we need the economy to grow. to support higher revenues that's the top line and higher earnings that's the bottom line. but wall street is not optimistic about this. not only is earnings growth negative but revenue growth is now expected to be negative for the s&p 500 for the next three quarters. yikes! it's well known that energy companies are the main problem. we all know this. but they're not the only ones six of the 10 s&p sectors are expected to report negative earnings growth including technology in the first quarter. that's why weak job growth numbers are so worrisome. even if the fed doesn't raise rates until late in the year it suggests choppy sideways action for stocks in 2015. that is unless the recent weak data is just a blip. for "nightly business report," i'm bob pasani at the new york stock exchange. >> the oil patch, the reason falling oil prices were leading to layoffs. that manifested itself in last month's jobs report and in a big way. when it comes to labor pain morgan brennan tells us this mig

the economy is strong. the number of people who left the labor force say slippery number, has to do with the person alts of people leaving the labor force much more so than the demand for labor. there's a shortage of labor in many -- >> particularly picking berries in california. >> can i just finish for a second? >> sure. >> thank you, sir, but as to your point my very, very very smart friend mr. payne, you're exactly right. wedge issue, envy, envy, envy, envy, envy. the democratic party is the party of envy about everything envy of men of white people, well-to-do people, doesn't matter the democrats are getting most of the money from rich people, almost all large contributions, very large contributions not all but almost all come from democrats. the democrats will hammer away at the problem because they're the party of privilege anyway. >> a resident to the left a mcgovern-like move and they'll all go down in flames. surely they realize that, don't they? >> well if they were smart i think they would. peopl

we have these uncertainties in the economy. so my guess is it's going to be a while before they would feel comfortable to move probably toward the end of this year. but it's going to depend on the always. >> very briefly, why we need higher interest rates? typically when you raise interest rates because either inflation is getting too hot or the economy is getting too hot or both at the same time. why do we need them now? >> the fed wants to try to not be behind the curve because the expectation is that at some point we'll start to see wage pressure, start to see price pressure. we haven't seen that yet. so the fed wants to make sure that it's ready, that inflation doesn't get out of control and the economy doesn't overheat but i think exactly as you said given where we are, i'm not sure that they're in a rush to raise rates. >> all right. randy, great as always to see you. thank you very much. with the university of chicago's booth school of business. >>> as steve liesman reported a little bit earlier in the program, exports dr

lew: if you look at the u.s. economyelative strength compared to other economies around the world explains what the current currency valuations are. it is coming from our strength from a relatively speaking, less strong economies elsewhere. i'm focusing on the need for other economies to be stronger. guy: that was u.s. treasury secretary jack lew speaking to our chief washington correspondent peter cook. we will have more throughout the show and throughout the day. want to watch the whole thing? check out bloomberg.com. let's talk about the european equity markets and what is happening. interesting action on a fixed income markets. let's talk about the equity story. as you can see, we are trading maybe a little bit in the wrong place on this chart, i'm certain that the ftse 100 is not down by 7000%. let's hope the dax is not down by 12000%. we will fix that and make sure you have the accurate numbers when we come back. after that we will go to davos an exclusive interview with philipp hildebrand and manus cranny i the sw

we might slip, but this is going to boost the economy. >> how? f you make the mistake of counting only gdp not whether we're better on. world war ii boosted gdp because it kept people busy building bonds. the war on carbons is going to keep people busy tearing down power plants -- >> i think even bruce and steve agree on this one. >> it's not going to make us better off that's what matters. >> history lesson bill, about world war ii. we're making bombs you couldn't buy cars, were restricted on food, shoes, clothes. you got a piece of paper but nothing to buy it with and killing millions of people around the world thank you i think there's a better way to rev up the economy. >> sabrina go ahead. >> this is sort of a failed ideology but i absolutely think that there could be a lot of damage still done in the next two years. this is an administration who sort of is wetted to the idea of regulations whether we're talking about healthcare mandates or workplace mandates or epa regulation. every single time it hurts the economy, hurts american families a

