host: mark zandi? well, you know, i do rely on data and the key part of the data is the bureau of labor statistics. i realize that one is a survey of companies across the country. the survey covers roughly one third of the job base. every year that survey benchmarks the employment count, so we have a very good accounting of almost all the jobs in this country once he year. in fact, we will get that data next month. producing morere jobs. as i mentioned, earlier, in 2014 we created 2 million jobs. jobs perbout 200,000 month. in normal times, if unemployment were lower, that would be considered to be very good. that is incredibly strong job growth. it is, of course, quite disappointing in the current context. unemployment is still very high. it undercuts the trust out there, you have a lot of underemployed and discouraged were -- discouraged workers. we are creating jobs. the job market is picking up. having said that, it is not the case for everyone. it is not the case for every community across the cou

host: mark zandi?l, you know, i do rely on data and the key part of the data is the bureau of labor statistics. i realize that one is a survey of companies across the country. the survey covers roughly one third of the job base. every year that survey benchmarks the employment count, so we have a very good accounting of almost all the jobs in this country once he year. in fact, we will get that data next month. producing morere jobs. as i mentioned, earlier, in 2014 we created 2 million jobs. jobs perbout 200,000 month. in normal times, if unemployment were lower, that would be considered to be very good. that is incredibly strong job growth. it is, of course, quite disappointing in the current context. unemployment is still very high. it undercuts the trust out there, you have a lot of underemployed and discouraged were -- discouraged workers. we are creating jobs. the job market is picking up. having said that, it is not the case for everyone. it is not the case for every community across the country

we'll get mark zandi on.ference between adp running three-month absolute average with the private sector running in the 30 to 40,000 range. now, i said quite enough, joining us from philadelphia, mark zandi, chief economist at moody's analytics. one of the better numbers you've had, mark. >> yeah. >> over 200,000 for three months running now. >> yeah. and just going back to the point about accuracy, which i'm very proud of, if you look at the past 13 months over which we've been doing this, we almost nailed the bls right on the nose. you know, down on either side. >> the total. >> pardon me? >> you mean the total job creation when you add up all 13 months. >> yeah, yeah. you know, some months were a little higher than bls, some were a little lower. the net-net is pretty much zero. we're nailing it. i'm pretty happy with the accuracy of it. >> what does that tell you about what's going on? >> it's a great number. you know, to me, it signals -- i mean, i'm almost positive this is it. we're off and running. we'v

i want to go to moody's mark zandi. listen to what he said. >> i don't believe them, chuck. they were uniformly weak and number was so low it's just not consistent with all of the other economic data that we're getting. i think these numbers will get revised. every year we have a month where we get an outlier on downside and outside and it gets reversed in subsequent months. this is one of those months. >> perhaps driving mark zandi's thought here is when we look at housing numbers, we look at the dow which we have watched over the last year and other great economic indicators doesn't jive. is this an outlier? >> mark is totally right. these jobs get revised constantly. even november's number which was very good at 200,000 got revised up to 240,000. we don't get up today and this show did not lead with jobs numbers revised up 40,000 in november add to 75,000 in december and you have 115. even more to the point in a country of 310 million people with a labor force of nearly 120 million, these are really fractional amounts. i'm not suggesting that one job is a fraction for one

zandi said yesterday that the labor market had shifted into high gear. i find that one of the more absurd statements he made in a long time not to debate with him but you put him on the screen. now he's basically backtracking trying to defend his position. i think there's information here that says we need to pause, take a hard look and re-evaluate to make sure the labor market is healing. >> we put him on the screen but gave you more time as is our nature. jared, take a look at this chart. this is significant when we think about the loss of unemployment benefits. what you can see there is those monthly seasonal adjusted rates. what the do you say to the white house argument that right now we have a much less coverage of people, the number of unemployed people who have benefits now is lower, which is less cash going out into the economy. >> i think that's a problem. i think today's report even though again i agree with many of the comments about how especially the payroll number will be revised up, today's report actually comes at a very critical time of

