A lot of folks thinking it was over and done. Ck upof those sto sharply. Nothing is changed for these companies. What is changing as investors saying we have gone too far, too fast, so now we are seeing a pullback. Again,take a look at the we are seeing a pullback. If it is a fearful look for stocks, you can see those haven assets rallying. The point wisely yesterday. What is going on with softbank . There is a Financial Times report that what triggered this is they went big and some options on big tex. Abigail that is an interesting point. I do not know if it has to do with softbank, but theres been a lot of unusual options activity where you have folks buying shortterm call options. That is expiring this week, next week, betting that after the huge move up, the nasdaq up 80 from the march lows come after that it will go even higher. Some thinking that is not so stable. What we think because of all this is it is technical selling down to the 50 Day Moving Average. If the 50 Day Moving Average continues to hold, which it has as a low, it suggests we could see rebound rally as cooler heads prevail. We take some of the froth on the table, now we can get back to buying make a caps. David we have a long weekend to think about it. Thank you so much abigail doolittle. You may not be able to tell from the stock market, but we got strong employment numbers today, adding nearly 1. 4 million new jobs. President trump noticed it and tweeted new jobs numbers, 1. 37 jobs added in august, and implement rate falls 8. 4 , much better than expected, broke the 10 level faster and deeper than thought possible. Lets get a reaction from simona mocuta. Do you react the same way the president did . Simona i would say it was a good report. I would agree with the part about the declining Unemployment Rate being faster than expectations. The reality is the finish line remains far out and we have a lot of work still to be done. Tothe same time, it is good recognize we have made considerable progress over the last three months. David no question we are moving in the right direction. The question is how quickly and are we slowing down some. This is 1. 7 million new jobs, and we are down 12 million. The math suggests we have several months to go before we come close to full employment. Simona absolutely. This is a marathon. It is not one lap around the track and we are done. This is a lot of recovery still needing to happen. If you look at private employment, it was closer to one million jobs. We got a little boost from employment. That will not be there forever. , there interesting to me was a sector in particular that is impressed positively. I did not think we would make that much recovery in retail employment so quickly. On the other hand, i wouldve expected construction and manufacturing employment to do better. Where youtill areas expect more support and areas where most of the gains have already happened. The other key question is we are seeing an increase in the number of people who are permanently unemployed. That has already been a question and a concern. So for the number is relatively small compared to those going back into employment from being unemployed. That tradeoff needs to be watched carefully. David to have any indication what is around the corner, for example in september . We see a lot of headline stories about various companies laying people off. It seems like there are new layoffs and some sectors. Simona that is the other part of this equation. So far a lot of the focus has of the the initial wave unemployed. Will these people be temporary or come back. You know there is something brewing in the backdrop which is new unemployment that may not have been announced that may be permanent unemployment from day one as companies reassess their needs. Enough to only look at air travel employment, enough to look at leisure and hospitality. Broaderyou can expect announcements of this nature, and that is why we come back to this idea they need a medical solution. Months, next 3, 4, 5 medical solution becomes critical. That is the switch that can sustain sentiment or avoid that second wave of layoffs, the ones ofhave not seen signals verses making those come to pass. Guy there was a lot of concern david there was a lot of concern when the special Unemployment Benefits lapsed. Larry kudlow talked to Bloomberg Television and radio earlier today and said these jobs numbers we got today suggest the president was right in saying we should not have extravagant Unemployment Benefits. There was a suggestion some people were not going back to work. D we have any reason to believe that is true or false . Simona you do not have actual data in hand to demonstrate this. It is fair to say there is some anecdotal evidence that some of that is probably happening. I still think it is at the margin problem. That we do opinion need to continue supplemental Unemployment Benefits, not to the full 600, but we need to ensure the income replacement continues. You is critical to ensure have us move hand over to the economy coming back, employment picking up. We have millions of jobs to make up for. You do not want consumption by those individuals to fall off a cliff. David that rages the larger question going that raises larger question. Phase four stimulus is stuck. As an economist, how necessarily is it we get some sort of fiscal stimulus and when do we need it by . Simona we have a little bit of leeway in terms of timing. There are two things in todays report that were encouraging. One is you stop increasing employment by state and local government. Probably the biggest part of this phase for fiscal stimulus has to do with state and local administration. The big concern being they are under balanced budget requirements, and