Updatesbring you throughout this News Conference. You can also watch a live event channel. First, i want to dig into the story. It is jobs thursday. Being released early. We are all off for july 4. Will we see are worse with economic numbers . The good, the bad, and the uncertain. Editor isics discussing the surplus the u. S. Is facing and why it is not necessarily a bad thing. First from you on what we can expect from june. The good is we are likely to see labor market rebounds continue. Pace of that, but the Jobs Creation is the fastest in 15 years. You mentioned the consensus. The fifth be consecutive month of over 200, which we have not seen since the end of 1999, the beginning of 2000. The forecast is being ratcheted up after yesterdays surprising report. 281,000 jobs were created in june. The interesting thing is, so far this year, they have consistently undercounted the labored up hartman figure. Better than expected number. That is the good news. Maybe we can hope for signs of change today. No raise for you, betty, unfortunately. Most of those with jobs are not getting the benefit of a tighter labor market. Jenny own will be watching the number and also watching how many of the jobs are created are fulltime as opposed to part time and how many people in the longterm pool finally find work. No change expected but it falls into the uncertain category. It has come down a lot but it has been for different reasons. In some months, it is because more people find jobs and some is because people drop out of the labor force. The bottom line is we are clearly creating jobs and at a steady pace. Out, there are various factors as to what the jobs market looks like. The fact is a lot of people are going into the labor force and are not finding jobs and we are. Eeing a surplus of labor a study came out yesterday which i wrote about, talking about contrasting the United States and other countries, saying the United States has a fairly high birthrate compared to other developed nations. Question pan. Germany, italy, many other countries. It has a fairly liberal immigration policy. A growing population. Other top other countries a report says the u. S. Will benefit from having a bigger labor pool, which will not constrain the growth of the economy. You do not want a lot of unemployment. Does that not mean we will have a lot of unemployment . Classic probably does. On the whole, lean in that direction. I happen to think the report is a hypothetical exercise. It downot really pin to, we will have a massive surplus. It is just that, relative to other countries, we will have an easier time finding workers for the jobs available. We will have labor tightness as well but not as bad as other competitors. What your potential growth rate is depends on two thanks. Andsize of your labor force the amount of productivity you get out of them. We stalled on the productivity side right now and can hopefully turn that around, but at least we have the labor part going for us, which others do not have. You pointed out we are seeing in wage growth. That is something that, in theory, will have to turn around. Theoretically, they would cost more, but we are not seeing that affect right now. There has been so much interest on the corporate side keeping costs down. Expecting a small game today and that should lead to the annual rate falling back a bit. You are giving me all this bad news before my holiday. Going into the july 4 holiday, if you feel patriotic, you might be tempted to buy shares of companies that come exclusively from the u. S. Julie joins us now with more on that. Optimism that there is a recovery here. Yes. And that you should be betting from the United States. Of those who get most of their sales from the u. S. And the majority of them abroad. Those in the s p 500, i found just under a hundred for each. Those under 100 of their revenue for the u. S. Their growth is forecast at 20 , but those who get a majority of better inad have done terms of stocks returns, 43 500. , outpacing the s p also, in terms of earnings performance forecast, over 30 . It looks like the companies that have been internationally diversified have performed better. What are some of the top performers . Ina lot of Energy Companies the 100 u. S. Category are performing well. But also, southwest airlines, which has done really well. To pull a was on the list. A small note but i threw it out because it has locations abroad. Frontiereens and medications on the list. Companies with International Oh sure, a lot of biotech. Micron technologys heads up this list. Trip advisor, which we know has been a high flyer. That is a look at patriotic versus not so patriotic word folio there it thank you so much. Our senior markets correspondent. Moving and shaking this hour, the espn president , john skipper. The networks telecast of the world cup was huge win for the network. In an exclusive interview, skipper said the match was also live streamed by over 3. 5 million users despite criticism on social media that there were glitches in the streaming. Of the people had a very good experience. The game, i promise you, will look great. Our guys have done a great job. We can handle an enormous volume of digital users. Of bracket lot participants join us. We can handle scale. It has been a sweet experience for espn. Fox won the right to carry the next two world cup. A great job here, we are having a great job great time. A great event. And of course, there will be regret and not having it. But that is the capitalist system and we will continue to participate. He can watch all of my interview with john skipper on monday right here. In another exclusive interview, Olivia Sterns spoke to joe, who is responsible for employing over 300,000 people. She joins us from london. So how is joe feeling these days . I thought he might be licking his loans. This is a big setback that he lost to his biggest competitor, general electric. Actually, he was pretty leased. He did spend a lot of money hiring lawyers and bankers to put together this lastminute