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tv   Mornings With Maria Bartiromo  FOX Business  December 6, 2019 6:00am-9:00am EST

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friday before 6:00 a.m. on the east coast, zeroing in on jobs in america this morning as we await the november job's report out this morning, 80,000 jobs added to the economy but unemployment rate holding steady at 3.6%, full coverage, all hands on deck of this important read on american jobs and the economy, tensions apparently easing china is waiving tariffs for u.s. soybeans and pork, the trade talks are going well, something could happen before next round of tariffs on december 15th, markets pointing to third straight day of gains, dow futures up 58 and nasdaq futures higher by 28, massive protests in france continuing the strike crippling the country for a second day in a row as activists take to the streets reforms, police firing teargas into some of the crowds, we will have the very latest, mornings with maria begins right now.
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♪ ♪ maria: big show this morning, joining the conversation fox business dagen mcdowell, workforce analyst courtney is here, board member author of trumponomic stephen moore. >> good morning, maria. maria: this morning looks like 180,000 jobs are the estimate, what do you think, dagen? dagen: below 4%, 20 straight months that it's been below the 4%. longest stretch since 1960's.
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>> when i was in college 4% was full employment. i will take the 180,000. maria: you think the month of november was weaker, why? >> i will bet you 50/50. i will be happy with 150 quite frankly. what happened in november, though? >> manufacturing is still weak, maria, that's one thing i will be interested in looking at, what happened to manufacturing jobs in -- >> so i would agree with you on the manufacturing side, steve, manufacturing, we definitely have seen a slowdown and manufacturers are dealing with a few different dynamics, of course, with trade and tariffs but also still having a challenge finding skill talent is another obstacle there but the service industry is still
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adding tremendous amount of job, that's where we could see some job growth certainly health care will continue to be strong and just professional and business services in general. there's over 7 million job openings, it's still a real challenge to find quality skill talent so we could see a good number the challenge would be if there's softness there, it's definitely manufacturing or the dilemma of uncertainty with employers not wanting to hire or not finding the quality talent right now. that's a real challenge. >> the skills gap is a real issue and has been for a while now. >> labor participation rate last month, i think, was the highest since 2013 and among working age, the prime working years the highest in 10 years, you are seeing people go back to labor force, clearly with 7 million
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job openings thereabout but also watch for paychecks, but in terms of disappoint, -- disappointment it has been going up, 38,000 manufacturing jobs added last month. that was the end of the gm strike. maria: we will look at that, the uncertainty around the economy has to do with the trade, china is reportedly now set to waive tariffs on import of u.s. soy and pork products, signals and optimist mick tone -- optimistic tone and if china is trying to give an olive branch to the u.s., you wonder how the u.s. reacts? >> i think this is one of the best things for the economy, the uncertainty of what's happening with trade and how it's impacting manufacturers especially the automotive industry right now, so this
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could be such a good sign overall if we could get a phase 1, right, by december 15th, that's going to start to build, again, on some momentum and i think you will start to see employers being more optimistic about 2020. maria: we will see, china wants that riffs off the -- tariffs off the table. >> every time it looks like we've made substantial progress, maria, then either trump or the chinese pull back and i won't believe it's going to happen until it's actually signed on the bottom line and that's where we are, it's been back and forth and i think america is too bullish because things could still go wrong. maria: you're right, we want to talk about impeachment. house will be moving forward be articles of impeachment against president trump.
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>> today i'm asking our chairman to proceed with articles of impeachment. the president leaves us no choice but to act because he's trying to corrupt once again the election her face own benefit. maria: this as vice president joe biden had heated exchange with voter in iowa after he asked about his son's involvement in ukraine. >> you sent your son over there, worked for a gas company that he had no experience in order to get access to the -- >> damn liar, man. no one has ever said that. >> you don't have more backbone than trump does. maria: wow, quite the exchange there. dagen: joe biden seemed to call
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the guy fat, he denied it, he was saying facts, but that's joe biden, you know what, a lot of the politicians now get cover for pushing back like that because of president trump and the way he speaks, that's the expectation from voters that you have to get tough one way or another. nancy pelosi in making announcement on pushing ahead on articles of impeachment talked about russia that somehow was holding aid to ukraine was aimed by president trump at benefiting russia and i think that it pulled back the curtain on what is really going on here, is that they from the moment the man was elected to the white house have wanted to impeach him. maria: right. dagen: very liberal democratic voters have been pushing this and still trying to feed a false
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narrative of collusion with russia, she actually said that yesterday. >> i actually don't think nancy pelosi wants to go forward with this. maria: solemn face -- >> i know that, she's saying what she has to stay, nancy pelosi is not stupid and this is not working for the democrats, the more they pull forward with this, the lower their numbers go. that's what i mean. she's smart enough to know. you're exactly right, dagen, this is driven by the left-wing of the democratic party and it's like a train they can't stop. maria: they know ig morning and they have another impeachment -- >> the stock market is not paying attention to this. maria: was adam schiff's surveilling congress, this is extraordinary, 30 page house intel impeachment report doesn't include much new of trump's ukrainian intervention write it is journal in an op-ed but details of telephone calls between ranking intel devin
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nunes, trump attorney rudy giuliani, jay and reporter john solomon, so they asked and subpoenaed metadata from at&t so that they can spy on these people to understand who they were speaking to as if devin nunes is not allowed to speak to rudy giuliani, as if devin nunes is not allowed to speak president trump, who else is he surveilling? dagen: dug into the way the white house phone system works and they have this article today, doubt service over giuliani white house budget calls that house democrats earlier this week released records that asserting that giuliani was associated with budget office but that's now in doubt, the previously
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undisclosed phone number cited by the house intelligence committee in impeachment inquiry isn't directly linked to omb, it could reflect phone calls to other parts of the white house according to wall street journal, so, again, to smear the white house, it's to -- tramples on attorney-client privilege and the rules and laws governing congress and also tramples on a reporter, the first amendment. maria: unbelievable. dagen: why didn't at&t push back? why didn't at&t push back on the subpoena? maria: they had to make a statement that we have to give up records under law to congress, but at the same time, they also have the ability to push back, you're right, and they did not. dagen: it was the metadata, pants on fire over the the natil -- the nsa using metadata to combat terrorism but this nothing from the left, from the left wingers of the democratic
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party, but to that point, i think that you release the phone call data, there's no evidence there, there are no call records, records of the actual conversation so, again, it was aimed at smearing all of the individuals. maria: exactly, i'm looking at it as democrats are throwing a wrecking ball in our democracy, first 2016 and trying to stop a dually elected president, first campaign and then after the inauguration and now surveilling innocent people? i mean -- >> where is the american civil liberty's union. maria: where does this stop? >> the misconduct from the time this started has been -- we have never seen anything like this before. maria: it's extraordinary, we will take a short break, be sure to tune at 8:00 o'clock, all on deck for november's job report, we will talk about jobs and identify where the high-paying jobs are, do join us, saudi
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ramco goes public and the world's largest, the numbers coming, wait till you hear the how long the deal is going to be, pelaton breaking silence after ad, wait till you hear, back in a minute.
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gold! right, uh...thank you, for that, bob. but i think it's time we go with gbtc. it's bitcoin exposure through a traditional investment account. nice rock. it's time to drop gold. go digital. go grayscale. maria: welcome back, another day of protests in france, cause maying juror commuter chaos among other things, cheryl casone with details. cheryl: this may go into the weekend, protestors taking into the streets today which would see them retiring them lathe or facing reduced payouts in retirement. violent clashes have worked out across the country, france public transportation being hit hard, many services shut down, tourist sites remain closed
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today, macron will address the strike at some point this weekend. cheryl: well back here at home four people dead in florida after ups truck was hijacked, two suspects were killed along with the ups driver and a fourth victim found in a car near the shootout, this all began in nearby coral gables, the largest ipo ever, saudi iramco set price and already raising the company's value, the state-owned oil company says they will sell shares 8.53 each, the overall value, $25.6 billion. that also puts the value of the company at $1.7 trillion, maria, this tops apple and microsoft now, yesterday's offering through trading demand, some
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point mid-december which is coming up. what an ipo. maria: $1.7 trillion, we were surprised by trillion valuation for apple, thank you, cheryl. protestors in france, you think this is a -- >> huge story, it's not like macron is some kind of, you know, right-wing leader, he's left of center and he's trying to put in just very sensible pension reforms and the people are taking to the street, it's the problem with europe, that they've become so entitled to big pensions an big government handouts and unless europe can overcome the culture you will continue to see a flatlined economy. maria: the structural, the need for structural change is also the time europe has hard time generating any growth. >> demographic people, people retiring and there's no way they can pay pensions without reform. maria: ahead of job's report, keeping a close eye on potential phase 1 trade deal between trust
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and china, any headlines will likely move up markets, it's job's friday, the november's job report will be out in about 2 hours, identify where the big jobs are right now
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maria: welcome back, we are waiting november's job report in about 2 hours, futures higher ahead of the number, dow futures 67 points right now, we do look for a firm internal revenue tone -- firmer tone at the start of trading, negotiations from both sides are maintaining close communication, president trump said the talks are progressing well, increase in demand of u.s.
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farm goods purchased by china, china bought $8.6 billion worth of american farm goods last year and china is now saying that it will wave certain tariffs on soybean products from the united states. ken mahoney. >> good to see you, happy friday. we have the selloff early with china and goes back and forth, pinball back and forth, as far as jobs, i think, you to take -- 180,000 jobs created, 80% of the time we've exceeded whatever the estimates were, if you're a betting person you may go with over 180,000 jobs created but what is driving the market no doubt is u.s.-china, that's the headline people are looking.
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maria: would you buy stocks here? >> on pullbacks we would. look at where we were from last december, the december to remember, why? a year ago powell raising rates, contracting the sheet and the heavy lifting in this market has been multiple expansion bus of low interest rates and not because of earnings per se, the fed is now what, $300 billion in last 3 months to add in balance sheet now we are $4 trillion, that's the story, guys, liquidity driving the market, earnings not so much, the expansion of multiples is doing it here. >> if you think of the opposite, what if we don't see that over on 180,000 and we see lower number and revisions, that's going to be important thing to watch for today. >> sure. >> what happens with the revisions, if we see a lower number and still with uncertainty with trade what do you think is going to happen with the markets?
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>> yeah, we all understand that the numbers are volatile, we have the gm layoffs coming back into this, 3-month average or 6-month average, puts us with manufacturing numbers come in lower as far as job creation and puts more kind of emphasis on doing a deal with china because that's the area that's kind of lacking. >> you used a good metaphor of china trade talks. >> exactly. >> i'm surprised as market watcher, the market seems to hinge on every cater on what's happening and, you know, we still just don't know the end game here and if it doesn't happen before the end of the year or does the market think the deal will get done before the end of the year? >> i don't think so, it's a water-down version. that goal post keeps moving around, forward and backwards, the markets have done good job playing a game, guacamo.