also with us, mark zandy. gentlemen, welcome to you both. let me begin with you, mark. you heard our report. still a lot of americans out of work. you know, where are they going to find jobs, and will we ever find those lost jobs from a couple of years ago, will they ever come back? >> there will be more jobs. housing will be a key source of jobs over the next two to three years. home construction will pick up significantly. construction jobs, manufacturing, landscaping will pick up. i would expect more job growth in high-end services. accounting, advertising, management consulting. those are highly skilled jobs that require lots of education and they're for the high-end. >> mr. johnson, your businesses touch a lot of corners of the american economy. are you hiring this year and if so, are you able to find the kinds of employees to fill those jobs? >> well, tyler, the way we look at hiring across all the companies that we have investments or ownership in whether it is automobiles, hotels, financial services, priva it is based on where we're going to find the productivit

>> you can't take zandi too seriously, he likes to flag for the white house.wrong with this number, but not as much as he claims. you have to consider the fact that dollar stores, for example, are reporting very tepid holiday sales, now that the numbers are coming out, simply because their customers don't have enough money. last year it was -- >> although holiday sales overall were up. >> right, but at the low end, the dollar stores, sears, k-marts, they are flat or down. that's very, very troubling. what that indicates is they don't have enough money for necessities, some of that is higher premiums for health insurance they are anticipating and still the residual effect of those higher payroll taxes from last year. >> jim, for the year, 2.2 million jobs were added to the economy. unemployment went down from 7.9% to 6.7%. how do you read these numbers? >> i think the best way to read these numbers is over time. one month is not a great indicator of how things are going, but over time the trend looks a little better lately, but we still have a economy, and i fe

do you agree with mark zandi? >> to a point. underlying trend before this report was 200,000 jobs a month. as you mention, 74,000 for december is way below trend. and there's a lot of noise in the monthly data, and it wouldn't surprise me if, again, the numbers get revised up. however, i wouldn't go as far as my good friend mark in terms of throwing the number out, because, a, it's not entirely inconsistent with an economic recovery that's thrown a lot of head banks, if i can use a basketball term, at the job market. >> right. >> and secondly, there are other indicators, particularly the decline in labor workforce participation. >> that's baby boomers, or? >> well, first of all, most of that decline came from people leaving the job market, and, yes, some of it is retired people, baby boomers aging out of the job market, but that's the lesser portion of it, and also, you know, some of those people are probably being nudged out before they'd like to because of the underlying weakness. >> jared, i want to get to this. overall for t

omy by according to mark zandy, chief economist at moody's analytics. so there's some 17,600 unemployed workers in nevada who have lost their unemployment benefits because this congress failed to do its job in december when we had an opportunity to do it. i urge the speaker, along with 170 of my colleagues, to not adjourn, to not go on recess, until we completed the work of extending the unemployment insurance but that request was not acted upon. and so we're here. and as my colleagues have said, there are things, there are solutions that we can do to extend the unemployment insurance. if you want to offset it, if you want to have pay-fors, i'd like to offer a couple of suggestions on how to pay for it. in order to offset funding for unemployment insurance, congress could close a number of corporate tax loopholes such as eliminating tax incentives for companies to move jobs overseas. why is it that we continue to incentivize major corporations based on u.s. tax policy for shipping jobs overseas when we have americans who are desperate for work right her

zandi.ny attention at all to these numbers. >> really? >> no, really, dead serious. they're not consistent with anything. anything. gdp, ism survey. >> how do you make sense of this then. >> next month this will be -- we'll get the benchmark revisions and they'll be revised up and away. this is not consistent with anything. >> let's go to austan goolsbee. what do you think? >> i think we have a tendency every month to way overreact. last month we got a big number, now it's revised up. everybody said we've turned the corner. this one is probably, mark is right, i think it's probably too extreme. but everybody needs to chill it down a little. we haven't fully turned the corner any more than we were down in the dumps. i think this is just a reminder that we have to get all our ducks in a row. >> do you know if they fired that guy that was making up the numbers before the election? have you heard from your sources. >> i heard that guy works at "squawk box" now. i don't know where he is. >> he ha