the american economy is on track. more than 3 million jobs added in the last year, and a stock market hitting record highs. none of that seems to change the reality for millions of workers desperate for their share of the nation's massive wealth. thousands in cities across the country came out to protest low wages. the intent was to focus on the flight of fast food workers, others trying to make ends met joined the protest in solidarity. like adjunct professors and freelance professionals. they demanded a federal minimum wage of $15. >> reporter: agneses has a long come ute. spending $15, taking two buses taking two hours. she makes $10 and hasn't had a raise in a decade. >> we are struggling, struggling bad in the city. we need the $15. foot went up reasons rent went up. >> we need $15. the fight started with fast food workers, and increased to workers like agnes we need to put a demand on the stable to enable us to take care of our families. a lot collessed around $15 as a pair minimum. >> in response to critics mcdo

the chinese economy has not been the sluggish since the financial crisis.'s gdp grows at the weakest pace since 2009. the economy grew at annual rate of 7%, in line with estimates. output, investment, point to a slowdown that is getting worse. china's try to transition to an economy or services make up a bigger share. >> and general, it is still small in size, but growing fast. we are still relying on a traditional growth engine, and that is declining. and has huge impact on our economy in the short term. olivia: leading to speculation the chinese government will have to take more steps to stimulate the economy. it appeared to be losing battle for president obama, so the white house has given in. president obama has agreed to recover mice that would give congress a say over the nuclear agreement with iran. democrat lawmakers would join with republicans to pass. >> it is clear that there is a strong common commitment and the congress of the united states and in the white house to make sure iran never becomes a nuclear weapon state. that is our objective. tha

the economy is in a hiatus. if you took a step back, you might say it would be better for greece to be out side the euro system. it needs a bailout within the system. it would be better from underneath the umbrella and it could get on with life again. the problem is them getting from where they are to where they need to be. that is problematic and the economy is under enormous pressure. it would be better for greece to be outside this is to him. i do not think the risk of contagion is particularly great. clearly, it will cause disruption and nervousness. i do not think it will last long and it will be better for them to be out side the system. it is the and with in the euro that causes the problems. -- within -- it is being wi thin the euro the cause the problems. they need a major international investor come in and national bodies to come in. it may be the ecb that does the lending to greece outside the system. it is in european interest to have stability with greece. the question is, it is this good for greece

today, archaeologists struggle to reconstruct the economies of the ancient world because an economy isessential to any society, past or present. to understand the evolution of economies is to better understand people of all places and of all times. captions by captionamerica pittsburgh, pa. funding for this program was provided by... for more information on t has anyone ever said "you are the picture of health"? you look healthy and you feel fine, but that may not be the full picture. colorectal cancer is the number two cancer killer. it doesn't always cause symptoms but it can be prevented. get screened. make sure you are the picture of health. annenberg media ♪ provided by: ¿qué le estará pasando a fernando? nunca lo había visto tan desconfiado. es natural, pedro. quiere estar seguro y necesita pensarlo un poco más. claro. yo recuerdo muy bien mi reacción

the u.s. economyver whether the first quarter slowdown. make policy decisions that will boost global growth. >> look at the u.s. economy. the strength compared to other economies around the world explains what the card -- currency is. i'm focusing on the need for of economists to be stronger. >> secretary lew will sit down with the greek finance minister for the first time face-to-face. it is time to temp down rhetoric on both sides. >> no doubt if this leads to a crisis such as greece leaving the euro zone it would cause an enormous amount of disruption and hardship on greece. no one should think that all of the risk, change like that is predictable in advance. it would not be in a good thing in an economy recovering from a deep recession. >> a greek exit they worry about as imf world bank meeting get underway. >> you can find more of the interview at bloomberg.com. >> 6:07 a.m. in london new treasury data shows japan has become the biggest foreign creditor of the united states. david inglis is in ho

>> this is a really surprising pattern in the economy. from many years of a rougher labor market than what we're seeing now. it takes time for people to build confidence and to sxraelz recognize what the opportunitys and are confidently go out there. and some cases might need to get skills, for example, health care is a great industry to get into, you can't necessarily step straight into that. you may need to go to school and get background training to prepare for that. it takes time. liz: the president spoke yesterday in the state of utah, talking about job training. must we spend taxpayer dollars to train people? >> there's a wide range of different ways people can be invested in, and that can come from the government, that can come from individuals choosing private education, and come from businesses, educating current workforce or offering training in order to attract new workers. liz: tara, if you look at map, we should dig down a bit more deeply. where are the most vibrant places to find jobs right now? >> i have to point out indeed