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impeachment. here impeachment over here and the market has done pretty good job, you have low interest rates, lower than 180, so even though the headlines pop up and the bears are rallying. dagen: the backdrop is, by the way china perceives any market weakness, say this report comes much weaker than expected. >> exactly. dagen: negotiating power regardless of what president trump say or tweet, but secondly the backdrop is not just the federal reserve but the tax cuts from a few years, the u.s. among the 36-member countries in oecd has the lowest tax burden except for 3 other countries, the lowest tax burden that our tax burden fell, u.s. taxes fell to
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24.3% of gdp in 2018 and that is a significantly -- >> by the way, especially on businesses. the business taxes have really fallen. >> and that's why you have such a strength in hiring in lower tax burden. >> strength in hiring, huge wage growth where the fed is ready to start raising rates, long pause for a while. i know last year we made rooky mistakes, long story short, why we have good job numbers, we don't have this kind of hyperinflation wage growth and have to worry about the fed coming in. >> great to get your insights, thank you. ken mahoney. impeachment is moving forward, house speaker nancy pelosi asking democrats to take the next step against president trump, the president's response coming up, the pelaton backlash, the husband worried about his own career, we will tell you after the break. stay with us
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get a no-fee personal loan up to $100k. maria: welcome back, good friday morning, thank you so much for joining us, i'm maria bartiromo, it is friday december 6th, top stories before 6:30 a.m. on the east coast, jobs in america today, the november job's report is out this morning in two hour's time, economists expecting 180,000 jobs with unemployment holding steady, stay with us, ahead of the report futures are higher, take a look, highs of the morning right here with the dow futures up 71, s&p futures up 7, nasdaq futures higher by 31, trade optimism help to go lift markets, china out with new information, says it is easing up on some tariffs on u.s. soybeans and pork, president trump says the talks are going well, yesterday china trade hopes once again drove markets take a look, dow industrials
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were up 28 points when all said and done, s&p was up 4 points indunas day higher by 4 points as well, global market this is morning look like this, european indices higher across the board even though fractional move, the dax index in germany moving fast, up 21 but we did get another sign of economic slowdown, october industrial output plunged, expectations for increase one tenth of a percent. in asia overnight, green across the board, you see the best performer hong kong up better than 1%. all the stories coming up this friday morning, first top story this half an hour, impeachment is moving forward, house speaker pelosi confirming moving on impeachment and president trump pushing back on this but pelosi took heated questions from reporters during her
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announcement yesterday, watch this. >> sadly but with confidence and humility, with allegiance to our founders and our hearts full of love for america today i am asking our chairman to proceed with articles of impeachment. [inaudible] maria: she really got unnerved. >> president trump said she had a hard time that was true. dagen:ly not call anybody's religious question into
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question. >> walked away and not have answered that question. maria: let's bring in congressman and house judiciary member ben klein with us right now, thanks very much for joining us, what was your take being in the room and throughout this entire impeachment process, what happens next now that the democrats will, in fact, put articles of impeachment forward and take a vote? >> just shows the american people are waking up to the fact that the speaker has put politics ahead of the constitution and rule of law, we stand ready in judiciary committee hearing to hear the facts, she's charging ahead with railroad of impeachment through the senate and she must not really care about things like usmc and other important issues because she's about to sideline the senate for over a month in a trial when they are not going to be able to get anything done. maria: also weighed on looming crisis with federal government expected to run out of money,
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usmca, government that needs to be funded, prescription plan that's not going forward, all of the things that are not happening as a result of impeachment, here is what she said, congress, got to get your reaction. >> i don't think we are headed for a shutdown, i don't think anybody wants that, i think the president and the republicans learneded in the last shutdown that it just wasn't, there was no upside to it, we would hope to be finish by the 21st, we are in a good path, if we are not, go to continued resolution until a couple -- until after christmas but i hope we don't have to do that but i don't think anybody wants to see it shut. maria: would you make it and be able to fund the government by december 20th? >> that's one of the things that i got to jump against, continuing resolution to recontinuing solution, this is nothing something that she can blame the president, her
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leadership and lack thereof. >> congressman, this is steve moore, by the way, you raised good point about the usmca, i was over at the white house a day or two ago, they want to get this done before christmas, a vote, and this has been over a year, we have been waiting on a vote from the speaker, is this in your opinion going to happen, are we going to get a vote from nancy pelosi and by the way if it happens it will pass the house of representatives, would it not? >> we don't know, you bipartisan opposition to articles of impeachment. >> sorry, i was talking the usmca, if that were to come to a vote, would that -- >> speaker pelosi keeps insisting additional riders and additional associations, so i hope that we can get it done because farmers depend on it and manufacturers depend on it, we have to get it done. maria: what's the impact of it,
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when you say we have to get it done, how important is it to economic growth in your view, we keep hearing numbers of 200,000 jobs created as a result of usmca and is that what you're expecting, and also big victory to the president, is that what's holding her back? >> absolutely, we have manufacturers flight my district, i had a manufacturer in my district, automotive manufacturer in my district that are desperate to get usmca passed because of market expansion, it'll be beneficial to them and workers in the district, we have to get it done, i think we will, i'm still optimistic that politics has not override inevery instance in the democratic caucus and some portion that recognize it is future economy of the united states. dagen: congressman, dagen mcdowell, fellow virginian, your democratic colleagues are they quietly very nervous, have they said anything to you about having to vote for impeachment? >> yes, they have and they
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realized that this is not a slam dunk, you know, we look forward to hearing the facts in judiciary, i look forward to having chairman schiff come and sit just like robert mueller came to sat and ken starr came to sit and you do a report and we have some questions and so adam schiff, welcome to come testify and satisfy the questions but the questions are bipartisan just as much republicans want to hear them answer. dagen: he should answer in terms of abuse of power. maria: i'm outraged by it, it's a wrecking ball, our democracy, it's not right that he would be able to subpoena an get phone record from his opponents, it's just horrible. i'd like to see some accountability, we will see if we ever get it. >> thank you, maria. maria: tragedy in minnesota to
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report, 3 national guard members killed in helicopter trash. >> officials say that the aircraft was out for maintenance test flight, the crew on board sent mayday call 9 minutes after taking off from regional airport, the chopper was missing for 90 minutes before being found by state trooper, sky conditions were clear and the cause of investigation is you should investigation. the beauty company posting higher sales and the latest quarters, 9% to $257,000 in afterhour trading following the results, the stronger growth was seen in skin care products, double-digit comparable sales for the quarter and another chapter in the saga, pelaton holiday ad, one of the actors now speaking out, sean hunter plays the husband in the ad, in a vlog post that he's concerned
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about the career, he feels bad for the actress, hunter has created instagram page at pelaton husband, maria, he put head shots up, you know, i think both actors are going to be okay because this ad is all over the place right now. maria: they should stick by it. dagen: the stock is down 14%. it's not about the ad. there's other things -- it's not about the ad, it was miscast, the woman looks as kennedy said she said on stuart varney show, the woman was miscast, she has terror on her face, the bike had wheels and she had never been on one. she was on -- >> any of you offended by that app? maria: no, i would love -- i
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actually have one but i would love that, that's very nice. dagen: reaction online hasn't really been outrage, it has been that the ad is ridiculous. >> that ad is perfect for their community and they have incredible community, you know, and that really -- but not new buyers, they can't relate to that ad and that's why they missed the mark. maria: axel weber is here joining to talk about jobs in the financial service's industry, chairman of ubs, here is president trump lighting the national christmas tree. >> 5, 4, 3, 2, 1. [cheers and applause]
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suppliers, competitors. in the end, it's these unique companies with creative business models that will generate value for our investors. that's why i go beyond the numbers. maria: welcome back, headlines across america this morning, school board votes to sue juul over youth vaping epidemic, county has been working to curve epidemic, bullet county public schools, first school system in kentucky to go after e-cigarette manufacturers, tough to remove
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from buildings programs, first major university to strip name from campus, the family behind the drug and the san francisco chronical says airbnb misbehaving guests, open invite parties to be banned, airbnb cracking on bad behavior after deadly halloween party, tighter regulations as airbnb purging half of its listing in ipo, in case you missed really busy week on mornings with maria, check out the top moments from the program. >> the folks were out here doing their job every day is the ones donald trump is fighting for, they are not listening to high-minded law professors out of schools who are telling the facts of middle-england era that
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got impeached. >> 300 pages, 300 page, you know the words, i presume, i assume. maria: how is this taking such life? >> it's taking life because of people like adam schiff, nancy pelosi and nadler, that's why it's taking life. maria: let me ask you china using dna to match facial features? >> if we look at what's happening in province with the uyghurs it's a combination of artificial intelligence. maria: what is it going to be? >> i think it's going to be, of course, everybody talked about download the game of thrones or something like that. maria: can you protect the intellectual property at verizon and not get theft stolen from hauwei? >> yeah, well, remember, first of all, i think that -- we have
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had this procedure for many years, we don't use any china's equipment. >> this is the problem with hauwei. all the back door going to chinese government, this is exactly what the u.s. government is trying to work on. >> hopefully a single aggressive so it doesn't take forever courageous federal judge in california can do what the treasury has done. cheryl: released kim jong un riding a white horse to a sacred mountain. maria: weird to see kim jong un on a white horse like that. he's not a hermit that we caught he was. there's support in the latino community for president trump and the black community, what do you think? >> 100% and it's getting bigger the more they get educated, the democratic party is showing their side of it, the things they were being caught for and i hope trump continues to focus on that and the people would be able to see it more and more
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each and every day. >> your reaction to reinstatement of steel and aluminum tariffs. on the one hand trade uncertainty isn't going away and it's not going away for a good reason which is the rest of the world isn't doing as well as the u.s., the key thing is that the u.s. consumer remains strong, the labor market remains strong and all the talk about recession and and, you know, i thought it was it was ridiculous talk, it's not going happen. >> merchants sold $900 million on black friday alone, that's up $673 million last year, that's when i mean to say direct consumer it's not just a fad but retail. maria: red town making luxury denim for fraction of the price changing the industry along the way. >> 17 years at underarm our, innovation was really the key to revolutionizing performance
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parrel for at loans, -- athletes, we said why haven't anyone done it for jeans. dagen: i watched it twice, it is a bad movie, it is a bad movie, don't let anybody tell you -- the reason it's bad and the reason it cost so much money to make was the antiaging or the deaging technology. maria: we love job's friday. [laughter] liberty mutual customizes your car insurance,
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maria: welcome back, you asked and i'm answering, usually i'm the one asking the questions but today the tables are sent, you sent lots of great questions this week, let's get started. how would a bloomberg presidency impact the markets? look markets are going to trade down on any expectation that president trump's economic policies will be reversed, that
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includes tax-cutting plan which brought corporate rate down 35% to 21% and importantly it includes deregulation, the the president cut red tape opening deals investments, we do not know michael bloomberg's policy, so far priorities have been financial reform, a plan for climate change and the environment, he has also said he's poised to raise taxes on the highest earners, we will need more time and information on his tax hike plans to see how the markets view mr. bloomberg, next questions comes this morning, a lot of talk of recession, where's your take of the issue, we are still in growth moat very much so, the economy slowed down a bit this year versus last year, especially given unemployment still at 50-year low, wages are up better than 3% year over all, bottom earners have seen wages rise more than that, close to 7%, that has created strong
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consumer, we still see strong spending and sentiment and, of course, we will get the latest numbers on jobs in about an hour. and our last question of the day this morning, what part of italy were your ancestors from? >> my mom's family arrived in this great country in 1898 from sicily. my dad that was rosalia, and my dad's father arrived from naples in 1903. then he came back to brooklyn, settled in brooklyn and he literally built a restaurant with his hands, he was a brick layer in italy before that. so he built a restaurant with his cousin in brooklyn, he named it the rex manor, the rex maor, transported italians from italy to america, it was my first job
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as the teenager. [laughter] >> you're italian on your mother's and your father's side? maria: yes, love italy. >> that was a great question. maria: thank you so much for your question. >> every point you made about, you know, the repealing of the trump agenda, that's, i think, what would make markets very nervous and biden this week came out with a plan raising the corporate tax rate back up to 28 to 35%, that's got to be negative to markets, right? >> exactly, that moved needle on earnings, i want to hear from you, keep sending me your questions at maria bartiromo, i will be answering a new round next friday, thanks so much for that. quick break, november's job's report is out about in 90-minute's time, taylor swift's midnight surprise, dropped christmas song overnight, why
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it's extra special mornings with maria, stay with us. ♪ t rate -- that's 21 times more than schwab's. plus, fidelity's leading price improvement on trades saved investors hundreds of millions of dollars last year. that's why fidelity continues to lead the industry in value while our competition continues to talk. ♪ talk fidelity.
