Go see it. Arent you captain america . Only because i have the a. Be entering the cinema this weekend . Captainttend america. It is a bull market. We will talk about that in a moment. The euro a little weaker off the druggie festivities yesterday. Festivities yesterday. On to the next screen. That dow. It is twoline friday. Heres the Unemployment Rate, the white line. Better, better, better. We have the equity markets. Im not suggesting a tight correlation, but notice where they cross. As thehe equities Unemployment Rate goes down. It may be a theme for the Second Quarter of 2014. Our theme is there is no news. We scour the papers allege everywhere, and there are some important stories. Heres the front page. We are china look ahead. When we talk about the banks, it looks like they wrapped up a pretty weak first quarter. Ask jpmorgan next friday . All of the Bank Earnings. Jpmorgan back in february said trading revenue was on pace to talk about 15 from last year. Trading revenue and mortgage lending were probably weak spots for the big banks. We know citigroup, goleman, b of a will probably report lower profits. There have been layoffs at all the big mortgage and to raiders. Simply because rates went up. It is all about cost cuts right now. For them to really get any revenue growth, they need to see the overall economy improve. Lending. Our second frontpage story. The second biggest of the year ipo, raised about 1. 3 billion. I know nothing about it. It was taken private by private equity firms about four years ago. There is a theme about a lot of companies rushing to go public. Waiting and waiting and waiting and now is the time. We are making new highs, seems like, every day. Bloomberg radio plus. He walks around with like 40 perspectives is in his back. This he read these document. The rush is there because there is demand for equities. There is demand on wednesday, i look at the 12 ipos price in the past week and 5 up an average of about 40 . Five out of 12. Keene digital was not part of that, was it . Our third frontpage story of the morning, the ceo of mozilla resigns after being criticized for donating money to an antigay marriage group. He became ceo last month and , you know it as it makes the firefox web browser. There is an uproar, clearly. What is curious, i believe the donation was back in 2008. In the age of the internet, nothing dies. Five, 6, 7thing years ago, it is out there. Employees pushed him to quit. They demanded on a blog he said he would not. Hisinally announced resignation yesterday. Those are the frontpage stories. We will go beneath the headline data that a 30 and the dataset of labor reports. Bill gross will be with me right after 8 30. We will get a triptych labor perspective. Egendary with jpmorgan really focused on the American Labor economy. You write up a storm every month. What is your focus this month . It is the hidden unemployment that is interesting to me. Now that the fed has backed off or downplay the Unemployment Rate, we know why because theres a lot of parttime unemployment that folks cant find fulltime jobs in the 20 to 30yearolds are slowly to me back into the market. The Unemployment Rate is not telling the whole story. Is part of america in any way getting fulltime jobs . Slowly getting fulltime jobs. And people who are unemployed longterm and shortterm, theyre slowly getting jobs. Comingrm unemployment is down, despite all the angst about it. These folks have useful skills. They do matter. Alldly, i think were getting used to the idea of the economy is moving forward. The issue now is, what meaning are we in. I think were in the fifth inning. On how debate will be much slack is there and when you watch to figure out the risk . When you talk about slack im a youre talking about massive jargon alert. U6 is the official Unemployment Rate. Those working parttime and would like to get fulltime. I get out of school, cant find a job to me give up and do something else. I dont show up in u6. Let me bring up jim glassman s note. It is like 14 pages. I thought this was an important paragraph what is an alternative option . May be freelancing went back to school. Is a structural issue. I want to ask about inflation. What about wage increases . We sell pickup in february, but a lot of people say it seems like a weather distortion. Are expecting to see some backoff from the wage growth. A u. S. Phenomenon. This is going on across the developed economy. Are benefits crowding out wage growth . Are they growing so much that i cant get a raise . They have slow down more in line with wages. But Rising Health care does squeeze out as Health Care Costs go up, they cut back elsewhere. Jim glassman with us for the hour. Michael mckee in the next hour. News. s get to company our twitter question links this up. Lets jump in with this. Great question. Tweet as and we will share those thoughts and get jim glassman, one of the preeminent labor economists. Company news. Jpmorgan gets rid of the office that reduce the london well Trading Office sort of. They will fold the chief Investment Officer drew its treasury unit. It is part of an effort to streamline its infrastructure. Ok u. S. Urging a judge to sacs recordsetting fine. Government lawyers with the judge to approve the 900 Million Dollar penalty from steve cohens hedge fund firm, the largest fine ever for Insider Trading and part of a 1. 