and the unemployment rate is way higher than the official unemployment rate.that is why you need people to have jobs at younger ages to make >> also back to joe - someone who is an idol. he says you know, inequality is nothing result of globalization and technology but the public policy choices that we make. and he is right. and we have made some bad public policy choices. which have not helped people to began fully employed. to be able to take care of themselves and their family. >> let's talk a little bit about - one of the big reasons why these programs are happening. it is likely because the spending. do you say that president bush cited projections in 2018 exceed what they taken and today when you look at the latest report from the congressional budget office that it says the same thing. it shows that security will be cut. you think there is a way to cut or reformed social security? nobody wants cuts and benefits but we know that we need some change in the program. >> list a on the people not paying. i'm trying to recall the figure. 100 and - list that --

the official unemployment is 32.7 and a shocking 67.4% for women and perhaps most troubling, unemployment for the youth 15 to 25 and 60% is disposables and of course electricity. the current is running about 20 to 22 hours a day. families they have electricity for as long as this session will take place today. we see them getting up all hous of the day when they have electricity. the plans are functioning only 15% of capacity and more than 100 million uighurs abroad in parts are being pumped into the ocean every single day. that is the equivalent of 40 olympic sized swimming pools. just to go back as you mentioned, they put out an update a few weeks ago in the report. this report underscores the projections for 2020 has deteriorated further and faster than anticipated in 2012 and the per capita decreased the provision of health services continued to decline and the demand for additional help clinics, doctors and hospital beds has not been met. gaza has maintained the standards that adversaries remain as low as four hours per day. reconstruction needs triggered increased construction mater

part of the reason is the official unemployment rate doesn't tell you the whole story. -olds, people who dropped out of the job market and went back to school. in the recession there were 3 million young people who vanished. they went to school and now they are coming back in. the you try to figure out picture, it is higher. wages and labor compensation is rising 2.5% annually. guess what inflation is 1.5% so real wages are doing better than they were. >> there is the question of how you measure this data as well. jim glassman is with us today of jpmorgan, we want to make sure we get you a check of european stocks and how they are trading. the ibex down 1%. one of the worst performers in europe. the vix currently at 15. from new york, this is bloomberg. ♪ francine: these are pictures of watch -- washington dc. it looks like it's going to be a beautiful day. the news.to police killed five terrorists with bomb belts. the suspects car drove through a check point and started running down pedestrians. that happened of 13 people were killed when a ramik red him down in barcelo

underemployment is still much higher than the official unemployment rate.e don't have that much of the history. the underemployment rate is not that far away from the precrisis low. there are some part-time jobs where people would like to work full-time. that chair is coming down as well. there are a lot of full-time jobs being created. it's not all bad jobs. not all part-time jobs. it is a real genuine improvement in the labor market that started some 10 years ago and it continues. i haven't done this in so long. i messed up. excuse me. francine: give me a sense of what we are looking at. should we just forget inflation at 2% because of the changing nature of the economy? should we look at gdp and the trend going higher for the fed to raise rates? >> that is a fair question. has beention rate probably one of the biggest puzzles we have been facing. shapet to the changed which means we still have the negative correlation between unemployment and inflation or wages. it is not as steep as it was. if you are talking about alternative measures have to look at u

unemployment in the eurozone is officially at its lowest level in more than eight years pointing to economic expansion in the bloc that has lagged behind the u.s. and recovery annual unemployment in the euro zone fell to nine point one percent in june down from nine point two percent in may and down a little percent from the year before looking across the bloc germany boasts an unemployment rate of just three point eight percent while greece still struggles from an eight year long depression with twenty one point seven percent unemployed according to euro stat while confidence in the eurozone is soaring there are still several factors that are holding back growth while unemployment is low so as wage growth those that are employed are not receiving raises inflation is relatively sluggish holding steady around one point three percent this year that misses the central bank's target of two percent inflation for the year economists think at this rate the eurozone is on target to have unemployment down to pre-crisis levels by two thousand and nineteen as for hitting that two percent inflation rate

president jim bullard saying only sees very small inflationary effects from lower unemployment being the first fed officialspeak since the friday jobs report unemployment ticked down unemployment does not signal higher inflation i want to show you a direct quote from the st. louis fed president. even if the u.s. unemployment rate declines substantially further, the effects on u.s. inflation are likely to be small. as a result, he thinks current policy rate -- the current policy rate is appropriate for the current economy and he questioned whether inflation is indeed turning towards the fed's it 2% target sarah, an hour ago we were asking the question how the fed would react to stronger job growth and lower employment rate, it would be spooked by inflation? bullard not taking much time in answering. an hour later, you know what not very much. the question is whether other fed officials feel the same way, sarah. >> yeah. so it begins now they really have to debate this inflation predicament >> thank you >> right >> yes steve liesman. now let's get to rick santelli and the "santelli exchange." >> thanks, sara