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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is jobs friday. december 6th. your top stories right now. jobs in america this morning, the november jobs report is out in an hour and-a-half. economists are expecting 180,000 jobs added to the an economy in month of november. we have full coverage of the all-important read on the american economy coming up. ahead of the jobs report, futures are higher. we are at the highs of the morning right here. the dow futures are up 80, nasdaq higher by 33. trade optimism helping lift markets, china he easing up tariffs on u.s. soybeans and pork. president trump says the talks are going well. yesterday chinad trade hopes drove markets.
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take a look at the end of the day, markets were higher fractionally, dow industrials were up 28, s&p up 4, nasdaq higher by 4 points as well. european indices are higher across the board. we had another sign of economic slowdown the in germany this morning, october industrial output plunged 1.7%. expectations were for an increase of 1/10 of a percent. the dax index is up 41 points, cac in paris is up 30, and the fq100 in london is up 15. in asia overnight, gains across the board. take a look. best pe performer, hong kong and korea. uber safety alert. the ride share giant says over 3,000 sex assaults were reported last year in an uber vehicle. the fallout coming up. the stock down 1 and-a-half percent. wework on defense, the company takes out big expansive ads in major markets after the failed ipo. we've got the ads to show you this morning. our top story this hour,
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u.s.-china trade, chinese officials announced this morning that beijing plans to lift tariffs on u.s. pork and soy imports but the u.s. action could scuttle potential trade deal. the senate is pushing to pass a bill aimed at punishing china for its treatment of th uyghur muslims. this would include levying sanctions on he's those responsible for putting the uyghurs in concentration camps and banning surveillance technology experts, had they want to ban any excellence technology exports. china is claiming that washington is smearing its efforts at, quote, counter terrorism. joining us now is the founder of the atlas foundation, the author of the book, china's vision of victory, dr. jonathan ward. jonathan, good to have you this morning. thanks for joining us. first, your reaction to china saying okay, we're going to waive the fees on pork and soybeans. >> i think on one hand, what african swine flu did over the summer in china was devastate
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their food splie supply. supply. in one hand, it's out of obligation. this is partly to deal with that. on the other hand, the bigger issue in the u.s.-china trading relationship, the nature of this problem, intellectual property theft, forced joint ventures, these sorts of underlying structure issues are not going to be resolved as easily. maria: sounds like they're not doing us any favors, dagen. they've got to give us a break on pork. dagen: you were talk about this very issue before anyone in the media was discussing it. so to your point, china always acts in its own best interest. so where does that leave us? >> i think the point is, as we head into 2020, people are going to have to start looking beyond this u.s.-china trade deal. you and i have been talking about this since the summer, the spring. it's not coming. every juncture you don't get an answer. s that's because of the bigger picture of u.s.-china relations
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is there's unreconcileable issues. this company sees itself surpassing the united states as the dominant super power. it's building a military designed for conflict with the united states. it's got a million people, more than that in concentration camps. the congress is taking action on this with the uyghur act and the hong kong act. the hong kong act passed unanimously in the senate. the u.s. government is reacting to broader fundamental issues. maria: what about the pushback from people who will say, look, the human rights abuses should not be part of a trade deal. we had kevin o'leary on yesterday, who said don't worry, we can't be the policemen of the world. how do you see it? >> the chinese say these are internal affairs and the united states shouldn't be involved in that. i think trump deserves a profile in courage for signing that -- maria: the hong kong. >> the bill. it was not necessarily in his economic interest to do that.
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it pissed off the chinese and beijing government but i think he did the right thing. we have a hard time getting an answer to this because the chinese lie about their economic data, as you know. how much have the trump tariffs really hurt the chinese economy in your opinion? >> i think they have. there's no question, i think the macroeconomic picture for china one with a lot of downward pressure. on the other hand, the other side of what's going on in china is the rise of chinese corporates on the fortune global 500. so today, the last most recent issue of that, 121 american companies, 119 chinese companies. that's how they get to their next level is by taking all the -- >> aren't those highly subsidized by the of of government? >> some of them are. >> it's kind of a fiction. if you're dumping taxpayer money into a company, i just wonder whether that centrally planned model is going to work for them. i don't know anywhere else in the world that's worked. >> i think you've seen them
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become a 14 trillion dollars economy based on that. it's not simply the old school model. they brought the entrepreneurs, brought the private sector in and they said as long as they're aligned to the state they're free to go out and make money, do business. you look at the size, the volume of china's trade globally, it surpassed the united states, these are the results. the bottom line is now we're going to have to deal with chinese corporations and every american company is going to need a strategy to deal with chinese competitors. they're called natio national champions. they're going out into markets with stolen intellectual property, with everything that's come through the joint ventures over the last 20 years. now they're succeeding in he global markets. maria: the competitors in china have subdies and support from the chinese government which the newcomers won't. >> they're enacting a chinese grand strategy. so people won't understand what they're up against.
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shin jang, it's something strategists call the core area of the belton road, it's a centerpiece of their international model. that's where the we uyghurs are- maria: being held. yo.go ahead, dagen. >> dagen: president trump is giving support to american businesses, saying i know what china is doing to us competitively, and as a nation. he has given support to move supply chains to push back. again, he is the messenger to all the customers of these american businesses, to say what's going on and how that might impact financials in the short run and financial results. you answered this question. mayor bloomberg said xi-jinping isn't a dictator. and he clearly is very pro-china. where does that leave us as a nation if we had someone like that elected to the white house. maria: that was an incredible interview that bloomberg did,
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saying the chinese head is not a dictator. >> he sort of doubled down on it and said again, again, he's not, he has a constituency to answer to. dagen: he was talking about the voice of the people and the will of the people? maria: tell that to the hong kongers. >> the issue with michael bloomberg entering th the race,. maria: this is where he took hank paulson. >> and giving a forum to senior communist party leaders, to the chairman of zte, a company that's blacklisted by the united states government. the question now is do you have a pro-china candidate entering the u.s. presidential l electio. >> you've got one in joe biden, don't you? >> not necessarily. >> he's been pretty soft in his rhetoric. dagen: let jonathan finish. maria: go ahead. >> he's going to have to talk about hong kong, he he's going
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to have to talk about the concentration campses, he's going to have to talk about china's military buildup, maybe he needs a better briefing on those subjects. once we hear that, we can hear what he really thinks. the bottom line, it would be i think a very new thing for there to be somebody who is that sort of pro-beijing, should he remain of that view in the candidacy. maria: boris johnson is under fire now over huawei after johnson appeared on tv in england amid british parliamentary elections. journalists discovered he used a huawei phone to take a selfie. this happening just one day after johnson called out the chinese telecom giant over privacy issues. he's calling out huawei and then he's using a huawei phone. >> i was saying boris is going to have to choose national security over huawei. he's going to have to choose the u.s.-china special relationship over huawei. i think the selfie notwithstanding he did something significant yesterday when he said we're going to choose the
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security relationship over huawei and i think at thend of the day you are seeing positive steps from the u.s. alliances. the japanese parliament just passed the trade deal with the united states. boris i think it's a major break from the prior administrations in the united kingdom to say we're going to take national security so seriously when it comes to china. india, which is not anal lie but a critical partner which is going to have an exercise in the indian ocean in march next year and china is not invited because it's not a like minded country as th the chief of naval operats said. the reason people have to stop thinking about what's around the corner on the trade deal, they've got to see what's happening. certain walls will have to be erected around china's asense
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ascendency and you'll have to rebuild the rest of the democratic world. it will take place in asia, japan and australia. india will be part of this too. >> you're way more bullish on china than i am. it will never work. this is an industrial policy model that has government dictating where capital goes. i'm going to put my money on people who are capitalists who -- you have such a miss direction -- maria: he wrote a book on china's vision of victory. he thinks the u.s. can win but he thinks china wants to be number one. >> you don't think they're a bubble economy? >> they they could be. >> dagen: who bursts the bubble? we are all locking arms with one another to take down a country that behaves in a way that doesn't line up with not just our l values, but all values, whether it's theft, whether it's people in concentration camps, forced sterilization, forced abortion, you name it, it is a violation of what we see as human rights.
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>> i 100% agree with that. >> dagen: it will pop if we all fight together. >> you don't necessarily want to pop it, you want to make sure -- >> contain it. >> it doesn't massively disrupt the whole global system. their ambitions are absolutely clear. they laid out the strategies and plans, what they want, how they see themselves surpassing the united states. as to results, there's very few people on the planet that would question that china's become a major economic force. maria: you have to ask the other questions, who do you want to be the leader, the super power of the world. do you want the super power of the world to be communist? >> of course not. maria: or do you want it to be a democracy, the united states. this is a fight against values. that's what it is. >> we know our values are superior. we know our model is far superior to the model they're using. we just know that from history. >> it's not a question of models. >> it is, though. >> their model has access to all of our r&d and ip, that's why they've done so well. maria: that's what the presidents is trying to reverse.