8 billion settlement with sac. The judge is set to decide on the matter next thursday. Mercedes has a sales record. Selling more vehicles in march than any month in his history. Sales topped 158,000, a 13 aint. Gain. That is todays company news. Were you looking for cars . No. Are you ready . I dont have a drivers license. What do do for id . I have a passport. You carry your passport . I am very fortunate i get to take the surveillance helicopter when i need to take a car. Heres a question that came up, who will replace David Letterman . Latenight talkshow host said he will retire next year. Though in day 33 run on two networks, the longest ever for latenight host. He is 66 years old. He made the announcement last night. Earlier today, the man who owns this network, he and i had better relationship for years and years and years. Weve had this conversation in the past. We agreed we would Work Together on the circumstance. And the timing of the circumstance. Iphone him just before the program and said, leslie, it is being great, you have been great, the network has been great, but im retiring. Really . You actually did this . Yes, i did. While wow. [laughter] do i have a minute to call my accountant . [laughter] he looked a little emotional. Paul schaefer as well. He is usually successful. He did Everybody Loves raymond. His production company. Once he leaves, cbs could hire a or anyay Ellen Degeneres polar or tina fey. Fan. Am and amy poehler ruhle tok stephanie see if she could float and she passed. She floated. He is iconic. Remember the velcro thing . I remember seeing him when he was nobody, just this kid from indiana. He was a weatherman in indiana, by the way. It is a real passing of the guard. Popculture icon. And he survived leno, too. Cook sat downer with the defense secretary chuck hagel court exclusive interview in honolulu. We will bring you the highlights coming up on bloomberg surveillance. It is jobs stay. Perez, the secretary of labor for the United States of america, will speak from a prepared script im kidding. He will give us the official line from the white house on what is presumed to be a better than good report. Look for tom perez at 9 00 a. M. This morning on Bloomberg Television president obama spitted to asia . What came out of it . Defense secretary chuck hagel has met with asian defense nowsters in hawaii and headed to japan later today. The backdrop is the tragedy at fort hood. Peter cook sat down for an exclusive interview with the secretary in honolulu and heres part of the conversation. Thank you for the time. Ive got a lot to ask about including your trip to asia and ukraine, bellamy start with fort hood, the tragedy there. Giovanni better idea why ivan lopez opened fire you have any better idea why ivan lopez opened fire on fellow soldiers and why this is happening so often . It is a terrible tragedy that has been revisited once again on fort hood. Our thoughts and prayers go out to the families of the victims and those who have been wounded and we will continue to focus on them as we should. But in the meantime, let the investigators do their work. We dont have a lot of the answers. We dont know why it happened. We dont know why you did what he did. We will find that out. This is 24 hours away from the terrible incident, so we are working very hard to assure, first of all, the safety on all of our bases of our men and women who work there every day and their families, so they are reassured. We will find out. What does it say that americas military men and women are finding themselves in harms way back here at home as well . It is a terrible statement. I recognize that, we all do. But like anything, we have to figure out what happened and what went wrong. Adjusting to and implement in a number of recommendations that came out of the 2009 fort hood incident and the navy yard incident last year to further bring more security and further security to our bases. And we will see what comes out of this as to, how do we assure in every way possible the safety and security of those bases . Lets talk about your trip to asia. Given meeting with 10 of your Southeast Asian counterparts here in hawaii. Youre going onto japan, china, mongolia. This is a sign of the commitment to the rebalance to the asiapacific from the Obama Administration. My question is, given what is happening in ukraine, syria, american troops still in afghanistan, is this the right time to rebalance toward asia . I dont think you can develop your Strategic Interests based on one episode or two episodes. Strategic interests are driven by Nations National interests. We have been a Pacific Power for many, many years. The three largest economies in the world border the pacific will stop china, japan, the United States. We have treaty obligations. We have some of our strongest allies in this area. We have tremendous important interests in this area. It is not a matter of either of choosing which part of the world we are going to be in and which part we are not going to be, we are not retreating from any part of the world. We have 400,000 men and women deployed all around the world in 100 countries. We are strong in nato. We continue to be. But this is an area that is very important to america and for our future. China in you been to the past. Why should they take this rebalance as a direct threat . We have assured them in every way, president obama has in his recent meeting, mrs. Obama being in china, i have, secretary john kerry, all of our ministrations, that this is not a contained china approach. This is an approach to reach out, to try to be more open, communicate, coordinate, find ways we can work with each other in common purpose and interest. We do that now with the chinese in many areas. We will continue to do that. Do we have differences . Yes, we have differences. The only way to do that is be direct, open, and i was invited to come by the minister of defense and im looking forward to being there for three days and talking about these areas of possible new cooperation. We will talk about where we differ as well. He has beenprised defense secretary for his lungs he has. It seems like just yesterday it was robert gates. Or something that separates those that served him those that didnt. He is a real critic of the iraq war. We forget how out front he was out with the