the idea of the price of this to the real economy. the greek economy has imploded. n the price of phd's in fancy suits and ties going back and forth at the meeting? klaus: no, i do not sure that view. i know that is expressed in greece today. the adjustment was unavoidable because in the 20 years in the run up to the crisis, there were imbalances developing in greece major imbalances. large account deficits. labor had risen by 45% more than in the rest of the euro area. they lost competitive. -- competitiveness. they lost 15% of gdp. there was a need for adjustment. this included a drop in real incomes. it was unavoidable. tom: klaus regling with us here. olivia: fascinating conversation. a quick look at the four x. the euro is slightly stronger after the dollar. after mario draghi said the q.e. is already working. ♪ tom: it is a search for global growth. world leaders meet at the imf meeting. the new mediocre, is it here to stay? metta lagardere should not ignore -- lloyd blankfein running a bank? good morning, everyone. this is "bloomberg surveillance ." we are liv

the economy is on track. more than 3 million jobs added and a stock market hitting highs much none of that changing the reality for american workers desperate for a share of the wealth. thousands of people in cities across the country came out to pretest low wages. and focussing on the flight of fast food workers, others joined the protest in solidarity like adjunct professors. they were demanding a federal minimum wage of $15 an hour, something that offers a living wage. comey has our report. -- christine saloomey has our report >>> agnes takes two buses and a subway, spending $10 and four hours getting to and from work, where she makes $10 an hour, and she hasn't had a raise in a decade. we're really struggling. i mean struggling bad in the city. we need the $15. cost of living has gone up, transportation, food went up. we need the $15. >> the fight for 15 started with fast food workers and expanded to include other low wage earners like agnes. her union, service employees, is an organiser. >> a lot of group

greece is certainly not a very significant portion of the global economy. not even a very significant portion of the european economy. but it is very important. there are all sorts of unknowns about what happens if the country does go down the path of exiting the monetary union. and our best case expectation is that greece finds a way to stay in the monetary union and muddle through this. but with each day that passes it is certainly getting worse and worse for the greek economy and it means they are getting deeper and deeper into recession territory and need more money from the eurozone. and the outcome for greece is rising and that will have implications for the economy through channels and through confidence channels. >> you mentioned your forecast for the fed. we saw the inflation figures come in this morning and that kind of upset the equity side of things what about inflation linked bonds, is that part of your portfolio that you've been employing or not? >> absolutely. the bonds started the year very cheap and we've had positions to emphasize owning in

energy was one of the prime supports of the economy years ago. so in general we just don't have enough to get a total lift of the total economy. >> thank you. good to see you. john meryl. >>> coming up meet the two doctors who want to help you avoid surgery, alleviate pain and get back to being your old self. >> >>> more than a million americans are having knee or hip replacement surgery each year. as our population ages that number can more than triple over the next 15 years. now there is a treatment that might reduce the need for those surgeries. it is not invasive and you can do it at home on your own time. this bright idea belongs to a pair of israeli doctors. they designed a boot that helps get the body into proper pain free alignment. a boot that helps relieve joint pain? it sounds too good to be true doesn't it? it's called appos therapy, working on there phases of the step cycle. played 13 seasons with the celtics in the '60s and '70s. now 76 he is battling sciatica. he felt relief after trying this last summer. >> i know i have a sciatica

china is now the world's second largest economy. actually the largest one measured by purchasing power parity. and yet its voting share in the imf is equivalent to that of the netherlands and belgium combined. the united states congress mainly republicans, refuses to pass legislation that would change this. even though it won't affect america's voting share in this group at all. the obama administration's opposition to the asian infrastructure bank was quite simply dumb. the bank is just one more way to fund infrastructure projects in asia. if china can't set up a regional bank to finance bridge building what influence is it legitimately allowed to have? of course having chosen to oppose the bank the administration then ended up with the worst of all worlds -- being defeated in its ill-chosen fight. washington has a strong hand. it remains the dominant rule-setting power in the world in a way that has never really existed in history. it's militarily in a league of its own. it has more than 50 treaty allies. china has north korea. but