if they do not get the additional funds, you will see major layoffs. Luckily we have not seen those yet. Ofhaps you have a little bit leeway in terms of timing. The other component is what happens to income. Our date was quite encouraging. You are seeing more intense utilization of the people who are currently employed. That speaks well to their wages and income. I think it is necessary. I hope we get it soon. We aret think immediately in danger of things falling apart. Much better to have it in hand, have reassurance, and then be in a more a position to await the medical solution than have clouds of uncertainty over our heads. David appreciate your time in your efforts today. Senior simona mocuta, economist for state street global advisors. Coming up, we will get an update on the president ial horse race with kyle kondik. Power onalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. We turn to Mark Crumpton for bloomberg first word news. Mark President Trump is dismissing a magazine account that he disparaged americas war dead as a total lie. The atlantic reported that in november of 2018, the president belittled American Marines killed in paris at the end of world war i after a planned trip to an American Cemetery was canceled. The atlantic reports President Trump said why should i go to that cemetery, it is filled with losers. The president s former National Security advisor rate was on the 2018 to paris but said he did not hear the president make the remarks. The president these comments are despicable, if you made them, they are despicable. If you made them, they are inexcusable, especially not from the commanderinchief. There is no surprise trump went out of his way in the u. S. To deny he had said it. His credibility is pretty thin in my view. When asked whether President Trump has high regard for the military, mr. Bolton told bloomberg i do not think he holds anybody in high regard except his family. Mail balloting in the president ial election is officially underway. North carolina has started sending out 600,000 ballots. State electors said they have received 15 times more mailin ballot request as they did four years ago as voters look for a safer way to cast ballots during the pandemic. Ballots will go out into two weeks and other battlegrounds like minnesota, pennsylvania, and wisconsin. North carolina is the first. The proposed Coronavirus Vaccine developed in russia induced an antibody response in all participants in early trials. It also caused no serious adverse effects according to the first peerreviewed data on studies of the controversial project. Results were published in the british medical journal the lancet. Ofocust infestation in parts africa are making the problems of Food Shortages worse. The uns food and agricultural agencies say huge outbreaks of locusts have hit botswana, zimbabwe, and other african nations. Experts say swarms of the insects can eat the amount of food that would feed 2500 people in one day. Officials have been spraying pesticides, but say it is having a limited impact. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. David . David thanks so much. There was a flurry of polls done this week to measure the effects of the conventions on voters. Wecome kyle conduct welcome kyle kondik of the university of virginia. Give us your sense of where we are. We heard from larry kudlow the polls are narrowing. Where are they in your estimation . Kyle i do not think a lot has changed from before the convention to now, particular not the national numbers. You have to remember whatever joe Bidens National deed is, if you put the polls together it is in the 7. 9 point range. Whatever the margin is in the most important swing states will probably smaller. In 2016 Hillary Clinton won the national pop the National Popular vote, but she lost the decisive swing state of wisconsin by less than 1 . A National Lead of seven to nine points nationally will be a little bit smaller in the most competitive states. I think the president has an Electoral College edge. To the extent the president is doing better in polls, you see it more in the swing state polls as opposed to the national ones. We tend to get more National Polls, and National Polls are higherquality. We are still trying to figure this out. I do not think the convention has changed that much. Is the president in the Electoral College race. That is the one that counts. That ishat in 2016 and why he is president. Kyle as we are talking i think joe biden is up in enough states to get over 270 electoral votes. He is leading in the crucial but byial north states, probably a smaller amount than he is up nationally. States like North Carolina and florida may have a nominal joe biden edge but are effectively tied. I think trump has small edges in states like ohio, iowa, georgia, texas, which are more of reach states for biden but states that if biden were to win a big Electoral College victory, maybe he wins one or more of those states. A key question is can trump make up enough ground in the industrial north, florida, North Carolina, arizona, all states one last time narrowly, can he make up enough ground . ,f the election were held today i think joe biden would be a good place. It is not a situation where we look at joe biden is an unassailable favorite. I think a lot of analysts are colored by what happened in 2016 , where i think a lot of us were a little bit surprised by the results. Maybe it goes the other way. Maybe the polls are underestimating joe biden this time. You never know. For the time being this is been a stable race and joe biden has been in a decent position. It is still competitive and a lot of these important states. David is somebody who knows these polls and is an astute