republicans and criticizing president and came up in the confirmation process. Did procrastinator said obamacare . They enrolled more than 7 Million People, but were they the right customers . The challenge of the eastern mediterranean. A siren over southern israel. This is the Palestinian Authority once prisoners released. Secretary john kerry canceled his trip earlier this week. This is from the west bank. There are protests at this moment. Israel checks on the reason for a siren in israel. The story is developing at this moment. Good morning, this is bloomberg surveillance. I am tom keene with scarlet fu and adam johnson. It is time for scarlet. A morning must listen. Spoke toneill Bloomberg Television in italy. Take a listen to his comments on the u. S. Jobs market in europe. In the u. S. , it is exitasingly about how the from the easiness of voluntary poly see has been in place. In europe, you this growing awful against deflation move against deflation. It is something that worries me. Jim oneill. Jim glassman, this goes to the real economy. We get so much mail saying jim glassman has it wrong, its not Getting Better, we dont feel it out here, out there. Why is that . Reminds meeople, it particularly in many parts of the economy, it is like being in new orleans when mississippi is flooding. It comes to you last. Look at the stock market. When the market is at an alltime record high and businesses are generating there isl profits, steady progress, but i dont think people feel it until it is touching them. If a Multiplier Effect in place and things will improve. They are slowly healing. We are only in the fifth year of recovery. We may have another five years. There are a lot of people not touched by this yet. Jim glassman. Socalled admission rate will surprise you. New york could barely sleep last night. The yankees won. Were so thrilled. It means we will win the world series. Beautiful april morning in new york. The reds are red because the red sox have opening day at fenway. Our 29threat view from floor here at bloomberg, the top of the bloomberg empire. This is bloomberg surveillance. Jobs day. There is other news. Time is running out to find the black box from the missing Malaysian Airlines jet. Contact was lost with the plane on march 8. The batteries that power the box usually last for about 30 days after a crash. Search clause are using underwater vessels and focusing on a 150mile area in the southern indian area in hopes of hearing some sort of signal. Ticket prices are sliding for next weeks masters tournament. Tiger woods is saying he will not be there. Stub hub spokesman said if woods had played in if you were in contention, passes would be not 1000. 5,000, amazing. The white house is pushing back against selfies. President obamas object to samsungs use of the photos. The slugger said it wasnt planned. Samsung said it worked with ortiz and on how to share images from his white house visit. I dont know, it is in the public realm. I spoke to mr. Ortiz at a charity event. Hims irresponsible to nail for this. Outrageous on the part of samsung. What are we going to have, our president with the nascar uniform or goodyear label . They were looking for the genereszz when ellen de took that picture. We have learned that was allegedly planned. Totally planned because right after that they went to a commercial. President of the United States. But it is all in the public realm. It is not like it was in the hidden back office that you werent allowed to see. Jim, help us out. Could ucf dr with a decal on his could you see fdr with a decal on his wheelchair . You think it diminishes the office and effect . Know, to the idiot company with no taste. The brand. This is not how you do it in the United States. Drag david ortiz in this, and what tim does he play for . The World Champion boston red sox. Youre going to do this all morning. Opening day. Come on this up. Ut our mousepads. A magical day in a park built in 1912. It is going to be a rainy day in boston. We dont need a data check, we are talking about the red sox. We will watch this with unrest in southern israel, i should say, the west bank. Any movers . A big winner and loser. Anadarko petroleum up 14. 5 . Since 2008,gain closing at an alltime high. For finally settled a deal 5. 5 billion when it bought kerrmcgee, the refiner. They put up a high note. Obviously, it is moving about. I want to talk about barnes nobles. So tougher barnes noble. When was the last time you went there and bought something . I went to browse there you go. And that was probably the first time in two years. I go there to check out magazines when i need to kill time. First custom knitters procrastinators. More than one Million People the last day to sign up for health care. At minetterector Health Solutions joins us. Welcome. What are the early indications the late signups were the young , Healthy People that the system needs to work effectively . We dont know for sure, but most likely, the answer is yes. If you think about who comes in first, those who really need the coverage right now. We saw some of that at the end of last year. You think about the people waiting until the last minute, they probably dont need the coverage yet, still thinking about whether they want to come in the system. I expect the average age to come down and the risk profile to improve as we learn more about the final enrollees. Is that the single biggest factor in whether obamacare is successful . You need scale. This is state by state. Each state needs an upscale to have an effective risk pool. Agendly, you need a good and risk mix. I think we get both. A real surge at the end. Also, most likely, a pretty good risk pool. We have a good conversation here with you and jim glassman. Youre affiliated with Robert Wood Johnson . From a macro think perspective, is the Affordable Care act