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jonathan, always great to get your insights. the chairman of ubs is here, axle weber, on the global economy and stephanie pom boy on the november jobs report. we have a lot coming up. coming up, pr overhaul, wework is spending big in the wake of its financialal fall from grace. what the company is doing, coming up. then this, taylor swift's holiday gift, the pop star drops a new single for christmas. we take a look at the video released overnight. back in a minute. ♪ you would be there too. ♪ under the mistletoe. ♪ watching the fire glow diamonds. what is as rare as true love? diamonds. what lights up every room? diamonds. beautiful diamond styles for the diamond in your life. get 25% off everything,
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with the galaxy tab s6, you can sign digital documents on-screen, with a finger or your s pen. samsung business solutions. maria: welcome back. okay, you now this. uber releasing a report on sexual abuse incidents, deirdre bolton is covering this story this morning. >> some of these numbers are staggering. so last year alone, more than 3,000 sexual reports between passengers and drivers, that's the majority, and close to 3,000 the year before. so if you look at the past two
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years, essentially 6,000 assaults. now, the ceo, he is getting big props. essentially he took over the country when the founders was asked to leave, pressured to leave and so the current ceo very much the adult in the room and you have a lot of advocates, victim rights advocates saying this is the right thing to do this is an uncomfortable conversation. people don't like to talk about sexual you assault but the numbers have to be out there. i'm going to bring you one of the tweet he put out. he said doing the right thing means confronting, taking action to end sexual assault. my heart is with every survivor of this all too pervasive crime. our work will never be done but we take an important step forward today and he linked the report. karen baker, the ceo of national violence resource center, she said this is setting a new bar for corporate responsibility, corporate transparency, and she says never before have we seen a company disclose this level of
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information proactively. so it is an 84-page report and they also go through quite frankly even murders, car crashes. they really are trying to be transparent. they also wanted to put it in context for investors. they're saying, listen, nearly 4 million uber trips happen in the u.s. every day in the u.s., that is more than 45 rides every second and safety is at 99.9%. what i wanted to show you this too. they took out an ads in the journal. about 100% committed, they're trying to show that they're quite serious and they go through some of the safety features that they actually have put in. there's an emergency button, the 911 essentially right in the uber app, you're a passenger, you feel uncomfortable, you hit 911 right there. they're doing more background checks. they're trying to be transparent. maria: if you've got 6,000 -- >> in two years. maria: sexual you assault assao
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years. how do they come up with 99.9% safety record. riddell me that. >> they're staying statistically that is essentially -- dagen: the percentage of rides that involved sexual assaults is literally 0.01%. >> there's something confusing about that wall street journal report. are these assaults a that the passengers assaulting the drivers or the drivers assaulting the passengers. >> the majority are actually the drivers and there are five levels of sexual assault, if you like. they went through and categorized them. it ranges from inappropriately touching, a driver inappropriately touching a passenger, let's say there was one lady who made her case very clear, getting the suitcase out of the trunk and there was unwelcome -- >> often when i uber, it's women that are the drivers. >> some people have actually had to go to police because they've been raped by drivers. dagen: this is why there was this story you out that uber was
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looking at you allowing the passengers to choose to have their ride recorded, audio recording of it, because it was a safety measure. that if you have a problem with a ride, you can then -- they would have an audio recording of what happened in the car. and it was an opt-in feature that they were beginning to -- >> lyft hasn't done it. lyft says it will. so it is outray just, obviously -- outrageous, obviously, it's very sad. they are getting props from victim support groups saying at least they're being transparent, coming through with the numbers and trying to address it. maria: i like the 911 feature as well. >> it's practical, it's easy. maria: deirdre, thank you. the department of homeland security bac backtracks, with drawing its plan to require all travelers to have their faces scanned while entering or leaving the country. this is very important story here. the proposal was announced
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earlier this week and faced with fierce backlash over privacy concerns. all foreign visitors will be required to give face scans when entering the u.s. using facial recognition technology. the journal is highlighting data from ihs market saying that they will be one billion surveillance cameras around the world by 2021. more than half ofs those cameras will be in china. here in the united states, there are 70 million right now and that will grow to 85 million with rising demand in schools, malls, and offices. so we say a lot, privacy is gone. it's getting worse with all a of this surveillance happening every day, throughout the world. yes, china is obviously leading this but this is getting bigger. >> this is the world we're living in today. absolutely. maria: we're going to be on this facial recognition technology and the cameras surveilling us in a big way here on "mornings with maria." dagen: if you get robbed or raped, you hope there's a recording of it.
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maria: you're absolutely right. coming up, amazon. h2q falls youout ho, how the det to come to new york city is influencing other companies. the global markets in focus, ubs chairman is here to discuss ubs' leadership. back in a minute.
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maria: welcome back. facebook eyeing new york city again, the technology giant reportedly looking to expand its presence in the city, leasing the farly building in midtown image hat taken according to the wall street journal. it will make it one of new york's largest corporate tenants since amazon pulled out. long island city is feeling the effect with a 14% decline in residential sales compared to a year earlier. joining us now is the reporter for mansion global, becky strum.
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it's great to see you. mansion global is different from the mansion section in the wall street journal. >> yes. different but similar coverage. and speaking of long island city, long island city, like national landing in virginia, when h2q was you announced everybody felt like they were sitting on a lottery ticket was going to mature as soon as amazon moved in and so long island city property owners gutted when they decided three months later to cancel those plans. and rightly so, because the number of investors dried up that were buying homes, condos in that area, all of this new development is coming to market in long island city and suddenly the buyer pool has dried up there and so now long island city is facing all of the same head windheadwinds that the brow york city housing market is facing which is glut of supply, declining prices, difficult to get a deal done basically.
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maria: you've got a report out that compares long island city to virginia a year later. >> yes. maria: taking a look at the implications on residence as well as commercial real estate. >> right. if you look at virginia, if you look at this arlington area and specifically in national landing, the new rebranded national landing now that amazon's moving in, you can see what would have happened had long island city had amazon come in, which is that the typical home in long island -- or in national landing is now selling for $300,000 more than it was a year ago. maria: wow. >> that is a an incredible retn on investment and they won't break ground until next year. anyone they that owns a unit that's maybe one bedroom, two bedrooms, a studio, potential landlords want to get into that space and there are multiple bids, people can he sel sell thr homes in a week in national landing so it's night and day between those two markets. >> totally different situation. do you think -- could new york
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be doing more to attract businesses? we hear about facebook. but there's -- maria: how about cutting down on the number of taxes. >> exactly. they're not doing enough to attract large employers here. >> when it comes to that sort of upper middle class buyer, it also comes down to -- we just implemented the mansion tax in new york city. that's also had an evidence ebbing. it's not just being open to business, but being open to home ownership and creating an environment where people can buy or don't feel like they're being discouraged from buying. >> but look what it could do, right, if we could bring more business here. maria: look at virginia. >> look at virginia. that's what new york needs. you see it with millennials. maria: it's not happening anytime soon. mayor de blasio likes taxes, likes to tax the rich. >> you're talking about 13% income taxes in new york city versus 6% in virginia, i mean, the taxes do matter, maria. i mean, it does dictate --
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maria: money is mobile. we say it all the time. the wework ad, the company launched a sweeping newspaper ad campaign in 12 major markets hoping to win back confidence and it's calling out doers, planners and dreamers, wework is on the move. what do you think about this? >> it's interesting that you bring up wework. in the wake of amazon pulling out of long island city, the latest episode in this saga with amazon in new york city is they plan to lease a very large space from wework with room for some 4,000 workers. so yes, they pulled out of long island city. they'll been in midtown poe pen sly in a wework -- potentially in a wework space. dagen: wework is desperate. if you're an american express u.s. business platinum card holder you can get essentially free work space from 300 different locations, from wework. it's a $2,700 value. you've got to enroll by the end of the year. >> they're going to have to get
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much more aggressive with the pr campaign. they have had so much bad publicity with the ipo deal and just a ridiculous valuation of that company. so they have a long way to go. still a great company but they're really going to have to focus on building back their brand. dagen: in terms of space, the spaces are awesome, particularly for new york. if you compare the wework spaces to the competition, there is no competition. maria: is that right? >> they're great spaces. they're innovative, fun, modern, really creative work environment. maria: becky, final word. what's the state of the real estate market here? >> well, in new york city, so now unfortunately long island city is going to be affected by all of the other forces hurting the new york city market which now higher taxes and state and local income tax, which continues to affect following the tax reform. maria: we'll leave it there. great to have you. thanks so much.
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quick break and then ubs chairman axel weber is here on the global economy, the worldwide growth opportunities. he'll join me this. then this, taylor swift dropped a new holiday single for christmas. back in a minute. ♪ you would be there too. ♪ under the mistletoe. ♪ fidelity, value is more than just talk. we offer commission-free online u.s. stock and etf trades. and, when you open a new fidelity brokerage account, your cash is automatically invested at a great rate -- that's 21 times more than schwab's. plus, fidelity's leading price improvement on trades saved investors hundreds of millions of dollars last year. that's why fidelity continues to lead the industry in value while our competition continues to talk. ♪ talk fidelity. ♪ talk (loud fan noise)
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provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is human ingenuity. every day, comcast business is helping businesses go beyond the expected. to do the extraordinary. take your business beyond. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you're allergic to it, you or your family have medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2. stop trulicity and call your doctor right away if you have an allergic reaction, a lump or swelling in your neck,
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or severe stomach pain. serious side effects may include pancreatitis. taking trulicity with a sulfonylurea or insulin increases low blood sugar risk. side effects include nausea, diarrhea, vomiting, belly pain, and decreased appetite, which lead to dehydration and may worsen kidney problems. i have it within me to lower my a1c. ask your doctor about trulicity. maria: welcome back. good friday morning, our storely this half hour, jobs day in america. the november jobs report is due out later this morning, expectations call for 180,000 jobs added to the economy in the month of november with the unemployment rate holding steady, on top of wednesday's adp report which was lower than expected. joining me to talk about jobs, the global economy is the chairman of ubs. axel weber. always great to see you. thank you so much for joining me this morning. we're getting the jobs report out in about an hour. let me get your first take on how you see the global economy,
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talk to us about the u.s. versus the rest of the world. >> unthe global economy is going through a challenging time at this moment. our forecasts aren't quite as optimistic as consensus. we see the start of next year having difficulties, because tariffs are still working their way through the global economy and that will take a toll. there's a cycle that contributes 50% of the weakness of the current cycle. that's not going to go away anytime soon. there's a tech cycle that also contributes 30 to 40% of the current weakness. both of those are more longer term issues and so we see that still taking some toll in the early part of next year. it's going to improve then towards the second half. maria: and yet the u.s. seems to be showing strength in the consumer, strength in certainly the jobs picture. where does the u.s. fit into the global economy as you see it? >> i think the is one of the strongholds of the global economy. we see that with our investors. at the moment, everyone is looking for exposure to the u.s. economy and u.s. growth. europe is weaker. europe grows below potential,
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just above 1%. next year doesn't look much better. asia is going through difficult phases, china leading a very difficult position at the moment in the asian economy. so the u.s. is strong. i think the jobs are still holding up. the federal reserve has cautiously corrected its course and if you compare this year to last year, there's a massive reduction in the interest rate and in the yield curve. the fed is loose on the 10 year side, it's down by half. that makes a positive stimulus for the economy. maria: let me stay on central banks for a moment. the federal reserve cut interest rates three times this year, global central banks lowering rates, christine l chris christw president of the ecb. what should she be doing to move the needle on growth in europe. >> christine lagarde comes in at a point in time where the ecb before her joining has done massive new program. she might follow up with one more rate cut.