observer, explain to us what happened in 2016 and what it might mean this time around. I have seen it said that part of the problem is the National Polls are pretty good, certainly within the margin of error. What happens is you get to some states like michigan, like florida, is a lot thinner and the polls are less reliable. Should we be more skeptical about staples . Kyle there are fewer quality statelevel polls than there are national ones. We have gotten high quality statelevel polls and they have generally reflected what we might expect, although in aggregate the staples are little bit better for trump than the the state polls are little better for trump than the national ones. If youre talking about pulling average, saying joe biden is up eight points in the National Average and four points in michigan. You have to remember there a lot more pollsters nationally than in michigan. It is not an apples to apples comparison in terms of the number of polls and the quality of the polls. One thing that makes the numbers better is there are fewer undecideds and few people who say they will Vote Third Party. A lot of times people say they will Vote Third Party and they end up coming home at the end of the election. Joe bidens lead may not be as good as Hillary Clintons was this time four years ago, but he has a higher level of support. You would rather be up 50 to 45 in a state then the 5 to to 40, there45 are undecided voters. The polls look more like they did in 2012 when they underestimated barack obama a little bit. Obama usually had a higher level of support than clinton did, there were fewer undecideds in the race was more stable and i think this race has been more stable. You can put all of that together. I think joe bidens position is better than clintons was last time. David give us your take at this point in the race of one of the issues, and that is the civil unrest, the demonstrations, the riots that have been happening. The republicans bit a big deal out of law order. At the same time, we have fox polls about some of the states, including wisconsin, suggesting that Vice President biden is pulling better than President Trump on those issues. From abc news and the Washington Post saying people were giving President Trump not a lot of credit for how he was handling that issue. Kyle the republicans want to emphasize this issue and the president will push them to do that. This is a story that is still being told. We do not know what will happen, if the public may come around to the trump and republican position on this issue. We have seen support for black lives matter as a movement corrode, it has become more partisan eyes. I do not think you can look at the numbers and say the democrats are crashing because of riding in protest, the republicans have an edge on that issue. To your point to what you just said, the polls you cited, biden seems to have advantages in terms of how safe you would feel in Joe Bidens America versus trumps america, and in terms of would handle Race Relations as opposed to trump. This could change, but i do not think we are seeing some huge problem for the democrats. I think the democrats recognize it could be a problem and that is part of the reason you saw joe biden in kenosha yesterday. David thank you so much. That is kyle kondik of uba center for politics. I will continue with us in the second hour of balance of power to take us through down ballot races. Ons is balance of power Bloomberg Television and radio. David we will get back to the markets. After the big selloff yesterday, a little bit softer today. We were down more than this, but we are down still. Kailey the good news is we are off the lows of the session, the bad news is we are down 1. 5 or more across all three of the major averages. For the second day in arroyo it is tech leading the losses. In thedaq 100 is down 8 last two sessions. At one point earlier we entered correction territory. We are off the lows. Some people coming into by the dip, but still we are down. It is the largest of large caps responsible for this decline. The nasdaq 100 is off 300 points at the moment, more than half of that is from six stocks, apple, amazon, microsoft, facebook, nvidia, and alphabet. The consensus seems to be this is profittaking, froth coming off the top of these stocks that are valued. These stocks traded multiples north of 35 times. There is discussion this may be healthy, not a dotcom bubble burst we saw in the late 90s or early 2000. Because of how heavily weighted these stocks are in the broader market, is enough to take us down from the nasdaq for the worst week since march. The s p 500 on the dow for the worst week since june. David if it is profittaking, you cannot blame them, there a lot of profits to be taken. If this is last day of trading before we go into a long labor day weekend, could that be a factor . Kailey volume is actually quite heavy, about 40 over the average for the last days. There is conviction into what we are seeing as we head into a long Holiday Weekend not knowing what could happen over the course of the next three days. Maybe investors looking to take risk off the table, although i will see that does not apply to equities. We are seeing selling and treasuries. Not a good day for 60 40 portfolios. Everybody is selling. David coming up next, we will go over the jobs numbers and what a President Biden would do about it with bidenharris advisor austan goolsbee. Ons is balance of power Bloomberg Television and radio. