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Gharib. Today we learned the economy created 209,000 jobs in july, the sixth straight month of 200,000 jobs or more and that hasnt happened since 1997. The number was still below expectations and the Unemployment Rate ticked up to 6. 2 . That disappointment actually alleviated a worry, that the Federal Reserve may be forced to move faster on rates than previously thought. Eamon javers looks inside the report and what it means for the economy and job hunters. Reporter today marked the sixth month of 200,000 plus jobs growth in the United States and we havent seen a month of job declines since 2010. Thats creating opportunity across the economy. The government said today employment and leisure and hospitality headed 375,000 jobs so far this year, primarily in Food Services and drinking places. And here in maryland, the state is cashing in on casino jobs. The number of workers is expected to triple to just over 9,000 jobs in the next two years. Mgm resort is building a billiondollar casino southeast of washington dc. The doors wont open for two years, but they are already recruiting to field nearly 4,000 jobs. I think its honestly an opportunity of a lifetime to open a brandnew facility that will be beautiful. Mostly im here to find out exactly what they are looking for and the opportunities they have. Reporter at the white house, president obama called it good news. So the good news is the economy is clearly getting stronger. Things are getting better. Our engines are revving a little bit louder, and the decisions we make right now can sustain and keep that growth and momentum going. Reporter the steady jobs bounce back has investors betting on when the fed might scale back the socalled Quantitative Easing Program which has driven the stock market the new highs. Analysts are calling this the goldie locks jobs report, not too hot, not too cold. It could be good news for investors. For nightly Business Report, im eamon javers in washington. A number of economic reports to boot fail to lift the stock market today leaving the s p with the biggest weekly drop in two years. Instead, Global Concerns surrounding argentinas debt crisis overshadowed any positive data that came out. At the close the dow finished lower by 70 points to 16,493. The nasdaq was off 17 and s p 500 lost a mere five points. For the week, the blue chip dow index fell almost 3 , worst weekly dive since january. The nasdaq had its biggest weekly loss since april, and the s p lost more than 2. 5 . So lets talk more now about the economy, todays jobs report and what it may mean for the fed and the markets to do that, we welcome chris wolf, chief Investment Officer with Merrill Lynch Private Banking and Investment Group and chief economist at moodys. Was this as we characterized it at the top, a goldie locks job report, not too hot, not too cold, the best you could have hoped for . Yeah, it was perfect. You know, a lot of jobs really broad based across a lot of industries across all pay scales. At this pace of job growth, unemployment will decline rapidly but were not to a point where were seeing any significant wage pressures. From a workers perspective, thats not great. We want to see the wage growth, but from the stock market perspective, investors dont want to see too much wage growth because that might induce the fed to raise Interest Rates sooner rather than later. Chris, does it confirm what we suspected, which is the economy is growing slowly and surely and at a pace that is not going to trigger inflation in a big way . At least no time soon . Yeah, you know, i think go gold goldie locks is the term you use. There is a big sensitivity on the depenaldanlts on fed action. They said they have to move sooner, the fed has to move sooner. Todays day to say s no they dont and we have done reversals in the bond market. There is a lot of sensitivity among the upcoming taper thats important for investors to consider. While the economy is good, i think the markets will think more where the fundamental growth trajectory is supposed to be in 2015 and 2016. Mark, as he just pointed out, the market seemed to be concerned about the pace of labor costs growth and that that might drive through and cause inflation at the retail level. But as you point out, dont we really want wage growth in this country, and what is it going to take to get it . Yeah, and we absolutely do. I mean, workers, their wages have been growing at no more than the rate of inflation since the recession, that means real wages. Our Living Standards have gone nowhere. We want to see stronger wage growth. The way to get it is more jobs. If we continue on the current growth path and continue to create overturn thousands of jobs per month, by this time next year, i think the job market will be tight enough. Its at that point, of course, the Federal Reserve will raise Interest Rates. A couple years down the road if we continue on the current growth path, odds are that we will, then well have a really good job market. Well be at full employment and then well get wage gains that