2600ed by more than journalists and analysts in more than 120 countries. From washington, i am Alisa Parenti. This is bloomberg. Bloomberg technology is next. Emily i am emily chang and this is Bloomberg Technology. The jobs report offers a mixed picture of the labor market. How dangerous is the shortage of skilled workers . Game inis upping its its retail rivalry with amazon. We had to arkansas where thousands of shareholders have gathered at the annual meeting. We take a look at the week that was andy major tech backlash facing the white house after President Trump withdraws from the press climate agreement. The u. S. Jobs report added 130,000 jobs in may. The labor market getting mixed signals. The on implement rate declining to a 16year low contrasted with hiring and wage growth that fell behind economists consensus. The data could indicate increasing challenges to find and hire skilled workers in the United States. Spoke to bloomberg from the white house and touted the results. Since inauguration day, the u6 rate is down 1 . We brought back close to 200,000 people that were dissatisfied or underemployed in the u. S. Workforce. That to us is a really amazing trend. There are some very there is some very good news in this labor report. Emily here to break it down, we are joined by cory johnson and Jake Schwartz c. E. O. General assembly, a firm that works to train and place people in skilled jobs. Jake, what is your reaction to the report overall . On the one hand, it is as good as it gets. On the other, mixed signs. I think mixed signs is right. It points to a duality we are seeing in this economy. On one hand as we can see, the Unemployment Rate is at an impressive love. And yet, we are not adding jobs as fast as people thought we were going to. Stat that isher not in their which is that we have an incredible number of outstanding jobs in the market going unfilled. You hear constantly from employers about the trouble and expense they are facing in order to fill their skilled jobs. What it seems to be is that there is this incredible tension between the overall job economy and the skilled job economy. What is more compelling about this is over the next 10 years, we are going to see more jobs, every job, frontline workers for managers are going to have jobs that look a lot more like tech jobs, whether it is about dealing with big sets of data, writing lines of code, or engaging in ai machine learning. Spending a lot of our time working with large companies, major members of the fortune 500, talking to them a lot about new ways of investing in their existing employees as well as finding innovative ways to disrupt their traditional recruiting and staffing models of solving skills gaps and working and instead working to train and source the right talent for the coming shift. Emily obviously, technology is changing the job market dramatically. At the same time, you have tuxedo is saying they will add thousands of jobs. How does it balance out . Thisthere is cory in and limit report, it was interesting. Saw zeroter systems growth of jobs in the most recent month. The place where the economy will add jobs can only be in manufacturing and maybe some and retail. The jobs tend to be jobs people keep. There has not been a lot of job hopping as in the past. That is one of the reasons todays report had zero growth in computer jobs. Emily which jobs are the hardest to fill . We are hearing a ton of challenges from our employer partners. One of the biggest and most explosive is data science and analytics. Thanks to our friends at burning glass, we have seen the statistics that say data jobs have essentially tripled over the last three years. More importantly, there are estimates that in the next five years we are going to end up 1. 5 a 1. 5 million million person deficit of managers and analysts who are trained and able to deal with the large datasets that most companies are planning to rely on as part of their competitive advantages. Data is a big one. Toiously, anything related web development, mobile development, software engineering. And then there is also other interesting niche areas. You are seeing a lot of stories about companies reducing the ratio of engineers to designers on product teams. That is going to lead to increasing demand for designers. Digital marketing has gone through an incredible shift from being a primarily qualitative exercise to being extensively quantitative. That is going to involve huge pressure to find people with this quantitative skill sets which comes around to data. Emily how does what is going on in the u. S. Compared to what is happening globally . Lyft the employment picture here has been very strong for a long time. Workforceieking its even though they are putting out press releases about hiring. It is getting harder to find jobs. One of the adjusting stories we had last week said even people with arrest and conviction records, 70 million americans, as many have been arrested and been to prison as have been to college. Emily President Trump is tempting job creation. Have we seen jobs created . Does it appear we will see jobs created . That is a hard thing to talk about because we have seen actual job growth and a decrease in the Unemployment Rate over the last eight years. Really coming out of the Great Recession in 2008 and 2009. It is may now. He came in office in january. Typically the things the administration has power to do, there is typically a longer lag to get the economy really responding to anything the executive branch can do. Cory donald trump has inherited a tough act to follow the job numbers Obama Administration put up. It will be hard to add to those numbers. Manufacturing will be most likely to have input. Emily we saw sitting 100 people lose their jobs. Are those jobs moving to ecommerce or going away . Cory the retail environment has been a disaster the last few months because amazon is sucking up a lot of things that were happening at the retail level. Shopping malls are having a rough time. Fill in the blank and you will see bad results from all the major retailers. Emily cory johnson, editor at large. Jake schwartz in new york, thanks for joining us. A story we are watching. Spotify has rushed to assure investors place to go public are still on track. Speaking of swedish radio, the cofounder said the company does not need any money in an ipo is not on the agenda. Spotify says he is not a spokesperson for the company and a public listing remains an option. The company has raised more than 1. 