With the dow gaining 6. 8 there has been some controversy about that too explain whats going on behind the numbers. In terms of how many jobs have been lost during the pandemic. Its fifth positive session. Its been up five sessions in a row. Its indicated higher and the 6th day of the week. That was up by 6. 8 . S p was up by 82 points. And then the nasdaq was up by 2 almost 200 points. The s p indicated up by 6. 5. And treasury yields and did see quite a bit of activity there too. The ten year yield picking up substantially last week and this morning its back at 0. 91 i cant remember the last time we had a ten year above 0. 8 let alone 0. 9. It could be a round number some day not that far 1 maybe cross your fingers. Oil too is almost 40. Oil looks like a bad break looks like it went down and it is such a quick one right back up and almost to the levels where it was almost prior to this the journal has the piece when the spiggots are opening here today. We have a huge show again today. Big lineup of guests to talk about the market and recovery and how the Business World is trying to find some solutions. Among the highlights you dont want to miss the legendary investor and the incoming ceo of and cfo of zoom and the ceo of intel. All on the same people and all of that on deck this morning back to oil prices that are on the rise surprise nearly everyone with the fast and drama free virtual meeting. The group which was lead by Saudis Energy minister quickly agree to continue its Current Record supply cuts of 9. 7 Million Barrels per day and iraq and nigeria agree to enforce their quo toes both countries have been seen as cheating to raise output its likely to raise output. 2 Million Barrels a day. We told you about fridays jobs report. You probably heard this by now but it was stunning for many reasons including forecasts of so many economists were just so wrong. Joining us right now to walk through the data is heather. She is the economic correspondent at the Washington Post and there was all of this controversy around the mistakes and many miscalculations that the Labor Department said look theres a problem in how this was compiled and a lot of people seeing conspiracy theories and made me understand it in terms of something not all that unusual. These are career professionals theyre doing their best these are very unusual circumstances. What happened. I dont think i have ever seen so much interest in the footnotes of a jobs report before on the misclassification era went viral over the weekend and generates a lot of buzz on twitter. What is this misclassification era. 4. 7 Million People were classified as employed but absent from work but because they were technically employed and they werent factored into the Unemployment Rate and they put that note at the bottom of the may report that says look the Unemployment Rate probably should have been more like 16. 3 instead of 13. 3 the Unemployment Rate would have been even higher in marchand april as well. Should have been like 19. 7 and may still was a decline in that and obviously a lot of people are saying 4. 7 million is a lot. We have seen this type before during hurricanes but never in the millions. What does it do to the, so they were looking for a loss of 8. 5 million jobs or whatever does it change those numbers because that was really i dont know if anyone had an absolute number of unemployment that they were basic the viewpoint of how the labor market was at this point it matters 13 was better than 16 but wasnt it the surprise in the number of jobs or is that also 4. 7 million. Is it screwed that way i dont think it is. Ive never seen so many people really happy that there was a mistake because things are hopefully a lot worse than were indicated. I dont understand the thinking but a lot of people are like, its wrong, thank god its much worse than we thought. Its very strange but does it change the actual number of jobs. I think a lot of people forget that the unemployment, the jobs survey is coming from two different surveys. So this impacts the Household Survey where people from the Census Bureau knock on peoples door and ask them are you employed, are you not employed, are you getting paid right now or are you not getting paid right now . Thats where this misclassification era occurred the other thing that they do is they look at payroll data from over 120,000 companies and Government Industries and similar to what adp does that we were talking about last week as well so in the payroll number is the one that feeds into the headline 2. 5 million job gain that was positive and that was not coming from people that were claiming they were employed. That was literally coming from the data that businesses have on their payrolls this idea of the conspiracy and i get back to this idea of a conspiracy all the people that thought the Obama Administration was messing with the numbers now are convinced the numbers were right. All of the people that thought the Obama Administration never messed with the numbers now think the Trump Administration is doing it. Can you walk through why these numbers are the best that these career professionals can come up with just how many households are measured with this what the questions are and why they dont actually mess with the numbers. They want to make sure that theyre hands off so theyre not seen as being somebody thats actually contaminating the evidence walk us through that yeah. The reason why the vast majority of people that actually spend their days looking and digging into this Labor Department data do not see any signs of rigging or let alone any sort of political tampering is because the bls is being incredibly transparent about what happened here these numbers as somebody said to me, its a well oiled machine. Its a highly automated process and theyre using the same methodology that they use every single month and the way this data is calculated is very standard they go out and talk to 16,000 households for the Household Survey that feeds into the Unemployment Rate and then they go out and look at over 120,000 Business Payrolls and government payrolls that number feeds into that headline 2. 