mark zandy, great to talk to you, happy new year. >>> economic forecast for 2014 and let's take a look at what news stories might come out of the business world. to tell us what trends and stories we should keep a look out for, we are joined by diane brady, a senior writer at bloomberg news. google glass, what about in trean will bring our attention? >> i think wearable devices is actually a transformative technology overall. you've got these people wearing their fit bits, an ekg that monitors your heart rate, 23 and me where you spit in a test tube, you get back your dna, you basically can get a full genetic prophile, the fda is nervous about some of these issues, but i think we'll see more personalized health care. >> wearable technologies, can i do an ekg on myself? >> you. >> you can. it can pick up 90% of the heart attacks detected in an emergency room can now be tracked on your iphone. you can monitor your heart rate and your sleep. as that gets connected to the internet they take much more control of their health care. you'll see communities form around some of these different d

mark zandy says we're now going to start to see an economic recovery more typical of the economic recoveriest we have seen historically. worth noting that the national federation of independent businesses came out with a report and said that 1345u8 businesses hied the most workers in nearly eight years in december. so usually we see this report as a harbinger to the big jobs report. so this is good news. >> what are we expecting for friday's report? >> the difference between this report and friday's report is this is about private sector hiring, the government report is all hiring. everything that is not agriculture, basically. analysts and economists were looking to at 106,000 new jobs added in this december, but because of this adp report, some of are revising their estimates a little bit higher. so we're probably looking to have created about 200,000 jobs in december. here is the thing, typically is it a mix of private and government jobs, but as you know there are no government jobs being added. so every last job will be a new private sector job, that's why we think today's report is ref

employment figure for december, did appear to some to be an outliar, are you in the camp of the mark zandy's not to be believed. >> i wouldn't say it's not to be believed at all. we've seen revisions going up in jobs numbers over the last couple of years but i do think it's something that will likely influence the debate somewhat on unemployment insurance. i think in the end the chances are that unemployment insurance will not be extended, but i think the chances improve slightly because of that number. i also think it influences the debate on minimum wage and the idea that minimum wage increase, which i think has a better chance than extended unemployment benefits, i think that has got a little juice from those poor numbers. >> talk about the economic consequences of not extending unemployment insurance. as you say it is unlikely for that to happen, what is the ripple effect on the economy? >> well, it -- the multiplier effect you get of putting money in people's pockets and if they don't have a lot. it doesn't take there long. that money circulates within the economy. but i think it's diff

job zandi looks at u.s. growth in two thousand 14 question or comment iphone, twitter and facebook. this is live at 7:00 a.m. eastern on c-span. >> the first family is spending part of their holiday today volunteering in a soup kitchen. the associated press was they are just a few minutes away from the white house. they were in an assembly line making burritos. he said he came to help the central kitchen markets 25th anniversary. valerie on the background with the first family volunteering. >> sasha's technique is outstanding, by the way. i am very proud of her. looks like we have land here. a lamb burrito. >> beef. >> beef. i could tell. the vegetables. cheese. >> elsewhere, the national action network which was founded by the reverend al sharpton marks the day. we heard from joe biden which, in congress to restore the full voting rights act after a decision last year by the supreme court that struck down part of the law. this is about one hour. he had gone to respond to the call of workers that were a strike for garbage workers in memphis, tennessee. today that union is lead inter

the congressional budget office and numerous economists, including mark zandi, have indicated this is one of the best things we have can do to help keep the money in the economy, keep it stimulated. it's a good way to spend public dollars to encourage private sector response. this is good for families, but it's also going to be good for our economy as we know that people who get unemployment insurance are going to spend those dollars. they are not going to put them in the bank. as senator reed said, how do we create jobs? this is one of the challenges we have. making sure that people can still go out and look for work, those dollars can be used to buy gasoline, pay for groceries, pay people's rent is important because it keeps a lot of other people working in the economy. it's very good news. serious negotiation vs. to start as we think -- negotiations have to start as we think about how we get this bill passed. >> before i introduce senator brown, i have to personally thank senator dean heller of nevada. he stood up, responding to his constituents and to what he was seeing in his hom