trump 209,000 jobs were added in july, bringing the total since trump took officials to more than a million. the unemploymentate fell from 4.7% in february to 4.3% in july. the president tweeted early this morning, excellent job numbers just released and i've only just gun. is many job stifling regulations continue to fall. moving pack to u.s. sa. new polling out this week from quinn peak showed president trump's approval rating at a new low, 33%. back now with the panel. van, let me look at the numbers, they're good knobs. >> they are good numbers and they continue a trend. a pretty remarkable trend at that started under obama. people forget president obama became captain of the titanic after the iceberg. it was under george w. bush u this massive recession. obama comes in and gets us out of that and you have a historic job creation, unbroken record throughout almost his whole presidency and that has tnld. what you would want to see from a president trump and the huge tragedy of the trump administration is that if he had come out and said what we're now going to do to accelerate this trend is we're going to

unemployment in the uk fell by 57,000 in the three months tojune, official figures 57,000 in the threeging 57,000 in the three months tojune, official figures show, bringing the jobless rate down to 4.4%. real wages have also fallen. celtic are bidding to breach the group stages of the champions league tonight as brendan rodgers side play astana in the qualifying leg at celtic park. they knocked the kazakhstan on champions out in qualifying last season. champions out in qualifying last season. in cricket, mark stamen is the only change to the cricket team to face the west indies in the first day/ night test at edgbaston tomorrow for that jay pavey wants to defend her european 10,000 metres title in a month before her 45th birthday she missed the world championship ‘s in london through injury but says she has no plans to retire. more on those stories just after half past. the number of people out of work is now its lowest since 1975. uk unemployment fell slightly in the three months tojune — bringing the jobless rate down to 4.4%. the office for national statistics also reported a sligh

unemployment in the uk fell by 57,000 in the three months to june, official figures show, bringing thes killed. the business news: unemployment in the uk fell by 57,000 in the three months tojune, according to the latest officialfigures. that brings the jobless rate down to 4.4%, its lowest since 1975. but earnings still aren‘t keeping pace with rising prices. average weekly earnings rose by 2.1% compared with a year earlier. but with inflation at 2.6%, we‘re still feeling the squeeze on our incomes. royal bank of scotland is to cut more than 800 itjobs as part of a major reorganisation. the bank, which is 72% owned by the taxpayer, says it‘s considering changes to its operating model that would lead to a cut in itjobs. rbs says the move is necessary to becomes a simpler, smaller bank focused on the uk and ireland. uk unemployment has fallen to a new 42—year low. the jobless rate has fallen to to 4.4%, but wages still aren‘t rising enough to catch up with rising prices, and so the squeeze on real incomes continues. joining us now is steve bell, chief economist, at bmo global asset mana

the bad news, if unemployment rate goes too low, it could spark wage inflation and thereby price inflation. but one fed official monday said he was not concerned. >> i think we're in a low inflation era and it's actually why we're in the slow inflation era is eluding a lot of economists and leading us to rethink our theories. a simple theory that just says when unemployment goes down, inflation goes up, isn't working very well, and the empirical evidence is drying up for that theory so i think we need to think more carefully about what's going on. not just in the u.s., but globally. >> reporter: so far, wage growth has confounded economists and not risen as the job market has tightened. that's a big reason why others are not worried about inflation, thee at least not now. seems if job growth kes surprising to the upside. for "nightly bus >>> oil prices fell today as concerns grew that opec nations might not all be living up to their agreements to limit production. domestic crude continued to stay below $50 a barrel, as you see there. and as jackie deangelis tells us, opec's fractiousness is one of several reaso

curve relationship reasserting itself, so that kind of implies if the unemployment rate keeps falling, is going to be hard for fed officialsthat narrative, that idea that they need to keep raising rates despite the low inflation. if you look at the components of inflation, there are so many things you can .2. that's part of the problem with the core cpi. you can go through so many components, and they do not have much correlation to the unemployment rate. you are talking about things like auto insurance, health insurance, things you wouldn't necessarily expect price increases to accelerate. julie: with the inflation report, we have seen the estimate for when the fed is going to raise rates. scarlet: you mentioned how the odds of a december rate hike are now 25%. 50%odds being higher than doesn't happen until june of next year. does this have any bearing whatsoever on the fed's plan to reduce its balance sheet? is there anything that would prompted to hold off, or does it feel a rush to rebalance its interest rate? yelena: the big question for the balance sheet unwind is whether we are going to get a debt ceiling debacle ag

