record, 8.1 million jobs are open right now. you were the spokesperson at the treasury department. you are a communications expert. what do you think of the white house's messaging trying to turn this thing around? >> i think from a communications standpoint the president messaging is a bit of a mess. on the one hand he is saying anybody turning down suitable job off erstwhile collecting federal enhanced ui, they should not longer be able to collect those benefits. on the other hand he is saying that he is dismissing the idea that the benefits have gone on too long or are too generous, therefore preventing people from going back to work. that is a very confused messaging strategy and not helping their cause. as you point out 8.1 million is a record, 8.1 million job openings. businesses of all sizes say they cannot fine individuals to fill these jobs. i don't blame those americans who would rather stay home because they're being

tom: liz ann sonders at charles schwab on twitter moments ago, the nfib job openings survey. truly, it is not a hammer, it is not crushed, it is not a crater. it is a record spike of job openings. can you fold that over to reduced margins on the income statement? tobias: sure. one of the things we get a lot of questions about is this issue around what could stop this market's ascent. we talk about the fed, inflation issues. but one of the others we talk about his margins. if you look at the nfib data, the percentage of small businesses looking to raise prices is less than those looking to raise compensation. you do it primarily because the market demands that. so that gap is shrinking. in other words, we are seeing fewer companies able to raise. 60% of corporate costs in this country's labor derived. as a result, it is not -- it is very important what happens in labor costs. it looks like we will run into some trouble in the next six months, and that could hit margins. tom: let's go all jack welch. he talked about pricing power. you get wage issues as well. do you observe sec

caroline: not to mention the nfib small business survey.t they said, 44% of firms can fill open roles. there is so much friction in the market. you want to talk inflation. joe: let's talk about all of these things. joining us, neil dutta, alongside bloomberg opinion columnist conor san to discuss whether the market has peaked. you've been warning about this for a while, supply constraints. you have a new column that says we won't be able to hit gdp goals if the labor market remains this tight or if there is so much friction. you've been warning this could not be great for the market. why do you think that things have topped out, and this poses a risk for stocks? >> the first sign that growth is slowing, so we are still growing but at a slower level, was that manufacturing survey last week, which came down from march's historically high number. people say, it was a good number, but it is falling relative to what it used to be. we have the jobs report where we did not produce as many jobs as we thought we would, and that was due to supply bot

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we get the nfib small business numbers, the jolts jobs openings.hese are two months delayed, but in march there were 7,500,000 jobs open, so there's a question about why there is not a match up. cpi is going to get a lot of attention. we will talk about that any moment. thursday, jobless claims and ppi. friday we get a lot of numbers is it a demand problem or a supply problem? we will probably find out it is not a demand problem. retail prices, too early for them to go up because of the oil pipeline, but that could be something in the future. how are people feeling about all of what is going on in the economy. this is a chart of how money small businesses say it is hard to find workers. this is a number scaring a lot of people because if small businesses can't find people, they've got to push up wages, and that could lead to wage push inflation, which brings us to the cpi numbers on wednesday. you can see here we are expecting, because a base effects, the biggest cpi jump in 12 years, since 2011. you can see the drop off we had in april of last yea

let's check quickly the nfib report.mall business optimism index a little bit lower than had been forecast. it was as high as 100 point five in february of 2020 before the pendant began. the interesting thing -- 100.5 in february of 2020 before the pandemic began. the interesting thing, the increase in average selling prices rose to 36. so price pressures are rising. of course, 44% of the small business is say they are going to be hiring. they are looking for people. can't find them yet. alix: mike, thanks a lot. another top story is what is happening with the vaccine news. the fda clearing the use of the pfizer vaccine for kids 12 to 15 years old. it paves the way for high school students to get vaccinated before the start of the next school year. with his nose bloomberg's riley wilson. -- with us now is bloomberg's riley wilson. riley: shots made by moderna and johnson & johnson are only available to those 18 and older. now we are moving younger. fda officials said they made quite a straightforward decision. the pfizer

hospitality you have got to talk about the employment picture as well jim reed over at deutsche bank to the nfibhiring has become a big thing if you are in hospitality, can you find the workers that can help you scale to the bigger level. >> 100%. keep that in mind if the jobs report shows a slow down court were you going to add something stereo brand-new spending numbers from mastercard for month of april of course they are up compared to 2020. that makes sense everything was shut down but compared to 2019 restaurant spending is up 5.7%. >> wow in i think there is strength beyond just what we are seeing at the darden names there are a lot of folks in the suburbs waiting to get out to olive garden you need the bread sticks. >> raise your hand -- let me point out what we are talking about. merck ceo ken frasier and ibm's ceo just spoke at the ceo council summit and are both saying millions of positions can be done without a college education. they and other companies have removed this requirement in recent years ibm has. merck expanded hiring in some roles beyond the additional candidate. with a

