american history and part of that history is cary grant climbing mount rushmore. that there is a little bit of american history to britt how about that folks? cary grant, love him. love governor gnome also print and love mount rushmore i am cuddled we will see you two more maria: good friday morning, everyone. thanks so much for joining us, i'm maria bartiromo. it is friday, june 4th. your top stories right now, 6:0. president biden's tax concessionses, the latest round of spending negotiations signal a ray major shift from the white house. new measures taken by the biden administration to expand the blacklist, first put in place by president trump. markets this morning are hovering near the flatline. we are waiting on the big may jobs report this morning, out in

about two hours. the dow industrials right now down 25 points, the nasdaq up 8 and a quarter and the s&p 500 higher by one half of a point. the jobs number will dictate market movement, the expectation today, 650,000 jobs added to the economy in the last month with the unemployment rate ticking down to 5.9%. this after all three major indices finished lower yesterday, pressured by big tech and growth stocks as the end of the day dow industrials down 23, nasdaq taken a big hit, down 142 points yesterday, better than 1%. s&p 500 lower by 15. european stocks this morning little changed ahead of the big economic report we're waiting on. ft 100 down 17, cac down 4 and-a-half, and the dax index lower by 4. check asian markets overnight, and we see a similar story on the asian markets, mostly lower, all fractional moves across the board. "mornings with maria" is live right now.

♪ maria: now some of the stories that we are watching this morning. former state department officials say they were told not to dig into the origins of covid-19. the of usuals say there -- officials say there was an effort to oppose any investigation because it could bring unwanted attention to gain of function research being conducted at the wuhan institute of virology which received funding from the united states. former secretary of state mike pompeo says the national institutes of health tried to squash his department's investigation into the true origins of the pandemic, he also said dr. anthony fauci, is, quote, spreading chinese government talking points when talking about the origins of this disease. heart wrenching have shows the moment a 9-year-old migrant boy

reconnects with his mother after being separated for seven years. fox news journalist sarah carter helping to make that he reunion possible. take a look. >> [phone ringing] >> he was talking to his mom for the first time and -- i don't know. i was overwhelmed. maria: the boy says he made the journey from guatemala without a guardian to find his mother, more than 20,000 unaccompanied children and teens are currently in u.s. custody. hedge fund manager bill akman spac nearing a deal with universal music group according to the journal this morning. this deal is valuing universal music at $40 billion. if the deal is reached it would

be the largest spac transaction on record and would give them a 10% stake in universal music which is the label behind several big name artists including billie eilish and taylor swift. good news for cancer and killing it, a pill made by astrazeneca shows mom pressing results in -- promising results in treating early stage breast cancer. astrazeneca plans to submit the data for regulatory approval. astrazeneca shares are lower in premarket trading by a quarter of a percent. it is jobs day today, jobs friday. markets are searching for direction as investors will wait the may jobs report, due out at 8:30 a.m. eastern. we have a market fractionally moving, dow down 26, nasdaq up about 10. the jobs number, we are expecting 650,000 jobs added to the economy in the month of may, with the unemployment rate

coming in at 5.9%, this would be the first reading below 6% since march of 2020. keep it here for full coverage of the numbers. as soon as they hit the tape, we have all hands on deck to identify where are the jobs right now. joining me right now is the halferford trust company head of investment strategy harntion smith. also join -- hank smith. also joining the conversation all morning long, mark tepper and liss peek. hank, kicking it off with you. what are you expecting from the jobs report? do you think this will be a market mover? >> i think it's going to be a very strong jobs report and i think it's going to exceed the consensus 650,000 based on the adp report yesterday. but i think more important is the trend and also the leading indicators of employment which are weekly jobless claims and the jolts indicator, job opening, labor turnover survey.

look, people are voluntarily leaving jobs and that is really a positive sign and there are more openings than there are available labor, plus, the weekly jobless claims continue to trend dramatically downward. so we're very enthusiastic about the labor trends in the u.s. and in fact, really only the u.s. government is getting in the way of better job numbers based on the added federal unemployment benefits. maria: yeah, you've got, what, 22 plus states already say we don't want those unemployment benefits. they're hurting the job story. we're going to say no to those unemployment benefits. how much of this is priced into the market, hank? because i know that you believe we could see the highest gdp growth in history in 2021. what are you expecting and do you think markets feel that way or will this be a surprise for the stock market? >> well, maria, some of this has to be priced into the market based on where we've come from

off of the lows of a year ago. and really, a very good market year-to-date, a broad-based advance, particularly on the cyclical side, the economically sensitive side of the march a get which is suggesting -- market which is suggesting the market knows we are having a very, very strong recovery. and look, earnings are fantastic and i think they'll continue to be fantastic and we're actually seeing valuations come down because earnings growth is out-stripping appreciation and i think that's a good thing. so some of it is priced in but it's hard not to be bullish in this environment given the powerful tailwinds of stimulus, vaccine success and corporate earnings. maria: what about the risk to the growth? i mean, obviously with growth, inflation may come as well. we're seeing rising prices from

everything from energy to food to lumber. do you see inflation sticking around or do you think that this is transitory or temporary as many fed officials have been saying? >> we're in the transitory camp for now and unless we see a wage price spiral like we had in the late '70s and early '80s, it's hard to make the case for inflationary expectations. remember, the three macro trends that have kept inflation at bay for 25 years, that being globalization, technology, demographics, those trends aren't going away anytime soon and, therefore, we believe this is going to be a transitory event, you know, based on the fact that we had deflation a year ago and now we're having reflation today. maria: yeah, it's a good point. and liz peek, you've written

about the inflation scares that we're all talking about, given all of the money being thrown at this economy, the infrastructure package being debated bright now. jump in here. >> i think the question is, do the officials really know what to expect from this incredible surge in federal spending and this wash of money. we've seen this monetary easing go on for over a year now. but it's really the spending i think that really raises questions about the transitory nature of this inflation. what do you think of the budget that biden put out and how that might impact inflation expectations? >> well, it's a very good point and you have to acknowledge that we're in a brand-new territory here. just as we were coming out of the '08- '09 financial crisis and recession and we experienced qe1, 2, 3, 4, which we had never had before so it creates a lot

of anxiety. but still, once i think the economy normalizes at some point in 2022, the supply chain disruptions play out and normalize, i think we're going to see inflation somewhat at bay. with regards to the current infrastructure package, look, it's hard to make a prediction where this is going to play out. i'm encouraged that we hopefully won't see a lot of taxes but we'll have to see. maria: it sounds like you're still bullish on stocks, though. you want to buy stocks right here, hank? >> yeah, absolutely. and any pullback has got to be viewed as a buying opportunity. maria: all right. great to see you this morning, hank. thanks so much. always a -- final word, go ahead, hank. >> and one other thing.

the bond market is the most sensitive barometer to inflation. it's very interesting that the 10-year treasury hasn't really risen all that much since inflation has been in the headlines for the past two months every single day. maria: well, it's a great point. yeah. we've been showing the 10-year this morning as you've been talking. that's the message of the market. yields are not moving all that much even with this scare so perhaps you are correct and the fed is being transitory. thank sow much. the morning mover is bitcoin, the crypto currency sliding of a tweet from elon musk, tweeting hashtag bitcoin with a broken heart emoji and a picture of a couple talking about a breakup. it is unclear what he means by the tweet but as we've seen several times, his messages move markets can and once again they did here on bitcoin. we are just getting started this morning. coming up, the covid coverup, state department leaders warn

not to probe the pandemics origins. we're on it all morning long. next our, august pfluger will join me to talk about russia tensions and mercedes schlapp joins us to look ahead to to thecpap speech. it is jobs friday. we have all hands on deck. don't miss a moment of it. you're watching "mornings with maria," live on fox business on a friday morning. ♪ this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire. will help you get there as you plan, some days, you just don't have it. not my uncle, though.

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in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. maria: welcome back. well, president biden apparently making concessions to try to reach a spending deal ahead of a meeting with senate republicans today. biden says he will lower his price tag to $1 trillion on a

spending plan and he will drop the plan to raise the corporate tax rate. instead, going with a minimum tax. he will also repurpose covid-19 aid, something the republicans have been asking him to do. this as west virginia senator joe manchin says he does not support democrats passing the plan via reconciliation. we've been telling you that for a couple weeks now. democrats do not have enough votes to pass this plan through reconciliation which of course would be 50 votes of democrats plus the vice president, kamala harris, making it 51. joining me right now is the washington times opinion editor and fox news contributor, charles hurt. charles, it's great to see you. thank you so much for joining us. what do you make of president biden appearing to want to negotiate here, saying l he'll drop the corporate rate tax increase and go with a minimum 15% so that anybody who is not paying taxes will have to pay that 15%, talking about big corporations. >> right. well, big picture, i think joe

biden looks at the landscape, he has been around time, knows what he is looking at. he has basically at best a two year window to get everything done that he wants to get done. what he wants to get done is spend more money than any president in the history of the country or the history of the world. everybody knows that two-year window is probably shrunk by a year because nothing big happens during an election year. he's got basically six months to get all of this spending through. and this debate is basically -- we all know just when you listen to the democrats and republicans talk about trying to shift covid money over to infrastructure, this is not about how we're going to pay for it. they're going to pay for it by borrowing is what's going to happen and a i think the real sticking point for republicans on capitol hill is the fact that at that point, if we're just going to borrow money to pay for all of this, then raising taxes on anybody who has survived what we have survived over the past year and-a-half amounts to just

punishment at this point. i think that's where republicans are drawing the line in the sand and i think joe biden, president biden is probably realizing that's a fight that he -- republicans have a very good point on that. maria: yeah, i don't think that he could still go with these sky-high taxes for individuals and the capital gains tax either if he's got democrats arguing over it, right? i mean, you've got some democrats which we've reported john barrasso the number three he democrat senator was on this program, saying look, you've got many democrats saying i'm not going to go along with anything unless the salt deduction is in there. bernie sanders saying i'm not going to go along with anything if the salt deduction is in there. he's got to come up with some kind of negotiation, he doesn't have it in his own party. >> exactly. that's the reason they can't get it done with reconciliation. if you're joe biden, basically what you want to do, you want to have a huge explosion of money into the economy and then you're hoping to be able to ride that

to buffer some of the losses that are -- democrats are undoubtedly going to suffer in a year and-a-half from now in the elections and if part of that is going around punishing corporate -- corporations, then that's going to blunt some of that. their only hope is that when a year from now we're looking at a brilliant economy, inflation is not a problem, and i have my doubts about it but i'm not an economist. no one should take economic advice from me. but if that's the landscape they're looking at in one year from now, then their election situation looks a whole lot better going into november 2022. maria: yeah. yeah. i raise this because when john bar -- barrasso who is the number three senator in the gop and he tells us that he was in the room in the white house and a he sees that they don't have support on the democrat side,

