Transcript for 227,000 Jobs Added in February
Good morning you're watching live coverage and -- -- Felt like he. Here -- you felt this Friday march ninth hello everyone I'm Stephanie sign New York breaking news this morning the feds say unemployment. And the rate remained at eight point 3% in February but more jobs were added than previously expected. Joining me -- discuss the numbers and the rest of today's business headlines as Jeff -- -- -- break out on Yahoo! finance. Jeff I guess I should start with happy current -- to you yeah -- Peruvian friends out out. Let's start with the jobless data as we said the unemployment rate remained at point eight point 3% -- expected that 227000. New jobs were created. What's your two cents on this. -- I've got a quarter herself and one day they first well ignore the rates the rate doesn't cut much of anything and the reason why is it got a lot of folks in America who are looking for jobs anymore. They don't show up on these things and so the real rate somewhere in the -- the rate we got today. Eight point three that's not bad it's no great shakes we talked a lot Stephanie. About the gradual improvement we're seeing and this kind of continues to 47 was within spitting distance. Where basically the Wall Street guys expect the -- to comment so it's kind of a non -- is bullish its incrementally bullish another data point we're chugging along. Very slowly and its unemployment remains a national disgrace but a little less so than it was yesterday shark. It looks and talking about whether -- warm winter we've been experiencing a lot of parts of the country had any effect on and on and. Point numbers yeah you know -- -- -- things are all things being equal things are never equal so sure. This time around we have weather but it turns out that every -- whether of some sort so that number's going to be noisy. We absolutely have -- little effect on that we've seen some impact. In terms of hiring construction for instance that was much more robust than would be expected because construction workers can work when it's not five below zero. So that's terrific but then again people didn't buy things like shovels gloves hats he's trying not that's up got sold and so net net and probably count on a shrug and -- curiosity hey it was -- -- Santa. Difficult to isolate whether as a variable. OK also out within the past hour numbers for January on the trade deficit -- they showed the deficit widening its biggest gap. In more than three years -- 52 point six billion dollars is this a big concern. Six yards it's not good because that is related to jobs as well exports when they're down -- means fewer people are working on things we export. So it's good in the sense that we took more stuff in that means consumers little more vibrant. It's bad in the sense of fewer jobs and a lot of seven half percent was a reduction number we saw in things we -- to Europe. So you know it it is related -- and a one time feel to it anything that Wall Street guys can say it's Europe's they can explain it easily it wasn't us it was them. I'm that kind of takes a little the bite off at but it still bites and general. Yeah let's the other big story of the day grace grace hasn't -- restructured its debt does this mean that after all the hurdles the country's bailout is actually going to go through. How -- don't throw and will it matter now not really they jammed the debt holders like crazy you hear a lot of talk about voluntary and restructuring and and nice words like this. This was an old Texas beat down they took the bondholders -- I take it take it take it. They gave him no real choice there are some holdouts another records and we'll see -- that turns out but they've really just replaced a flat tire with one that's leaking air really. You don't really feel like this latest Allah is going to help -- Europe debt crisis over all. I think that you really most the folks out there assumed that that something was gonna happen right on where the other. In terms of resolution they gave the debt holders more debt. So all they did was just basically kind of adjust things and -- -- around. And at the end there's not a huge change on the other hand this was the biggest sovereign default in history of the world. And world didn't -- that's an upside surprise. That's -- outside. That's. Accurate Starbucks at the new plan to increase its reach into your home but what are they -- -- now. They're grown up a little a couple of hatred for Green mountain coffee that was one time serving things that's odd but cottage industry yeah yeah unity amid there was -- one -- -- and will -- and things Starbucks. Is going into that business -- a few different things like a lot of kind of under the headline news. This tells and -- Starbucks feels the consumer is relatively strong Starbucks has a home of stores. And so they're gonna go into the business of making these more expensive little coffee cups. And lest they think it make money there so that's kind of good news about the consumers bad news for coffee lovers because this coffee is coming garbage bags. Yeah I don't know -- -- it. Those -- daily they're not to you -- An update also on MF global three executives of that bankrupt firm are due to get bonuses even while customers wait for the return of their own funds. -- -- -- -- -- -- -- When I got here