5 million billion in the private market. Coming up, we had to fayetteville, arkansas, where thousands of walmart shareholders have gathered at the annual meeting. We will look at how the retailer is stacking up against amazon. Bloomberg technology is Live Streaming on twitter. Check us out weekdays at 5 00 in new york and 2 00 in san francisco. This is bloomberg. Watching,tock we are broadcom sword the most in more than a year after delivering an optimistic Sales Outlook did the rapid expansion has made its earning an indicator of demand its chips perform key function in connecting phones and directing traffic across the internet. Walmart is sharing the spotlight with amazon at its annual Shareholder Meeting. The worlds biggest retailer is charting a course of action to take on amazon by becoming more like the ecommerce rival. I think twoday Free Shipping on millions of items is a compelling customer offer. I dont think you should have to pay for shipping. With a membership fee. [laughter] emily this comes just one day after walmart announced a program that sends store employees to deliver items at the end of their shifts. Emma chandra was at the Shareholder Meeting and spoke to my colleagues earlier. Amazon is the big competitor now for walmart as it has ramped up its ecommerce offerings. They announced a new program yesterday which is going to try and have store employees deliver the final mile for online deliveries. They have lowered the threshold for free delivery on online orders down to 35. Amazon matched that, which is unusual for them to do. This has been happening over the last year. A very different situation from the Shareholders Meeting last year. They paid 3. 3 billion for jet. Com. The founder came with it. He now runs the walmart ecommerce and has been spearheading this move to improve ecommerce for walmart and take on amazon. The brick and mortar experience is being tweaked, isnt it . The brick and mortar store growth has been more measured. What are they doing to improve the experience of going into the brickandmortar stores . That is really interesting. I was speaking to an investor yesterday that said the walmart experience is not all about amazon. It does not need amazon to fail for walmart to succeed. More important for walmarts other retailers are doing badly, so they want to see walmart is making the most of its brickandmortar stores. They have 4700 in the u. S. , over one million employees. And they have been focusing on better training for employees, cleaning up stores, making sure they have higherquality and more diversified products. Isy have also been focusing a great way to get people into the stores. That is 50 of sales. They feel they can leverage the stores and online as they have introduced click and collect that seems to be popular among families. Amazon does have time on walmart because it has been delivering for a long time. Maybe walmart can have the edge when it comes to groceries. I want to ask about the minimum wage in certain areas. What is the company saying about wage growth now . As you may remember, last for they made a commitment wages for all employees in all stores. Taken in aen seen as positive manner by investors. We have not heard anything else today about what they do to improve that. The jobs report shows further labor market tightening. For a big employer like walmart, that is something they will be thinking about. Emily that was bloombergs image chandra reporting earlier emma chandra reporting earlier. Tesla has been a standout this year, eclipsing general market motors in market cap. Should investors be betting on the future of tesla compared to the current state of g. M. . He spoke earlier about shorting tesla stock which he thinks is in a bubble. You have a guy who has done all kinds of fancy innovation and is thinking about how society should be 50 years from now or 100 years from now but has yet to take any money and turn it into a profitable business. I dont have any optimism that will change. You may be right. We will find out about tesla. They seem to be a lot of investors willing to give him more money to do science experience or whatever he is doing. How much commitment do you have to do when you go short on Something Like tesla . That can get painful. Tesla is one of many things we have in our bubble basket of stocks we think are mispriced by huge amounts. They are sized in a way that gives us the ability to wait a fair amount of time to be proven right or wrong. I think eventually the mood of the market will change. Eventually the company will be called into account to demonstrate profitability. I dont know when that will happen. The portfolio is positioned properly relative to the risk and reward. Emily that was david einhorn, cofounder and president of Greenlight Capital speaking with david westin earlier. Tmobile is setting the stage for a possible merger with sprint. Tmobile executives have been meeting with investors to talk about the billions of savings if the deal happens. Discussions are still at an early stage. Coming up, we will bring you new data on techs diversity problem and how it is exposing a proposed solution to boost women in tech. A reminder of our interactive tv function. You can find it at tv on the bloomberg. You can send our producers a message, play along with the charts on air. This is for bloomberg subscribers only. Check it out at tv. This is bloomberg. Released its first staff diversity report revealing more women and minorities than rival uber which presented its demographics in march. 