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Indeed.com's Sinclair Sees Discontent in Labor Market (Audio) · Bloomberg Intelligence

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  Speaker 1: Broadcasting live to New York, Bloomberg eleven to Washington, d C,
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  Speaker 1: bloom to Boston, Bloomberg twelve hundreds to San Francisco, Bloomberg
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  Speaker 1: nine to the country Channel one, and around the globe
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  Speaker 1: the Bloomberg Radio plus Bloomberg Dot Gone. This is taking Stock.
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  Speaker 1: I'm Matt Miller here with pim Fox, filling for Kathleen
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  Speaker 1: Hayes on this Friday. We just heard from Chris Leu
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  Speaker 1: at the Department of Labor and he confirmed that there
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  Speaker 1: are a lot of workers who don't feel fully employed. Well,
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  Speaker 1: we're gonna hear as well from a chief economist in
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  Speaker 1: a minute from indeed dot com, one of the largest
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  Speaker 1: job sites in the world. They have over a hundred
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  Speaker 1: eighty million unique visitors per month per month, either looking
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  Speaker 1: for a job or advertising to fill a spot. Tera
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  Speaker 1: Sinclair joins us to talk about the worker discontent you've
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  Speaker 1: heard so much about, or maybe are feeling herself. Tim Yes,
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  Speaker 1: will also be speaking to her about jobs satisfaction. We've
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  Speaker 1: got some details, but right now, let's get details from
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  Speaker 1: Charlie Pellett in the Bloomberg News room with the Bloomberg
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  Speaker 1: Business Flash, which pim Fox. I thank you, Matt Miller,
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  Speaker 1: let us stick with an employment theme. We'll give you
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  Speaker 1: the story on this morning's job's report. Payrolls surging for
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  Speaker 1: a second straight month, employers adding two hundred fifty five
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  Speaker 1: thousand positions. June's impressive number revised up to two hundred
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  Speaker 1: ninety two thousand. Jack Rivkin, his CEO of Altegra's investments.
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  Speaker 1: He was interviewed this morning on Bloomberg Television. I think
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  Speaker 1: we're very close to full employment, and this has pushed
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  Speaker 1: just a little closer as well. You know, let's let's
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  Speaker 1: remember we're looking at seasily adjusted numbers. That tot is
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  Speaker 1: against actually a million people leaving the payrolls in the
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  Speaker 1: month of July, and it was about the same number
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  Speaker 1: at least in the first report here. I'm I'm surprised
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  Speaker 1: that the number is only two fifty five. I would
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  Speaker 1: have thought it would have been to eighty five something
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  Speaker 1: like that. And the Every Department said the unemployment rate
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  Speaker 1: remain level of four point nine percent as Americans came
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  Speaker 1: off the sidelines to join the workforce. We will have
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  Speaker 1: more Jobs Day coverage coming up in just a moment
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  Speaker 1: right here. On taking Stock Bristol Myers Squibs slumping the
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  Speaker 1: most in fourteen years after saying it's drug opdvos failed
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  Speaker 1: in a lung cancer trial that would have been the
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  Speaker 1: basis for widely expanding use of the treatment. Right now,
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  Speaker 1: shares of Bristol Myers SQUIB down fifteen points six percent,
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  Speaker 1: SMP up sixteen a gain of eight tenths of one percent,
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  Speaker 1: and as DAK trading at a record fifty two, up
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  Speaker 1: one point one percent, the Dow up point nine percent,
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  Speaker 1: and Gold down one eight percent. Now, let's look at
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  Speaker 1: the other stories making news. Charlie, Thank you from the
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  Speaker 1: Bloomberg News Room by Mark Crumpton. Republican presidential nominee Donald
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  Speaker 1: Trump is expected to endorse how Speaker Paul Ryan tonight
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  Speaker 1: Fox News, citing two unidentified Republicans, say it will happen
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  Speaker 1: in Wisconsin. In an interview on Milwaukee radio station w
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  Speaker 1: t m J, Ryan, who faces a tough primary on Tuesday,
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  Speaker 1: discussed why he and Trump have been at odds. I'm
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  Speaker 1: going to speak out and defend ourselves so that people
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  Speaker 1: in this country don't get a misperception about who we
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  Speaker 1: are and what we believe in. And I had to
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  Speaker 1: do that from time to time Hillary Clinton addressed a
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  Speaker 1: joint conference of Black and Hispanic journalists in Washington. She
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  Speaker 1: said she's determined to make more serious, sustained investments and
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  Speaker 1: to create more good paying jobs in African, American and
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  Speaker 1: Latino communities. For me, these aren't just economic issues. They're
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  Speaker 1: part of the long, continuing struggle for civil rights. Rosa
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  Speaker 1: Parks opened up every seat on the bus. Now we've
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  Speaker 1: got to expand economic opportunity so everyone can afford the fair.
