tv Real Money With Ali Velshi Al Jazeera December 6, 2013 7:00pm-7:31pm EST
>> this is al jazeera america, i'm tony harris with a look at the top stories. the long good buy to nelson mandela has begun. on tuesday a public memorial will be held, and he'll be bur buried december 15th. after a state funeral. president obama and the first lady will travel to the funeral. heavy wintery winds are hammering the southwest, and it
doesn't seem to be slowing down. thunder storms that could sweep connection, arkansas and central ken. a hospital in mexico has been concerned over concerns of radiation exposure. six people admitted to the hospital may have fallen ill from contact with cobalt 60. that is a dangerous radioactive waste that was being carried in a truck that was stolen. the police found the abandoned vehicle i in a field. those are your headlines for al jazeera america. ali velshi next with "real money." >> the government said more americans are going back to work, and they have the numbers to back up the fact. by quality matters more than quantity. still this recovery is start to
go feel real for americans. and i'll introduce you to a shop keep who are says you got to think little to be big. and how smart phones are helping physicians diagnose patients stat. i'm ali velshi, and this is "real money." >> this is "real money." you are the most important part of the show. join our live conversation on twitter using the handle @aj money. this is a glass. it's full. it's not half empty. it's not half full. it's just full. this glass represents today's employment report. five years after the worst recession, since the great depression, america's recovery appears to be on solid footing. in america it was added 203,000
jobs. so far the economy is up 2.1 million jobs and 2013 may be the best year for hiring sinc since 2005. the unemployment rate fell to 7%, and it's the lowest in five years. that's great news. number. i'm going to stand in front of it. focus on the number of jobs added every media. in this case it was 203,000. i do want you to pay attention to this number. 63%. the that's the labor force participation rate. that's above upward from october when that number had fallen to its lowest level in 45 years. that meant that people were falling out of the workforce
because they couldn't find jobs or they had give up trying all together. this is the portion of peel available to work who are actually working. number suggestion that people are coming back to the workforce instead of leaving it. looking at how well job creation is keeping up with new workers who are entering the labor force. they're coming of age, graduating from school while providing opportunities for veteran workers who want to stay employed. this is not a trend as we see this happening consistently for months. either way, this is a good jobs report. full glass. work still needs to be done to create more jobs to get the economy on the right track. that is a sentiment shared by the united states secretary tom perez who spoke to me right as the new figures came out today. >> when you look at the broadest measures of unemployment, we have a measure that looks at not only folks who are out of work, but folks who are discouraged.
folks who are marc marginally attached to the employment rate. that is--that is good news. >> good news, he said. anand a combined 45,000 jobs, a quarter of all jobs created in november, those positions typically pay $26 an hour. but before we get too excite excited, nearly one in five of the jobs created last month came from the relatively low-wage sector of retail and leisure. that speaks to a big problem in that recovery. the quality of the jobs being created is not as good as many of the middle class jobs that were destroyed during the recession. we have that story. >> reporter: it's been a job recovery built on part timers,
waiters, waitresses and others jobs that don't really pay much. most of the growth has been focused on key occupations, retail sales, food preparation, laborers and freight, waiters and waitresses, office clerks fabricators, construction laborers and grounds workers. more than a million of these jobs have been created since the recovery started. meeting wages for these jobs range from $7.69 to $13.66 compared to the median hourly wage for all workers of around $24 an hour. >> job creation has been unacceptably low. let's hope it's not the new normal. >> reporter: during the recession many jobs lost were middle class jobs like in construction that allow a family of four to live on $50,000 a year. but middle class jobs are not coming back as fast. during the recovery the number of low-wage jobs have groaned
the fastest followed by high-wage positions. but middle income jobs are still nowhere near pre-recession levels. that's not unusual. data from the federal reserve bank of atlanta suggests lo low-wage sectors produced o 40%o 50% of job growth. but economists say this is not the kind of jobs we want. yet the november jobs report reflect that the economy is getting stronger. >> today on twitter and facebook i've been asking you what what constitutes an opportunity job for you. a decent work-life balance. and kathleen tweets simply having a job is quality to more people than you can know in today's economy. tell me what you think.