, or bad for the world economy? and how do you think the effort to establish that will affect the euro? . >> well i think that in order for them to be a reserve currency, there's a lot more work to be done to liberalize the foreign exchange regime, to make it a floating exchange rate, to make it floating reserve, et cetera. those would all be positive things for the world and for china. i hope they continue to undertake the reforms. if they undertake the reforms, then you have a flexible exchange rate, then people or countries will begin to use it more extensively as a reserve currency. and i see no problem with that. but i think the more important thing is not that the the currency, but that they take the steps necessary to get to that point. that is to reform the foreign exchange regime to improve the liquidity of the markets to allow capital flows convertibility, et cetera. i'm all in favor of them continuing the reform process, and i think one implication is a larger role, particularly in regional trade. >> they

guest: when the economy runs hot, the bottom does better. only time we have seen a meaningful decline is in the late 1990's. there are many things government can do. raising minimum wage that is lower now than it was when ronald reagan was in office. companies voluntarily raise their minimum wage. it is time for the government to make sure competitors are paying a fair wage. we could take steps to strengthen unions and representation of workers at work. we can invest in the long run in education. all of those steps will help. the forces causing any quality to rise are varied. partly globalization, partly technology, to partly a change in norms that work and make it acceptable to have an enormous diversions, -- to have enormous diversions. olivia: we have a great chart i saw yesterday. it comes from the bureau of labor statistics. income from the highest earning 20% of americans. is this a problem for gdp? and guest: think about what happens after the crisis. a million americans lost jobs. the odds of the construction worker getting their job

at the end of the day is the strongest economy certainly among the major economies in the world. it's the one economy that seems to be once again the engine of the world. what's your take on where we are today? >> well, you're right. that's the good news. the good news is we're growing, we're creating jobs, property values are rising. the bad news is we're not growing quickly enough, and there's tremendous income disparity. to me, and i want top turn this around with china again, the greatest threat to our long-term pre-eminence is not china. not at all. the greatest threat is our own political inability to deal with the sorts of things we need to deal with to strengthen and revitalize our economy, restore its competitiveness. so to me, what do we need to do to revitalize our economy? it's not just education and training. we need a tax system that will let our companies be competitive. we need a federal income tax system that will let us raise the money we need while creating jobs. we need to be aggressive in terms of trade policy. china is leading in the trade area. we need to

economy lifting the rest of the economy up? t, i think the jury is still out. francine: yeah, interesting. thank you so much, tom. staying with the country's growth outlook, it was said yesterday that india is set to outpace china. the group upgraded its outlook for europe ahead its spring meeting tomorrow and friday, saying a strong dollar would boost growth in the region. we spoke to the i.m.f. chief economist. >> it probably hasn't helped yet very much, but it will and so this is leading us to higher forecast for the ozone for this year than last year. in other words, the main risk that we saw last year is because we've got a recession in the eurozone. that seems -- it hasn't disappeared, but it's much smaller than it used to be. francine: for more on the eurozone and today's e.c.b. interest rate decision -- yes, it's on a wednesday -- we're joined by r.b.s.'s head of macro credit research. thank you so much for joining us. first of all, when you are mario draghi and you looked at what you've done over the last six weeks, you

which is restoring the economy stabilizing it. and by so doing re-establishing and reinforcing the sovereignty of the country. so we are for our part completely committed including on the weekends, wherever in athens brussels washington, to actually help the authorities navigate through the measures that will actually deliver on the objectives of the program while respecting some of the commitments that have been made in the course of the political cycle. it's a difficult path, but it's one that has to be walked and which will just improve the situation. >> thank you for that. let's talk a little bit about your new mediocre. you've coined this term i think it's a great term we must prevent the new mediocre from being the reality, you said. you then talk about the bottom line is risk to global financial stability are rising. and again the new mediocre growth environment is not a comfortable place with respect to financial stability. is the new mediocre another term for secular stagnation? is this what you're worried about? and is th

since that time the economy y has grown at lesess than 2% are year. -- per year. not a matter ofhrowing trade out the ndow it's a matter of making sure wewe compete on a levevel playing field. fast-track authority, bubut you get to negotiate all the deals. compromise. i give you the cpromisise in my column. do somethihing about currency and unfair trade. that is what chuck schumer wants. you hahave a rare moment here. peter is endorsing the e policy of the democratic leader inin the senate. rebecca: you are wearing a boot on your legrom stress fracture, but people think it is because i kick you under the table when i disagree with you. josh we ly have 30 seconds. we want to talk about economic rerecovery. one of the issues it is coming down to, housing is one funny mental issue. you say when people have the rent out parts of their home to rent the mortgage -- pay the mortgage, it's not a good thing. guest: incomes have not kept pace with housing prices. we are starting to see that in particular in the d.c. area. rebecca: thehe job market is picking up again, oil p