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  Speaker 1: Another victim of last month's terror attack in Niece, France,
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  Speaker 1: has died, bringing the death toll to five. A fifty
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  Speaker 1: six year old man who was hospitalized past His wife
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  Speaker 1: and their thirteen year old son were also killed when
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  Speaker 1: a truck driven by an Islamic state sympathizer rammed into
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  Speaker 1: a crowd celebrating Best Steal Day. A state judge has
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  Speaker 1: ruled at a New York Times reporter who conducted a
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  Speaker 1: jailhouse interview with an accused murderer must testify a trial.
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  Speaker 1: The judge rule that reporter Francis roubless Is testimony could
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  Speaker 1: be critical. Global News twenty four hours a day, powered
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  Speaker 1: by more than twenty hundred journalists and analysts in more
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  Speaker 1: than one hundred twenty countries. I'm more Crumpton. This is Bloomberg, Charlie,
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  Speaker 1: and we thank you. What again recapping s and P
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  Speaker 1: five hundred index up sixt one. Again there of eight
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  Speaker 1: tenths of one percent. I'm Charlie Pellett and that's a
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  Speaker 1: Bloomberg Business flash you're listening to taking start with Kathleen
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  Speaker 1: Hayes and Pim Fox on Bloomberg Radio. Well not today.
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  Speaker 1: It's Matt Miller here with Pim Fox. Kathleen is taking
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  Speaker 1: a well deserved day of vacation, and I'm enjoying my
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  Speaker 1: time here with Pim. We're talking about the big Really,
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  Speaker 1: the best economic data point to come out every month
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  Speaker 1: is the job's number, and this one was incredible. Still,
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  Speaker 1: there are a lot of people in this workforce who
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  Speaker 1: are feeling a little bit under employed, and here to
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  Speaker 1: talk about that, as Terris and Claire. She is chief
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  Speaker 1: economist at indeed dot com, one of the largest job
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  Speaker 1: sites in the world with a hundred eighty million unique
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  Speaker 1: visits per month. Terra, thanks so much for joining us.
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  Speaker 1: Let me ask what you thought about this job's report.
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  Speaker 1: I mean, if that isn't full employment, I don't know
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  Speaker 1: what full employment looks like. Well, on the aggregate, this
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  Speaker 1: is a fantastic number. This is a great jobs report
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  Speaker 1: in general. Seeing two thousand net new jobs created is
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  Speaker 1: great news for the economy on the whole. But that
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  Speaker 1: you know, of course, does leave some thing's hidden in
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  Speaker 1: the sense that not everyone is feeling that strong economy
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  Speaker 1: is affecting them personally. Why is that, Terek, give us
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  Speaker 1: some in some data. How do you get that that analysis?
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  Speaker 1: Well in terms of data, And one of the things
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  Speaker 1: that we've been watching really closely is where are these
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  Speaker 1: jobs being created and who can actually have access to
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  Speaker 1: these jobs? And you know, one of the things that
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  Speaker 1: economists have been talking a lot about has been this
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  Speaker 1: polarization of the labor market where we see that we
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  Speaker 1: are seeing jobs growth and opportunities at the high end
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  Speaker 1: and at the low end, but less in that middle
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  Speaker 1: range and fewer pathways for people to move from the
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  Speaker 1: low end more into the middle and more into the
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  Speaker 1: high and that's really a challenge that we're continuing to
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  Speaker 1: see in this economy. So you did actually a report
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  Speaker 1: on this. I mean, are you seeing that data really
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  Speaker 1: prove out? Because on the aggregate, uh four point nine
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  Speaker 1: percent unemployment wage growth of two point six percent per
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  Speaker 1: month um. And look, there's always going to be people
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  Speaker 1: who don't like their job. Not everybody likes to work right, right,
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  Speaker 1: But one thing that we can look at is we
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  Speaker 1: can look at what's been happening in terms of high
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  Speaker 1: paying jobs that are seeing real wage growth over a
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  Speaker 1: long period of time. And so that's what we did
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  Speaker 1: in our recent research is where we looked at these
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  Speaker 1: jobs where we've seen wages that are paying enough to
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  Speaker 1: support a median household income as well as seeing regular
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  Speaker 1: raid raises. And from that perspective, only fifteen to sixteen
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  Speaker 1: percent of today's employment is actually in those sorts of jobs,
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  Speaker 1: which suggests that there's some real discontent there in the
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  Speaker 1: labor market. Tara, I don't know whether you're familiar with
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  Speaker 1: the report that came out earlier in July by the
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  Speaker 1: Conference Board looking at workers satisfaction, and it said that
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  Speaker 1: about half of the workers reported being satisfied with their jobs,
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  Speaker 1: and that obviously coincided with increases in pay for hourly
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  Speaker 1: workers at companies such as Starbucks and JP Morgan Chase.