18 of its tech workers are women. 11 of lyft workers belong to a group other than white or asian. The inclusion reports come as lyft has tried to distinguish itself as more coming that is larger foe which has been plagued by allegations of Sexual Harassment and gender determination. When it comes to boosting women in tech, people often point to the lack of women in Venture Capital believing an increase would pump up funding in companies founded by women. A new bloomberg Analysis Shows evidence that debunks the withhesis finding firms fundedces backed women companies at approximately the same rate. What were the findings . The findings were even though everyone thinks more women vcs would back more Women Founded Companies, that is not necessarily true. Overwhelmingly, that was not the case. How did you choose the firms, find the data . A big project. What i did is i went t an gathered data on the Women Founded Companies that have raised the most money and also i looked at the companies that have the left Venture Companies that have had the most unicorn exits in the last five years. That became my universe of top companies. That means any newer firm was not included in this study. When i had that information, i saw how many women partners were at each of those firms and what their companies they backed were and were any of those companies founded by women. I took a very extensive view. If they had someone who was a cofounder who was not there at day one or a woman c. E. O. , i would count that if they could make a good case. Emily one of the interesting parts of your story was the comments made by female entrepreneurs and female vc s. Talk about what some female entrepreneurs had to say about women vcs. I spoke to a bunch of Women Entrepreneurs who whole private Networking Events and coffee meetings for founders but when it comes to getting investments from women vcs that is very different. You can network all you want but that is different from getting a check. Based on when they went to pitch, often women vcs were very tough on them. They could not say if they were tougher on men because you only see your own pitch, but they vcs, theyred to male asked a lot more questions and wanted more data. One Woman Entrepreneur told me she got to the point where she dreaded going to pitch women vc s which is sad. Emily what about what women investors had to say . Some seem to have concerns if they do find women, they will be perceived as having a bias towards women. Some said that. When told me she was worried about being lumped together she only backs the Woman Entrepreneur because she is a woman and really screwed up so they will write off the entire genderbased on one case, which makes it a little easier to back men if you are a woman. She realized she was subconsciously thinking that, and of course wanted to stop thinking that. Emily this leads me to the next question. Is the answer to get more women in vcs so they are not so isolated . I still think we need more women in vcs for sure because eventually that will not be the result anymore. Also, younger women vcs dont necessarily feel this way. They have not had to blaze the trail in the same way so they might not be carrying all the career baggage some of the older women vcs are. One from sequoia told me i think the woman is a competitive being a woman is a competitive advantage. Bulk of because the consumer decisions are made by women, she has an advantage in understanding the female consumer many of her male colleagues will never have. Emily are there any other studies on this subject . Absolutely. There is one study that did a very wide look at every vc firm and found that if you look at the overall universe, that women vcs were more likely but that took every rinkydink firm into account. Emily we will have to leave it there. Sarah mcbride, vc reporter, great read. Check it out at bloomberg. Com. Alisa i am Alisa Parenti in washington and you are watching Bloomberg Technology. Lets start with a check of your first word news. The white house is reviewing whether to invoke executive privilege to prevent james comey from testifying before the Senate Intelligence committee next thursday. The panel is investigating his may 9 firing and russian meddling in the 2016 president ial election. With less than a week until britains general election, Prime Minister theresa may faced tough questions from voters about her conservative governments cuts to welfare and health spending. She was also accused by opponents of failing to stand up to the u. S. Over its withdrawal from the paris climate accord. May has refused to take part in tv debates saying she prefers to answer questions directly from voters. Environmental Protection Agency administrator says the u. S. Does not owe any apologies for officially withdrawing from the 2015 landmark accord to lower Greenhouse Gas emissions. He explained the president s decision to exit the agreement at a White House Briefing today. Exiting paris does not mean disengagement. In fact, the president said yesterday paris represents a bad deal for this country. That does not mean we will not continue to export innovation and technology to the rest of the world and demonstrate how we do it better here. I think it is a very Important Message to send. He indicated he will either reenter paris or engage in discussion around a new deal with a commitment to putting america first. Say whether orot not President Trump believes Climate Change is real or a threat to the United States. U. S. Nuclear agency s