Transcript for Jobs Numbers Fall Short of Estimates
Dow futures were pointing lower before the bell this morning joining us -- discussed. All the business headlines is Bloomberg TV's Allen had great -- happy Friday to you Alan -- Stephanie happy Friday -- wealth are right so let's start with the -- job numbers which we got just about an hour ago there were 80000 new jobs created in October and what are people reading. Into these numbers when it comes to the recovery. Not even mixed. -- if you dig a little bit deeper there are some positive so 80000 as the headline number. -- 95000. Was the consensus number among the economists that we had surveyed. The good news though is that the unemployment rate came down backing down to 9% from nine point. 1% and the expectation was it was -- -- hold steady so again that's going to be a positive. The other -- is you had revisions for the prior two months for August and September. More jobs the government says were created that had initially been reported. The problem of course is that their pace of creation that we're getting in really nowhere near what we need to put a dent a really significant dent. In the unemployment rate -- not really moving the markets -- -- positive territory that's for sure. This is going to be a pivotal day Allen and Greece with prime minister George Papandreou facing a confidence vote what else is going on. In the debt crisis. We know on -- and that's really the reason that the stock market seems to be weighed down that's what we're hearing. From investors from strategists I just saw research for example from someone -- Miller came back. And he was saying a lot of the traders are looking at Italian bond yields now -- we like to talk about every day but. What it indicates when their high is that there's a lot of fear in the market that is indebted European countries. Cannot pay their debts -- as you said that confidence vote is going on today yesterday. That controversial referendum was called off on. Meaning that the country is no longer going to have a popular vote. On the bailout plan but the problem is if pop Andrea does not get that confidence vote and there's a really good possibility that's not gonna happen. You're talking about a new government needing to be formed that could delay. Getting the latest bail out money and Greece needs that money you know very very soon to avoid default. Yeah all this uncertainty is certainly not helping the situation. In any market in the world OK we've also got the G-20 continuing. In France what are the big developments there. And as you can imagine a lot of it is about this debt crisis and I just awesome -- Crossing on Swiss bank from a Sarkozy and I thought oh my god are actually getting to talk about other things. But really the focus is this this crisis right now injured -- In Europe with the dead -- indebted nations and the big have -- this morning was. German Chancellor Angela Merkel saying that the G-20 had failed to agree on -- and -- resource is keep in mind the International Monetary Fund. Along with the European central bank and individual countries have been -- In terms of propping up these crisis countries so that really is but. One of the big reasons that we're seeing the stock market react the way it is because there's just reminds us. That there's no clarity on and what happens is it seems like folks really just are waiting for more details. On this additional bailout package to Greece that was ironed out last week. Ironed out but they want more details Sarkozy in this press conference -- he's holding right now saying that he's optimistic that they are -- -- be worked out. Okay breaking news out of there and a developing story this morning that's grabbing news headlines Allen is former New Jersey governor Jon Corzine. Has resigned now from and that's the global deferment declared bankruptcy on Monday that we've been talking about -- honest. Right and I'm happy to say Bloomberg broke this story that he was going to be dying down followed at ten minutes later by that company coming out of -- -- brief announcement. Saying that it was going to happen and also point out very few sentences here but they did make a point to say he's not going to be getting any severance -- This is four days after the firm filed for bankruptcy remember over the weekend. He tried to find a buyer because it made these bad -- on the European debt that we're talking about. It lost money it went to try to find a buyer but then questions were raised about whether there were anomalies whether the firm had wrongly -- customer money for some of its own bats and its own problems and that's being investigated so Jon Corzine. Has been under a cloud. Because of how the firm was performing and now because the -- question marks about all these irregularities. On -- put out a statement he said he was saddened by. The developments there he said he will be advising. The company in terms it. Basically he is a legal developments but it in all the issues that are -- are ongoing so. Coming perhaps not so much of a surprise that this is the latest development -- -- a mighty fall for Corzine there are we spoke don't lock at how Groupon IP -- today is the actual day -- the initial public offering. Any surprises but that you should be opening Belvedere stock exchange Groupon is wringing over at the NASDAQ GRP and four letter ticker that means -- trades over at the NASDAQ. On we don't have the shares trading I believe we're gonna get a price indication. On at 10:25 this morning I took a -- to get some sense of what the indications were over in Europe and it looks like it -- -- -- popped to the shares a few things to point out here. The company sold the smallest percentage of shares. Any US Internet IPO. Ever that means there's not a lot of shares out there available and that's one reason that you're seeing a lot of demand. Before this stock in -- The kind of allocation of shares that were available filled up so early that group on stopped taking orders a -- -- earlier that had been planned -- price last night at twenty dollars a share that was above. With the company expected to you. And based on -- the shares priced at twenty dollars a share it gives the entire company a valuation of twelve point seven billion dollars in just one more thing I want to point out here is -- we look at the price of the shares and you look at the sales for the company. It -- -- more expensive then Amazon and keep in mind. -- still is losing money. -- is really surprising I think people are gonna continue to watch that stock play out today. All right let's background started talking out talking about jobs at the beginning. And there's a new report out that -- young men are moving home because of the economy what. -- the childhood bedroom is becoming bad bachelor pad on this is a new face a new census information in what is showing is announced 25 to 34. On. The number of them living in their childhood homes -- -- their parents. Increase by almost a third over the past five years almost one in five of them. Com by comparison women who far. It seems like holding more jobs -- fewer than one -- and are living with their parents say you know on the one -- -- -- his joke about folks being you know at home and that's -- new -- -- but. -- it shows a serious kind of fractures in the economy that young folks just can not afford to live on their own they don't have the jobs -- camp where the home whatever it may be. Yeah we can make a lot of jokes about it but you're right there isn't there is a serious problem emerging. -- we've got work companies reporting earnings today any headlines -- surprises there. Let's talk Starbucks always fun to talk about their reported after the close yesterday so we'll be out watching their shares in trading today -- net income of 29%. So certainly Starbucks doing well there. It's been moving into a lot of package products via the instant coffee for example. It's now starting up in November this month going to be doing these -- -- as well for Kurds are really trying to expand the business they are on it did give a few interesting headlines -- -- be renovating. Many of its stores. Also saying it's has. The fragile consumer environment it's talking about. And I'm also talking about coffee prices continuing to be a pressure -- we know obviously we've all been feeling it and it gets played out for a lot of these companies that are are using these core ingredients coffee being one of them also linked and you know on this day when Groupon goes. Public -- Linkedin which went public in May and that stock went gangbusters out of the gate are well it reported a loss to cents a share so again a reminder. That we're in somewhat -- that you know flashback to the Internet boom days when you have companies that are not make -- money. That are young. Better public. All right some fascinating headlines this morning -- drain and from Bloomberg TV thanks for joining us happy Friday on -- -- -- -- we got.
This transcript has been automatically generated and may not be 100% accurate.