bc having mr. Mitsubishi putting a money of their own parent i asked him, and did youwere you actually see this as a strategic set . Here is what he had to say. I was very serious from the very beginning about doing the best. Were seriously considering all of our options. We took one step at a time and that is pretty much what we wanted. You got what you wanted. Did you see the outcome as a victory . And camek hard on it up with a great proposal superior to other proposals. Is the deal with the train built business still in play . Do not think so. It takes a lot of time and. Specially a Great Partnership if the partner is not willing to partner and do one step at a e, he says there the train deal, thinking there still could be a european tie up. He hesitated and then conceded it was off. He is happy because ultimately jihad put more on the table. Best of all, ge is now dealing with the french government as a 20 shareholder. We spoke for a while about europe and how confident he is in the european economies now. At ecb left things unchanged a record low. Another sign of how weak and still are here. Talking about when Central Banks will start to tighten. Mario draghi is still trying to prevent the economy owing into a relapse. He actually ends thinks it is still too early to recover. Thank you. Coming up, what is on your menu . Onhave crunched the numbers your fourth of july barbecue. Plus, the new jobs report is 15 minutes away. Economists say employers probably added 200 and 15,000 jobs last month. Are on the country focus on their own home and the jobs they. How jobs added to a resurgence in detroit. It is simple. Over 10,000 jobs in the last few years have been created in the city. Housing is 98 midtown and downtown. A new lightrail system going in, it whole entertainment district. The riverfront is exciting. You can have a great quality of life at a low cost. You are watching in the loop. We know republicans and democrats will seize on the numbers to make their own points. I want to bring in one republican, the former partner at bain capital and also author of the bestseller of how the u. S. Should incentivize job creators. President obama yesterday hosted several economists, conservative economist. Bernanke, and also someone you know very well from the American Enterprise institute. You are a visiting scholar. If you are in the white house and had a facetoface with the what would you say . Close to five percent today. Money. An us our they have to put that on the proceeds for the sale. We have to put that money to work to reach full employment and maximum growth range. That with way to do subprime mortgages. It kept the money circulating. That money is sitting idly and unused. Bank astting in the excess deposits going nowhere. And we do not have any alternative to put it to work. Until that time, we will have a mediocre recovery. Where we put that money to instantly create jobs . As instantly as you can get. You need them to find a new way to make it work. It was the only way we were recirculating the money. Maybe he dropped 50 , but you get as heavyhanded as they got , andthe last five years that one channel the president s radio interview . He is still attacking wall street bankers and he says, the risks they take art too much. Thatsaders take that and everyone else is left holding the bag. He says wall street still incentivizes too much risk. It is a hard argument to make for the general public we are able to trade those two things separately appear the funding part is easy. Everyone wants to go back to the. 950s we have successfully been able to separate those because we have credit default swaps. If we restrict banks to only the long side of the trade, we know from finance that we can get massive distortions if we do things like that. It is crazy to restrict the banks to only the long side of the trade. Have banks andll institutions like aig that will be too big to fail. Sure. Enormous money market, enormous money flows. What about the argument from the president . Make i agree its hard to to the public, that the taxpayers have to clean up the mess. The government a profit. They did not know that going in, but in hundred years of history has shown us. People do not understand banks are highly unstable. Stay with me. We have got a lot more to talk about. Edward will stay with me through the jobs report. Coming up, tech lovers to the auto dealers. We will tell you who won the latest showdown in pennsylvania. You are watching in the loop live on Bloomberg Television. It is mirroring 26 minutes past the hour. Were on the markets and we are waiting for the all importance jobs reports. Jobs expected to be created for the month of june. On the markets again in 30 minutes. As we wait for the jobs numbers, we are back with a former partner with bain capital, where he worked with mitt romney. Now aan krueger, professor of economic and Public Affairs at princeton. Since jobs are as much political as an economic issue in the country, i want to bring up a poll that ranks president obama number one in a category he does not want to be in. He is considered the worst era. Ent of the postwar 33 New York Post had him at. 33 of voters thought he was the since 1945. Ent to be fair, george w. Bush ranks second and jimmy carter at eight percent. Perhaps not a surprise if you report. The jobs what do you make of this . The president came in facing the worst economic stance. Roosevelt president obama is doing that, not as quickly as he would like and not getting much support from congress to help. We are at an upward trajectory. Im confident when the polls are taken again in the future, the president will be on the list of s president s in the postwar time. Administration were betting on it. Thought fiscal stimulus and monetary stimulus would have a big impact on the economy. Congress imposes constraints. Thank god the republicans composed restraints. They have been unwilling to work within those constraints. All kinds of things they could have gotten done. They did not do any of