Stephanie -- -- these things up. -- yes my friends is disgusting they're trying to make this and that global -- go away. They're trying to get sifted through -- pretend like the money just disappeared it didn't disappear Ilyce. And -- global stole money not a got three executives are gonna get bonuses why are -- getting bonuses because they hung around. The try to figure out what happened on this thing when what happened on this thing is that the MF global guys -- about a customer money made about the stupid -- on it. The bat went sour and so if you look at their -- -- is our farmers these are human beings. That date customers -- they've they've worked with him at global they deposit their money there in trust and a global is stepping down Auburn 72 cents on the -- I don't care where you are 72 cents on the dollar you just made a deposit into a bank and they said here's a seventy cents because again as a -- That's horrible that's a shaft and you can't -- these people bonuses they should pay used to out of prison. And -- -- bought -- -- 1800000. It it's again. They shouldn't exist at all these people should be forced to work there and -- global trying to jam this down due to operations. To different people within different segments of the group that this starts at top. And by the way operations the CEO -- the guy in charge of MF global operations that -- all these mistakes he's one of the guys get a bonus almost familiar box for him. I don't have any idea why that would be at a than just a -- -- off. -- sounds pretty outrageous. I doesn't speaking of bonuses Citigroup's CEO of -- -- Pandit got almost fifteen -- -- paid for 2011 is just -- Wall Street is. -- gonna change I mean does he deserve this money. I don't know maybe he's certainly had a more stressful year than some guys and an outflow -- that's the bonus that they didn't commit any crimes that we're aware of yet. -- if it's a tough job Vikram -- has a very tough job. And to the extent you can -- starving his people and -- no -- form whatsoever but he worked for the money he worked hard -- He probably had taken a job or some other bank hang on that thing for equal money is that a huge figure yeah. But you know the governments involved there's not so much Wall Street sticking it to the man it's this collusion between all these different groups. It's also the going rate if you don't pay -- executive a guy who runs the thing. Good money while he's gonna go -- -- and. Scranton Perkins certainly not an easy job and and Citigroup is not the same situation as MF global -- looks about Bank of America they've apparently made a side deal as part of the big mortgage settlement with the -- what do you make of this. I think it's great that America is the sponsor my show -- Yahoo! break out. So on a little -- -- -- a panacea that's my disclaimer but truthfully whether I was part of them or not this is good it puts a little bit of this home -- behind us it's a fair deal. The people are content with that allows them to reduce the principal list price of their home by a 200 brand around a 100000 on average. That's going to be a big relief to some folks and it's also a transfer of assets from bank America. Out to the people who really suffered and so. It's gonna get headlines the -- negative but the truth is. At the more resolution we can get on this entire home -- mass that we had. The better it is not just for BankAmerica but for the country -- let's let's -- well let's play fair job at forward and move along. We've been talking a lot recently about GM's new alliance with huge Al now comes -- the company had considered a deal with Fiat that would have made at a corporate partner with. Its rival Chrysler what's the deal with this. I don't know I guess you goes out of business -- GM can use them as a partner -- if I. I jam announced that they laid off thirteen hundred full time workers and now we hear that they were getting involved with a bunch of tiny Euro box efficiency Parse things or whatever Fiat conclusion we're doing these days. At tells me that at GM executive offices -- -- -- their bets on this. Following this idiocy that was the -- They were doing that all along and so that raised the question why -- -- involved in this whole thing anyway just laid off thirteen hundred. Actual Americans -- never knew there on welfare to Begin -- And we're talking about alliances over in Europe it seems like we could do something a little better with big government owned industry company like GM. -- apparently get the Dow jet before we let you go -- ending this Friday trading up a pretty -- -- think is driving markets today. I think most of the traders are driving home I'll be honest I'm not we're pretty -- well. MI Twitter streams flow and everybody is taking the over under got side that's about one of the producers here -- a little wager going on in terms of the over under of course I viewed him. But -- statements that jobs number came out it was right kind of -- in the middle not too hot not too cold in -- came in better. We would have stimulus going away -- -- came in lower -- said the economic recovery -- -- has it is like act not a great acts on and on -- -- -- -- -- -- sixty degrees -- Google and exactly Jeff -- eight. Our partner -- gotten finances to break out thanks Jeff.
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