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they're unlikely to extend the purchase program. she's largely going to stay put over the first year at least of her tenure. that means there is little additional stimulus coming from the ecb. and that's why she's calling on policy makers to use the fiscal levers that in particular germany has at its disposal because they've consolidated. they're in a surplus position. so they do have the ability to do fiscal spending. yet the german economy is not doing that bad and the only part that is strongly affected is the auto part. germany is going to use fiscal policy, not to the degree that will put europe out of the ditch. it will do things that will help the german economy but it will not have a massive impact on the european economy. maria: you think germany is on the way back up. we got weaker than expected economidataout of germany this . >> there's two areas that have been hit. one was global trade. germany is exposed to global trade. if you're focused on trade and
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industrial production, you had a double many wham my lasmy last . germany just scraped by a double dip type of recession. technically they had two negative quarters last year, one negative quarter recently. the recent figures still look weak but i think you're starting to see the bottoming out of that. maria: we haven't seen negative quarters in the united states, yet people speculate about a recession. federal reserve meeting next week, are they on hold potentially and what about the potential for a recession in 2020. >> if you look at this, they're on hold. if you don't share that outlook and we have a somewhat more pessimistic outlook, in particular for the first half of the year, i wouldn't rule completely out there will be some discussions about further rate cuts. the fed is trying to avoid those discussions at the moment because given their outlook actually they've done what needed to be done to stabilize the economy. but the market is developing
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different views and there's going to be some discussion between the market and the fed. i think the fed is firmly convinced they will stay on hold. our own economy thinks there might be another rate cut in the pipeline. maria: tonight on maria bartiromo's wall street i'll sit down with david rubenstein. i talked to him about growth in the years you ahead. here's his take on it. >> i think 2020 will be a reasonably good year. we're not going to grow at 3 and 4%. i think we'll grow at 2%. that's pretty good. we've grown for 10 straight years. we're you no now three years pae average. i don't think there's any chance for a recession in 2020 based on what i see. it won't be high growth but reasonable growth. during presidential election years economies usually do reasonably well. maria: it is a presidential election next year. you are the keeper of wealth for many people across the world at
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ubs. what's your take on some of the policies we're hearing where you've got elizabeth warren and bernie sanders -- bernie sanders said the other day we should not have any bill fairs in the united states -- billionaires in the united states, it shouldn't be allowed. >> that would be taking a pot shot at the core of our business model. we're the bank that has -- is the global wealth manager, number one. we're everywhere, number one, except in the united states where we're among the top five. and our clients, the wealthiest clients, a lot of them have -- are entrepreneurs. they worked hard all their life to earn this wealth. they put in many hours, they put in hard work and i think they deserve to live off the benefits of what they pros duesed in their lifetime. you have generations of founders and entrepreneurs that are among our clients and i take a different take on that. basically, it is not about the distribution of wealth. it's about the creation of wealth. and the people we bank, they're the best in creating wealth. if you start to deviate from the
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distribution side i think you will lower the incentive toss create wealth and if the u.s. is taking on policy that's would undermine the agility and innovation of those founders and of those entrepreneurs, i think it would head down the wrong way. maria: what's the aum right now in h terms of wealth managementt ubs. >> we have 3.5 trillion in assets under management. for us, billionaires are the people we talk to most and many of them are very entrepreneurial. they come -- they didn't inherit their wealth, they created it, especially in asia. maria: let me ask you about asia. this morning chinese officials are announcing that beijing plans to lift tariffs on u.s. pork and soy imports. we're waiting on whether or not the u.s. can reach a deal with china. but as ubs morning star writes about ubs, ubs was ahead of the curve in anticipating what a global bank should look like in the post crisis world and shareholders are benefiting its
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earl decisions, one of the decisions was to be in china before anybody else. you're competeing with the largest banks in the world, the top are all chinese. how does that work as we await beijing to open up its doors to other financial services companies, to allow banks to own and operate their own bank in china. we're looking at a list of the largest banks in the world. it's amazing that the top four of them are chinese banks. >> among the top 10 financial centers in the world, they're four chinese. that shows you that in terms of marcmarket capitalization, in ts of size the chinese are shooting the lights out. we're not competing with chinese retail banks. we offer investsment services and wealth management services to chinese clients who want to invest in the rest of the world and we offer the same services to wealthy clients in the rest of the world who want exposure to china. for us, the business model is focused on the top part of the
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income and wealth distribution in china and those chinese affluent or rich people do need an exposure to the global economy, many of them have global businesses and they want to match their wealth also with global exposures. that's where we come in. the chinese banks if you look here, they might be great in china and big banks but they're not big in the u.s. we are big here and we're big in china. so we can actually help chinese clients to get exposure to the u.s. maria: we should point out, and i hope bernie sanders understands this, there are more billionaires in china than there are in the united states. so to say we don't want billionaires in the u.s. is just giving them a push to go to other countries. you are making a commitment to sustainable investing as well, ubs, you sustainable investment focused products reaching over $30 billion, up from $5 billion in 2016. what's the sales pitch here in terms of sustainable investing? >> there's a demand for it. and if you're a bank and you focus on clients, you need to meet that demand. what we're seeing out of the millennial generation is a huge demand, many of them inherit
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portfolios that aren't the portfolios they would have invested in but they inherit them. so they restructure them and there's many, many millen l y'allmillennialsthat want exposo sustainability and we're creating those as a et cetera. the real job we're doing is not selling and buying. it's creating. we're creating funds that are investing and channeling money into sustainable investment to help meet the un sustainability targets. that's what our clients want to do. they want to put money to work and have an impact. maria: i think that's a great point. i want to point out this forbes report recently that said that in the next 10 years there's going to be a massive wealth transfer, to millennials and younger generations from baby boomer parents and that wealth transfer is something like $68 trillion in the next 10 years, a lot of money to manage. dr. axel weber, good to see you. >> thank you for having me. maria: we want to take a short break. taking your skis inside. a new slope offering downhill speed all year long. we're going to take you there
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live when we come back. stay with us. ♪ but the fire is so delightful. ♪ and since we've no place to go. ♪ let it snow, let it snow, let it snow. ♪
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only aca september information t has an actual living name on it. do not believe them, writes the president. the meatless trend headed to costco, cheryl casone with details in headlines. cheryl: it's everywhere. where's the beyond meat at costco? fans of the plant based meat can buy it in bulk at costco. an eight back of burgers going for $1 $14.99. they will only be available in select stores. taylor swift gifting her fans a new song for christmas. ♪ under the mistletoe. ♪ watching the fire glow. ♪ i love you. ♪ just being in your arms. ♪ takes me back to the little farm. cheryl: christmas tree farm
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dropped overnight. actually at midnight eastern time. it's a tribute to her own childhood growing up on, yep, you guessed it a christmas tree farm in pennsylvania. the video is a montage of home videos. you're wondering why is cheryl doing a taylor swift song, people love her. maria: i love the video. it gives us more of a window into here. dagen: i'm not hating on taylor swift. >> i thought it was cute seeing her. maria: coming up -- >> i love christmas! maria: bless your heart. kristina partsinevolos live from a new indoor ski resort this morning. kristina. >> reporter: rain or shine, it doesn't matter here at big snow because this ski hill is open 24/7, 365 days a year. coming up after the break, i'll have more as we hit the slopes.
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maria: all right. how about hitting the slopes all year round. america's first 365 day indoor ski and snowboard park is now open and featuring real slow. kristina partsinevolos is live in new jersey. she's on the slopes. kristina. >> reporter: maria, i have to say this is probably one of the best days for me because i'm an avid skier. this is the first time i've been in an indoor -- i'm going to ski pretty slowly right now so i can continue chatting. they make snow every day here. there's about -- i'm going to stop on the side so you can hear
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me. 5500 tons of snow, they literally have a snow pile every night. this place is open -- you can come for two hours if you want to ski here and it's at the american dream mall. it hasn't officially opened yet. it is massive. when i got here early this morning i couldn't believe how big it was. this is officially the first indoor north american ski hill. so this is the first for me. the snow is very cold. they keep it at a regular 28 degrees every single day. so even in the summer, you come in here, it's going to be freezing. my nose is dripping already. and yeah, so you have everybody that's here, the crew, it's open, it opened yesterday. there was olympic skiers that came down. you have the blue side which is a little easier, black diamond on the other side and right side, there's a beginner hill. it's open for all ages. and it's pretty cool for skiers like me when you can come for two hours, to the american dream mall in new jersey and go
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skiing. so i'll throw it back to you. i'm a little out of breath right now. not too much. you see it goes down pretty fast. maria: you are amazing. are you going to finish the hill right now? >> reporter: am i going to finish the hill? i'm at the bottom. it's a little bit -- it's a short run. maria: is the black diamond next for you? >> reporter: well, i wanted to but seems like the whole crew is on this side. obviously i wanted to show you my skills on the other side. there's a park in the middle. i'm not going to do any jumps because fox will be liable and we don't want me to get in trouble. next shot, definitely, i'm going on the black side. yeah, for sure. maria: that was so much fun. >> what does it cost? maria: yeah, what does it cost, kristina. >> reporter: that's a great question. that's what i probably should have told you. it's $29.99 if you buy it online
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or $34.99 for two hours if you come here. you rent the equipment. and you can get everything. i'm wearing brand yo brand-new t right now. nobody's ever used it. it's for all ages, all sizes. these are pretty good skis and, yeah, all of it's online too. so american dream mall, this is the big snow in new jersey, justed opened yesterday. maria: i love it! >> this is a great concept. maria: you are great to take this on. thank you so much. kristina partsinevolos is live. >> reporter: thank you, maria. maria: on the slopes in new jersey. having the best time, by the way. good for her. >> that is awesome. what a great concept. i bet a lot of people -- even if you were going to go on a ski trip, you ho how great to warm a little bit. >> i wonder if the $35 includes the ski rentals. maria: i don't think it does. she said there's a separate place to get all the rentals. so that's a good question. i was thinking the same thing. >> very fun.