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  Speaker 1: How do you respond to that, Well, I mean that
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  Speaker 1: still leaves you know, a large proportion of the workforce
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  Speaker 1: unsatisfied with their jobs. But I mean, it is important
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  Speaker 1: to realize that the economy is much better off today
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  Speaker 1: than it was, you know, you know, definitely back in
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  Speaker 1: the recession, but even in the early years of the recovery.
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  Speaker 1: And so when people are looking back over their recent
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  Speaker 1: labor market experience, of course today looks a lot better
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  Speaker 1: than what it did a few years ago. And I
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  Speaker 1: also think you can uh say it's pretty obvious that,
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  Speaker 1: for example, manufacturing jobs aren't gonna pay as much anymore
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  Speaker 1: as they used to. You're not gonna be able to
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  Speaker 1: support a family on them. I spend a lot of
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  Speaker 1: time in car factories. They're doing a ton of business,
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  Speaker 1: but I see more and more robots than people that
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  Speaker 1: are building things. There. One place you can't put robots
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  Speaker 1: in up the place of a person is construction. Um
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  Speaker 1: and we're seeing a shortage of construction workers. That's evidence
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  Speaker 1: by the tight housing market. Are are there are there
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  Speaker 1: gonna be a pick up? There? Are you seeing more
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  Speaker 1: construction jobs offered on indeed dot com? We are, So
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  Speaker 1: construction is definitely one of those areas where and we're
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  Speaker 1: are looking to be to see some growth there in
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  Speaker 1: terms of employment, and it does look like one of
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  Speaker 1: the reasons we didn't really see much movement in that
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  Speaker 1: number this month might be because of a shortage of workers.
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  Speaker 1: But again the type of workers that the housing sector
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  Speaker 1: is complaining about not finding our people with specialized skill sets,
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  Speaker 1: and not everybody in today's workforce has those specialized skills.
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  Speaker 1: I just want you to comment on a recent article
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  Speaker 1: of yours having to do with red states, blue states,
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  Speaker 1: and swing states. What did you learn? Well, so, what
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  Speaker 1: we did there is we looked at these jobs that
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  Speaker 1: we talked about a minute ago, that we identified as
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  Speaker 1: being high paying with reasonable wage growth over the last
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  Speaker 1: ten years, and we looked at how those jobs were
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  Speaker 1: distributed across the US and one of the things that
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  Speaker 1: really surprised me at first was how much variation there
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  Speaker 1: was by state. And then we decided, related to the election,
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  Speaker 1: to just divide those states into the Gallop Pole's latest
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  Speaker 1: red state, Blue state, swing state categories, and we discovered
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  Speaker 1: that there was this stistically significant difference between the experiences
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  Speaker 1: in terms of job opportunities, uh in terms of job
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  Speaker 1: postings for red states versus blue states, and in fact,
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  Speaker 1: blue states were significantly more likely to see these higher paying,
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  Speaker 1: higher wage growth jobs than the Red States, and it
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  Speaker 1: is just because they're the Red States are in the
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  Speaker 1: congregate in the middle of the country, and then you've
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  Speaker 1: got the technology jobs pertepts in California on the coast. Yeah,
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  Speaker 1: I definitely think that's part of the explanation. Thanks very much.
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  Speaker 1: Arris Sinclair, chief economist for indeed dot com, giving us
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  Speaker 1: her take on today's payroll results, showing a robust job market.
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  Speaker 1: Unemployment rate remains at four point nine percent, wages grew
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  Speaker 1: at a rate of two point six percent. I'm pim Fox.
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  Speaker 1: My co host today Matt Miller. This is Bloomberg. This
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