The First Look - Michael Regan, Bloomberg News

Your wallet -- your truck moves he's gone through. It's time for the financial exchange win. Armstrong from the district of yours street Mario Armstrong has got you covered. It's so fundamentally change we're very Armstrong. And well holy smokes we had another rally on Wall Street yesterday NASDAQ up 25 -- -- yes and he was up seven points and that Dow was up 51 so when you look at the stock mark. If it's up about eleven point 4% on the year to date basis. However June night futures look like they're negative territory this. Yeah you don't even waiting for that turn Dave Barry this might be at Dow futures down 64 points NASDAQ down seven S&P 500 down five oil trading down 52 cents. Ten year US treasury down slightly to one point 62 gold is also trading down three dollars twenty cent to 1606 and seeing nothing but written for me. Lot of contrary opinions out there you know there are many people that think that the market is poised for a collapsed. We're joined now by Michael Regan from Bloomberg News in New York Michael welcome to show -- you do one. -- Michael I was reading -- Charlie Morse from HSBC. Pretty well respected firm thinks that stocks are pleased to collapse. What why is that with what is he see going on it believe makes him believe that we're gonna have a collapse of the stock prices. Obviously the global economy has you know. Something from very different you know problems this year city you're in debt crisis you know sort of a just a coordinated. Global slowdown in the economy so he's kind of picking -- the market has rallied past what the economy is really on the an -- in the future he got really alone when you look at all the strategists on Wall Street -- Tell us is sort of a polish group but. This year right now they're they're median where they're at record has rather creepy. And the years that thirteen 89 which is actually below where we are right now on average -- look into the market is to come back a little bit that we. From where we are now you know and Morse is maybe a little bit more -- ago that the than Iraq. I think -- saying you know is this rally and they need any got a dollar rally you know there's there's really not a lot of economic fundamentals. Underpinning it. Well he says that the and you look at the reports that we got this morning in terms of labor costs and productivity and then you also look. At the number of job openings I saw a report on Bloomberg this morning. That the Labor Department is reporting job openings rose to three point eight million from three point seven million that's the highest it's been in four years. That's right at certain yet but the big -- off of them you look at below that number in 2009. About 2.2 million and now we're up the three point eight billion. -- that is to get that number of jobs positions waiting to be built so. Big question is will companies that -- Actually stole them. We'll Lleyton you know currently dragging their heel weight is he by the economy's going to be critical is that positions in the last got -- -- -- July it was better than expected about a 150 thousand jobs that it. So that is slow incremental growth in jobs. You know it wasn't quite enough to reduce the unemployment rate importantly we actually picked up you know they point 3% so. The word -- there are that the economy's outlook is improving that will also bring people who have sort of all that -- market. Back -- the in the mix which could add to the pressure that they even more cops to satisfy all the you know all the -- the -- so you know it it is. It is definitely you know -- economist at. But all of us is improving economy. It's not really are rip roaring economy so ELL a lot of rest up there that really set back further so I think that. -- put under you know underscores basically the -- does that look at that lowers the. Actually you're referring to is that labor participation. Rate -- it exactly. Just not didn't even though the rate might go down in coming years you have to watch that participation rate is a lot of people are just gonna drop out of the workforce altogether. They are area that that the -- government that -- -- he obviously has the baby boomers are retiring a lot of ever you know. You know their their numbers answers skewing the number a little bit better talk to people answer -- give up on. Looking for work -- you know in in this economy so its its popular. To really gauge that labor participation rate historically given in the -- you know number eighty -- Nature is -- well we sure appreciate your time Michael thanks for joining us that's Michael -- joining us today from. Well Bloomberg News in New York doesn't get much better than Bloomberg News New York. -- question for you do if you lately we're I -- -- always give away gas card in the first hour program and I'm assuming that we're doing that again today yeah sure. But I don't know what our question of the day is you did you -- -- -- -- here would I did tell you. And you did forget that that text question of the day I'm having a senior moment. It is at 68680. We wanna know what did you pay. Your first apartment for rent poll yeah and what it somewhat likely to come of anything -- come with heater. What that noise in background it's our producers are playing it's a tourniquet interest yeah that's a little distracting yet. So what do you papal -- first part. I'm not gonna ask you that I -- I pay an -- Egypt right thank you I paid for fifty and it included heat it was a one bedroom it was in the city. Which is even more astounding. Yes -- right I would put that place rents for an app has over you said over by the U yeah I was right UV was one of -- isn't there and -- though. -- 440 a month into one bedroom apartment it has an underground garage. It was in Hartsfield the York. And -- that in reference it in Westchester County north of New York City -- and I acted take the train into the city was attached to the train station early with a one bedroom one bedroom you I don't with the deck. -- -- -- And then my wife and I moved into it lets on that must have been how many square feet with that it was 400 feet immediately it's a little time with you you really -- does she get the bathroom space. Well of course is a great thing. I still little late to this day have been try I was traumatized -- that they acted the stale lecture about yeah well yeah I mean spritz -- stuff about every now what that's I -- she was traumatized. Yeah well below so we wanna know what did you pay for your first rental apartment when the book wasn't you know what did you get -- like Davey if you paid. 500 dollars a month back in 1984. Would get for 500 with the utilities with -- two bedroom with the landlord -- coming in you know banging on the door telling you turn that stereo down home. We teach you one of the topics that we're gonna -- during today's program is we're doing study. And we we've done a study. And we are going to be -- tell you how much rents have gone up. During the last twelve months in the Boston market. We -- among the highest rental increases in the entire country in right here what -- -- Boston power lines are so I I you know I was surprised that yet that's what I live out Timbuktu. Up next we're gonna be joined by retort from global. He he's from CB Richard Ellis and he's gonna talk to us about the commercial real estate market what's going on with commercial real estate were talking about office buildings warehouses grocery stores. -- that sector performing will be talking to -- about that stay with us this is the financial exchange.