are consistent with productivity growth and thats what you want to see. That would be an economy that we would be very come tofortable w chris, talk to me about the markets. I know you would over weight equities compared to bonds, but this was a wild week. Volatility was back in a big way. We saw big swings in the market. There is complacent. So i think this week was a wakeup call and that things should be more normal when you focus on fundamentals. Equity markets in particular, i think, saw a lot of that. We saw the anticipation the fed would change, take profits, take the complacent out of the market. We had big growth in earnings and that just good enough comment i made applies to equity markets, Revenue Growth is just good enough and Earnings Growth is good enough to keep i think the rally going, and this over weight that we recommend with clients is about something simple. There is not a lot of good alternatives to make a compelling case to buy more bonds. Some is protection, but not a lot more. Should individual investors be ready for more volatility as we move through the late summer into the fall . Yeah, i think were towards an infliction point by october. There is elections, fed policy change and the infection point is running from policy driven markets to fundamentally driven markets. We think thats a 2015 event and thatvolatility. Chris wolf of Merrill Lynch, thank you and jeff mandy. One of the day standout stocks, proctor and gamble. The company owns brands like pampers, tide and gillett reported a 38 rise in earnings beating estimates. That sent shares up 3 making it the topperforming stock. The Worlds Largest Consumer Products maker announced a big move to get smaller. Sarah eisen tells us why the ceo believes less is more. Reporter the worlds biggest Consumer Products company has a growth problem. Its shrinking to simplify the company and boost sales. It will focus instead of 70 to 80 Consumer Brands like tide deterge gent, pampers and more. Part of it is the economy pea. It feels, in my seat, a little choppy, and i would say thats true across the globe with some of the political events, et cetera, but against that continued opportunity for growth on both top and bottom line. And rivals colgate, Kimberly Clark also struggle to post stronger sales during the quarter but many expect progress in turning around the company from the ceo to return to the top spot a year ago in an effort to booth growth. Since then, he spun off the pet care business, cut costs, and launched new products like the gillette fusion proglide razer. The category in the United States was up 30 points and we started to see cartridge shares grow, as well. Reporter part of the problem, p and g is enormous with 120,000 employees, its been a cincinnati staple. Change takes time and the stock is down so far this year, one of the worst performers on the dow in the last 12 months and under performing the broader index. To do it, its going to have to focus on growing the business and not just growing profits. For nightly Business Report, im sarah eisen. Despite big discounts, u. S. Auto sales slowed in july, most car makers reported gains below expectations but gains nonetheless. Chrysler and ford saw double digit moves up with chrysler getting some help from strong sales of the jeep suvs and general motor sales were up 9 compared with last july. Still, only ford was able to eke out a number that topped forecast. Overall, annual sales slipped further from that 17 million unit mark, which would be a multi year high. Shares of ford and gm were off 1 today. And some good news for drivers, gas prices are starting off the month of august at a fouryear low. According to gasbuddy. Com, the nationwide average of 3. 51 is a gallon is a 15 drop from july 4th and pump prices are expected to continue the slide into the fall because of strong refining output and crude production in north america. Still ahead, the market monitor says there are three stocks that will return 20 over the next year. We will pry the names out of him next. Argentina is officially in default. The association that makes the determination decided that a failure to pay event occurred on july 30th. The day that argentina missed the deadline to pay the creditors. Meanwhile, a new york judge has ordered negotiations between argentina and investors to continue. More now on jobs and what some are calling domestic outsourcing in Manufacturing Companies. Advance Technology Services steps in when a client wants to step out of the business of maintaining its factory and by letting clients focus on their core business, ats itself is growing and hiring along the way. Mary thompson looks where the jobs are. Reporter 11 years ago, the maker of easy go golf carts decided it wasnt good at maintenance so the specialized vehicles hired advance Technology Services or ats to repair and maintain the machines that make its carts. Its a decision the plant manager carry tomorrhompson says is pay off. We launched 40 new vehicles to market, and weve expanded our Engineering Work force by 138 . So by allowing ats to focus on the