then we know that there are problems here. look, i want to turn to the origins of the coronavirus because former state department officials now and fox has confirmed it say that they were told not to dig any deeper into the virus' origins over fear that it might, quote, open a can of worms, charles. the officials said they were told not to investigate it because they would bring unwanted attention to the u.s. government funding gain of function research at the wuhan institute of virology. charles, can you imagine that they knew that, yeah, this is so dangerous, we don't want to bring attention to it. let's not do that investigation to check with the origins of the coronavirus. >> i cannot think of any larger scandal in washington in the past several decades. i mean, this is just absolutely astonishing. if you think about this, you have a pandemic that cost the world trillions and trillions of dollars, millions of people have died, and that of course hundreds of millions of people

have been -- have lived through misery because of it and they had credible evidence very early on, at the very least questions about how this thing started and whether or not it started in a lab in wuhan. i know my newspaper printed a story back in january 2020, raising these very questions about this lab, quoting named intelligence sources who were saying, you know, we have a lot of questions about this lab and revealing that the chinese military had actually had ties to this lab, raising further questions. and obviously, this isn't settled. we don't know anything. that's the problem. we don't know anything and these are real questions and it's not just did it accidentally get out there. is there something more nefarious here. we don't know any answer toss that. the fact that they covered it up and the fact that so many people in the media covered it up, helped them cover it up and i would argue the reason they covered it up is because they wanted one boogie man in 2020,

they didn't want it to be china. they wanted it to be donald trump in an election year. maria: bingo. that a is exactly right. russia, russia, russia. don't discuss the real adversary and the threat out there. charles, great to talk with you. please come back soon. charles hurt joining us. we'll be right back. the world is going hybrid. so, why not your cloud? a hybrid cloud with ibm helps bring all your clouds together. that means you can access all your data, modernize without rebuilding, and help keep things both open and secure. that's why businesses from retail to banking are going hybrid with the technology and expertise of ibm. [ footsteps] [ suspenseful music ] ♪♪ hey, you wanna get out of here?

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maria: welcome back. searching for answers in the sky, a new government report set to be released later this month finding no evidence that alien spacecraft are behind the sightings of mysterious objectsby u.s. military. this is according to the new york times. the report still says there are no explanations for these sightings. this is something that i've been reporting on for months. we look forward to this report

coming out and coming public. here's what the former director of national intelligence, john ratcliffe, told me when i asked him about these sightings back in march. >> frankly, there are a lot more sightings than have been made public, some have been declassified. when we talk about sightings, we talk about objects that have been seen by navy or air force pilots or picked up by satellite imagery. there's actually quite a few of those. i think that information is being gathered and will be put out in a way that the american people can see. we always when we see these things, maria, we always look for a plausible explanation. you know, weather can cause disturbances, visual disturbances, sometimes we wonder whether or not our adversaries have technologies that are a little bit further down the road than we thought or that we realize. but there are instances where we don't have good explanations for some of the things that we've seen and when that information becomes declassified i'll be able to talk a little bit more about that.

maria: so this report is going to be released to the public soon, mark. we can take off the list little green martian men walking around. we do not have aliens. my guess from the beginning was that this is some technology spying on us and spying on the universe from china or some other adversary but this is real interesting. there are serious sightings from the military. mark: yeah. i mean, what a total letdown this report's going to be. apparently we can't confirm or deny that the ufos are aliens or whatever it might b look, we've been saying the same thing for years, covering stuff up for years. we've seen hundreds of videos of unidentified flying objects. what are they? aliens. foreign intelligence, u.s. intelligence, hyper sonic technology. are we the only form of life in the galaxy? i don't know.

i was kind of interesting in hearing something from this report. it sounds like it's going to be a total dud. like we're going to get nothing from it. maria: we'll see. liz, we could find out this is an international technology that we don't know of yet. that would indicate at least that we have adversaries out there who are trying new technology that we're not aware of. that would be the scariest of all, if our innovation is not keeping up with adversaries. liz: maria, i'm not sure why you're ruling out little green men. if they don't have any other plausible explanation, that is one, right? look, as far as other technologies, i think it would be extremely surprising if the chinese or the russians had something that would allow these craft to change direction, to go to the speeds that they've been recorded at. i think we would know about that i can't imagine such a thing being developed completely under the radar, so-to-speak. so i'm going with little green men, just so you know. [laughter] maria: listen, we can't explain

it so it's hard to pinpoint exactly what we're talking about. hopefully we'll get to see this report from the pentagon soon. it is expected in the next week or so. coming up, twitter's new subscription service, we're going to take a break. when we come back we'll tell you what you can expect, if you pay. that's p coming up. and then the '90s back, why the spaghetti straps trend is returning just in time for summer. it is making a buzz this morning. we'll tell you about it when we come back. stay with us. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing. i felt like i was finally out of this

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this is hannah - she's a posh virtual receptionist. call 1-800-miracle today and experience when you're busy, she answers the phone. thank you for calling the anderson group hannah speaking. when you're in a meeting, ashley can take a message. she's not available, but i'd be happy to take a message. and if you're stuck in court, lisa will let your clients know. thank you, mr. decker will call you back as soon as he's available. when you switch to posh, you could save up to 40% off your current service provider's rates. you can't be in two places at once, let posh answer. posh virtual receptionists. oh, i had never seen a picture of her until i got on ancestry. it was like touching the past. my great aunt signed up to serve in the union army as a field nurse. my great grandmother started a legacy of education in my family. didn't know she ran for state office. ended up opening her own restaurant in san francisco.

paralee wharton elder, lupe gonzalez, mary sawyers, margaret ross. there's a lot of life that she lived. who are the strong women in your family? maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is friday, june 4th. a look at markets this half hour where we are looking at fractional moves this morning ahead of the big jobs number. the dow industrials down 68 points right now, the nasdaq down 10 and three quarters and the s&p 500 lower by 4 and a quarter. the may jobs report typically a market mover, it is out in about two hours' time. the expectation calls for 650,000 new jobs added to the economy in the last month with the unemployment rate ticking

down to 5.9%. this after all three major indices finished lower yesterday, dragged down by big tech and growth stocks. remember, we did get the adp number yesterday. it was better than expected. if this number is better than expected we'll see a reversal to the declines this morning. european stocks are also little changed ahead of the economic data of the morning, ft 100 down 23, the cac down 9, dax lower by 19. in asia overnight, moves similar, fractional, pretty much across the board. the one winner overnight was china, shanghai comes pos it up a quarter of a -- composite up a quarter of a percent. police in hong kong are arresting organizers of a vigil to commemorate the tiananmen square massacre which is today, last night. cheryl casone with the details. cheryl. cheryl: that is right, maria. police arresting two people for promoting that canceled candlelight vigil that was remembering the victims of the

1989 massacre. officials banned the event for the second straight year, citing social distancing concerns. before the pandemic, the vigil was the only event held on chinese soil to commemorate the massacre. tens of thousands of people would attend including thrones from the mainland. back at home, police deployed tear gas overnight during clashes with protesters in minneapolis, the chaos coming after u.s. marshals killed a man while trying to serve an arrest warrant for felony possess of a firearm. officials opened fire after the suspect reached for his handgun. protesters seen lighting a dumpster on fire in the street. a cvs and target store were broken into and looted. twitter getting into the subscription business with the launch of twitter blue. one of the biggest features of the new service is the ability to undo tweets within 30 seconds. it also allows the option to book mark tweets to save and radioed later.

twitter blew is only available in -- twitter blue is only available in australia and canada. not a lot of movement yet on twitter. we shall see. blue screen, didn't plan that. finally, there is this. a famous summer barbecue favorite now going vegan. maria, you're going to love this one. starting monday, nathan's famous is going to be selling veggie dogs at 13 new york metro locations and that will include the coney island flagship store. company says it's an option for vegans, vegetarians and people who want to be healthier. it's a healthier ought fav. i don't know what's next -- alternative. i don't know what's next, gluten free pizza at famous rays. i lost track. back to you. maria: if you want to eat healthy, you might not going to nathans. i'm just saying. thank you so much. meanwhile, president biden expanding the blacklist on u.s. investment in chinese companies,

a policy originally started under former president trump. effective august 2nd, 59 companies with ties to china's military or its surveillance industry are banned from american investments. many of the newly impacted ten at this at thises have tie -- entities have ties to those already on the black list, including those associated with chinese telecom giant huawei. joining me now is chris taken whiten. it's always a pleasure to have you on. first i've got to get your take on this. we've been waiting to see what the executive order said, is he going to go soft on china, is he going to continue the tough stance that trump had in place for the communist party. how do you read these changes? >> you know, to his credit, i think biden has held the line pretty much on china policy. this originally as you pointed out came out in a lame duck period of the trump administration when the pentagon put out a list of entities and

that caused the new york stock exchange to delist and then relist and delist a number of chinese adrs. what we have not seen is a wholesale withdraw of the export controls, investment controls and other tough moves against china that trump had. there's the question of does this go far enough. the justification is that the entities are involved with chinese military or technology that could be used against dissidents in china or hong kong. the question that arises, maybe we should curtail all u.s. investment in china and china's access to our capital markets because after all, when it comes down to state owned enterprises and comes down to the chinese economy, it's all sort of fungible. but biden has largely held the line. maria: yeah. well, look, i want to ask you about this list because the list that these companies are placed on, this is the only list that can actually trigger capital

market sanctions and the list is controlled by the treasury department. so janet yellen is overseeing this list. marco rubio is not buying it. he says this, we know for a fact that wall street is helping to finance the chinese communist party's effort to weaken and replace american leadership. he said in a statement, the story of the past two decades has been america's unwillingness to confront beijing's exploitation of our legal, financial and political systems while the administration updated the policies. i'm concerned that the president's treasury department is too closely aligned with wall street to take the actions necessary to prevent american savings from being used to fund the chinese fifth party. -- communist party. all eyes will be on the treasury and what the treasury does with this list, yes? >> yeah. and yellen has been part of the overall establishment that took the soothing view of china, that

said the rise of china would lead to china being less aggressive in the interscene and possibly liberalized political. i think rubio is very right to be concerned. what he's implying is there ought to be a broader decoupling especially from finance and capital markets where we could face systemic risk. on the mainland, also in hong kong, if an audit is out there, coming from a phony state, can you trust it, can you trust the numbers. if there's a tanking of chinese equit as a result of that, what evidence ebbing ect does that have -- effect does that have of on savers or investors, whether it's individual investors or the thrift savings plan, the federal government's 401-k which has an international fund that can be invested in china. maria: we'll be watching that to see any other changes. but it looks like good news. it looks like biden gets it in terms of the threat but we still don't have a clear policy on china. meanwhile, former state department officials have confirmed to fox news that the