with the given economy even with the exchange rate. the with the perspective of the trade partners the exchange-rate movements is offset to not export though weakness so is good if others are doing fiscal monetary expansion. costs i don't recommend putting that into the trade agreement. but i can tell you as a participant in many international meetings it was the constant discussion to do evaluations and reviews there isn't a vehicle stick the countries to respond to diplomatic overtures to see counter-productive to global economy. we need to highlight those imbalances with those international meetings to put the pressure on countries to achieve a better state of balance. >> please wait for the microphone. >> reaching full employment how low do you feel of the 5.range? where is full employment? >> i don't know when number and those without a search of a with sometimes groping with those real wages of they are approaching full pointed. it is even more complicated them before. it used to be the only number to let cab but now there are ma

so what will she do to help the economy and jobs? ♪ just because your bladder is changing, doesn't mean you have to. with tena's unique super-absorbent micro-beads that lock in moisture and odor... you can keep being the one with a new story. tena - lets you be you. when you're living with diabetes, ♪ steady is exciting. only glucerna has carbsteady, clinically proven to help minimize blood sugar spikes. i'm a bull rider make it part of your daily diabetes plan. so you stay steady ahead. >>> it would be 12:00 that hillary clinton would announce she would run for president, doing it on social media with one of those videos everybody can download and watch. apparently it's been delayed, so we're waiting for that announcement to hear what she would say and how she would lay the rationale for running for president again. part of the core of her strategy, we are told, will focus on the economic struggles of the middle class and also help working families. what does it really mean to be middle class in our country and why is this such an ec

and the u.k. economies. ch higher proportion of people in work than in the usa because of our reforms to welfare and sickness benefits, which have people back to work who otherwise would now be claiming to be unable to do work. francine: you were talking about the u.k. being on the threshold. i know it is difficult with 20 days until the election. are you concerned about a high pound? does that worry you? it means that exports will be more expensive and it may possibly be more difficult to do the work here. >> of course i do not want to see the currency suddenly rocket up compared to the rest of europe, which is doing very badly, for the most part. stirling is an area that people want to invest their money in. that is a reflection of the strength of the economy and of the relative weakness of many european economies, that are still mired in recession. i would like to see the sterling right fall a little -- rate fall a little bit more. the markets think the british economy is doing well and they are voting for

but that the u.s. economy overall continues to grow albeit at a moderate pace. >> today in an interview on cnbc treasury secretary jack lew said despite weakness in economic data the u.s. is in good shape especially when compared to other economies around the world. >> i talk to business people around the world and my colleagues my counterparts around the world. i don't hear a lot of questions about whether or not the united states is strong and continuing to be headed in the right direct. there are a lot of concern about the global economy. and the performance between the u.s. economy and other parts of the global economy. >> the secretary also said confidence is up consumers have more cash in their pockets and that he's not concerned about the strengthening dollar. >>> another challenge that does face the u.s. economy is income disparity and today on tax day fast food workers across the country and across the world took to the streets to demand higher wages. in brooklyn new york demonstrators blocked traffic

hopes that the u.s. economy were de full steam ahead ashed.stock markets may have been closed for the holiday , future trading was not. japan and south korea will be the major markets to react. john: bit of a blow. 126,000 jobs for march. the average, 200-5000. so the figure was worth -- worse than even the most pessimistic figures. february also missed. 200,000 plus was what they want to see. march came along, wage growth is growing, job growth is not. so that is a concern. march,ellen said in officials will not follow any predetermined titling. ,ut the reaction for this markings were closed on friday. example,old price, for you can look at the future market or the euro-dollar. all of those reacting. gold prices jumped up by 1%. you have the euro-dollar. significant change. and the futures market, we have a decline. that will reverberate throughout the asian market. china and australia are closed today. japan is not closed. here is bill gross talking about what he sees in terms of reaction from the fed. >> they

our number one story is the world economy. monetary fund released to their global growth forecast. easing monetary policy and eight ha -- a halciving of the oil price should have been the primer for economic growth. but things are not looking that great. >> there are lots of technologies that make using oil more efficient. >> it gets into the question of is this a new normal? two economists need to change -- do economists need to change their models? we may just have to expect certain things to be weaker. betty: what you mean their models might be wrong? they are looking at indicators that may not reflect how the economy is doing? >> yeah the empirical reflection from the indicators are incorrect. if oil is trading at x -- you have a ton of different variables -- and then there is a analysis. who knows? betty: i think that the way we have looked at oil prices and the effect on the economy may be has changed from what it has been -- from what we have thought of before. the lower gas prices certainly have not juiced up consumers