. >> when we got this yesterday, both liesman and zandy both sort of indicated that we could look forar for unemployment to drop even faster than it had because we're ratcheting up. and it was sort of going along with the thinking that we're going up to 2.5% or 3%. that we are, in fact, ratcheting up global -- >> well, if we do -- >> you don't buy that? >> i am more skeptical. i don't know why businesses are going to be mover aggressive hiring this year than last year. >> would you know if they were? >> i would there would be some indications of that. the hiring plans, the confidence numbers in terms of business are better and i think the lack of kind of fiscal overhang, the uncertainty surrounding fiscal policy definitely is going to be less in 2014 than we've had. so maybe businesses are a little more optimistic. i don't get a sense, though, that the animal spirits are strong enough. >> so, phil, i don't know whether you want to just assume she's right and then what do you do with stocks? >> let me jump in. michelle and i had a nice conversation in the green room this morning, so we

here's what economist mark zandi whose moodys.com calculates the number for adp thinks the number meanss it. we're off and running. we've jumped to a new level of growth. >> so much optimism by others, but over at bmo, they said the fact that other surveys were suggesting that hiring is generally picking up, points to upside risk to this friday's payroll report. jim o'sullivan said weather fluctuations tend to affect payrolls and some say the friday number could be affected by that and the bank of tokyo says a king-sized job numbers for a faster 3% economy and that's an important comment in part because the growth numbers have been better and not surprising to see these numbers better as well. and there's the adp, if you are wondering how accurate. running right along with it. plus or minus 30,000 or 40,000 over the past several months. 229 in the prior month and 196 for the government and 238 you can see that's the current number. pretty close. these kind of rapid job growth numbers if confirmed friday in the government report and in lower unemployment could suggest the fed may have to

according to leading economists, including mark zandi john mccain's chief economic advisor when he ran for president, they agree. for every $1 we spend it brings back $1.50 to our gross domestic product. and in 2012 alone 500,000 kids, children were kept out of poverty by unemployment benefits. that's one reason it's outrageous that congress allowed this program which helps tens of millions of american families with millions of children get by each year, to allow it to lapse in december is unconscionable. the today the senate has a chance to correct this terrible omission. just before christmas, my colleague from nevada, a republican, dean heller joined with the senior senator from rhode island jack reed a democrat to propose an extension of unemployment insurance for 1.3 million americans who lost benefits this past week. i commend these two senators for their compassionate stance on this issue. the senate will vote on moving forward on this reed-heller bill this evening. i hope a few reasonable and empathetic republicans will join my colleague from nevada, senator heller, and help us

mark zandy, chief economist at moody's analytics has found that for every $1 spent on grows yment insurance, the economy $1.55. these dollars serklating through the economy create jobs. despite statements to the contrary, no one wants to be unemployed. americans want to work. it's part of the american ethos. it's also part of the american ethos to help our fellow citizens out when they are down. we all must remember that, but for the grace of god go i. i close by asking speaker boehner to bring an emergency unemployment benefit extension benefit to the floor and in doing so not only help our economy but more importantly, millions of deserving and unemployed americans. mr. speaker, i yield back to the gentleman from las vegas. . mr. horsford: thank you. and i'd like to thank the gentlelady from new york. thank you for your hard work and for bringing your perspective to the need for extending the unemployment insurance benefits to the 1.3 million americans who, as of this week, have now lost receiving that benefit. this is the week that they would have otherwise received that unemployment ins