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maria: i'm not a skier but i'm really -- she looked so good doing it. thank you,s kristina. we are waiting on the november jobs report next, that's next hour, right here, "mornings with maria." we're expecting 180,000 jobs added to the economy in the month of november. stay with us, next hour. talk. we offer commission-free online u.s. stock and etf trades. and, when you open a new fidelity brokerage account, your cash is automatically invested at a great rate -- that's 21 times more than schwab's. plus, fidelity's leading price improvement on trades saved investors hundreds of millions of dollars last year. that's why fidelity continues to lead the industry in value while our competition continues to talk. ♪ talk fidelity. ♪ talk (vo) the flock blindly flying south for the winter. they never stray from their predetermined path. but this season, a more thrilling journey is calling.
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welcome back breaking news 30 minutes away from jobs report we are want to show futures, heading into the numbers this morning, this is the -- the november jobs report from labor department you why futures up 55 points s&p futures up 5 points nasdaq futures up 25. going into this report, economists expect 180,000 jobs added to economy in november, they are expecting unemployment rate to hold steady 3.6% talk economics now with president of macromassive ns stephanie performance here. >> let's get into it maria: what are you expecting for this jobs' report we know what we saw adp number below
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estimates 76 -- 67 versus 40. >> right i guess impact of gm strike workers plus i think sense of workers that leave so a net cutback 40,000 in terms of increasing this number, i think you know, generally speaking, if the forecast is 180 take out 40 we are at 140 let's say keeping with sort of broad slowdown about we've been seeing in imminent growth peaked 260,000 average month gains it was 235,000 beginning of this year now we are down to about 17 a so we've seen this steady slowdown, and what i keep coming back to is profits profits profits. i mean has been number one, input into hiring decisions obviously, and we're in middle of a profit recession right now according to s&p
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three-quarters in forecast are fourth quarter of bring us to four quarters not surprising to me that you -- >> how do you define a profits recession. >> negative year-on-year growth in -- profits, yeah. on the gdp numbers, there were two quarters that were negative we bounced up third quarter, but the interesting thing about this is that if you look at domestic profits, they are actually weak. they are still reporting gains in revenue earned abroad confounding given the trade war you would expect that the drag on earnings has all been from you know, earnings abroad. that hasn't been the case. i think there is a story going on under here that is not being appreciated. you know there is kind of throw out this -- it is all just trade any weakness just trade as off-the-cuff response to any news that disappoints. and if you dig between beneath surface you will find that there isn't it is not really the case.
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and the consumer spending, along with the employment full employment growth consumer spending growth slowed as well obviously, we went off the cliff after fourth quarter meltdown last year. we bounced back did not quite back back to where we were before we slowed from there. so you've seen this slowdown in employment slowdown in spending i think begs the question whether we are going to get 10% earnings growth next year. which is the forecast. maria: for those estimates way too high. >> yeah i think they definitely will come down. maria: stephanie you have such interesting case -- i know -- >> no to about positive you come in quite a bit on top three, and different things that you looked at to really see what is happening with the jobs market. how do you feel about that now? do you think we are going to get a surprise today with a lower number than the one expectation. >> i guess it wouldn't be a
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surprise if number disappointed at all i thought interesting thing in the adp was the small business. you know the weakness in small business employment. one thing, i know one of the nerdy things i get into is there is a lot of -- sort of slight statistical sleight of hand behind temperatures in terms of how calculated the report monthly one is they impute the jobs for new business formations if you have not set up payroll you might have hired people you haven't gottening everything done, gotten everything done you know that plug factor birth-death factor it is called accounted for 48% of the headline increase in employment growth over the last 12 months. that is massive. we did see blf did benchmark revision to employment growth last year took 500,000 jobs
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off the top i think a function of having overestimated the small business new business are formations. on second thought to having take jobs away that is why i said adp small business thing was interesting because maybe you know headline numbers are being inflated by this assumption that we are creating all new businesses that turns out -- >> you know that adp number, spooked me a little bit that is why i am betting on that we don't hit 180,000 number. maria: there is approximately 45,000 -- >> take that intoot i think it is a team of two economies right now service sector looks really good to me you know, the my big concern i have voiced week after week on this show is manufacturing sector hard hat blue collar jobs that seem to be certainly, shrinking a bit, you know, is that all china trade? or what do you see behind that. >> right now. >> the manufacturing slowdown. >> i think that on the manufacturing thing it feels
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like we did a huge downside he globally, ism all around the world implode kind of a dead-cat bounce back up the jury is out whether resolution that enables you see to find a bottom slowly start to pick up from here but i do think, you know the service sector is hard to string together an argument materially impacted by trade the manufacturing thing has been hit pretty hard on that score. but i keep coming back to you know, your only going to produce what you can sell, so ault it comes down to what is the consumer what is the real underlying appetite -- >> end ing we got great numbers didn't we for the black friday weekend? i mean it seems to me consumer is pretty strong. >> a un-- supervisory wages growing faster than overly wage growth 3% most recent month in october, for the overall wage growth number
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3 1/2% nonsupervisory workers people most apt to spend that are making more than average american. >> bottom earns bigger than 3%. >> absolutely maria we see that because we basically had focused more on that hourly worker statistics manufacturing. they are making quite a bit more, percentages more in some cases 15% more. >> wow. >> tight labor market. >> 15%, in terms of wages that is incredible. >> for hourly worker then some wages though are on the lower end of the scale you might be seeing. >> that is good actually it is actually reducing income and enact you got people at the bottom doing better as you were saying daysen people most likely to spend if more money in pocketbook going after the -- >> i go to jon hilsenrath's story in "the wall street journal" last week looked at wisconsin, because, again, the economy is about the election, and the election is about the
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economy. that people were getting laid off and there are lay-offs but such a tight labor market they were getting rehired, as being handed severance checks they were getting rehired getting new jobs -- the factor being laid off from astonishing. >> one of the biggest challenges that employers have today, there was a story in the "the wall street journal," two days ago about furniture manufactures coming back, to north carolina the demand is there, and, you know, orders are -- are you know, increasing but they don't have the workers to be able to meet the demand. the interesting part is the economy we live in today when someone orders something they want it now don't want to wait eight wreaks for furnish the need there is that manufacturing could come back in a state like north carolina but challenge is going to be we don't have workers.
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that will impact the growth of our economy. >> i think that this kind of gets back to that whole propup profit story if you look at growth, growth in employment usually can't tell two lines apart there the have been two periods they parted company one was in the dot com about bubble tech bubble profit growth started to slow in 97, employment stayed even continued to move at health clip the other is today in in profits recession employment growth slowing is still -- it defies gravity of profits thus far i think -- >> wait a minute. >> the profits recession why stock market up so much. >> imp so glad you asked that, oh, my god. >> you take profits -- >> how do you figure 100 new hires. >> two things is there is a government measure profits and there is the s&p measure of
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profits, the s&p measure of profits is heavily inflated by share buybacks because a per share earnings number whereas gdp profits are just dollar level they disagreed dramatically in terms of measure of earnings although s&p numbers caught up on downside this year but i think one of the reasons, is that people are dismissing the s&p earnings weakness as just trade. >> you say they should not. >> no, i don't think they should. >> you think market overvalued. >> absolutely. >> sell into this rally you have been saying for a while. >> i know, i left money on the table but i am very content with that feels a lot like in run-up to 2008. so i just -- i am cautious. >>. maria: we will get more on this as we continue stephanie sticking around special coverage november jobs' report whole hour numbers due out about 20 minutes would like in our assessment of just how significant, a sell-off might be in 2020 but meanwhile, we want to also take a look at
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impeachment battle heating up the house officially taking next steps against president trump, blake burman at the white house this morning, back from london, blake, good morning to you. reporter: good morning to you democrats moving another step closer he to potentially impeaching president trump in ares house of representatives, as the house speaker nancy pelosi said yesterday the house will be moving forward with drafting articles of impeachment, pelosi saying the faction are quote uncon tested, contending the president beaued power for his own political benefit. >> the president has engaged in abusive of power undermining national security jeopardizing integrity of our elections, to preserve to protect and defend the constitution of the united states. maria: president trump responded by saying impeachment will now be used to routinely attack future presidents he added in another tweet quote nancy pelosi just
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had a nervous fit hates that we will have 182 great new judges so much more stock market employment record she said she prays for the president i don't believe her not even close help the headlines in your district nancy, usmca. top republican in hours says democrats have mapped this out for years. >> what the speaker announcement she was weakened the nation. there was not new news they also a had this prewritten time line from the day they got sworn in. reporter: next up a hearing in house judiciary committee on monday that committee keep needs to write up and vote on articles of impeachment,b bringing it to the full house for a complete vote but remember, a trial would then take place in the senate and republicans, of course, have voting power in that chamber. maria: blake, thank you blake burman live at the white house this morning quick break then
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we are under 20 minutes away from november jobs' report we break down everything you need to know when we come right back markets up going into the number. not all zeroes are created equal. at schwab, we believe investors come first. we work hard to make you happy. with the right combination of people and technology, so you can work with us the way you want. now with zero commissions on online stock, etf and options trades. part of our mission to make investing more accessible for all. and we're the only firm with a satisfaction guarantee. which is why our zero is better. schwab. a modern approach to wealth management. my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week.
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for the diamond in your life. get 25% off everything, including these one-of-a-kind deals at the winter jewelry sale. exclusively at zales, the diamond store. maria: we'll we'll protesters in france hitting streets a second za in a row large scale demonstrations cheryl casone. cheryl: protesters angry about pension reforms being proposed by president macron would see them retiring later or facing reduced payments during retirement public transportation system hit hard services shut down, reportedly to address the strike address the nation this weekend -- saudi aramco set sale price raising the company value saudi arabia owned oil company going to sell shares for 8.53 each he putting overall value being sold 25.6 billion
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dollars, value of the company 1.7 trillion dollars, expected to happen on saudi stocks incapabling next week the big question how can americans get in on this action. >> thank you, cheryl. >> we have a few minutes away from november jobs' report everything you need to know where are the jobs, coming up stay with us. cologuard: colon cancer screening for people 50
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maria: welcome back, president trump tweeting this morning, about the stock market what he just posted stock market up record numbers for this year alone the dow up 18.65% s&p up 24.36% nasdaq up 29.1% if it's the economy stupid the president writes comment referring to clinton days in fact about the economy, the about november jobs' report out in few moments the economists expecting 180,000 jobs added lastly month unemployment rate steady up 3.6% joining us we'll wells investment global market strategist paul christopher thanks for joining us we got all hands-on deck right here for the jobs number coming out, tell me what is priced into the market, and what would be a positive showing here in terms of market performance as you are looking at strategizing. >> it is a good question
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markups have definitely continued to prize in fully price we believe a continued strong jobs market good jobs growth good jobs growth above -- inflation consumers getting purchasing power on regular base that is good with a market doesn't want to see jobs market might get too strong force fed back into a more tightening frame of mind. >> so you expecting a good number or worried about that adp miss yesterday? >> no, no, not worried, yeah no. it is you still got a lot of fluctuations going on in there we had gm strike got settled should be a positive, we are not too worried if we see miss to the downside, we are not too worried if we see miss to upside you need? to see much more evidence of either downside trend beginning or stronger much stronger upside trend for the for us to get worried. >> to a break number jobs' report out seven minutes' time right after this break we will have the numbers for you.