leadership at the state department was warned not to pursue an investigation into the origins of covid-19. because they were afraid of a probe bringing unwanted attention to the american funding of the wuhan institute of virology. that's the lab where the virus likely escaped from, christian. and the state department even pompeo, former secretary of state, saying yes, there was a movement that people were saying not to go deep into an investigation in terms of the origins. what do you make of this? >> well, secretary pompeo i think did a good job pushing as a hard as he can to acknowledge that the state department which trumps once joked was called the deep state department, which sometimes resents the concept that people elect the president and allow him to set foreign policy, not set by the bureaucracy. you're bumping up against a problem with the intelligence

bureaucracy. they use classification not to protect sources of he methods and of collecting actual intelligence, they use it to conceal the incompetence from congress and the american people. listen, we apparently knew a lot about the wuhan institute because we had been funding it. that's outrageous. in and of itself. the idea we would throw money at a chinese institute to manipulate viruses that may have actually caused this pandemic, who knows, it's looking more and more likely. so what we need is -- congress passed a law saying they have to sort of cough up all of the information and really they ought to. maria: well, we need a real investigation. look, now all of a sudden the media are just making an assumption, oh, it was a leak, it was an accident. we don't know that. look, china has been hiding everything from day one. and nothing has changed in the last month by the way. we knew all of this information, we knew the people who got sick in the lab in 2020. tom cotton told me that year

ago. ron johnson told me that six months ago. so we knew all of -- nothing has changed. all of a sudden, the media starts following this, something we've been on for a year and now they're just saying, well, maybe it was a leak, maybe it was an accident. of course it wasn't intentional. of course it wasn't bioweapons. we don't know any of that. so i don't want to do the same thing that the media did over the last year and just blow-off the options of what this is here because we don't know any of it. >> right. and when you look at -- we have an intelligence bureaucracy that costs, depending on your estimates, because it's phonied up and partly classified, $50 billion a year to $80 billion a year is what we pay for intelligence. so you know, i can guess what we pay for this intelligence bureaucracy to do is to know, not to guess. apparently we have pretty good sources. we've been throwing money at the institute. they he owe it to the american

people. biden said he requested this review. he already forecasted that two agencies in the intelligence bureaucracy said maybe with moderate interest and two others said maybe not with low confidence. we need to cut the bureaucrats and put the facts before the american people. maria: of course. christian, great to talk with you this morning. thank you so much. we're going to take a look at crime rising across the country when we come right back. stay with us. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity.

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maria: welcome back. rising crime across america, new york congresswoman alexandria ocasio-cortez speaking out yesterday about youth violence prevention. when asked about violent crime, her answer was to stop building jails. watch this. >> it is not acceptable for us to use jails as garbage bins for human beings. if we want to reduce the number of people in our jails, the answer is to stop building more of them. the answer is to make sure that we actually build more hospitals, we pay organizers, we get people mental healthcare and overall healthcare. maria: joining me right now is

the former police chief in detroit, james craig. chief, great to have you this morning. i've been watching you for a while and really enjoying your commentary. your reaction to what you just heard from aoc? >> another knee jerk, ridiculous comment, aoc and progressive like tlaib. they don't have an answer. they don't speak for the people that live in the neighborhoods. i have talked to people in the neighborhoods. they want effective policing. their only response is abolish policing, abolish jails. but what does that do to enhance public safety? it does nothing. there is no method, no real answer and it's sad. i've never in 44 years as a practitioner, i've never seen a time like this in my entire career. but it's all knee jerk, broad brush approaches.

it just doesn't work maria. it does does not work. maria: well, i mean, look at these increasing numbers in terms of crime across the country. you just look at new york, for example, and this all started to spike when they took away the bail reform, when they took away bail and called it bail reform. year-to-date, rising crime in new york, homicides, 173, chicago, 195, up 22%. all these big cities, they want to reduce crime and yet they're defunding the police. they want to reduce crime, and yet they're doing away with bail. your reaction to the policy that has stoked these numbers? >> you know, i've got to tell you. bail reform is a failure. and i get that there should be some reform but what kind of common sense are these judges

applying to career criminals who are violent, they're being injected in our community. you know, we had a sergeant who was killed by her estranged child's father in 2019. he was charged with premeditated murder. so two years later, recently, a judge made a decision for compassionate reasons to release this individual. the numbers i have right now, there's 13 individuals walking the streets of detroit who have been charged with pre-med premed murder who have not gone to trial, have been charged, so what message are we sending? how about felony gun cases? maria: yep. look at this video, shocking video. a 12-year-old boy, a 14-year-old girl, breaking into a home in florida. then opening fire on deputies with a shotgun and ak-47.

the boy is now facing attempted murder charge, the girl is still hospitalized after being shot by deputies. i mean, what is it going to take to stop this? and aoc says she wants to cut number of jails. look at her own backyard, the crime is soaring. >> you know, maria, they don't care. they never speak for the victims. they never for -- never speak for the victims' family. it's just anti-police rhetoric. then you have criminals, whether youth or adult are emboldened. our officers put their lives on the line every day. the violent felons, they laugh. they say you know, i'll be out of jail before you end your shift. so what message are we sending? maria: yes, yes. let me ask you this, your

leadership there in michigan, gretchen whitmer's administration acknowledged yesterday that the coronavirus nursing home deaths could be under-counted in the state. james, are you going to run for governor? >> you know, maria, everybody wants to know. they want me to break it on this show. let me say this, i love public service and i'm evaluating the possibility and so you want me to break it on your show at some point? maria: let's do it. break it right now. break the news. break it right now. [laughter] maria: come on, james craig. >> i love you, maria and i love fox. maria: you're coming back. you're coming back. you'll be back. james craig, great to see you sir, thank you so much. we'll be right back. a partner o help share the load. wealth is saving a little extra.

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maria: all right. welcome back. time for the morning buzz. fashion of the past makes a comeback, the spaghetti strap, the summer's hot nostalgic trend. young influencers are trying to look like 1990s style icons. liz, were you into the spaghetti straps. liz: absolutely, absolutely, maria. i think this is a sign that women are ready to come out of sweat pants and lululemons and look feminine again. yes, it's about summer but i also think it's about dressing up, looking pretty, getting back to feeling great about going out and seeing friends. i think it's terrific. maria: i was thinking about that the other day, actually. i was looking at my shoes and i thought wow, i haven't worn a pair of high heel strapless shoes in so long. i think you're right about that. mark, what do you think? mark: i can't wait to bust mine

out of my closet and start wearing them again. i'm super excited pout that. you know what i'm also excited about is the hideous, baggy mom jeans that made a comeback. the high waist, baggy legs. my 13-year-old daughter started wearing them and i looked at them, like is this real life or is it back to the future, hot tub time machine. it was crazy. maria: when we come back, we've got the word on wall street. stay with us. they said it couldn't be done but you managed to pack a record 1.1 trillion transistors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq can i hold the chip?

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maria: welcome back. good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo. it is friday, june 4th. your top stories right now, 7:0. president biden's tax concessions, the latest round of spending negotiations signaling a shift from the white house. we've got the details on taxes going up. ramping up pressure on china, the new measures taken to expand the black list put in place by

president trump and futures hovering near the flat line. investors are waiting the may job's report. the dow industrials are down 24, nasdaq up 11 and a quarter, s&p 500 higher by 1 point. the jobs number could move markets. the expectations call for 650,000 23450u jobs added to the economy in the month of may with the unemployment rate down to 5.9%, one day after all three major indices finished lower. yesterday the big story was the nasdaq, take a look. the dow industrials were down 23 points. it was the nasdaq that made headlines with a decline of 142 points, better than 1% lower. the s&p 500 weaker by 15. global markets this morning are also little changed on this friday morning, ahead of economic data. the ft 100 in london down 5 points. the cac in paris up 1 point. the dax index in germany flat, down half a point. in asia overnight, similar story here. the trend was to the downside, although the shanghai composite

was up a quarter of a percent. "mornings with maria" is live right now. now some of the top stories we're watching this morning. former state department officials say they were told not to dig into the origins of covid-19. the officials say there was an effort to oppose any investigation because it would bring unwanted attention to gain of function research being conducted at the wuhan institute of virology which received funding from the u.s. former secretary of state mike pompeo also says the national institutes of health tried to squash his department's investigation into the true origins of covid-19. pompeo says dr. anthony fauci sounds like he's, quote, spreading chinese government talking points when he he talks about the origins of the virus. heart wrenching video this morning to show you, it shows the moment a 9-year-old migrant boy reconnects with his mother. apparently after being separated from her for seven years.

fox news journalist sarah carter helping to make that reunion possible on her cell phone. watch this. [phone ringing] ] speaking in native language [. >> he was talking to his mom for the first time and, i don't know, i was overwhelmed. maria: the boy says he made the journey from guatemala without a guardian to find his mother. more than 20,000 unaccompanied children and teens are currently in u.s. custody. hedge fund manager bill ackman's spac nearing a deal with universal music group. according to the journal this morning, this deal would value universal music at $40 billion. if a deal is reached it would be the largest spac transaction on record and would give ackman's entity's a 10% stake in

universal music. this company, the label behind several big name artists including billie eilish and taylor swift. well, the white house is unveiling is plan to donate 25 million doses of covid-19 vaccines abroad, 19 million of those doses will go to the world health organization's kovak initiative which helps low and middle income countries, as the european union gets ready to present an alternative to a u.s. backed plan to waive patents for covid-19 vaccines. the eu plan would list export restrictions on vaccines and make it easier for countries to use existing rules to override patents so then you wouldn't be giving away the intellectual of property. time for the word on wall street, top investors watching your money. joining me now is chief economist, lindsey piezga, mike murphy and constellation research founder, ray wong. great to see everybody this morning. thank you for being here. lindsey, we've got a market that

is searching for direction as we await the may jobs report this morning, due in about an hour and-a-half. economists are expecting 650,000 jobs added to the economy last month with the unemployment rate coming in at 5.9% which would be a tick down. what are you expecting from the jobs report? we did get better than expected numbers yesterday from the adp. is a good report priced into this market at this point, do you think? >> well, we're looking for around 600,000, so very much in line with consensus. more importantly, a vast improvement from the disappointing april report, that very weak gain we saw last month. and so this does suggest that we're going to see continued volatility in the labor market get which is to be expected. that's the nature of of living through a pandemic. it's also important for the markets to recognize that we don't need to focus on just one month's report, that when we take into account even that disappointing number last month, the u.s. labor market was still

adding over 500,000 new jobs, over 500,000 new payrolls on average per month. so there's a very clear strong underlying trend in the labor market that's really already priced into expectations for the recovery. and we do expect this strength to continue going forward as the economy fully reopens, as schools return full-time in person, as companies welcome back employers or workers and of course we see some of these emergency benefits or programs expire in the third quarter. maria: lindsey, what's your estimate on gdp growth for all of 2021, now that we are well into this reopening, at least the beginning of it? >> well, as the economy reopens and of course we have trillions of dollars in stimulus, both on the monetary and the fiscal side, this really creates the perfect equation for strong growth and we do expect a very strong growth profile for all of 2021 at around 6.3%.

