we had tony of pimco and he said 85% of american jobs are in the service sector.ents complained about not having people with the right skills. they claim there are jobs in manufacturing. not the same as in the old days but there are possibilities. now with the oil sector squeezing down, pay levels for people in some of those fields is starting to come down. tom: what happens if the unemployment rate goes under 5%? jim: thank god. tom: there's no downside. are we ever employed? -- over employed? jim: i don't think so. there is a lot of hidden part-timers working involuntarily part-time jobs. and young people who dropped out during the recession. tom: how do you wait the importance of the u6? jim: it gives you a better sense but i am more interested in people displaced by the recession. that tells you the rate is not as low as 5.5%. tom: jim glassman, thank you for your support on jobs day. senior economist at jpmorgan chase and co. olivia: 5.5 minutes away from the march jobs report. bill gross will be weighing in on bloomberg "surveillance with tom keene and mysel

with us, tony of pimco, later, jim glassman and bill gross. this "bloomberg surveillance."ve.

we are relentless in the pursuit of performance for clients, and his presence will be waiting --weighty. mark: tony crescenzi of pimcoks so much. up next, hitting another bump in brazil. we will check in for the wednesday edition of the latin america report. that and more when "bottom line" on bloomberg television continues in just a moment. ♪ mark: welcome back. it is time for today's latin america report, and let's go to jose who is standing by live. jose, good afternoon. jose: good afternoon, mark. there is a lot going on in brazil. one of the most powerful businessmen in the country chairman of the state owned oil company. together with the selection of board members, one week after petrobras closed about a $15 billion in parent. the overall is the latest iv state run producer to contain losses and -- the latest state run producer to contain losses. also in brazil and order this morning to suspend activities in the country, uber, adding another country to the list where they face legal obstacles. from sÃo paulo there was a fine of 100,000 to a maximum of 5 million if uber violates his order to stop operating. the

our pre-and post round table includes diane's walk --includes tony chris enzi of pimco.e you at 1:56 just before the fed's announcement. cory: "bloomberg west" will be right back. ♪ cory: this is cory johnson. this is "bloomberg west." hollywood designs people and places that do not exist. this is the daily task for a london-based firm that counts "guardians" as one of its designs. check this out. >> we make emotional experiences. visual effects in the past has been making things look real that don't exist. if you can't film something, we put it in the computer. it has gone further than this and it's more about creating emotional memories for people that they will keep with them hopefully for their lifetime. cory: i just watched "guardians of the galaxy" two weeks ago on an airplane. you made this character of a smack talking raccoon. what were you trying to do with that? it seems like there are so many ways it could have gone wrong. the raccoons really talk? mike: i reckon they do. most of the characters we create have to create emotion, have to interact with people. fo

tony crescenzi of pimco.ss of janus capital, and alan krueger will join us from princeton university. that is a pretty good list your it we will look tomorrow morning at washington. good morning. ♪ tom: good morning, everyone. "bloomberg surveillance." alan krueger will be fascinating on the two americas. here is brendan greeley. brendan: from the hellenic republic, written as a document prepared by greece's government today. tom is a guy who looks at the numbers. this is their proposal to the eurozone. i like to read the preamble to show what they are thinking. olivia: i do not mean to be completely rude, but how can you say forget the past but also you os money from world war ii? brendan: exactly. i think it is acknowledged that that is negotiating -- olivia: he keeps bringing it up there it i have seen that many times. brendan: this is their competing narratives right now. tom: where does this go into the weekend with spreads out 10 basis points this morning? brendan: we keep having conversations with hans

of when the dead will move. -- the fed will move will stop mark: our markets and investors too worried about when the fed will raise rates? tony: pimco would like to suggest you not get too concerned about the analysis and get caught up in timing the markets. that's always a dangerous thing. that said, we do think the market is underpriced. in the final analysis, we suggest focusing on the speed and magnitude of future rate hikes. janet yellen said this in a speech available at the fed's website. it wants investors to focus on the entirety of the fed's path on rates and markets have been doing that, pricing in a 2.5% policy rate by 2020. it seems the market leaves the fed's notion that the neutral rate, the number in terms of keeping employment in place, is lower than it used to be. mark: how can the fed had a perceptions that it is moving too slowly on raising rates and that it is behind the curve on inflation? tony: the inflation data are quite low. it has been six years of running below the fed us 2% target. what if the next six years were 2.5 percent? we're not suggesting they want to do that but the fed, by moving on rates befor