the market rose somewhat as the nation's economy began to pick up. in july 2007 the nikkei recovered to the 18,000 mark. but those gains were soon wiped out as concerns spread over the issue of subprime mortgages in the u.s. then lehman brothers failed in 2008 pushing the nikkei downward. it tumbled below 7,000 hitting its lowest level in 26 years. the key index stayed weak due to the effects of the strong yen, along with the earthquake and tsunami in 2011. in late 2012 prime minister shinzo abe returned to power. some foreign investors began buying japanese stocks on expectations that his abenomics policy would get the economy moving. the bank of japan's massive monetary easing in april 2013 and additional easing in october 2014 weakened the yen. that helped improve the earnings of exporters and pushed up their stock prices. the nikkei 225 climbed back to 16,000 at the end of 2013 and to 18,000 in 2014. share prices have continued to rise this year as japanese companies report higher earnings, and investors expect the u.s. economy to improve. >>> we

the economy is not doing particularly well. despite all the stimulus and zero interest rates for now six years in a row row and i believe central bank assets known to be bond have encouraged governments not to cut down on government spending but to continue to live essentially in extravagant spending. >> but my point was do you think it was a mistake with regards to greece because european equity markets and bond markets are propped up artificially by ecb's qe. that means we worry less about any contagion effects about greece. >> there's a disconnect between real economic activity and financial markets. in the u.s. the s&p is at a record high and globally we had the huge bull market in stocks. in china the market is up 80% over the last six months so the liquidity injections of central banks has been very successful at boosting equity prices. that's no question and bond yields are at the record low whereby they will bring about a new set of problems for the pension funds for the insurance industry. >> we'll talk much more about

why has that not help the greek economy? >> the greek economy is suffering from a great confidence crisis. what we're having here is uncertainty about the path of policy going forward. in particular, whether there will be an ingredient with fellow european nations which are giving loans and currently withholding disbursements. i think the markets clearly no without the disbursements, the money will run out very quickly. mark: today the greek prime minister ordered local governments to move the funds to the country's central bank. is this a sign of desperation and will this be enough to keep the country afloat? >> it is a clear signal the country is running out of options. if you look at the payments that are due, not only to the creditors or the imf but to the workforce, staff needs to be paid. pensions need to be paid. so they are really learning -- looking at all corners to find the liquidity to keep the country in a position where they can pay their bills. this is a stopgap rusher. it will not last very long. we need a sol

if you think about the policy issues in china this economy is slowing. we want to decrease the pace of the descent. so i need a lot of domestic savings and international savings. >> adrian, thank you for your time. >> thank you. >> tim, when will you get back in? >> i just want to see some of the profit come out of the market. some of this is technical. the other thing is em is also doing better. so i like brazil. turkey which has been destroyed by the currency as a central bank meeting that's a place i'll be tactical. i like turkey. >> market flash on costco. >> so here's what we got. shares of costco up by half a percent. costco's board of directors has reauthorize ad new $4 billion share buy back program. it replaces an existing share buy back program that was going to expire this month that still had $2.5 billion left on it. a new one replaces that one. it's not a new $4 billion one. it's like tacking on another billion and a half. the company also boosting its quarterly dividend by 1%, 2.40 a share. more cash back to shareholders by a share repurchas

with the assumption that the economy would -- that the fed would eventually pass the baton to a stronger economy. >> yeah. that's questionable now. why stay? >> that's a good question but i think the question we need to ask ourselves is the economy capable of generateing organic growth. i think when you look at housing there's evidence of that. home buildings are outperforming year to date. it's one of the few bright spots. when we look at capital spending it's been weak. but it's going to tighten this year and it's a precursor to capital spending u picking up. >> you're not concerned about the economy. it seems like you're pretty easy to brush off the disappointing jobs report when even some of the data leading up to it was pretty disappointing. >> i mean, it is disappointing. as you know you go in for expectations. even the fed expecting the number for the year and we're tracking lower for the first quarter, but yeah again, i think if q 2 is tracking at the same level we have to worry about it. i think a lot are temporary factors. the dollar is reversing. construction was a drag. gover