going forward, however, once we start to see a lot of this artificial support wane, we he do see the growth rates slow closer to what we saw at the start of 2020. maria: all right. let's talk about allocating money in this environment, mike. i want to ask you about bitcoin because another volatile situation overnight, the cryptocurrency sliding this morning following a tweet from elon musk. the ceo of estes la tweeting -- of tesla tweeting out a broken heart emoji and a meme of a couple talking about a breakup with a bitcoin hashtag. what is he trying to say here? do you think he's breaking up with bitcoin and that's why the currency went down? >> good morning, maria. so i'm not really sure. elon musk is a generational talent. he's the type of entrepreneur as a venture capital investor we're always looking for. but i don't like mixing my money and my investments with memes or cartoons or i don't like to be involved in something where one

person's late night tweet is going to cause my investment to drop 5 or 10% or more. so tough to read into it, tough to understand whaty long -- what elon is thinking on this. if you're investing in crypto or bitcoin specifically, you have to be aware. it may run up to 60,000 as it did in the past or it may come down to 20,000 where it was at the beginning of the year. i find that hard to make an argument that that's a good hedge, a hedge against the dollar, a hedge against the market. for me, it's not a great place to invest. but i think bigger pick, elon musk is running tesla. tesla is down almost 20% year-to-date. it's been a great story. it's phenomenal product. he's also running spacex he also has other businesses that he's running. i think he should focus on running his businesses. he's an incredible, once in a lifetime, once in a generation type entrepreneur but he should

focus on what he's doing right now and how he can help the globe and continue to print money and stay away from the late night tweets. maria: it's interesting that you mention that. because even in an environment where we are hearing the administration talk about more money being thrown at electric vehicles, tesla's down as you said 20%. real quick, before i move on, mike, you saw the news this morning, bill ackman's spac nearing a deal to acquire universal music. they're valuing the company at 40 billion. your company backed into a spac as well. any thoughts on this universal music deal? >> yes, i mean, it's interesting. so bill ackman did his spac differently than pretty much every other spac out there. he priced it 29, 10. it's a very interesting deal, he's trying to structure it differently. remember, he has $20 in cash, it went up to $25 on the hope of big merger. stock's selling off a bit on this news. i don't think the market is going to love this but we'll

see. maria: all right. well, okay. you mentioned meme stocks. ray, how about amc, wow, what whip lash you get on this one. it's down this morning. the theater chain down 6 and-a-half percent after falling 18% yesterday. it completed the second share offering in just three days. but the 8-k was really mind boggling. in the 8-k they're warning investors not to buy the stock, if you're afraid to lose everything. your take on amc and these meme stocks, would you put money here? >> so this is interesting. we've gone from fangs to bang, thinking about black berry, amc, nokia and gamestop. and the amc situation, it's really an opportunity for amc to recapitalize, take the shares and start acquiring assets of other movie chains that are out there. would i buy the stock? probably not. it's too volatile for me. but what's going on at amc is really a key captainly says and

-- a recapitalization. what's going on over there is basically a chance for the management team to issue more shares, capitalize, make acquisitions. there's a couple theater chains they're looking at as well. the reddit crowd is really upset that they're actually issuing more stock and actually creating a dilution. maria: it sounds like you think this could be a growth story, although you're not going far enough to buy the stock. but this additional money is going to enable them to make acquisitions. >> they can. i mean, there's pacific movie chains, a couple movie chains they're looking at and also remodels and revitalization they're looking at as well. maria: all right. great word on wall street, guys. thank you so much. we'll see you soon. have a great weekend. much more ahead this morning. coming up, texas congressman, august pfluger is here, will talk about u.s./russia tensions ahead of the upcoming summit. the russians say they'll make things uncomfortable for tad

--administration. her. we have special coverage of the may jobs report. we have all hands on deck. it begins 8:00 a.m. eastern. joining the conversation all morning long, mark tepper and liz peek. we'll get back to this fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. it's a feeling... of freedom to live our lives the way we intended. though the ups... ...the downs ...all of it. this is financial security. and lincoln financial solutions will help you get there as you plan, protect and retire. this is lincoln financial. this past year has felt like a long, long norwegian winter. protect and retire.

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maria: welcome back. holding russia accountable as tensions rise, president biden reportedly weighing a cyber attack to retaliate against russia for its involvement in the hack of meat supplier, jbs. this coming after russia announced it's cutting the u.s. dollar holding in the sovereign wealth fund to zero. president biden is set to meet with vladimir putin later this month in geneva. joining me right now is texas congressman, august pfluger. it's always a pleasure to see you. thanks very much for being here. well, it certainly feels like

the tensions are rising, whether you look at china or russia. now, russia tells us they're going to make things as uncomfortable as possible for joe biden ahead of this summit and that's exactly what they're doing announcing they're going to take their holdings of u.s. assets to zero in the sovereign wealth had fund and the two hack attacks, colonial pipeline as well as jbs. your reaction and what should biden be doing going into this meeting? >> well, he needs to show strength. it's very simple. i judge the president on two simple criteria, is he making the country more prosperous and more secure. this is a test. the chinese have tested president biden. putin is testing president biden. he needs to go in with strength and unfortunately we did not sanction russia on the nord stream pipeline. many are calling for us to sanction them. so this is another example. when we cancel our keystone pipeline, yet we don't sanction the nord stream pipeline, we go into the summit, we've got hacks

on the colonial pipeline, hacks object on the meat -- on the meat industry. this is a test how strong our president will be to protect our country. maria: well, you're right. he waived the sanctions on the company controlling the nord stream pipeline, enabling russia to double its efforts, its revenue as it sends gasoline to europe. liz peek, you talked about this quite a bit. your reaction? >> i think the question is, why doesn't he cancel the summit. i think the whole thing has been an embarrassment. russia has, as you say, provoked biden by hacking two very major suppliers of food and energy to the united states. it seems to me that they are going out of their way to humiliate him and i really can't see how this works to biden's interest. i think it would be a show of force by biden just to cancel it, walk away from it. what do you think? maria: i like it. yeah, what do you think about that, congressman? >> well, i mean, it comes at the

price of showing weakness and it's not a bad idea. we have to go into these summits, we have to go into these discussions with america's interest and it seems whether it was the obama administration on the apology tour or now, we're not showing that strength, we're not protecting our interest. and other countries see this. xi jinping sees this, putin sees this, they're going to take advantage of it and they're going to get what's best for their country. we need to do the same. maria: i agree on xi jinping. he certainly sees it, feels weakness. they tried to school us in the alaska meeting and joe biden hasn't brought up the origins of the coronavirus once to the chinese. i mean, it never came up. how is that possible, that it -- what's more important? i mean, i thought his priority was coronavirus. what about what you're hearing now from the administration on china? so senate lawmakers are set to vote next week on the american innovation and competition act, a bill to invest in research,

development and to compete against china. but republican lawmakers say more changes need to be made to this legislation before it goes to vote. your thoughts on this? it was called the endless frontiers act. they changed the name. do you think this goes through? and is biden being tough enough on china? we know there's news this morning about what he says he is doing to the blacklist that president trump put in place. can't invest in the companies on the blacklist because they're tied to the chinese military. >> no, he's not being strong enough. we see it with the one belt, one road initiative. they're basically making their way across the globe, putting 5 a g, maybe 6g technology into countries they don't have it. in rural america, we don't have rural broadband. we haven't gotten to 5g. when it comes to competing, when it comes to being strong enough, you mentioned holding china accountable for the origins of covid-19. he hasn't done that. he he's not showing strength where we need it.

we have to compete. we have to deter. when it comes to the bill, we he need to look at the details and make sure we as a country can posture ourselves, compete against an adversary that absolutely wants control, not just in their region, but now across the world. maria: i mean, the other day president biden said at the podium, at a speech that he gave, that he said xi jinping firmly believes he will take over america within 15 years .and i'm sitting there watching him saying that, i'm saying to myself, what are you doing about it. i think with the focus on the coronavirus origins, he's going to have to show us he's tough on china, given the decades and decades of intellectual property theft, decades and decades of bullying its neighbors and the inward notion that the ccp has taken and its efforts to acquire america, overtake america as the number one super power. so far we haven't seen it.

is that a fair statement, we haven't seen biden's toughness? >> you're right. no, we haven't seen it. we're allowing woke companies in the united states to have their opinion and say how bad america is but you've got human rights violations and genocide against the uyghur muslims, it's complete lack of accountability. maria: yeah, and then there's the border, congressman. i know that you've talked a lot about this, this is a national security threat. we've taken the show to the border. it's taking a toll on emergency services. a hospital in mitt land, texas reporting it spent more than $200,000 in medical care for illegal migrants and the department of health and human services has not paid the money of back. ken paxton tells us the administration sends the migrants to red states and the cost is on those states including texas. tell me about it. >> well, it is. it was the first question i asked. by the way, they put that

facility in midland texas in the cover of darkness with zero coordination with the state of texas, zero coordination with our community. my first question is who is going to pay for the hospital visits. inevitably, it's 700 children in the facility, some will have to go to the hospital. as of friday, 41 had to go to the hospital, $206,000 that has not been repaid. you knows what they told me? they said, well, we need to identify these kids right now. we have a problem identifying who these kids are. we need to identify, that the claim is who they say they are. can we not do that on our elections and make sure we he identify people. the hypocrisy is -- maria: you can't identify them. they don't have id. they just crossed the rio grande. thank a you very much. august pfluger joining us there. we'll be right back. and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555,

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maria: welcome back. hedge fund billionaire bill ackman's spac nearing a deal to acquire universal music group. this deal would value universal music at $40 billion and hand ackman's entities a 10 of% stake in universal music. mark, if this deal goes through it will be the largest spac deal on record. you just heard what mike murphy said in terms of what markets will say and how they will view this. he wasn't too hot on it. your thoughts? mark: i'm not too hot on spacs in general right now. so first of automobile i think this is a -- first of all, i think this is a very interesting acquisition for a spac. i'm more used to spacs buying super innovative companies, sports gambling, biotech, stuff like that. home run swings. bill ackman buys steady, durable companies. it's a great label, lots of good talent, lady gaga, taylor swift,

the beatles. in general, investors don't like spacs at all. they're shying away from them. it's a very risk-on play. look, interesting acquisition but spacs are -- they're kind of in the dungeon right now. maria: the music business has changed so much with the digital revolution, buying universal media group today is very different, having that 10% stake, than it was like 10 years ago. liz: yeah, but i think this is a long-term valuable asset. i think the most interesting thing to me, maria, is how this spac was structured and the fact that ackman shows not to -- chose not to take the 20% usual cut that sponsors get. i applaud him for that. that was me to what i consider to be the outrageous deal fees that private equity firms would charge for doing a deal which after all is the job they're supposed to do. i think this is interesting. i applaud him for kind of going

a different route. by the way, investors should be more impressed with this and perhaps not quite so disappointed as they have been with some others. mainly because of the structure. maria: all right. we'll see how the market reacts this morning. we're going to take a break. when we come back we're looking at jobs, general mills is readying layoff as it prepares for a post pandemic world. plus, the end of an era, neckties may no longer be relevant, it's making a buzz this morning and we'll tell you all about it. stay with us. ♪ not everybody wants the same thing. that's why i go with liberty mutual — they customize my car insurance so i only pay for what i need. 'cause i do things a bit differently. wet teddy bears! wet teddy bears here! only pay for what you need.