that and here we are five days later. That misreads the last five years. , theite of all of the harm reason my the gdp has gone stronger is because local governments cutting to events spending. Immigration reform is a great point. They had blocked any reform on immigration. Christ to those issues on immigration. High skilled immigration and low skilled. Age iss half to held high skilled immigration is held hostage. Low scale emigration will take a lot of negotiation the one thing thell say more is on economy and the rebound. If you look at Government Spending percentage of gdp, it may be back to world war ii levels. Did we havee growth after that . Correct. S not there is no way to slowdown the recovery. Youre wrong. The point on Immigration Reform is also wrong. We need to take people out of the shadows who are here and put them on a path to legal status and citizenship as the senate did with the bar bipartisan vote. It is demeaning to say hi scale and low scale. It is comprehensive. Others can be quite high skilled. You focus on discretionary spending, but you do not talk about the total. Total, thethe president offered entitlement reforms. Speaker banner walked away from the table. Will talk morewe about this. Ike mckee, also standing by julie hyman and peter cook at the Labor Department with those numbers. In june. 0 jobs the Unemployment Rate is dropping down to 6. 1 , the best number we have seen since september of 2008. Let me walk you through the numbers. Over 2000ght months wouldve been the best numbers we have seen since january 2012. And 4000. A big increase we saw that month. And in may of 24,000, adding another 29,000 jobs. The 2014 average now 231,000 jobs a month. The Unemployment Rate is dropping to 6. 1 . A pretty clean number here. The number of unemployed is rising 470,000. At Participation Rate hangs the Third Straight month we have seen it there. The use six number, unemployed plus those marginally attached, off 1 10 of one percent. There was widespread high hiring across the board. Service is 67000 and retail gaining or thousand in the month of june. Upsure and hospitality 39,000. The best number there since february. Government hiring also up 26 thousand. Two percent yearoveryear and a little better than our service number. Average hours, 32. 5. Another strong report and very report line with the adp we saw yesterday. Is right. Another positive set of numbers here. At otherure looking economic numbers released as well. , you are are a traitor very busy. Was talking to jim of jpmorgan chase. If you had a three percent contraction in the first quarter, you would expect them to go up. See theseontinue to cans of numbers. Any time, the Second Quarter gets a little bit of a boost. I am seeing equity futures. Oming up thee, youre looking at market. Really around the time the numbers came out, you saw a let down. The data is pretty uniformly better than estimated. Now, you get the fed handicapping. That is what we have been getting and the trend continues and traders try to figure out what this means for the Federal Reserve. We want to look at what is going on for the treasury market as well because we have seen a bump up. , sit t eight percent we have seen reaction to this report. Press ok. Yet another set of numbers that go to alans point a few moments ago. Years from now, we will act and say, the economy was recovering. When you hold the baby long enough, when he comes up for air, it will we will scream a huge sigh of relief. This is 12 real unemployment. Age,u look at the working adults compared to germany and france, our Participation Rates are not lower, closer to 88. 1 . A littlenally seeing growth but lets not lose perspective. It will never really recovered to the pace that you said . What is important is the American Public understand the economy is moving in the right direction. This is the best job growth we have seen since 1999. The economy suffered a tremendous trauma because of risks taken by the financial sector. The rest of the economy pay for that. We are digging our way through that mess. We are seeing a very solid report. What can be done . In the next two years to help the economy . Alan, what can the president do . Cant continue supporting the policies he is supporting better helping the economy recover. For example, investing more in infrastructure. Highways and bridges. Congress should authorize the trust fund. Question publicans would say to that, approve the Keystone Pipeline. Rates there, Infrastructure Spending from 4. 5six percent of gdp. It had no effect on growth and productivity. Businesses come in and talk to us when i was in administration and they said, we are not worried about taxes. About is making sure workers are well trained and that we have the infrastructure so we can export and sell our goods to mexico a. Those thing will make the economy better. Of course they will. Find a lot more Infrastructure Projects to be done. Were talking 2030 years into the future. We have those projects. We need better in innovation on our roads. I looked at some of the numbers we have been talking about here. Construction, not as good as you would expect in this kind of recovery. We are not seeing those comeback yet in the kinds of numbers you want. The other number that caught my lost 300,000 teachers in the month of june from payrolls. It does not show up because of seasonal adjustments. It is always tricky this time of year. 280 thousand jobs created, but that is soft and we may see you back next month. Peter, you have got something . Questions effect were looking at this in the economic perspective. At what point does this president and democrats running across the country start focusing on the economy and start running on that toward the midterm election. So Many Americans are still facing economic hardship. That will turn the same white democrats will now consider running on the Health Care Legislation as a positive. Is this far enough away that theirs this place to advantage. All john boehner nice news look at this report. Grea