5 million job gain figure and its also important to keep in mind that this is an agency the bureau of labor statistics with over 2,000 career employees, many of whom are statiticians and economists, the best of the nerds if you will and again those people, their whole careers are staked on this many of them work there for decades. And former commissioners assured me that the numbers, they dont even see them until thursday when the report is finalized so shortly before theyre sent to the president there is no time to tamper with them they do not have access to the underlying data. As a matter of fact most people do not have access to all the underlying data. They would only have access to parts of it. Joe. No, no, im good. Makes sense. I mean, i dont think im fine with the bls. I just think that were back to the people that do this for a living and how you can miss by 11 million thats 11 million jobs error isnt it 8. 5 plus 2. 5 minus thats a big miss in terms of not being able to tell how many jobs were but then again its a net number so you have to subtract out how many were lost from how many were gained and then when its 200,000 i think the error in is that like 300,000 most months. Theres such a big margin of error anyway i guess the last thing that i would say after talking with many staffers and more people after the article came out who work at the bls and work with the bls and work on their Data Review Committee and they were very transparent about it all three months. Its understandable. Were in the middle of the pandemic how many times we use unprecedented situation obviously. This is a little bit hard to do your normal process and procedures on as you try to knock on peoples doors and talk to them. So their surprise was the bls was very up front about this in marchand april and they were also trying to correct it and trying to add additional questions to their survey to figure out why so many people were being marked as employed but absent from other regions. Its one of 11 categories in that question. Why couldnt they ask enough follow up questions in may to really figure out how much of this was pandemic related. So the error rate went down a little bit in may but it was still very high. The term misclassification error was used for the first time in may. It actually did not appear if you go into your computer and search find, they digit use the term misclassification error in april and only in may and the question is why havent they fixed it yet and we should hopefully see it fixed by june and if not thats going to seem a little off to me thank you it was a great article and incredibly explanatory we appreciate you coming on today. Thanks for your interest. Folks also a programming note for you, in our interview at 8 00 a. M. This morning he is of course Senior Adviser to the president. And what we really think is happening in the economy now up next were going to talk about the phase one reopening for new york city that begins today. He will join us next as we head to a break, take a look at the shares of boeing its one of the biggest drivers of last weeks rally up more than 40 for the week. Well be right back. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. An update on the pandemic. Global confirmed cases topping 7 million. Cases hit 1. 9 million with 110,000 deaths new York Governor Andrew Cuomo announced new testing measures and it includes opening 15 testing locations dedicated to those protesting and the governor still warns there will be a lag in the data and protestors should behave as though they already have the virus. Becky. An update right now on reopening america. New york city begins phase one of reopening today after more than two months in lock down construction and agricultural. Manufacturing and wholesale trade can resume operations today. Curb side and instore pick up. Its estimated that as many as 400,000 people could return to work today for the First Time Since march. If all goes well in two weeks the city can move to phase two which allows Outdoor Dining at rest ants and hair aslsalons alw to open at 50 capacity. States are now reopening or reporting a rise in cases as they lift restrictions california, utah, and arkansas and texas are among the states that have seen a rise in the five day moving average. Theres a few charts that can help visualize the pace of reopening. Restaurant bookings high there Online Reservation Service the company says that bookings are at 80 below levels from last year. Its better than the month of april. Bookings are down 100 Hotel Occupancy rates are approaching 40 . The firm saying among the top travel destinations in new york city, higher occupancy rates in Orlando Florida and why has lower occupancy rates air travel is still struggling. Past numbers are down more than 80 from last year but increased slightly since april ahead of the busy Summer Travel