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. David this is balance of power on Bloomberg Television and radio. Im david westin. Bloomberg first word news, we go to Mark Crumpton. Mark Americas State Health officials are pushing back on the Trump Administration suggestion that covid19 vaccines could be cleared for use before Clinical Trials are complete. The group says any vaccine approval must be free of political motives and driven by science. Trump administration has floated the idea of releasing a vaccine to some part of the public based on limited data before trials are done. Olympic organizers say next years games in tokyo will go on as planned, even if a covid19 vaccine is not yet available. Organizers said today that while of course a vaccine would be prerequisitenot a for the bulimics to take place. The games were supposed to happen the summer. Japan has already invested billions and the delay is likely to cost billions more. The International OlympicCommittee Says that if the games do not happen in 2021, they will be canceled. Iran gave atomic monitors more access to investigate decadesold Nuclear Activities while at the same time elevating the rate at which it is stockpiling nuclear fuel, according to a new report from the International AtomicEnergy Agency inspectors. By the 2015 abiding nuclear deal after the United States withdrew from the agreement and reimposed sanctions. Nato says greece and turkey have begun talks aimed at easing the tense standoff in the eastern mediterranean. Tensions have been growing between the two over offshore energy resources. The Current Crisis is the most serious in the countrys relations in decades. The neighbors have come to the brink of war three times since the mid1970s. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David thanks very much, mark. The white house is certainly pleased with the strong job numbers today and the head of the National Economic council, larry kudlow, says the numbers support President Trumps insistence of doing away with extravagant Unemployment Insurance. I think that shows President Trumps idea of a generous unemployment assistance plan that he put in his executive order but not an extravagant one, has borne out to be exactly right. David we welcome now austan goolsbee, former chairman of the National Council of economic advisors. 2020 an advisor to the bidenharris campaign. Saying 8. 4w was percent, certainly down in single digits, but at the same time, is this because they cut back on the supplemental Unemployment Insurance . Austan i was confused by that. Clearly good news in the jobs report. I would have thought larry would have stopped with the top line and be happy about that. Amount,npack it a small the private sector job growth, as opposed to the park coming from the government, is actually more than a third smaller than last month. So there is not really, to my mind, any evidence that cutting off the Unemployment Insurance to the people that lost their jobs have accelerated the comeback of employment at all. If you look at the people being laid off new lead, filing for unemployment claims, on an apples to apples basis, they are higher this week than last week. To me that they would seize on this as evidence of why they want to cut off relief payments. Isid nobody could say it bad news to create almost 1. 4 million new jobs, but part of the question is what the curve looks like. Something like 12 Million People unemployed. How long will it take to get those people back to work, and is that deadline getting stretched out farther into the future . Austan that is what it feels like. You have highlighted the critical question, which is, we have had a nice rebound of what were the temporary layoffs. If you look at this report, strong job growth, especially strong in temporary census employment from the government. That was 300 something thousand. And then the two major sectors of drive growth are retail and leisure and hospitality, where you saw the giant increases of temporary layoffs. Those people are mostly now all the way back or close. The question is for the permanent layoffs, can we get them back to work . If we recovered half of where we were before, that is not really great. Side, we willal be in this dynamic where representatives of the Trump Administration are clearly going to say, look, we are having strong months other analysts will look at it and say, but the strength is getting weaker every month, and we are not remotely close to where we were even before the covid recession began. David in your estimation, what will it take to get us to the goal that we all share . Getting back to close to or full employment . Is it a matter of the fiscal stimulus caught up in congress, a matter of getting our arms around the coronavirus . I know Vice President biden is about to give remarks about the relationship between the economy and coronavirus. Austan everything has to do with the virus, as i said from the beginning. The virus is the boss. The first rule of virus economics is the only way to fix the economics is to get control of the virus. You have seen that in other countries where they have slowed the spread of the virus dramatically more than we have, and their economies are rebounding faster than ours is. Hopefully we can get control of that. Could get on a faster path back to where we were, and growing like we were before. Look, we need relief, but we should not kid ourselves that relief and rescue payments, keeping people from being evicted, is going to fix the economy, it is not. We have to get the engine going again. David if we dont get the vaccine, dont get to a world where we can go back to Something Like normal again, do we need to lock down . That is something that the republicans last week accused Vice President biden of saying, that we should lock down the country. Can we keep going with the economy even with social distancing, masks, washing hands without actually defeating the virus . Austan i dont speak for the Vice