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hour, we have been looking at futures hovering near the flat line this morning. we're awaiting the may jobs report. the dow industrials right now down 12 points, nasdaq up 24. the s&p 500 higher by 4 and a quarter. the expectation on jobs, 650,000 jobs added to the economy in the last month. nancy lazar from cornerstone macro thinks it will be closer to a million jobs added last month. these are the expectations. all three major averages finished lower yesterday. at the close, the big story was the nasdaq, it was down sharply, dragged down by big tech and growth stocks, sending the nasdaq down 142 points at 4:00 on wall street. that was better than 1%. the dow industrials down a fraction, 23 points. the s&p down a fraction, 15 points lower yesterday. this morning global markets are little changed, take a look at the european stocks ahead of the economic data. the ft 100 down 5, cac up 2, the dax index higher by 5. similar story overnight in asia, as we look at the asian indices

overnight, mostly lower with the exception of the shanghai composite which was up just a fraction. back in the u.s., a third person dies following sunday's mass shooting outside of a miami banquet hall. cheryl casone with the he details now. cheryl. cheryl: that is right, maria. the family says she was in a coma after being shot in the head. two other people were killed in that shooting. surveillance video shows three armed men getting out of a car and opening fire on the crowd outside of that banquet hall. police are still looking for the suspects in this case. well, general mills is planning for a post pandemic world by laying off some of its works force. the company expects a dip in sales with people heading back to work and becoming less dependent on pantry favorites. they saw a 8% sales increase for the third quarter of the fiscal year as people around the world were staying at home during the pandemic. facebook is being probed again. the eu and u.k. have opened

formal anti-trust investigations into the tech giant's advertising practices. it is looking into whether facebook reuses data it gathers from advertisers to give illegal advantages to its own services. the u.k. is investigating if the social media giant used the same techniques for its dating service. and finally, maria, a container ship crashing into a crane at a port in taiwan. look at this. toppling cargo containers out onto the dock. the container ship was approaching too close to the dock, it sideswiped a dock ship and clipped a crane. about 50 containers were damaged. those are some of your headlines from here. back to you. maria: all right, cheryl. thank you so much. meanwhile, stormer state department officials are confirming department leadership was warned not to pursue an investigation into the orallily ins of covid-19, this in fear of a probe bringing unwanted attention to american funding of

the wuhan institute of virology, this is the lab where the virus likely escaped from. joining me now is former white house senior advisor for strategic communications, mercedes schlapp. it's good to see you this morning. thank you for joining us. what can you tell us about the inside of this story where there was obviously a movement to downplay the wuhan lab, downplay this dangerous research going on, quote, gain of function research. peter dasik, the head of eco health alliance apparently was behind this movement to not make any connection between funding from the u.s. to the wuhan lab in china where this very dangerous research was taking place. >> well, i've got to tell you, maria, these are very troubling findings. we know that the deep state is alive and well. but we've got to give credit where credit is due with

secretary mike pompeo who wanted to ensure that we looked into the origins of covid-19, this is an answer that the -- not only the american people, but people across the globe deserve to know whether the chinese ended up creating this leak in a lab and we deserve answer as and accountability and transparency which we know we're not getting any of it from the chinese government. they're reluctant to give access and data to even the world health organization and has created a lot of this frustration. but i've got to tell you, maria, i think we've got to look and see and look deeper and it's very troubling that you have state department officials, american state department officials pushing back and basically obstructing any sort of investigation into the origins of covid-19. maria: well, look, we know that we cannot trust the chinese communist party.

their main goal is to overtake america as the number one super power. if i take you back to 2020 in march and april, february, when all of this was going on, we saw what the ccp did. in fact, i was among the first to come out on the air and say my sources at hospitals are telling me there were ships loaded with things like gloves and masks and those -- they were coming from china because the majority is made in china. they were coming toward the west and they were told turn around. we need all of this ppe for china and i reported that early on and thats was pretty much the beginning of china cornering the market for ppe. so, i mean, now, you know, we're wondering where this started and why. can you take us back to the conversations that president trump was having with xi jinping about trade? i know that china's economy had begun to stumble. china was not a good place in

terms of a trade deal. how do we know that this was even an accident? i asked president trump about it by the way. i said was this an accident? he said well, was it intentional, well, we'll see what happens. i'm going to run that sound bite so people see what he said at the time. we didn't know what the goal and what the motivations were of the ccp at that time. >> look, it's been very clear that china has been dominating in the area and getting stronger in terms of its economy and trying to weaken the united states with the unbalanced trade agreements. it's why president trump was so insistent from day one that he was going to toughen his tariffs and put tariffs in place to benefit the american worker and the american farmers and it's why he did decide that we were going to go after china from the trade perspective. so, look, i think for the chinese and the communist party, the mere fact that you have this

wuhan institute of virology basically where there's military and civilian research happening at the same time, that this possibility of a leak did occur and that the united states was actually -- and that of nih where fauci was involved, they were giving taxpayer dollars to this lab, is absolutely troubling and the more and more that we discover that relationship between fauci wanting to work closely with the chinese, it is so disturbing. we cannot trust the chinese government. we need to make sure that all the documents are declassified, because what we are seeing right now is we've got to get to the bottom of it. we need to understand what happened in this lab and if it was because of their actions that has led to the death of millions of people across the globe. maria: yeah. well, look, so far, i mean, the walls are obviously closing in on anthony fauci. i saw a sound bite yesterday.

he wouldn't even say that the ccp would want to hide it, would, you know, make us look somewhere ems and don't look here, look over here. he wouldn't even corner the ccp. i saw an interview on msnbc with him yesterday. i was astounded. he will not criticize the ccp, anthony fauci. go ahead. >> i just want to sarks dr. fauci is the typical swamp globalist who wants to play nice with china and it has become i think a very dangerous game that i think he needs to be held accountable for. maria: all right. so president trump will speak at the north carolina annual state republican party convention tomorrow. he's also set to speak at the cpac, in dallas next month. mercedes, what are you expecting to hear from president trump? he says he's going to bring back rally as well. >> look, i think that president trump's voice is so important in

the republican party because he has been one to bring together a broad coalition. he's brought together more people, blue collar workers, hispanics, african-americans. he's been able to broaden the tent as we need so much in the party and people want to hear from him. he's been to platforms -- deplatformed by the big tech companies and the president has a very strong voice and he has to talk about his agenda and how he was so successful during his four years and also has to be that voice against biden and the far left, which we know is being destructive to our nation and to our economy. so, look, we are so thrilled that the president's coming to cpac, dallas, texas, it's the weekend of july 9th through the 11th. it's a national conference. what we have seen as matt and i have traveled across the country is that people are yearning. they want to know that we are fighting to save america, that

we're not going to let america fall into the hands of these socialists and these far left that are basically dominating the democrats' agenda. and you have to remember, it's more than 75 million people who supported president trump and we're at a critical point right now that we need to ensure that we win in 2022, the house majority, the senate majority, put it back into the hands of the republicans so we have common sense solutions to ensure that we don't move further to the left as we've seen the democrats do. maria: yeah. i know, i know that cpac is doing really well. really quick, mercedes, what does your gut tell you? do you think trump runs again in 2024? >> you know, that's a big question. it's a big topic of debate at our kitchen table. maria: take a shot at it. >> i think he's going to wait and see. look, i think there's a good possibility he could rufnlt i've gone back and forth on it. i think he's going to see what happens, if biden's going to run again and it's going to be a lot of -- it's going to be an

interesting field if he decides not to run. maria: oh, yeah. mercedes, good to see you this morning. thank you so much. mercedes schlapp joining us. we will watch and keep a catch on cpac. coming up, a new nfl policy on concussions. we're going to talk about the changes. you're watching "mornings with maria" live on fox business. we'll be right back. mber because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing. i felt like i was finally out of this neverending trap of interest and payments and debt. ♪♪

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controversial practice of race norming which helped determine how much compensation players would get for brain injuries. former nfl player and ceo of the brewer group, jack brewer, joins me to talk more about this. it's great to see you again. thanks very much for being here. we miss you on this program. you know all about this. you were on the field and then once you left football, we saw a lot of cases of concussions and brain damage. how do you see this? >> maria, you know you and i have covered this for years now and it's unfortunate what's happening. so the nfl, the national football league, has been putting players through all types of protocols, examining them, checking them out to see exactly where they are when it comes to concussions. as we know, many have taken their lives, nfl players right now, many former players are hurting.

some have maybe been homeless and these type of things because of their concussions and the issues that come after it. what's so concerning is the fact that the national football league and the doctors who are doing these exams are using something called race norming. that's when you take a population of people and based upon their race you say this particular race, in this case african-americans, are starting off at a lower intelligence level due to the color of their skin and so what has happened now is that many of the african-american players who are deserving of compensation from their concussions are not getting those because now they're saying basically because you're black, you are already dumb. which is disgusting, maria. but this is exactly what happens when you start having things like critical race theories and all of these victimization mentalities going on in our nation right now. we do not need to make everyone a victim. and on this particular issue,

it's costing a lot of deserving african-american men that put on that nfl helmet, played, now are suffering, many have gone on and died and families that need the support. this is disgusting, the national football league needs to do something about it. this is unamerican and i hope that they do the right thing in this situation and set an example. maria: well, jack, i'll really glad you brought up critical race theory because what else is disgusting is the way certain politicians use the black community to their advantage. i mean, look at what the democrats are doing right now with hr1, trying to make believe that these new voting laws in texas and in florida and in georgia have anything to do with the black community. i mean, what do you think in terms of black and brown communities, what was the outcome in terms of the 2020 election? are we at record numbers in terms of the black and brown

communities voting right now? and yet over and over again, democrats say that this is a civil rights issue and no comments whatsoever on hr1, which in fact is -- would make it easier to cheat in elections. >> of course it would, maria. it's, again, this is disgusting. this is what happens. we're telling african-americans that they're not smart enough to go up to the dmv and get an id. we're telling african-americans that our president is telling african-americans that we don't have accountants, we don't have lawyers. all of these type of things. this is that rhetoric and hr1 is exactly that. they want to use this, maria, because they want to corner the voting block, the left wants to corner the voting block and a these big corporations like the national football league and others want to continue to pad their pockets. that's why they support these organizations like black lives matter who want to destroy the black family. they don't want to increase the education system. they align themselves with the

teachers unions and pushing the doctrine on our children and so this all comes together around the same thing, but you're right, hr1 is a dangerous, dangerous thing and the way that the left is playing it. maria: all right. jack, it's great to have you this morning. thanks so much for being here. >> yes, i miss you, maria. god bless you. have a good weekend. maria: and to you. have a good weekend, jack brewer, coming up, the end of an era, why neckties may no longer be relevant. mark tepper may have a word on this. the morning buzz is coming up.

