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Google Map App For iPhone 5, Truth About Retail Sales

Jeff Macke analyzes the morning business headlines
5:35 | 12/13/12

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Transcript for Google Map App For iPhone 5, Truth About Retail Sales
Latest in business and -- From ABC news. And you're watching live coverage of the opening bell on ABC news now ringing the bell this morning -- Yeah. They -- the opening bell this. Thursday December 13 hello everyone I'm Tanya Rivero in New York. Numbers on weekly jobless claims are out within the past hour and joining me now to discuss the top business headlines this morning is Jack MacKey -- -- break out on our partner. Yahoo! finance good morning -- Together again sign about it right once again here we go let's with a jobless claims. The Labor Department says there were 343000. New claims last week that's down 29000. Fed Chairman Ben Bernanke said yesterday the bank will keep interest rates at historic -- until the employment rate hits six and a half percent. How much of -- change that we need in these claims to get in that ballpark. -- we would need two million net jobs so -- let me say I'm good -- at least I'm supposed to be. -- -- two million jobs to the 343000. People not having jobs -- probably need 2.3 43 million. I don't know that we can get air -- the Fed actually happens and -- ability to drive those jobs must never start really really big company but it's nice their goals. So what -- -- you're not impressed by these numbers. You know actually I I think the Fed did the right thing I'm not sold excited about the -- -- using which is essentially that -- money yet every problem that they have. But that's they've -- a toolbox and Ben Bernanke is is a Smart guy doing really really hard stuff in front of -- huge and very critical audience. So there dual mandates keep inflation low. Keep unemployment -- right inflation doesn't really exist no matter how much people whine about what they pay for broccoli. And they're -- people about jobs and so is -- and money at the problem rather than just keeping the abstract idea we'd like more people who work. It's -- -- -- six point 5% as a general goal that they left a lot of -- courtroom in terms of what they're gonna do with rates as we approach those levels. Absolutely and deficit in fact the first time the Fed is high interest rates to -- benchmark in employment so. What are the pros and cons of this -- strategy. I think it tells a lot about our government that this is the first time we actually set a goal. We're spent right three trillion dollars in terms of -- addition the last three years and now -- decided to have a goal back its record all so I guess that's going to. On the problem is that the data is really really no easy those jobless claims that we've got a -- -- every Thursday. We breezed through those because those are just a ballpark -- -- and no one really knows exactly what the number is we've -- participation if you quit looking for jobs. You actually leave the market the unemployment rate goes incrementally -- -- a lot of noise going on their backs the -- he had approached me -- out like crazy because again. Its goal setting any behavior that you do in the history of your life sets a goal except for apparently fed policy at least until yesterday. Yes it always helps to have probable Michaels to get this year -- had to hunt. Just read you some big news in the apple map app -- say that ten times fast but. Google has just released a downloadable map app for iphones now does this ultimately help. Or hurt apple. I think did. Helms in the mark good software you can actually put on your lol apple machine. The better off we are right it to me the big difference between an iPhone and the Samsung galaxy three and I actually -- for reasons that are too stupid to list here. They did differences the software the differences iTunes a super cool. And your average store isn't so I think this is good for -- little embarrassing they go make such a better product but it's good for apple and yet try these things time. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- This thing has been blown way out of proportion I don't know about you but met -- maps app I never used until the controversy in nears I can tell. It's just a way to watch a little blue dot that -- you go across angry I get apple seems so invincible than any chink in the armor and -- right on it anything Megan Fox. But -- decidedly invincible yeah. -- over the last few months and I assure that they they're cupboard isn't -- in terms of ideas and experience and -- -- -- television. -- and I discussing this on the Internet indicates where television is going as the market very very true and Jeff finally we're getting that number today on retail sales what are they telling us about. The holiday shopping season. There's an economic terminal -- to to -- but what those numbers are telling us is Bob yes. Pop just meaning Cyril and it adds that tell us anything Dallas into the stores here's a -- -- know about Christmas it's a little better and last year act. That's what you got to know anybody tells it's gang busters is lying -- anyone tells -- it's horrible is probably just really negative in the whole life and -- need a -- -- what we're gonna have very -- these numbers are one point three point 7%. Not back out of -- poking out big sharp stick I think anyone standing unwinding a lot buy -- It's a whole lot of men this morning right the whole Lotta men you know SI gonna lie to attack us and it's just the economy and you just what I -- -- is that you don't -- -- -- highlight its. Yeah that's a flawed professionally -- -- I'm doing the best I can with what little I've gone in view at a great job but it looks at what -- look at it out before we let you go -- -- about ten points against the war in. Going that I tell me it described that ten points -- means. My neighborhood cleanup the mess and the I -- -- match ordinance. The word of the morning Jeff -- thank you so much thank you.

This transcript has been automatically generated and may not be 100% accurate.

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