season. Joe. We showed you vegas baby. I was just thinking about i read about things that have changed and i dont think we were ever big buffet people were we guys . Unless it was right on top of the whole. Thats not come back thats lagging a little. I worked at the Golden Corral as a teenager i dont know. I mean, it used to be a little bit disconcerting because you would see people [ sneezing ] right in the lettuce but now you can die. What does the Golden Corral, lets not pick on them but what happens with those all you can eat is not my friend either. Its going to have to be redesigned where the food is brought out to you every Single Person that walks in go up and touch a spoon and stick your hands where ever you want theyll hand it over to you. Probably more like a subway where you tell them what you want on your sandwich, right yeah. That doesnt mean its fine though and it goes right under their face you just never know. I guess. You could say the same thing about anybody needing my food or preparing any food for you. We all are going to be like this for quite awhile. Sei cesars its a big statue and were going to walk quite a bit about that were going to show you some images late last week and the first four weekend is in the book and even though face shields and you can still smoke. And temperature checks are now standard and if you have a feature you can give them time to cool down and then you can be tested again. Those that still have a fever have to be evaluated by a medical professional and could be denied industry i dont know what that means if youre from out of up to and if you just came in on a plane and go ahead, what do you think. These images are the samest images that were showing. I dont know if you have been on twitter. No but im saying on friday night if you saw the images that were coming out of vegas, no masks, no nothing, thousands of people all young though, so maybe that bodes well but you saw people going oh my god why have you been clamped down for three months if this is what were doing. We have to get different shots. So that was unbelievable that doesnt even look like vegas. So the middle seat at the black jack table, that is not really the Biggest Issue i guess. Big crowds. I read people people huge crowds they were all playing, you know, yes. It was unbelievable. Well get some different shots maybe. You know that the odds were against you in general it may come back tohaunt us. Were going to talk to doctor about it with new Testing Technology available employers should test employees at the work site where they face the greatest risk. Hes with us this morning. Hes also a cnbc contributor utah, arizona, florida, arkansas and texas rises in confirmed cases. You see the data as much as anyone has it risen to the level of where youre going wow this is a problem or is it about where we spoke in terms of a red flag well, theres persistent spread we have about 20,000 cases a day and its not going down. Its about 20,000 cases a day. And which states are expanding their epidemic theres about 15 states where the epidemic is expanding. Arizona seems to have a large epidemic underway. Tennessee, idaho, kentucky, georgia, florida seems to be expanding as well. And the number of states changes. And the point is that we still have an epidemic very slowly expanding in this country and 20,000 cases a day and that would be the challenge heading into the fall. I dont think that was going to have an out of control epidemic and the only region in the country i thought has gotten every production rate down low its new york, new jersey and connecticut. Fewer hospitalizations and the entire city of new york is less than Texas Medical Center so this region is doing better we paid a heavy price for it thank you its the Largest Health care system in arizona and said their icu beds were reaching 100 capacity thats to get concerning, right. If the idea that it overwhelms the hospital system. How concerned should we be about that story in particular you see capacity rising. Its also rising in parts of texas as well. And that state is probably one of the states in terms of the outbreak right now and other states look pretty high wisconsin is on the list and minnesota has been building and this doesnt mean that were going to have another epidemic the states are going to shift around over the course of the system which states are hospital and which states are cooling down and my concern is that we dont get below a rather high level of infection across the country. All right, doctor, latest on articles on china. They have five of the leading vaccine candidates right now we all want vaccine. And a more profit venture who is going to win its going to be like a flu vaccine and a seasonal vaccine and its not going to be the vaccines that we ultimately settle into. Were trying to get something to the market quickly here. The u. S. Should win. Were far ahead with technologically advanced vaccines but the chinese are working on vaccines. And its very Old Technology and they might get a partially protected vaccine to the market and perhaps more quickly than us and their vaccines are unlikely to be like ours and i think that their gamble is that they want to get shots in arms as quickly as possible and probably feel a partially protected vaccine in time for the fall to prevent the economic damage in the first go around and still able to get our vaccines on the market in probably early 2021 in the u. S sometimes you have pick ups so you have to account for that so you