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. maria: breaking news november jobs' report due out moments economists expecting 180,000 jobs add to the economy the unemployment rate remaining steady 3.6%, futures are higher going into this report let's look at markets dow industrials up 51 points s&p up 5 mass deduct up 22. let's get to final thoughts from panel. >> we are going to find out a minute and half whether great american jobs machine keeps rolling on, it is amazing economy i would be very happy with 150,000 jobs i know the forecast is 180, literally the constraint running out of workers. >> talking about. >> definitely i think we still see the shortage of workers there is not a shortage of
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jobs, it is a quality of talent, you can see yesterday we looked at the unemployment claims that number was down again, to 203,000. i mean that is like even if under 300,000, that means a healthy job market so a complete low there. i really believe that we could see good number daying when an are you looking at. dagen: labor participation rate again as more people get offside lines go out looking for a job, that shows health optimism also your average for the year-to-date is only i say only 167,000 jobs added on average, so even if it is below 180 you in if in line with that good news. >> stephanie. >> i am watching hours worked if you are going to cut back anywhere the first thing you are going to do is cut hours, especially in a skilled shortage type of market. maria: good point that is true christopher thoughts what is priced in quickly. >> yeah very good observations, it would not hurt market if this number
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misses to the downside, it would not hurt the market if the number comes in, a little bit above so it is almost like a goldilocks economy right now, labor market. maria: all right goldilocks for sure especially the consumer doing well he he had wars lawrence has the numbers going to toss to him right now. reporter: 256,000 jobs created in november, 154,000 private sector, 12,000 in government secretary of state unemployment rate ticked down again to 3.5%, the he revisions in the right direction, going up in september 13,000 jobs, in october going up 28,000 jobs that is in addition of 41,000 jobs for the net revision u6 ticked down . %, 6.9% long-term unemployment 20. 8% average hourly wages ticked up .2% month-over-month up 3.1% over the past 12 months up 7 cents there labor force
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participation rate little changed, at 63.2%. average hourly workweek unchanged at 34.4%, nonsupervisory wages rose 7 cents white unemployment rate 3.2 black 5.5% hispanic unemployment rate 4.2%, asian unemployment rate, health care added 45,000 jobs, that sector has added 414,000 jobs, over the past 12 minutes, manufacturing, up 54,000 jobs, but 41,000 jobs of those related to the strike that is in motor vehicles parts coming back mining loss 7,000 jobs, down 19,000 jobs, since peak in may. retail up 2000 jobs, and leisure hospitality added 45,000 jobs, that is 219,000 jobs in that sector alone over the past four months so bottom
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line the economy created 266,000 jobs the unemployment rate ticked down to 3.5%. maria: blowout is there it is as blowout! >> blowout 266,000 jobs, all saying could it come in lower than expected -- i did -- >> -- more, was wrong i said 150, we got 250. maria: you were wrong. >> i never been more happy that i was a wrong. >> manufacturing dagen look at manufacturing numbers, again, blowout. dagen: manufacturing estimate this is the estimate was already at 38,000 jobs about added manufacturing blew that number out of the water, a lot of that was gm workers coming back again, to the net positive was manufacturing job creation, but i want to point this out, the range, the estimate range before going into this report, the very, very highest estimate 237,000 jobs added so this job market
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this economy it winds that away as well. >> rock 'n' roll giddyup go ahead. >> paul? >> yeah this is a great number absolutely a great number one markets will likely like a lot not strong enough to really get the fed back into the picture, from a tightening standpoint you have to have a lot more of these kinds of numbers in a row for that to happen as i was saying before number came out not too hot, not too cold really like a goldilocks picture for investors here. >> wait a minute, this is the -- it is there is nothing to claim -- october revised upward october. dagen: and september. >> nancy pelosi i hope you are watching you are going to impeach a president creating the best economy in 35 years? are you insane? it is a economy stupid these are amazing numbers now expansion, by the way, remember, this recovery began in june of 2009 we are now in december of 2019 i asked will great american job machine
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roll on ladies and gentlemen, there is nothing to complain about this, it is the best labor market foreign workers in 50 years. dagen: unemployment rate matches the lowest rate in 50 years, 3 1/2%, 50-year low on unemployment the string of 21 months unemployment rate below 4%, that is longest stretch since 1960 which i said earlier. maria: stephanie i know you are expecting on the way -- yes reaction. >> -- the storm clouds ---is if i had to come up with some reasons why this wasn't as strong as looks i would just say you know clearly something going on in the seasonal adjustment side with 45,000 increase in leisure hospitality seems like something could have do with the way thanksgiving holiday felt this year, but basically, you know, the broad takeaway would be if you average the last two months, we are coming in 200,000 jobs per month,
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which is good but still down from the 235 the beginning of the year -- >> you could -- you asked me -- >> a reason -- number no doubt about it but oi all accounts you look at this broad employment story good more people coming offside lines get to edward in washington edward looking through this participation rate, and who came offside lines to get a job about. >> that is is it a we are seeing 325,000 people in november, coming off the sidelines, number people discouraged you know that number is actually down 128,000 people from november of the last year so there are people coming in off the sidelines, those discouraged worker numbers dropping, in this economy also talk about the average number of jobs created 180,000 jobs created per month on average for 2019 keeping up to 223,000 from last year not quite there yet again we've a fed meeting next
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week so this might be another indication they may pause on the rate hike there. >> i got to say this, 10 years into recovery, the average 180 now jobs that is off 80,000 jobs that is off the charts the real unemployment rate is u6 number i am looking through here i don't know. >> .9%. >> what was it jacob 6.9%. >> one point was 14% so that is a really good number it indicates as i just said people getting off the sidelines into the labor market, also indicates, fewer people forced into part time jobs just so positive this gives workers a lot more leverage. maria: wages are not as strong as expected, that is one thing right you've got the november average hourly earnings all private works up 2/10 of a percent versus consensus -- >> overall. >> year over year was stronger than expected.
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year-over-year -- 3%. >> north 36% the other really -- north of 3%, the good generator the sector i am in is temporary sector that indicator steve and i were talking about this before is always good indicator are we going into recession are employers cutting back treasure health sector added 20,000 jobs for the month very strong number, up previous month was 9,000, and we are seeing this, you know i am also on the board of directors for the american staffing association they did research of all the staffing companies in america. fourth quarter staffing agencies projecting they are going to be up 2%, year over year, so this industry is also thriving when speaks to our need for talent the jobs are out there. we don't have the workers we are seeing growth in sectors across the board. with the exception maybe like
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mining, but i mean look at manufacturing. that is 54,000 jobs this is one of the best reports, and this is the last report that we are going to have of the decade right that is coming up what in decade on this report -- >>. >> construction was up as well this is just really hard to find anything not to like being. maria: it is definitely much better o. >> if you add jobs, 300 -- >> you have october september revised upwards, so and go ahead. dagen: 41,000 -- in september and october. but again this is where the -- the politicians don't to your point don't are not in touch what's going on in 24 country about you talk to workers, this is how they feel, they feel like they are not worried about getting laid off and if they do, suffer a layoff they can get another job almost immediately, people are making more money.