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maria: welcome back. time for the morning buzz. first up, good-bye ties, working from home allows many to go casual, leading to a sharp decline in tie sales.

now that people are starting to return to the office, some shops are seeing sales rise once again. the return of formal events like weddings creating some demand for ties but mark, tie sales were declining even before this pandemic. do you think they're ready for a comeback here or do you think more will be going the casual look? >> i think ties are dunzo, good riddance to ties. does it look like i have any interest in wearing a tie ever again. i couldn't even iron a collared shirt this morning so i'm wearing a t-shirt. -- donated all my ties to goodwill a few years ago. here's the deal on ties. we know they've been getting skinnier and skinnier. they all disappeared, right. so everyone now is dressing more casually. i think the tieless look is here to stay. maria: yeah. well, i think i agree with you. liz, i would not want to be a suit maker in this environment.

right? because people are hoping to go casual even when they go back. liz: i think there are two things here. one, maria, imagine the business opportunity to figure out what to do with all those ties in men's wardrobes and closets that have no purpose whatsoever. a lot of them are beautiful silk. i don't know if the patchwork quilt is going to come back. thanks to all those ties. the other thing is, what are women going to give their husbands for father's day, for anniversaries, my husband loves neckties. he has hundreds of them. i don't know what he's going to do with them. it's a disaster. maria: [laughter] maria: all right, next up, you want to keep the peace on game night, do not pass go, do not collect $200. monopoly apparently the t most banned game over arresting aments over cheating and losing according to a new survey. have you gotten into monopoly fights. liz: we've been playing board games. i guess this speaks to the cay

cathartic nature of games in the house. 11% of families say they have had physical fights over monopoly. that's pretty staggering. most of us consider it a fun game. a lot of it is because of cheating. i consider cheating an essential part of the game. maria: are you usually the banker? liz: i love being the banker, of course. [laughter] maria: oh, okay. all right. i got my eye on you. still ahead, it is jobs friday. we've got special coverage of the may jobs report, it begins in just a moment. stay with us. you're watching "mornings with maria" live on fox business. into this chip i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you become an agent of innovation with invesco qqq

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he came from italy with nothing for a new life. he sacrificed so much to support his family. military service was just part of his life. he was brave in so many ways. who are the heroes in your family? maria: welcome back, good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo and it is job's friday, june 4th, your top stories right now 8:00 a.m. on the button on the east coast. president biden's tax con decision. latest round of spending

negotiations signaling a shift from the white house. we have all the details coming up on tax and spend. markets are hoovering near the flat line ahead of important economic data. we are waiting on the job's report going into the number. dow industrials down 26 and nasdaq up 27 and the s&p 500 high -- by 4 points. here are the expectations for the job's report for the month of may. 650,000 jobs expected to be added to the economy last month with the unemployment rate ticking down to 5.9%. let's check global markets going into the big number. european stocks little change ahead of the economic data out this morning, ftse 100 down 11, cac down 1 and the dax index high -- by 6 points. in asia overnight, similar moves across the board. fractional moves overnight in asia. mornings with maria is live right now. ♪ ♪ maria: top stories that we are watching this morning. president biden nearly doubling the list of chinese companies off limits to u.s. investors. expanding on a trump-era

executive order blacklist. chinese companies which have connections to the ccp military and surveillance efforts. the expanded list of 59 companies include hauwei technologies and china off-shore oil corporation among others. heart wrenching video this morning to show you. the moment a 9-year-old migrant boy reconnects with his mother after being separated for 7 years. fox news journalist sarah carter helping to make the reunion possible with her cell phone, watch. [speaking in spanish] >> he was talking to his mom for the first time in, i don't know, overwhelmed. maria: the boy says he made the journey from guatemala without a guardian to find his mother, more than 20,000 unaccompanied

children and teens in custody. we do not know if the criminal cartels told him what to do. we don't know anything else about the story. hedge fund manager nearing a deal with music room. this deal would value universal music at $40 billion. if a deal is reached, largest transaction on record and would give 10% stake in universal. universal music is the label behind artists including billy ailish among others. good news on getting hand around cancer. pill made by aztrazeneca shows promising results of treating early stage breast cancer. reduces the risk of relapse and death by 42% in patients with certain mutations. it plans to submit the data for regulatory approval.

in the premarket aztrazeneca shares unchanged. we are waiting for may job's report due out in 30-minute's time. economists are expecting a gain in jobs. nasdaq is up 32 this morning and the s&p 500 higher by 5 and a quarter. the expectations call for 650,000 jobs added to the economy last month with unemployment rate coming at 5.9%. joining me right now is the former president and ceo of the atlanta federal reserve dennis lockhart, great to have you this morning, thank you very much for being here. what are your expectations for the job's picture? we know the expectations are 650 overall. there's some economist that is go as high as -- as 1 million jobs. but, i guess, overall, what's your sense of where we are on jobs right now? >> well, let's hope it's 650 or higher. the indicators we've received this week, the adp report of a couple of days ago and the

claim's report yesterday were both very encouraging, i thought. so i think there's a decent chance that the april report was just an anomaly and we were going to bounce back to a good pace of job accumulation. but we shall we in about 25 minutes from now. maria: well, what about growth overall, dennis? i know the atlanta federal reserve is expecting 10.3%, that number has moved around a lot clearly. what's your sense of the economic backdrop today in terms of growth? >> strong, very strong. you cited the trafficking estimate of the atlanta fed and the new york fed also has one. it's quite a bit lower. it's a little bit over 4% but i think the overall point is that the economy is performing well and the economy is recovering very strongly and we are going to continue to see very high

growth numbers, unprecedented high growth numbers in some respects. maria: let me bring in liz peek, go ahead, liz. liz: good morning. if we have a blow-out job's report, let's say a million jobs are created, what does that do to the thinking of the fed on the timing of winding up its qe, bond-buying market, does it happen sooner because of the big job's number, do you think? >> well, i've been following all of the commentary of the fed officials and some are beginning to hint that they are ready to start thinking about thinking about and -- liz: yeah. >> they have a meeting coming up in a few day's time. it can be on the agenda for the june meeting but i suspect it's a multi-meeting task in order to form a consensus and come up with a plan for tapering. so they may start next week or they may wait till the july

meeting. maria: well, look, it's a good question because the central bank has already announced that it will sell off corporate bonds and some exchange trade funds that it acquired last year, dennis. i was surprised that this did not suggest that the tapering was about to begin. i mean, the fed had purchased assets through the emergency lending facility to contain the economic fallout of the pandemic but bank officials are saying that the decision is unrelated to monetary policy. they made sure to say that so that people would not see this as the beginning of tapering. do you think this is the beginning of tapering? >> no. i don't think you can connect those two things. i think unwinding the emergency portfolios which were in corporate bonds and etf's as you mentioned is really unconnected to the question of tapering the qe purchases. so i just don't think those two things are connected and i think

they have made very clear that unwinding those portfolios is not part of the policy setting at the moment. maria: so -- so what's -- what's the impact here of the inwind? >> the markets apparently are -- are operating, functioning appropriately so they will be careful not to disrupt markets in any way. that's a question of how quickly they sell off their etf's, their bond holdings, but it should become a non-event. i doubt that it's going to get any attention to speak of in a few days' time. maria: real quick, in terms of most important job's report when we get the report in about 20 minutes. one issue is wage inflation and i will be looking at how the incremental increases that we

have been seeing, wage inflation, are we going to see wages go up significantly and would that indicate an inflationary story, worst than what we thought. is there anything that we should focus out of this report? >> well, i pay attention to participation because what has happened, of course, over the -- the covid-19 pandemic months is people dropped out of the workforce so it's a question of whether they are coming back into the workforce and participation is rising. the unemployment rate itself is to some degree a function of underlying participation and i don't think it tell you much unless you really look at the combination of participation and the unemployment rate. you mentioned wages, you know, we see a lot of bottlenecks, if you will, in the labor market where you have people out of work and at the same time

employers saying they can't find qualified candidates. so one response to that is to raise wages. so we shall see whether or not that's happening and connection to inflation, i think, it's too early to say quite frankly because this can be simply an adjustment in a period of time in order to try to attract the workforce that a company needs. maria: yeah. yeah. well, makes sense because a lot of them are desperate to get workers on the job. dennis, always a pleasure to get your insight, thank you, sir. >> thank you so much. maria: dennis lockhart joining us there. michigan governor gretchen whitmer controversial new plan that may allow people to collect unemployment while they are employed. we are on that next. we are about 20-minutes away from the may job's report. stay with us. we will be right back.

