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Bloomberg Money.

This is the Bloomberg Money podcast. I'm Tom Keane with Scarlett Fu. Join us each week for a smart look at the forces shaping your financial life on personal finance, on retirement, and wealth management. We will explore how people are earning, investing, and building wealth. We are live Fridays at noon Eastern on Bloomberg television. Subscribe to the podcast wherever you listen and as always on the Bloomberg terminal and the Bloomberg Business app.

Good everyone. A special edition of Bloomberg Money on Personal Finance Retirement. wealth management, the joys of Labor Day, the children go back to school. We're going to talk to Lisa Mateo about that. There were tears. She took the careful.

Yes, I know. But but you know what? We'll we'll get through it. We we we'll be right back.

We'll somehow survive. What are you doing Labor Day? I mean, when we're done here, what are you doing?

Uh I'm actually obsessed with this uh this trial, the Lindsy Clansancy trial.

Well, you're the celebrity load. Why did I not?

One hour delay for defense to appeal. So, it could happen anywhere.

It's happening right now. Breaking news here on Bloomberg Money. Of course, again, it's on personal finance, retirement, and wealth management. We got a really, really interesting show for you today. Coming up, we thought we'd do it. He was so kind to come in. Brian Kelly will be with us who changed the way all of us travel. All of us use our charge card. The guy is absolutely foundational to each and every one of us in our personal finance.

He actually wrote the book on it. We're also going to continue the conversation about how we spend our money. Dana Telsey, the authority on specialty retail on the affordability crisis in your closet in apparel. Is fast fashion dead?

Well, fast fashion is dead, but also like like what are they wearing at the tennis tournament? I mean, they're they're draped in Tiffany and draped in this.

I don't know how you can play tennis with all that popping around. I don't get it.

We'll have to see on that. That's Dana Telsey to be with us. We're really looking forward uh to that. We've got a great lineup in a few uh moments as well. I think we've got to stagger the stocks uh right now and look at uh what's going on in the stock market. He answers we can do this quickly down 300 points pulling back but he's going to explain why good jobs report stocks go down. I don't get it.

Yeah, President Trump doesn't like to see this dynamic and he's made that very clear. Let's look at the cross asset board as well. Stocks are little change on the week. We should note the 10-year yield not doing a whole lot but sitting near the highest in one month. The dollar is slightly higher, but it is down for the weekend. The big mover, of course, the yen strengthening. Oil prices, you can see, down for the first time this week.

However, still above $90 a barrel.

Very good. We got a great lineup of people, the only three people at Bloomberg that came into the office today. Stacy Vanic Smith is with us. We're thrilled she's with us with everybody's business and all of her good work there. She has to work with Max, you know. I mean, it's

I think I think it's that that they get to do this podcast and that they're both in today. I mean, we're just grateful.

McKe with us as well. We'll cover the Red Sox Orioles here in a bit, but Mike McKe, of course, importantly on a jobs report, the state of the American economy. And what a special treat. Jeffrey Mason uh with us. Jeff Mason covers the White House and is in this weekend for David Gur Bloomberg this weekend. I mean, it's it's going to be interesting to say the least.

Yeah, we've got a good show coming up

and we'll see. We'll talk about the convention here. uh in a moment. Let me get right to it. Mike McKe, first to you on the job economy. Down last time, up this time. You just blend them together and say state of play.

Well, essentially that's what economists are going to do. They're going to look at the three-month moving average, which is about 77,000, which is a good number considering you only need somewhere between 30 and 50 to keep the unemployment rate from rising essentially. uh now that we have a much smaller labor force, although the labor force did grow this last month by quite a bit and that has uh kept the unemployment rate at 4.1%.

I got eight ways to go here. There's just so much to talk about, but the bottom line is there's a wage and there's this inflation. 100% of the people I talk to say, I'm losing ground every single month. Is is is where's the real wage right now?

Well, they are losing ground every single month. basically average hourly earnings are running below and have been for a couple of months the inflation rate and so yes you're losing ground now not every measure shows that and I had an interesting discussion with the chairman of the Council of Economic Advisors who wants to look at average weekly wages because he said those are still outpacing inflation but basically the American people are right they're they're losing ground because the level of prices isn't going down we may see a slowdown in the change, the monthly change, but the level of prices is still high.

Yeah. And that that's proven to be very sticky. Now, speaking of sticky inflation, Stacy, you've been monitoring gas prices and in particular, uh, diesel prices because that is the engine of how we move things, move goods around this country.

Yes, this is apparently going to be the most expensive Labor Day ever in terms of gas prices. Uh, but diesel especially is at a record high for all time. $5.85 a gallon. It's up almost 60% over just last year, but also average gas prices up about 30%. If you're for people who are traveling this weekend, it's going to be u the most expensive Labor Day ever.

But diesel, it's a huge deal and it's not in the political discussion.

No, because the truckers deal with it and people in Europe deal with it, but it just means that every time you buy something, it becomes more expensive because of their transport.

Yeah, but I mean it's $5.85. I think in London is $