Bloomberg Money: Premium Travel, Fast Fashion, Luxury at the US Open & The Cost of College

**SPEAKER_1** (0:02)
Bloomberg Audio Studios, podcasts, radio, news.

**Mike McKee** (0:07)
Bloomberg Money.

**Tom Keene** (0:12)
This is the Bloomberg Money podcast. I'm Tom Keene with Scarlet 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 noon, 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 Matteo about that. There were tears. She took the offer to go to school.

**Scarlet Fu** (1:09)
Yes, I know. But you know what? We'll get through it.
We'll be right there for her.

**Tom Keene** (1:12)
We'll somehow survive. What are you doing Labor Day? I mean, when we're done here, what are you doing?

**Scarlet Fu** (1:16)
I'm actually obsessed with this trial, the Lindsay Clancy trial.

**Tom Keene** (1:20)
You're the celebrity load. So why did I know this?

**Scarlet Fu** (1:21)
One hour delay for defense to appeal. So it could happen any minute now.

**Tom Keene** (1:24)
It's happening right now. Breaking news here on Bloomberg Money. Of course, again, it's on personal finance, retirement and wealth management. We've 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 cards. The guy is absolutely foundational to each and every one of us in our personal finance.

**Scarlet Fu** (1:48)
He actually wrote the book on it. We're also going to continue the conversation on 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?

**Tom Keene** (2:01)
Well, fast fashion is dead, but also like what are they wearing at the tennis tournament? I mean, they're draped in Tiffany and draped in this.

**Scarlet Fu** (2:09)
I don't know how you can play tennis with all that jewelry flopping around. I don't get it.

**Tom Keene** (2:12)
Well, we'll have to see on that. That's Dana Telsey to be with us. We're really looking forward to that. We've got a great lineup in a few moments as well. I think we've got a staggered of stocks right now and look at what's going on in the stock market. The answer is we can do this quickly. We've got out 300 points. Pulling back, McKee's going to explain why.
Good jobs report. Stocks go down. I don't get it.

**Scarlet Fu** (2:35)
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 a little changed 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 week and 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.

**Tom Keene** (2:58)
Very good. We got a great line up of people. The only three people at Bloomberg that came into the office today, Stacey Vanek Smith is with us. We're thrilled she's with us with everybody's business and all of her good work. They're just to work with Max.

**Scarlet Fu** (3:12)
I think it's a way to it that they get to do this podcast and that they're both in today. I mean, we're just grateful.

**Tom Keene** (3:18)
McKee with us as well. We'll cover the Red Sox Orioles here in a bit, but Mike McKee, of course, importantly, on a jobs report, the state of the American economy. And what a special treat. Jeffrey Mason with us. Jeff Mason covers the White House and is in this weekend for David Gura, Bloomberg This Weekend. I mean, it's gonna be interesting, to say the least.

**Jeff Mason** (3:36)
Yeah, we've got a good show coming up.

**Tom Keene** (3:37)
And we'll see. We'll talk about the convention here in a moment. Let me get right to it. Mike McKee, first to you on the job economy. Down last time, up this time, you just blend them together and say, stay to play?

**Mike McKee** (3:51)
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, 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 kept the unemployment rate at 4.1%.