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maria: welcome back, the governor of michigan glitchen whitmer proposing a controversial new plan which would allow people to work part time and still receive unemployment benefits, incentives to boost wages and grants for small businesses looking to hire new workers. the plan still needs to be approved by the state legislature. it would be paid for with leftover covid relief funds and money from the state budget. mark, your reaction? mark: absolutely ludicrous. perfect example of just more and more poor leadership. you get to work part time and get unemployment benefits. why would anybody want to go to work full-time again? this disincentives people from working. fyi, unemployment fund for those who don't know, they are not created out of thin air. as an employer, i have to pay

into that pot of money and when someone draws the benefits, i have to replenish that pot. look, this is all coming from leftover covid stimulus funds. that further proves it was too much money. michigan will be much better spending the money on education or maybe even on clean water. maria: yeah. or how about on cancer, alzheimer's? mark: yeah. maria: these people are not lazy, they are practical. they know they can have a side gig there and side gig there and still get $300 every week. why would they go back to the office? liz: that's the problem. i applaud the two dozen states that scrapped extra $300 a week of incriminatal unemployment benefits. i understand what whitmer is trying to do. she's trying to thread the needle and wants to get people back to work to her credit, but, maria, this is about micro managing and whitmer is the

absolute csar of micro managing and tinkering with incremental wages, et cetera, it turns out badly because there's always unintended consequences. the policies never work out well. that's a documented fact. i think she'd just be better walk away from the incremental, let people go back to work which by the way if there's not jobs available in her state, that's what she should be focused on, attracting businesses, making life easier for businesses and not harder. maria: yeah, you would think so. all right, with we will take a break. we are just moments away from the may job's report. we will break down everything that you need to know. where are the jobs, where are the salaries, all you need to know coming up. ♪

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maria: welcome back, the may job's report due out in just a few moments. economists are expecting 650,000 jobs added to the economy last month with unemployment rate ticking down rather to 5.9%. there are others that are looking at better numbers like nancy lazar at cornerstone

macro. joining me to break it all down, all hands on deck, wall street journal writer jon hilsenrath, macro president stephanie pomboy, former trump economic adviser steve moore. employed chief analyst joanie and mark tepper and liz peek. thank you very much for weighing in on this. stephanie, let me kick it off with you, get your take on market expectations here and what report in your view, what kind of a number or headline out of this report would actually move markets in one way or the other? >> i think the key to watch, i think we all understand it's a fairly strong report and the question is to what extent the strength in employment translates to wages. that's really been the real issue aside from dragging more people off the sofas into the labor force, but that's a separate topic.

but on the wage front what we have seen is that wages have been lagging and importantly they've been lagging this ramp it inflation that we are seeing in everything that people can't live without, food, energy, et cetera. and, in fact, per the income and spending report that we got last week, we found out that wage growth is trading outlays for food and energy by almost a full percentage point which outlays in households rising 3.6% and wages going up 2.7. that's important because in the past it's been a really good havenger of a recession and hope we get a balance and can get a sigh of relief. i know survey that came out last week, households, 43% of households expect incomes will trail inflation this year.

that's a big deal. households think they will not keep with the rising cost in living, they will not rush out and do discretionary spending that everyone is assuming that they're going to do. maria: yeah, that's a great point, actually. i want to get back to that point. let's take a short break and we will get the may job's report and we will have full analysis. we will be right back.

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maria: welcome back, good friday morning, everybody. thanks so much for joining us. i'm maria bartiromo and it is job's friday, june 4th, we are looking at markets this morning ahead of the job's report for the month of may. the dow industrials are now down 29 points, the nasdaq up is 21 and the s&p 500 higher by 2 and a quarter. the number will be out in two and a half minutes and the expectations call for 650,000 jobs added to the economy in the month of may with the unemployment rate ticking down

to 5.9%. as we await these numbers, markets may very well move. let's assess as we are talking with this fantastic panel this morning. jon hilsenrath, your expectations or thoughts ahead of this may job's report, what will you be zeroing in on? jon: i think the important story coming out is the federal reserve. if we get number at or around consensus in the hundreds of thousands the fed moves toward having a conversation at the next meeting about what -- what it would look like to unwind the bond programs. i don't think they will make a decision at the next meeting but i think those conversations intensify and they move towards a decision this summer and this -- this report sets that up. you know, the other thing -- so in terms of the report itself, i want to see what happens with payrolls. again, a number of payrolls around the consensus, i think,

gets the fed there. the other thing the fed is looking at very carefully is what's happening with labor force participation because the concern is that people aren't coming back into the labor force and that could make inflation worse. they want to see people get back into the labor force. in terms of wages, what stephanie raised earlier -- maria: we have to get right to the number, jon, because it's out right now. edward lawrence with the number in washington. >> employment rises 559,000. declines 5.8%. the last time unemployment rate went under 6% was in march of 2020. looking inside the numbers -- maria: what's the number? >> 46,000 jobs, employment and information rose by 29,000. manufacturing rose by 23,000. transportation and warehousing

added 23,000 jobs. employment in wholesale trade increased 20,000, construction employment edged down in may, 20,000 jobs. business services, little change in may, they are saying 35,000. employment in retail trade changed little in may, down 6,000, clothing and accessory stores added 11,000 within that. employment and retail trade is down 411,000 below february 2020 levels. the average hourly earnings for all employees on private payroll raise increased 15 cents to $30 and 33 cents but the top line number you heard below estimates but still a good number. the unemployment rate edging down to 5.8%. the last time it was under 6%, 14 months ago, back to you. maria: all right. you know, we were all looking for such a strong number and it is below expectations at 559,000

versus estimate of 650,000. john, you were in the middle of a thought. this is not the kind of number in my view that's going to spark the fed to take the foot off the gas, do you agree? jon: well, i think this number is pretty good. it's not that much below consensus. half a million jobs, it's not a bad thing. i think the fed is moving towards having a conversation about slowing down this bond buying. i agree this -- it takes a little urgency out of it but i think they are moving toward that conversation. my last thought is, i'd be very careful looking at the wage numbers because there's a lot of complications in the mix of these numbers and the base effects of these numbers, so i'd be careful about that. maria: all right. we got a labor participation rate of 61.6%, steve moore. how do you see this? steve: look, i think this unemployment insurance issue is a gigantic issue right now. we are paying people to stay out

of the workforce. you look at those numbers that came out this morning, the one that is you just recited and i haven't looked at all of them yet. for example, construction, my goodness, 400,000 construction jobs open in america today, maria. there's 8.1 million unfilled jobs in the united states and these employers just cannot get the workers back on the job. we do not have a problem in the united states today of a shortage of jobs. we have a problem of a shortage of workers. retailers, retail jobs are open all over the country, maria, from maine to california, all you see is help wanted signs. we have got to suspend the $300 benefit to get americans back on the jobs. it's the biggest hindrance to economic growth. 500,000 jobs is great. we should have well over a million as we move into a full-stage recovery. the unemployment problem is due to unemployment benefits being way too high, paying people not

to work. maria: yeah, i think this market reaction is really interesting, mark tepper, because you have all the major indices taking off here on this number and i frankly it speaks to the fact that the goldilockses economy, once again, things are going well but it's not too hot to trigger the fed to start pulling it in in terms of stimulus. i will point out that nancy lazar from cornerstone macro has said a number of times that she is expecting to conversation on tapering to begin between july and september but the actual tapering not beginning until 2022. look at this market, it feels like this market agrees with that notion, with the dow now up 91, the nasdaq up 73 and the s&p 500 up 18 and a quarter. a real market mover this morning. mark: yeah, i agree. i think nancy projected a million for this job's report and had that happened -- maria: that's right, she did. mark: you would have seen the

markets sell off tremendously. good news tend to be bad news in these situations and all of a sudden you start to worry about the fed tapering more quickly or raising interest rates sooner than expected. so, you know, those are all potential issues that the fed will have to deal with down the road. but to steve's point, the biggest issue as i see it right now is there is a worker shortage, right? that leads to wage inflation because you have to pay more to try to get people to work your job and there are enough job openings right now to pretty much give every single person who is unemployed employment and i'm talking to business owners every single day and their biggest issue is hiring and if you look at the nfib job openings hard to fill number, that just ticked up to 48% of companies, 48% of companies can't fill jobs. the 48-year average is 22%. that is a record number, companies are struggling to fill

those positions and you can't execute on your growth plans if you don't have people. maria: yeah. let's look at where the jobs are, joanie, you heard edward lawrence going through where the actual job creation was in the month of may. what can you tell us? you have a great vantage point in terms of who is hiring right now. >> yeah. i mean, maria, as the panel is talking about there is no shortage of jobs. every sector is hiring. you know, employ bridge is uniquely position to supply labor to supply chains. so we see a very strong demand in manufacturing jobs, logistics, drivers, very strong even customer service and the call centers. there's such a need for talent but there are not enough people participating in the labor force and so that is the biggest challenge. we are seeing employers are

having to raise wages and i'm not talking about just raising the hourly wage a dollar. you know, sometimes it's $3, $5 an hour, really trying to encourage people to get back to work. so the demand is very strong. you know, looking at this report, the strongest sector is leisure and hospitality which really is no surprise because that was the sector that was hit the hardest during the pandemic so it's great to see some of the jobs coming back, but you hear it all of the time. restaurants, small businesses, they can't get people back to work and they're really struggling with that right now. maria: yeah. well, sure. you have all of this money being thrown at them and by the way, you mentioned hospitality and leisure, yeah, that was the strongest sector in terms of job creation but that too is still below where we were pre-pandemic at 292,000 jobs created in that sector. stephanie pomboy, before we went to the break, before the number

came out, you were expecting a strong report, your thoughts on what we are getting here? >> well, i think what we are all concluding is that this number really isn't the important number especially as it relates to what the fed is going to do. the real important number is going to be next month when roughly half of the states in the union will have enacted this -- or done away with this augmented unemployment insurance and we will see how many jobs -- how many people that brings back into the labor force. i think that's really going to be the number, we will find out to what extent we can get people lured back off the sofa cushions back to work. and that, i think, will really dictate how quickly the fed talks about or thinks about thinking about tapering, but on the wage thing which i had mentioned at the top as really what i would be watching, year on year we are at 2% and, you know, as jon pointed out, there are significant base effects

because last may average hourly earnings declined 1.1%. so if anything, i think the wage growth that we are seeing in this report is really underwhelming that it's easy comparison to a year ago. so, again, it's hard to get super excited about this number. i'm not sure if it's as meaningful as next month's report especially as it looks for monetary policy but the one thing that is clear that these input costs and the struggle that businesses are facing isn't going away any time soon. and on that score, i would highlight additionally last week we got the government's accounting of corporate profits which, of course, very few people look at. they focus on the s&p earnings numbers but the government report captures the entire economy, not just the top 500 companies and what they reported with was that profits were down in the first quarter and that

they are still below where they were before the pandemic started whereas the s&p earnings numbers are up 12 and a half percent pre-pandemic. so there's a real disagreement there between what is happening in the economy for the average business and what is happening in the top 500 companies that everyone focuses on and i think that's really what we are seeing here in these employment data and the struggle to get workers and having to pay up for that. maria: yeah, it's a great point. on the input costs, liz peek, jump in here, your reaction? liz: my reaction is this is really all about the reopening of the economy, maria. you pinpointed the leisure and hospitality jobs. that's also the biggest factor in the adp number. in going back to what steve was talking about. if joe biden and congress would get out of the way, we would see bigger numbers, more growth and i think, you know, infuriating

to me that the $300 a week is sort of impeding our progress. there should be no impediment at this point and i agree. i think next month job's number when we actually see the result of all the states getting rid of that incremental unemployment insurance, that will be very interesting. i think that's going to be a a n burner. maria: listen to this stat. the states that have pushed back on the unemployment benefits represent 40% of the jobs, is that right, rachel? is that the stat that they are representing? 40% of the workforce, jon hilsenrath. these states, those 22 plus states that have said no to the unemployment, no more to unemployment benefits are 40% of the workforce. jon: yeah, i mean, i haven't seen those numbers. i can't really speak to them but i think this labor force issue

is the story in this report. here is a couple of other numbers that i think are critical that we need to be talking about more this morning. the labor force participation rate failed by a tenth of a percentage point in this report and the labor force itself contracted by 53,000. so the labor force inputs are shrinking. two issues here, one is the unemployment benefits and we talked about that quite a bit. frankly, that's going to go away in a month or two and so that should stop being an impediment. the other piece of what's going on with the labor force, i think, is people retiring. i've seen estimates, something like 3 million people retire during the pandemic. so those might be people who went away and aren't coming back. and this is a big issue coming back to the fed. this is a big issue for the fed because it's creating more wage pressure which is actually good for workers but that could create some inflation pressure.