maintenance of our equipment, we can focus on growing our brands and our business. Reporter since 1985, ats has been sending teams of six to 60 technicians to factory floors in mexico, north america and more. They have to figure out how to do more with less and were part of the equation. Reporter ats Vice President brian rabe says his firm brings tools, experience, and Skilled Labor a factory might have trouble to secure on its own to service the gear. If youre in a factory today and you have 5 machine down time. That down time is costing you a lot of money. If we can take and reduce that to 1 down time, you have all that machinery available to be able to produce product and make profits. Reporter its increasingly valuable in the competitive world of global manufacturing, demand is rising for atss services. So this year ats is hiring 500 new technicians. They will repair and maintain the equipment used on Assembly Lines like this one but finding the workers isnt easy, even when you pay 21 to 51 an hour with full benefits. Workers in these plants dont grow on trees, but they do in other industries. Reporter he says once ats finds the workers with the right skills, they are given additional training, tailored specifically to the needs of clients. Jonathan register once worked in maintenance for an ats client and now hes one of 16 workers at the plant. A team that works better. It means ill get more support. I got more training. Ive got backings, you know, i got the resources. Reporter resources ats client s can hire to raise productivity. Im Mary Thompson for nightly Business Report. To read more about ats and how it is helping Manufacturing Companies expand capacity and cut costs, head to nbr. Com. Chevron posta rise in earnings and thats where we begin the market focus. They had better than expected quarterly profits and demand for crude oil had a dip in production. That sent shares down 1 to 127. 90. Hiltons results beat on the top and bottom lines. The Hotel Operator raised the forecast as it benefits from that increased occupancy, which means higher room rates. Shares rose just slightly to 24. 29. The battle took a sharp turn today, the botox maker is suing valant alleging insider trading. Allergan is fighting a 51 billion take over bit from valeant and the firm and calling into question the legality of the relationship leading up to the take over attempt. Shares of allergan fell to 165. 62 and valeant slightly higher. Shares of mobilized soared after the company priced the offering above the expected range. The israeli developer of camera systems that help cars deteblgt oth tect cars should shares at 25 a piece and the stock closed at 37, up 38 today alone. The Justice Department announced hp agreed to pay 33 million to resolve allegations it overcharged the u. S. Postal service for products over an eightyear period. Shares of hp 1 , 35. 19 on that news. Harley davidson recalling more than 3,000 motorcycles to fix an ignition switch problem that can cause the bikes to stall and the crash. The move is preventive. According to the company, no crashes or injuries have been reported. Despite that, shares were slightly higher today at 61. 98 and brooke shire hathaway say they soared. It topped earnings and revenue estimates. Shares slightly higher at the close at a mere 189,279 and no cents. Each. Each. Tonights market monitor is calling the recent sell off a shortlived retreat and he says dollar cost averaging over the next two months, may not be a bad idea. Joining us is gene, Portfolio Manager with advisors management. Good to see you. Great to be here, sue, thank you. The thing that strikes me is the severity of the sell off, the volatility that went along with it and we took out key technical levels. How much damage has been done . There is some, no doubt. There was a lot of hair trigger selling. You can see it when stocks breached widely watched Technical Support levels and that really had to do with a lot of anxiety. There was a lot of anticipation about a big correction. We did see some panic selling, some irrational selling by the end of the week and i think that was depicted in the volatility index moving up as it did. Lets get names on your buy list here at these prices, gene. Led by, cell gene, tell me your argument. Tyler, its a stock in the group i consider a core holding in a biotechnology, a large cap name there. What impresses me about this stock its a longterm performance history. We did go through a good correction in stocks in the mark, april period. This has been one of those bioteches that has not only rebounded but moved so its going to lead to new record high territory. I think that kind of durability and the longer term trend, the short term elasticity does indicate this stock has further to go and the upside, i like the Health Care Group and bioteches going forward. And you like polaris and makes recreational vehicles and things like that. Why do you like it, gene . I know it had good results lately. It has. The earnings in the latest quarter were the best quarterly showing in sometime. Not only that but the outlook by