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their wages wage growth outpacing inflation, if you are in a nonsupervisory job on the floor in a factory you are making even more money than the average. really -- >> this is what people pay attention to. >> is it on politics of this, you know, the reason republicans totally failed in trying to impeach bill clinton is the economy was booming, people we don't care about personally we love what is going on with country i think nancy pelosi running straight into that people are going to say you are going to impeach a president doing amazing job rebilling american economy? >> she is threatening the majority in the house threatening speakership with this impeachment. >> i agree. >> we will see how voters react come 2020 definitely feels like policies around president trump, are work for the people, and they want tell him go ahead stephanie. >> you know if i have to throw out some caveat here this is why i am here i have to come up with something -- >>. >> no this is very it is a
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solid report the only thing is we are looking at employment it is i hate to put this out a lagging indicator but very strong and i think from the political discussion i couldn't agree more, this is all bonus for trump it is really is great news for him the question i would be asking, honestly is where this is for powell i do think this was that much stronger than people were looking for i would think the market would start to say look if we are go to see more these kind of numbers we're not getting any rate cuts next year. >> paul christopher on that looking at numbers would you call the a blow south? what do you think jay paul is saying as he reads through numbers. >> absolutely, blowout. >> no question. >> everything you said about this particular report, is true. but far too early to start worrying about the fed, they would need to see many more these kinds you have numbers i
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think in likely wage growth peaked in february about job growth already peaked, so this is this is a greet number. but its mainly in aberration we are going to see continued good numbers may be not this -- we are not worried about powell. >> let me ask you a question about that because you know, the president wants to fed to be continue to cut rates, seems to me with report like this, you know, is that what are the chances of another rate cut given how strong the labor market is right now. dagen: i can answer somewhat paul, you can get in here, but the last rate cut is working to the economy when was it october? it takes six months for rate cut to work into economy juice going in 2020 plus balance sheet expanded 300 billion dollars last few months, paul? >> those are good points as well we still think that the fed could cut another time, don't forget more than just the employment of the job
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market it is more than just u.s. economy. as the economy looks stronger it might embolden president to get tougher with china nem of escalating trade restrictions, that might leave the fed in a difficult position if the job market remains strong you might want to hike but if president is going to impose more tariffs you have to be prepared to go for more rate cuts we think the fed is comfortable here in neutral position maybe with one more cut in its back pocket coming months. >> list of assertions prosecute job creation was service providing up 206,000 leaser hospitality 45,000 look at manufacturing 54,000. the futures have scomrufrpd we are looking at a gain about 200 points out of the gate on dow jones industrial average -- 169 is a number the dow futures up 169 right now, would you buy into this market here? >> sure, our targeted for the s&p and 2020 is 3250 we still
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see, solid mid single digits returns we would like to begin taking some profits in saeshths that we think look a little bit chancy to us, more on cycle side don't the quality features good cash flows good cash to dent good evening prospects we would be underweight on materials cyclical without quality going forward underweight communication services we think overdone here would take that money out of two sectors put in cyclicals where we see quality you are going to see volatility probable related to trade coming year quality sectors hold up better info fec consumer discretionary on valuation play we like financials. >> financials getting a big break if in fact we do see a deal with china as they get market access there this is the kind of market that i assume would you want to sell into stephanie, by the way, we
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don't have you here to take the other side [laughter]. maria: we want to get your strong fantastic reporting, and analysis we don't need you to take any side. all right, well -- thank you for that being you discharged of that gruesome responsibility, i think the market is overvalued because again i am looking at the real broad profit measures that have been much weaker than s&p earnings numbers that are flatter by -- that, according to the government, profits peaked end of 2014 down 4% those years. >> come on you know how much i would have lost if i sold in those years ago how much money i would have left on table. >> you are one hundred percent right but there are some really critical cracks that are forge in the market, on the front lines where you would expect to see the first signs of trouble look at those unicorns high-flying stocks significantly brought to heel, of course, on credit market side we are seeing in
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leathered alone market weakest credits out there are that market is completely shut down, and generally those problems just bleed inward if you get a tightening of credit conditions for corporations, it is game over for the stock market, because that is the source of funding for share buybacks i think are really the thing propping up this market in the face of an earnings recession. >> overall issue of how is the economy performing, it is very -- i don't want to keep adding politics to this if you listen to what economic impact candidates are saying just economy benefiting rich people only super rich are naefg complete nonsense this is lifting almost -- no income people middle class the only the reason mil class striefrnging people are getting richer selling that story three years dagen one problem the republicans seem to have a hard time, explaining, that in fact all boths are rising bottom
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earnings seeing wages up 2% or something right. dagen: but you know what the republican in charge doesn't have a hard time selling that. >> yech. dagen: the republican in charge in the white house president trump very good at it like it or not talks about stock market causes well a barometer -- predicting where the markets going to go, it is what it is he is who he is, he is the best spokesman for the economy. but the democrats meantime they are hacking up talking points that they are left wing cronies have been riding in the halls office buildings, no washington didc may be loss san francisco not out there with regular people in the in small town america that is why they are so off base so delusional are selling a lie quite frankly. maria: all the while adam
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schiff has his surveillance dogs on everybody he is basically getting phone records, not just from his opponents, devin nunes but from reporters john so will more than where is media outrage that john solomon was surveilled by adam schiff where are you media to jackie deangelis floor looking at markets open up 170 points on dow over to you -- >> good morning to you futures tell the story here i was talking to traders aof this report with that expectation, of 180 they were saying that is going to be a hard number to beat we can even handle a little bit of a miss here so 266 blowout by all accounts it was a total home run here, the revisions upward, that also is a positive side of the story i asked traders what about the fed does this mean the fed is on hold they said that is fine that is actually what we're expecting they look at this number really goldilocks in all senses, great way to finish the week, finish the year in terms of these reports
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maria. maria: yeah joanie said how about the decade. this is really good news, such a great report. and you know i was -- you know we didn't expect as much in manufacturing. so you know it is great to see that number. >> 40,000 of that is the -- gm workers, to clarify. >> 41,000 we did see that from the gm strike, coming back. >> still has -- >> still. >> manufacturing, great point, construction, we've seen some cutbacks in construction you know spending, and in housing, but you know that is something that we also want to get back in construction jobs there is a strong demand for workers in the construction area. >> here. dagen: here is trouble for democrats particularly those the person who eventually gets nomination those running for the nomination. they are left looking like rooting for the economy to
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collapse. >> exactly right about that. dagen: will look like about -- >> recession last. dagen: they will look like they are cheering for the american worker the man and woman the husband and wife -- >> to lose jobs. dagen: and partners across the country to get laid off that is the danger for them he. maria: you are right absolutely, jackie deangelis thank you on the floor of nyc what is next because the fed meeting next week, what are the metrics the fed is going to look at right now in terms of -- >> i don't see fed lowering rates with this number i don't see it. >> the fed is looking at two really important indicators in the report, and actually not the headline numbers they look at labor participation, and they look at wages, those are two things, that you always hear their focus on, we didn't see enough movement in either of those indicators, i think to make the fed change their mind about you know the policy right now. so, yes, it is a good headline
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number unemployment still low, but we're not seeing that much movement in wages in this report, or in labor participation perfect we still need to get a lot of people back to work in this country. so it is even though a great report, i don't think the fed is going to -- >> on hold. >> where we are today maria versus where exactly a year ago remember the stock market in november-december felt 2500 to 3,000 points as fed raising rates trump turns out to have been right it was major mistake for the fed to be raising rates now we've got level or falling rates no inflation, by the way, in the economy, the other thing not only do we have blockbuster jobs numbers there is no inflation in the economiet. maria: you won what some democrat plans on economy would do to a booming economy we are seeing right now what if you do get trillion-dollar plans on medicare for all multitrillion-dollar plans the green deal, et cetera, tax increases. >> would destroy economy i
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agree with you one hundred percent such a consequential time in election, i have fingers crossed what i am worried about doesn't happen between now and november, that we can hold this together, because, the stakes are way too high, and you know the direction that the democrats would take this economy would absolutely destroy the kind of growth we are seeing. >> momentum 266,000 jobs created november, higher than people were expecting bring in stuart "varney & company" host stuart varneyaway in blowout? >> yes, yeah i say. >> blowout works, he phenomenal spectacular sensational all works you have seen the numbers reported the numbers i want to continue with politics of this report have you just think of the juxtaposition we've got right now on one hand, prosperity booming economy full employment no inflation et cetera, et cetera, et cetera, one side of ledger the other
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side? impeachment with you believe that? here you've got prosperity conferred upon us about trump tax cuts, deregulation the other side of the coin politicians are trying to get rid of the guy who gave a good degree of this prosperity isn't that absolutely i ridiculous isn't it? i amdone. come on. maria: they hated him from day one i think one of the reasons that donald trump's presence threatens their viability it threatens their power, he came into washington, calling everybody out, blamed -- drain the swamp you are not doing your job. >> they don't want to give up power. >> they want a recession leaking for negatives don't want large job creation don't want full employment they want something to complain about and china about your colleagues moments ago are absolutely correct if democrats get the in in 2020 this economy is done! and there are all kinds of
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people laid off the unemployment rate will go up. the economy will stop growing. it will be a catastrophe. >> yeah, we will see, obviously, this next year going to be a critical one stuart i know you will have more in 8 minutes' time sigh you top of the hour join stuart but at this point we got market that is -- that is strong, reacting to a very strong backdrop i mean that is the bottom line. dagen: inflation is still under control, wages are growing faster than inflation, but not too fast, you have a healthy -- again, the federal reserve biggest concern at last meeting was the trade war, are and with china so the fact that we have a strong economy, it gives the fed room where they don't have to cut detain they certainly don't have to raise not next week and not going into next year. maria: one of the areas not on that about graphic was health care but i know health
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care you got marriage health care intelligent living longer breakthroughs biotech saving lives. >> health care is has been really for the last couple years has been the leading sector for job growth, so 45,000 jobs very created in the health care sector, in november. and that is only going to continue, strong demand you know nursing medical he technicians physical therapists across-the-board aging population that flan is going to continue i did see there was a story, that tracee carrasco did on truck drivers female we have division pro drivers such a high demand for truck drivers right now, we are seeing that with increase in logistics in transportation. so the job growth is in some sectors across the board. it the anything we just need to get more people back to
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work participating you know in the workforce, and you know there is so much opportunity out there even for training. >> -- this economy american economy doing so well, europe is flat-lined you were talking about germany look like not doing very well japan is kind of flat china is falling, i mean, not only are we growing we are carrying the rest of the world on our shoulders the rest of the world should be following our lead cutting talking cutting regulations getting government off the backs of businesses that is how you grow an economy. >> you are seeing some areas doing that like you look at brazil you look at -- india. >> europe isn't you know that those people are -- protesting in streets in france right now they don't want pension reforms that will create a stronger economy -- i am worried about europe, but they should follow america and donald trump. >> nancy pelosi preaching about patriotism yesterday i say will this is american dream what we're seeing is the
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government getting out of the way. the government creating a foundation and environment where people can go out start bifrs, build businesses even with they become biggest in the world, they go out there, and start hiring. people have the safety, and security from a defense inspector and financial perspective they feel protected that families are safe they can get a better job earn more money they can take care of their family their friends their community the people in their church. that is the american dream! maria: sure is deregulation helped that in terms of in leashed all this new investment, is paul christopher still with us? >> you betcha. >> we haven't heard from you in a little bit. >> the regulation point tell me what -- was saying at a clients on heels of this report this morning. >> yes, so the deregulation is important piece of what some of the things that having that right for this economy offer
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the last 10 years but it is an aging cycle, remember wage growth already peaked we believe, if you look at map of the u.s., the parts of the country, that he aren't growing so much in job growth, are in tr north central area around great lakes if you think about the political risks going forward the risks of streams two parties, and if you look at risk of further trade escalation we think now is a really good time to focus on risk and reward. and we although we like some sectors in the s&p would definitely be looking to take off dirlgs riadditional risk sm companies late in the cycle we think a good place to get more cash we would put to work no some he associates i mentioned in early info tech consumer discretionary financials favorites how we would go move out of kick cals low quality move out of small caps put that into large caps. maria: even though large a
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couples going to get hit with stronger dollar trade fears in terms of potential tariff situations you still want to go large? >> we don't think that the dollar is going to strengthen we think the dollar is going to come off 3 to 5% a healthy move it is not a collapse in the dollar but it will gives other people, other industries markets a chance to recovery recover a bit. >> my concern with this reaction to the stronger number today would be actually the dollar to the extent that that creates a headwind that has been a pet peeve of the president i think one of the rons pushing powell to be more accommodative the dollar has been incredible strong also the reason you mentioned the rest of the world such a disaster. >> i agree with him long-term but i think you get numbers like this, and vitriol reaction is -- 10 year, back up the dollar increases those create two headwinds, that i think, you know, you and i
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agree that the department of ed should probably be more accommodative. >> deregulation tax cuts this is definitely moved the needle on. >> blows out to me the fed when i was -- i kept saying no such thing as phillips curve for years decades, economists believed that strong employment led to more inflation the way to get, unemployment -- we have most this is not a goldilocks economy that is beautiful economy, it is basically, the lowest think like it is the lowest inflation rate in 50 years, lowest mortgage interest rates, lowest unemployment, and got to salute, hope donald trump is watching, he watches your show, you are doing an amazing job on this economy. maria: in your op-ed you say
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democrat tell 8 -- hate helping the rich. >> $10,000 to people who buy tax credits who make over $1000 a year. you don't like tax cuts except for tough ones. it has been a great show. thank you so much. blowout, we will see everybody's soon. xi jinping stuart: the jobs report, i am going to call it a blowout report, it is wildly positive. 266,000 new jobs created last month. the unemployment rate goes down to 3.5%, a historic low and


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