i think the fed will be looking at the participation numbers really carefully, whether it's june or july, they are moving towards the conversation to unwind these bond-buying programs. you know, this month, next month, you know, whether it actually happens in december or november, that's kind of trivial. what matters is they are moving in that direction and their participation numbers move them further down the road because there's more pressure building in that pipeline in part because people are retiring. steve: maria, can i -- maria: go ahead, liz. liz: my question would be, we talked a lot about the fed's response. what about congress, what about joe biden? what does this number mean for the input is to get more spending out there? is this going to be something that republicans can use to say, look, we've got wage increases,

tight labor supply and we do not need another $4 trillion in spending. maria: well, i don't think that you will hear from that any time soon. liz: no. maria: go ahead, steve moore. steve: something to what jon was saying. it's important for people to realize the work impediment is not just unemployment insurance, we just did a new study with kc, the top labor economist in the country. people in in blue states can get the annual equivalence of $100,000 of benefits, food stamps, obamacare free subsidies, $300 per child on top of the $2,000 this year. we are giving people free money and it's a disincentive to work. the other point to realize, you were mentioning the red state, blue-state issue. the 25 states, it's now 25 states that have suspended the unemployment insurance benefits are the states with the lowest unemployment rates. the states with the highest

unemployment rates, new york, california, illinois, connecticut, hawaii, those are states that are not suspending their unemployment benefits so you will have a bigger divide when what is happening in the red states and blue states and so it's just frustrating to me that those states that most need to get the workers back in the workforce are not doing anything to help those small businesses. maria: i think it's interesting that construction and retail jobs were down while, look, we know hospitality and leisure was going to be up, slowly but surely seeing reopening in the economy but to see construction and retail go down, that is interesting. what's behind that? is that the cost of lumber? is that -- the construction area and home building was one of the strongest areas of the economy over the last couple of. stephanie, any thoughts there? >> actually i was going to say it reinforces the idea that the inflation that the fed is

fueling in everything people can't live without, food, energy, housing is really acting as a tax on consumption in that people can't keep up. they are struggling to keep up with these rising costs of their, you know, nondiscretionary outlays. in that i hate to keep going back to this, in the same university of michigan sentiment report where 43% of people thought that their incomes were going to lag inflation, not surprisingly, plans to go out and spend on houses and autos plummeted. in fact, plans to buy a house are well below where they were at the bottom of the housing bubble bust. so new all-time lows and, i think, that again is a reflection of how expensive it is to buy a house now. while the fed is, you know, arguing that it needs to create more inflation, as far as the

consumer is concerned, the problem is there's too much inflation. there isn't enough wage growth. so this is the real issue for -- maria: look, great point. revision that is we want to get to as well. april was revised higher. let me get back to edward lawrence. he has all the details in terms of revisions, edward, what strikes you? >> both march and april were revised higher, in march 12,000 up. in april 27,000 gain for the two months there. interesting the low number in april of 266,000 jobs that was created, it shows that maybe this was the economy sort of slowly coming back and that wasn't quite a fluke number. one more point on the construction point there, within the construction number, the loss of 20,000 jobs. 19,300 jobs were lost in specialty trade contractors. i can tell you that i have neighbors that are doing additions in their homes and they've paused those additions and all those contractors that do the maribel and the specialty

things that go into the addition have lost their jobs because they are going to wait for the lumber prices to come back down. back to you. maria: great point. go ahead, mark. mark: yeah, so to kind of go back to the construction and housing thing we've been talking about. the last new home sales number was down which is, you know, kind of counterintuitive. you expect it to go up. builders are scared. they are afraid of inflation and they're unwilling to sign a contract to sell someone a house when you don't know what is going to cost to build the house so a lot of the home builders are shifting into prebuild mode. they want to prebuild 70, 80% of the home now before they actually sell it so they can kind of get a better grasp on what the costs are going to be. to go back to the worker shortage thing, in my opinion, one of three things has to happen. number 1, either people need to work more hours which leads to burnout. number 2, you need to get more output per hour out of each person.

that's easier said than done or number 3, you have to incentivize people, pay an arm and a leg to get them to show up to work. that leads to wage inflation. it's really difficult out there and i think right now this is a game of musical chairs for those milking the system. they won't even hop in the car for 17-dollar an hour job with benefits and 401k but once the music stops, they are going to wish they had. maria: mark, i have another almost to add to your three. first one is schools have to open. mark: yes. maria: we are still seeing a big portion of schools in america closed and that's keeping women at home. we know that women have been one of the leading areas where we've seen them leave the workforce. women have been the leaders in terms of leaving the workforce because they've been forced to, to stay home with children. so are we not going to see a real true picture of what's going on until we actually see the economy wide open and

schools back open with kids in schools so that women can get back to work? mark: you definitely have to see that happen and you need to recalibrate what is full employment. is it 4% or maybe is it 5 or 6%? maybe we are at full employment right now because of the circumstances you just mentioned. but absolutely, we need to completely reopen this economy, including the schools. you can't burden people by causing them to stay at home to essentially teach their kids and make sure their kids are going to school. we need to get everything reopened. you know, most of the mask mandates are over and done with at this point. very high percentage of the population is either vaccinated or already has immunity. it's time to reopen everything. maria: yeah. steve: last month, maria -- maria: go ahead, steve. steve: last month when we got the bad job's report, the reason

people aren't going back to work is because they are fearful from covid. look, covid is over now. the white house is saying people are more peaceful of covid today than 3 months ago. you know there's more people on unemployment insurance than 2 or 3 months ago. it's crazy. i mean -- maria: that's a good point. steve: i have to tell you, this was a sign -- i'm going to read this to you. a sign in the restaurant near where i live and it says $18 an hour, help wanted. it says they are giving flexible schedule, free gym membership, free food every shift, 15% family discount, tuition reimbursement, health insurance. i'm like how do i sign up for this job? maria: wow. liz: steve, there's also a sign out, $2,500 just per signing up to work, not even any

explanation of how long you have to work. i know, pretty amazing. jon: maria, can i jump in -- maria: real quick, jon. we have to go to a break. jon: i'm going to bring it to demographics. there's a short-term of incentives that people have to stay out of the workforce with unemployment and such. there's a long-term issue which is demographics which is people retiring because of the baby boomers and that process accelerated during the pandemic. 3 million people might have retired. that's contributing to the shortage and that's a long-term issue that's not going away. maria: it's a great point. all right, quick break and then we have more final thoughts from the all-star panel this morning on the may job's report weaker than expected but still half a million jobs created in the month of may. we will be right back. ♪ ♪

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principal. for all it's worth. maria: welcome back, final thoughts now from the all-star panel as we have been reporting april payrolls were revised upward as were march payrolls and the may number was 559,000 jobs created in the month of may that was lower than expectations, joanie, your thoughts? >> you know, maria, i think we are all saying the same thing, the biggest challenge in this report is labor participation. we need to get more people back to work, so i was thinking during the commercial break if we could just get the panel together, i think we could put a

campaign together on making america work again because we know what the issues are but we need to get people back to work. and, you know, this is going to have a big impact. we can't just fix it with wages. i mean, we've got child care issues, safety issues but bottom line, that's the biggest challenge and we need to get america working again. maria: and -- and stephanie pomboy, you mentioned earlier that you think next month's report is going to be even more important because that will be a true reflection of the 25 states who have actually stopped these extended unemployment benefits. >> absolutely. we will get a sense as to just how impactful these powerful disincentives have been to come back to work. in the interim, though, i think all all the anecdotes that steve was alluding to of restaurants putting signs out to plead

people to return back to work and it's struggle of the businesses. the number one cost of business is going up in the form of wages, at the same time for a lot of the companies their input cost are at levels they have never before seen. there's a real profit pressure for the average business and that can be a headwind for the stock market going forward. maria: well, steve moore, it doesn't, steve moore, that this administration is seeing that because they are pushing to extend the child credit to make it permanent, the democrats want that to be permanent. >> democrats want to force employers to raise their wages. the good news, by the way, though, look we are 99% back in terms of our economy pre-covid. we are way ahead of the rest of the world. great, great news. we recovered faster than any other country. maria: yeah, mark tepper, final

thoughts? mark: we have been talking worker shortages, 17 and 18-dollar an hour jobs. there was a job posting in texas to hire a truck driver to drive oil offering $63,000 per month, not year, per month. i quit, i'm taking my mic off. i'm going to texas when we are done. i'm out. [laughter] maria: that's unbelievable. liz peek, your thoughts? liz: okay, this is probably not the right note to sound. i really don't want to hear joe biden again take a victory lap for the increased jobs numbers. we know it's because of reopening and we know it's because of the vaccine. that's it. steve: yeah. maria: you're right, little by little we are getting the numbers reflecting what is going on here. jon hilsenrath, we watch the market trade up, 91 points higher in the dow industrials.

jon: i like catch phrase, make america work again. that's our headline. liz: amen. maria: it sure is the headline and that's obvious within these numbers, again, the job's numbers out this morning moving markets, rally underway. thanks, everybody. great wall street this morning impact and great conversation on jobs. that will do it for us, have a stuart: tepper, a truck driver in texas? i will pay big money to see that. let's get on with it. that jobs report shows the following. 5 and 59,000 jobs added in the month of may, unemployment rate coming down to 5.8%, wages rising sharply. america going