official jobs numbers. look at where the unemployment rate is right now.e almost a full employment when you look at where the unemployment number is. but wages are just stubbornly flat. the federal reserve has been focused on the wealth effect. they said that time and time again. they even touched on earlier. the personal consumption expenditures is at 1.5 it's been missing there. it's gone down. the monthly increase has actually gone down since the beginning of the year. so inflation pressures are peeling back. they are lessening. it gives the federal reserve a room but again it does mean that anybody that is getting a wage increase the dollar goes lower. for so long we talked about jobs numbers. that is to continue as long as we don't see growth in wages. a whole group of people who are not being able to find quality jobs. or what they think they should be doing. we are to regarding an indicator yesterday that personal income was flat. that came and disappointing. the job summer friday when we look at hourly wages we can see that actually coming down and

officials are making their cases? >> it's a great question, hallie. we had one of the highest unemployment rates during the recession. 15%. it dropped to about a third of that. the underemployment is a problem here. >> people working, but not working enough. >> wages are just starting to catch up from the recession. but, remember, nevada's economy almost solely based on gaming with construction component for a while. we're the fastest growing state in the country and all the building, especially down south. now, all the action is up here in reno. things have changed a lot. still a problem. you have this huge tesla giga factory they called it that has dramatically affected the economy here in reno. housing prices are skyrocketing. you have this dynamic young mayor, hillary who has gotten some national attention for some of the things that she has done here in reno. but there still is that problem trying to drag up the bottom to, sure, diversify the economy, get these tech jobs here as the mayor and governor have talked about. but there's the underbelly of that economy here that is still a p

last month, the nation's unemployment rate is expected to be 4.3%, average hourly earnings are expected to have increased 0.3% in july. peter: i call it duncan. that is not officialay change. >> reporter: it could be official, dunkin' donuts could be dropping donuts from its name. it is a sin to be open location in pasadena, california, the chain attempts to get the point across it serves more than donuts. the company long referred to itself as just duncan in advertising, america runs on dunkin campaign. heather: 20 you need the donuts. heather: the time is 19 minutes after the top of the hour. flag fury. another story about the outrageous reason this veteran is being forced to remove old glory from his mailbox. >> what the prosecutors should be looking at our hillary clinton's 33,000 deleted emails. heather: rallying supporters in west virginia but what do voters think? the new die always in. heather: will sean somber? the presbytery made his decision about dancing with the stars, we have the answer up next. ♪ heather: donald trump out of the swamp and back with his base in west virginia. how did his message resonate with voters, put the president of the dial te

america, that happened in the 1930s when we had a terrible depression, when the unemployment rate, which today is about 8.5% officially--the numumber of adus looking for work as a percentage of o our laboror force. if you k at the comparable number in the depths of the depression, it was 3 times s that--25%. really very bad. and interestingly in the 1930s, the american people pushed back. they were not passive. they were active. let me tell you what they did, because it's a part of our history that americans tend not to learn too well in school for reasons i will leave to your speculation. we had the biggest labor movement organization that the country ever had. something called the congress of industrial organizations organized millions of workers in the 1930s in the depths of the depression. workers who had never been in a union before. we'd never seen that in the united states. we had never seen it before, and we've never seen it since. in the midst of that misery of a depression, of that poverty, american workers decided that a labor union could maybe save them, and they were ready to join. and joining was often t

unemployment falls to the lowest level since 1975 — but average earnings are still lagging behind inflation//. also, officials leone say more than a hundred children have died in mudslides in the capital, freetown. homes are buried under a mountain of rock and mud. 600 people are still missing. and hms queen elizabeth — the royal navy's biggest ever warship — sails into her new berth in portsmouth. good evening and welcome to bbc news. the government says that it wants people and goods to be able to move seamlessly across the border between the irish republic and northern ireland after brexit — much as they do today. in their latest proposal for life outside the eu, ministers say there will be no return to check points and border posts. but critics argue the plan raises as many questions as answers — not least, what's to stop eu migrants coming into the uk from ireland through an unsupervised crossing? 0ur ireland correspondent chris buckler is in narrow water on the irish border. for more than 300 miles, crossing fields and bridges, roads and rivers, there is a political dividing line on the island of irelan