President , you would want to ask them what their view is. I think other countries have shown us that you do not need to have there is no vaccine in germany, australia, new zealand, taiwan, not in a whole bunch of countries where they have been able, through all the callup measures, whether masks, social distancing, a lot of testing so you can get the people that are contagious out of the economy so you dont have to shut down everyone i dont think you need to have universal lockdowns. You just have to be smart about it. Follow what works. Thus far, we are mostly not following what works and we have a lot of mixed messages coming out. David if it is a matter of doing it better, being smarter in addressing a virus while it is with us, what would President Biden do that is materially different than what President Trump has done . Vice President Biden has laid out a 20step detailed plan on the Public Health side of how you slow the virus. I am not an epidemiologist or Public Health expert. I will refer everyone to those documents. The federaler of response has to be a clear, consistent approach coming from the very top, the president himself, who has clearly, at downgraded what he perceives to be the danger of this virus, that it will disappear by a miracle. Initially he said we had virtually no cases, it will go to none. Dont worry about it, you dont need to wear a mask. He himself will not wear a mask. Got kind of approach hundreds of thousands of People Killed in this country that did not need to die. That is what the Public Health experts are saying, if we had moved earlier with consistent a consistent approach from the federal government, done the testing at the beginning, we would be in a lot better spot. But it is not too late. That is what i dont understand. If we start more significant testing and more significant mask wearing in public and in these places where people are in crowded conditions, we can get the rate of spread of this virus and theow 1, mathematical terminology. In the countries they have done that, which is pretty much every rich country in the world, they have been able to bring their economy back. David we have obviously been through a crisis on the coronavirus and then the economy. Im not sure that we will get back to exactly where we were, we have made some permanent changes effectively in the economy. How can we come back to a better place . Is there any way to use this crisis to be better and stronger coming out of it then when we went in . Austan lets hope so. It seems to me, right now, it seems to be going the opposite, a bunch of the pathologies that crisis least about this have gotten worse. Inequality has gotten worse. Are onesme occupations that you can do from home. Lower income occupations you have to be at the physical locations, and they are getting hit harder, and they were already getting hit harder before this started. If we could get some National Unity on priorities, i think that in itself would be an accomplishment on the political side. , i dontonomic side totally know how you make a comeback better. Remember, we were adding 200,000 jobs a month for years before this crisis began. Our aspiration has to be to do something more than just at the employment levels before this started. We want to be a million plus jobs of where we were before this started. If we provide enough direct relief from the federal government to get us through its, coupled with lets call keeping the shock temporary through the Public Health measures, i think that would set the stage for us to come back to something better. But it will still be a tough slog. David always a treat to have you with us, austan goolsbee, from the university of Chicago Booth School of business. We are counting the votes as mailin ballots begin to be mailed out in North Carolina. The challenges the voting process may face with andrea vote. Org. This is balance of power on Bloomberg Television and radio. Io. David the latest edition of Bloomberg Businessweek looks at what could happen in an extremely volatile election year. Find that and more in a new edition of Bloomberg Businessweek. More on the challenges we face in accounting the vote this hailey, welcome andrea vote. Org ceo. Give us a sense of how much passion, enthusiasm there is for people to at least try to vote. Definitely seeing the resiliency of the American Voter right now. There is a ton of energy and passion for voting. We have already serviced over 2 Million People since january at vote. Org, of those requesting absentee ballots. 1. 7 have registered to vote. Engagement ishere up 700 to 1000 on any given day. Voters are paying attention, paying attention early, and they want to have their voice heard. David what about the problem of mailin votings . We have heard the president repeatedly say that he has problems with the idea. Are there problems because those votes dont get counted until election day, and if you have millions and millions, we will not know the result on Election Night. Andrea mailin voting is a highly secure form of voting that many states have had for years now. In some states, there will be a huge increase in absentee or vote by mail this year because many do not want to choose between their health and democracy, and want the option to send their ballot in from home. It may be that this election cycle, voters will not know on Election Night who won the election. The key is that we want every ballot to be counted. On makingneeds to be sure that every voter has their voice heard, and that has to be what takes precedence. Americans should get ready for the fact that it may take a little while to count all of those ballots. It is actually a good sign that we dont hear it right on Election Night. It would be