the nfib said 1/3 of recipients are going to be raising wages. do you invest in the margins world and small caps? jill: overall this earnings season, we have seen inflation expectations pick up a lot. wages so far have not picked up as much as transportation and other raw materials costs, but that is something that could be on the horizon, something that companies are concerned about is the next headwind. so small caps are more labor-intensive, and a lot of the areas of the large-cap market and the consumer focused areas, industrials are very labor-intensive as well. so far, margins are holding up well. we are seeing margins higher this earnings season, so companies, corporate's are reporting results to deal with this, but that is something we will continue to monitor going forward when it comes to labor-intensive stocks. alix: jill, thanks a lot. guy, i can't believe ira said she lacks -- said chillax and you did not call him out on it. if i had said it, you have said alix made up a word. [laughter] guy: i think chillax is a word, isn't it? i'm

the nfib, the small business group, says that 42% -- i think it's a record high -- of their members arefull jobs. we all know this is true. you can walk down the street in manhattan and see, you know, help wanted signs practically everywhere. people can't hire workers. so this is a big problem. i'll be very interested to see if janet yellen, like biden, simply dismisses that out of hand. neil: real quickly, scott, we'll wait, obviously, until we see janet yellen speaking there. some technical difficulties there. one other issue that came up in the employment report was this sudden decline in manufacturing jobs, about 18,000 of them. i wonder if the check up shortage and all -- chip shortage and all these auto companies that had to stall production, if that had a lot to do with that and that's a separate issue that the administration has to deal with right now in what do you think? >> well, it's a big issue, you're right. and i i'll call one of them the employment issue where we're paying people to stay home. and number two is a ply chain issue, right? -- supply chain issue. everybody wa

melito, what you think through the eyes of the nfib on the subject matter of paid family leave, what do we do with the two big issues in the room, where is it on addressing social security and medical costs? it's going to make the rest of this moved soon. >> thank you for that question. certainly the liability social security is something our members have less concern about. that is why they are very concerned about any additional taxes or burdening social security system anymore, that would essentially be depending on the proposal, a new mandate. we all want it, it's nice to come up with these robust benefits, i think one of the witnesses called them there but the reality is that not all businesses can afford to offer the same benefits and it sounds nice but they can't do it. most do because it's the right thing to do and that's hows they retain and attract the best. they are competing and it's hard to do but they are managing to do it. again, a big part of our economy is small businesses so we need to consider small business is and a new mandate would have on small businesses both

let me throw a question to jason furman jason, this is just -- the numbers made me think back to an nfiba hard time finding anybody who would show up for the job openings job openings couldn't be filled. 91% who are hiring are trying to hire fewer or not qualified applicants for the positions they were trying to fill why do you think that is >> this is a labor market that is 10 million jobs short of where it should be, but unlike the normal shortages that we have, i think this is just as much about a shortage of labor supply as it is about a shortage of labor demand. we have job openings at record levels we have workers voting for their confidence in labor markets with near record levels of quits. if you look at april, it appears that there were about 1.1 unemployed workers for every job opening. so there are a lot of jobs out th there, there just still is not enough labor supply. there also is not enough labor demand so the hope over the next coming months as the economy continues to reopen, as the vaccines succeed and work their magic, that we're going to see a big increase in labor su

the nfib small businesses reporting 44% can't fill their jobs and i will say this according to the papers receiving benefits can't turn down suitable jobs. that is a change in their position and they should apply that to all welfare, social insurance across the board. there has to be a work fair provision in there. we've got to go out and look for a job, some of these states the governor rick desantis in florida have done so at the state level. i think the federal level should absolutely follow suit. i don't know how to read mister biden's proclamation yesterday but if he is going to enforce that, there has to be work fair, there has to be work requirements. otherwise you are defeating the purpose of it and this stuff runs out in september so you will see a big jobs boom and that will not just be a coincidence. trust me on that. ashley: i believe you are right. thank you very much and we will see you later today at 4:00 pm on the foxbusiness network. thank you. as we mentioned earlier, it could soon be hard to find gas across the country thanks to the massive cyber attack on the colonial

bottlenecks even wage apart mentioned consumer wages are rising rapidly here, there are if you look at nfibes to get them in the door to work for them, so there is a wage side is pretty good. you know pliek it will or not like it i am not passing judgment unions trying to gain power we know is that inflationary, and then, on the other side, we've got monetary backdrop the demand picking up, i just think inflation is -- is a real issue from investment point of view i think presents tremendous opportunities because if you look at investors whether pensions, foundations individuals everybody is underweight pro inflation assets i think real opportunities out there in asset classes, that people just don't care about anymore because they are so used to disinflation deflation not ready for change in the environment. maria: so what is a 13 and a % gdp second quarter mean for the year what you areing expectations for all of o 2021 we have looking forward to very strong second quarter comparisons incredible second quarter 2020 locked down. >> um-hmm, so year-on-year, of course, really -- comparisons