in the business news: unemployment in the uk fell by 57,000 in the three months to june, according to the latest officialh a year earlier, but with inflation rising faster, we‘re still feeling the squeeze on our incomes. shares in admiral sank 7% after the insurer said the rising cost of personal injury claims hit profits. the firm‘s pre—tax profits rose 2% to £193 million in the six months to the end ofjune 2017, as the number of uk insurance customers rose 11%. however, changes to the way payments are made to accident victims, the 0gden rate, meant higher costs. north american trade between the us, canada and mexico is worth more than $1 trillion a year. but donald trump isn‘t happy with the free trade deal, called nafta, he‘s called it a job killer. today, us, mexican and canadian officials are meeting in washington for the first round of talks to renegotiate the deal. joining us live from washington is michelle fleury. during the presidential campaign, donald trump said he would repeal nafta. he‘s now back tracked to renegotiating it, but what are his issues with it? he has put his agenda forward on

unemployment is at a 16-year low, and businesses are more optimistic than ever before. >> now, a white house official tel tells cnn that trump decided on the order here, talking about the economy and stock market and then ending it with those comments about the kkk. this two-day process with his message with trump slamming the kkk in the middle of his speech is not the first time trump has struggled to condemn racism. he struggled to do this, actually, it seems in an interview "outfront" in january 2016. at that time, i asked candidate trump about a robo call created by a white nationalist super pac. here's the exchange. >> we don't need muslims. we need smart, educated white people who will assimilate to our culture. vote trump. >> mr. trump, when you hear that, does that shock you? do you denounce that? >> nothing in this country shocks me. i would disavow it, but nothing in this country shocks me. people are angry. they are angry at what's going on, they're angry at the border, at the crime, they're angry at people coming in and shooting kate in the back in california and san francisco. they're an

in the business news: unemployment in the uk fell by 57,000 in the three months to june, according to the latest official compared with a year earlier, but with inflation rising faster, we‘re still feeling the squeeze on our incomes. shares in admiral sank 7% after the insurer said the rising shares in admiral sank 5% after the insurer said the rising cost of personal injury claims hit profits. the firm‘s pre—tax profits rose 2% to £193 million in the six months to the end ofjune 2017, as the number of uk insurance customers rose 11%. however, changes to the way payments are made to accident victims, the 0gden rate, meant higher costs. we‘re going to start with those unemployment figures. it sounds like good news. at 75.1%, the proportion of people in work is the highest it has been since 1971. but the amount we are being paid for that work isn‘t keeping up with the rate at which prices are rising. yesterday‘s inflation figures told us average prices are up 2.6% and altho todays wage growth figures were slightly better than expected at 2.1% — that actually means we are taking a pay cut of half a percent.

. >> that inflation target didn't become official until 2012 they also left, talking about the dual mandate of unemployment not put a number on the employment target or what the unemployment rate should be. it's remarkable, if you go back ben bernanke and janet yellen, they would talk about the inflation environment that we've had for the past five years in the recovery, between 1% and 2% pce year growth as price stability. it would be perfection if central banker and obama -- central banker novana said we were 2% shy and we had to keep it easy, keep pushing asset prices higher. jonathan: we've got a problem with your microphone but you have a good point, they introduced a bit of a communication problem here. they introduced the number that gave them a bit of a credibility issue. michael: no question, they want full employment but they keep revising what that means, where they have clearly cap that's 2%. -- that 2%. they want to go above that so that they can cool things down from there. so, yes, i think they are stuck a little bit in that they put this target out there. i think that they want to see accel

>> the natural unemployment rate is not a fixed figure. it changes. we have seen fed officialsw. we haven't tested the real bounds yet. inflation is tapering off right now. a globalcause of excess supply. there is ample supply of goods throughout the world. is no longern determined by economic conditions in the states. it's determined by global conditions. when we focus on the u.s. unemployment rate we think that's going to be the signal. it's not. if you were to look at unemployment on the average for betterd that's a determinant of inflation in the united states than just the u.s. unemployment rate. david: i'm going to speculate this is something that's going to come up around the chuckwagon. theook at the importance of ecb form a couple weeks back. >> the topic is fostering a dynamic global economy. suggests they are going to be examining some of these questions. nowhe experience we have really a global experience and if so is there an argument for coordination? most central banks have always argued its best to take care of your own knitting. look at conditions in your count