great to know that all the votes are being counted, no matter how people participate this year. We just need to have a little bit of calm and patience while those processes are in place, while states scale their ability to count the votes. David it certainly sounds like it will be a different election because the volume of mail and votes because of the virus, as you suggest. Are we confident the states are gearing up for that . They will need different kinds of processes. We had a situation in new york state where one congressional primary took Something Like six weeks, and there were problems about whether you had to sign the outside, postmarked, things like that. Andrea states can absolutely count the vote, there are lots of lawsuits going on across the country right now. One thing that i hope every state does is make sure votes are counted they said when they were sent, especially in light with the slowdowns at the postal service, that the postmarked by date is the most important date, i would hope, and that states in change where it is postmarked by and not received by. States could definitely use increased funding for the elections this year. They will be able to count the votes, its just a matter of how quickly. That is where we as a country have to understand that, in certain states, that may be going from singledigit participation vote by mail in previous cycles to up to 50 , this is a big deal. The biggest thing for voters to know this cycle is that you have to plan your vote, plan early, and it is really important. We can help states out, that if you are voting by mail, request right away, dont wait until the deadline. There will be a rush at the deadline. Turning all of that around can get complicated. Everyone will have to plan their vote and do it early. David talk about the demographics. Isry four years we hear this the year where the young people will turn out to vote. What is your experience thus far indicating to you about people 45 and younger turning out . Historically in the United States, its been 60plus. Andrea we saw huge increases in Youth Engagement in the midterm elections. We know it if people participate in the midterm, highly likely that they will participate again in the president ial election. I believe what we are seeing right now in our country, young people getting active, taking to the streets, and that correlates with what we are seeing on our site as far as registration engagement. I do believe that we will have a groundswell of young people participating this year. I do think they are paying close attention and care about many of the issues being addressed, president ial and local level. Everything we are seeing, about 65 of the people that use vote. Org are 35 and under, and we are having the biggest year we have ever seen in our history, and that tells me that young people care and will show up. Being with us,or andrea hailey. We will have more markets coverage coming up next with that big selloff yesterday, coming back some today. This is balance of power on Bloomberg Television and radio. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with Xfinity Mobile. David we want to return to the markets given that big selloff yesterday, a lesser version of that happening today. We turned to abigail doolittle. Abigail a real roller coaster on the day. The s p 500 actually opened up slightly today after that big selloff yesterday. Now down about 1. 5 percent, so somewhere in the middle. Yesterdays big selloff, the worst day for the s p 500 since june followed wednesday, the s p 500s best day since july. Investors trying to decide what is going on. We had a solid nonfarm payrolls report. Economic data supporting the recovery in place but we have a lot of big tech selling. Stocks have been up so much of this year, some of that froth coming out on the day. The faang index down about 2 right now. Supporting the idea that we may see the losses get even smaller, we have haven bonds lower, and we also have the vix this is shocking. It is also lower. We have a case of cooler heads prevailing as we go into the afternoon and the long weekend. David expand it out to a few markets, our cooler heads prevailing when it comes to the dollar . How are we doing with gold . Abigail the dollar is just about flat, not a lot happening. That means investors are not seeking that haven. Relative to gold, down slightly, so we dont have a haven bid across the complex. You and i love to talk about politics onscreen. It is so interesting because what is likely, volatility keep rising into the election, suggesting that a contested election could be ahead. Something that is interesting to bidene pauls favor joe but highly taxed Companies May trump. Resident of course, joe biden does want to raise taxes. So fasten your seatbelts, that is the message this week. All of these ups and downs, probably what we will see into the election. David and maybe on the backside of it. It may not be binding or trump, but whether we get a decision at all. Have a great labor day weekend. Balance of power continues on Bloomberg Radio in our second hour. This is bloomberg. This is bloomberg. City of london, bloomberg real yield starts right now. Payroll delivering another upside surprise, questioning the next policy move in washington with treasuries failing to offset equity losses. We begin with the big issue, the labor Market Recovery continues. Todays number was jawdropping. Great data today. There are signs of deterioration. Lets not forget 10 Million People still have not found jobs. We are a long way away from getting back to normal. You need a way to find the economy moving forward. It will be smaller than what the market expects. People are fearful. This is not a sign of a healthy economy