the company is very strong. So if you put a chart, over lay the charts of Harley Davidson hog against polaris, the stock is trending lower. Is this stock has been trending higher. One of their divisions, india motorcycles, the old original indian seems to be gaining market share but they have other Recreational Equipment both for the consumer and for commercial use, also. So this is a very strong company, again, good longterm history in terms of performance doing great in this market environment. I saw one of those indian cycles down at the jersey shore, and they are beautiful. Final pick tonight, that is Western Digital. Whats your price target and why are you in favor of it . Well, i think Western Digital can move to the 120 plus area over the next 12 months. Again, when we choose the stock for portfolios, were looking to assure there are other similarry attractive stocks. So when we look at the data storage area, there are other attractive stocks but in our view, Western Digital is the leader in this space, in data, audio and video. So we think this is a real great area. Here again, another one of these stocks thats been trending higher and is just below its record high here, just a few points below it despite the week that we suffered through here. Right. Gene, any disclosures for the prefix you gave us . Well, all of these stocks are held in the managed accounts and also in a number of Unit Investment i supervise. I dont hold any stocks directly but indirectly through the uit. Thanks so much. Have a great weekend. Good to see you again. Thank you, sue. Coming up, something that tyler and i know a lot about, the big business of kids parties and how one woman took her love of games and arts and crafts and turned it into a very successful career. Now a bright idea that turned into a career for a young woman that became a bit of a legend in the San Francisco bay area. Shes been called the martha steward of kids birthday parties. Who do you turn to when the kids make those special Birthday Party requests . I want to be a princess, and i want there to be a dragon. Reporter or maybe. I want to be a rocket ship. Reporter sophie has the answers. We take a refrigerator box and turn it into a rocket ship. Reporter he started doing art projects with her grandmother and never stopped. After college, she became a new york actress but that stopped in 199 2 when her husband took a job in San Francisco. I was like all right, i got to do something, so i started babysitting. Reporter babysitting as luck would have it for a listers, ceos, movie stars taking their kids wildest dreams and turning their garages into caves, pool patios into pirates ships. Sometimes she learned the hard way like the time she built a candyfilled dragon pinata with ten layers of paper ma shay. I literally saw the thing apart. You learn by mistake. It was still a great party. Reporter other moms noticed and began booking her to do their parties. I was charging like 10 an hour. These are very wealthy women. They were like of course, thats fine. They could smell it a mile away. Reporter now a 3500 square foot warehouse is home to the props and supplies shes gathered over 20 years and thousands of parties. Her company, sophies stress free soirees, a party could cost more than 1,000. Bar mitzvahs could be 10,000. Im booked through 2015. Hi, im sophie and welcome to my world. Shes on youtube, in case you ever need bubble snakes or shelf evils. Shes even got a new book, sticky fingers, detailing things you can make with duct tape. But what really gets her going is planting the seeds of creativity in her young party goers. This gets me choked up about what i do. Come on, youre a Party Planner but some will say hey, sophie, can i work for you. I love parties, im interested in doing this this as a business. She inspires creativity. Kendall was at one of those birthday parties in the mid 90s and came back to work for her as a team. Since then, shes worked as a Kentucky Derby hat maker, taught sewing and starting a full time job as a costumer for the new york city ballet. So just remember, memories made and Lessons Learned at those birthday parties can pay off. Long after the cake is gone. How many people get to wake up and say they get to see the lightbulb go off in a kids imagination every day of her life. She has six fulltime employees and 40 to 60 part timers, she employs depending on the size of an event. Why didnt i think of that . My kids never had that kind of elaborate party. More power to her. Good luck to her. All right. Thats it for nightly Business Report for tonight. Im sue ha raerrera in for susi im tyler mathisen, have a good weekend, everybody. Well see you back here on monday. car doors open im father bernard. Welcome to trinity. May your stay here be a peaceful and rewarding one. Brian hes a monk you said an addiction clinic, not a ruddy monastery brian, if you dont get out of this car and in through that door, youll never see me again. Oh, bollocks. Its all right, its okay it doesnt really matter if youre old and grey

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