>> former chief economist at the department of labor, he said it's simply not enough to sustain a recovery. thank you for being with us. >> thank you. >> i've been using this blast because largely we had more jobs created that were better quality than low quality but generally speaking $26 an hour is hards to build a country on. we want 200,000 jobs a month. we got it. we've been getting it for months. but if you get jobs under $10 an hour, people need two of them. >> that's right, or maybe even a third. it's not only just wages but having health insurance. it's having vacation time to balance work life. it's just a very, very multi dimensional set of experiences
that people have. americans, we're some of the most productive workers in the world, yet those gains have not-- >> when we're competing to get people to create jobs, it's tough. but let's dig in those numbers. when you dig in those numbers those people who have higher education despite the cost and debt they incur, they do much better. >> that's correct. even in this recession, their unemployment rate stayed half that of high school graduates. but what happened in this report was that over the last three months you do look, and you get a good result that college graduates with a bachelor's degree or more, they did much better over the last three months suggesting we may be seeing some acceleration, some improvement. >> as you go left.
on the right you have some college. on the left, high school dropouts have the highest unemployment rate. >> that's right. your rung on the ladder depends on your skills, age, race, ethnicity, where you live, and high school drop outs in this information-based economy, they're the least skilled. what jumped out at me when i looked at this, yeah, compared to last month the college grads did much better. >> but they have half of the unemployment rate of the national average 3.4% compared to 7%. >> that's been a longstanding that college grads have. but you see the younger college grads, the millennial, they're having a difficult time because they are young and they don't have on the job gleans and people are not leaving the workforce, so jobs are not as
available for young people. i think my glass is half full. >> you say it's full. i'm back to three-quarters of the way. >> you think it's a little lower. >> well, you're the expert, so we'll give you this conversation. chief economist at the center for workforce co-defendant at rutgers. good to see you. the stock market rallied with positive jobs numbers with the dow gaining a whooping 198el points. which really odd. stock investigators have not liked it when the economic numbers showed strength. investors who can be perverse think that means the federal reserve will pull back on its monthly stimulus which keeps your interest rates low. guess what, they will. there is no free lunch. the feds keeping interest rates low housing and stock the only game for investmen investors. the fact that the stock market is finally celebrating what the
rest of us considered to be good news may actually be a sign that america's recovery is turning a corner. tech stock google hit an all time high of $1,070 per share. look at that chart. the stock is up 53% a year ago. all right coming up. i'm talking to a scrappy middle class shop owner who said the key to making it big in america is thinking small. later, scalpel, forcepses, smart phone. >> there you have my eardrum. we're able to record a video. we're taking the most common tool that every has in their pocket or purse, smart phone, and turning it into a medical tool to meet important needs. >> what could be the future of healthcare in america.
>> the industry's leader at the height of the tech boom. until a little company called oogle came along and search capabilities on it were so good that it became a verb. in aa hoo's 95% gain in share price this year has more than investors turning their head. heading up silicon valley on a monthly basis. it doesn't hurt that she knows yahoo's ceo well, and mariesa is central to the story. 95% increase in the stock over the last year. how much of this has to do with the new boss? >> some people think it's all here. there has been profile after pro tile.
it's at about the ceo that every hands to seeveryone wants to se. there is a company called alibaba, it's a big company and a business story for tech reporters. this will be a huge ideal in 2014. probably one of the most expected ceo tech reporters lik. >> are we thinking that yahoo has been acquiring other countries. alibaba is going to be a big money maker. and engineers, who are like marisa. >> you know, i have known marisa for so long. she is the engineer's engineer. she is the most logical nerd you will ever meet. well-dressed nerd but logical nerd. her way to find is to hire.
buy the team so you can staff the company. yahoo is in a great place. it has bought more than 20 companies. these teams will be on board. i'll be interested to see who stays and what they do. >> 95% this year. let's take a look at what this company has done since she came into office in 2012. but the chart looks exactly the same chart. 146%. this company was a high flyer back in the day. there were people who were going to acquire it, and it lost focus. a lot of people use yahoo. we're on the site. but what is yahoo? >> that is a great question that i have often asked marisa it's about brand advertising still. and brand advertise something a dying business, at least the way it exists on the web today. we don't know what marisa thinks yahoo will be in the future.
>> i understand that it was not her first job to show up and say this is what it is. we're always suspicious of ceo who is can walk in and figure it out immediately. when are we going to hear this is the future of yahoo. >> i understand that' that you d be suspicious of someone who comes in and says this is what it is. we have seen that she has redeveloped the culture inside yahoo. those people who have stayed are feeling more energized. ahear from people inside yahoo are more committeed. but what we don't know is what she plans to do. when she first came on she said she would be making layoffs to create a smaller staff. she hasn't done that. she said well, i need to rebuild the culture. we're here. so get on with it already. >> i know you stay on it very closely. jesse, senior writer at "fortu
"fortune." >> thank you very much. >> our final thoughts are for nelson mandela. when he was released from prison, after 27 years in jail he owed no one anything. he could have ridden in the sunset. he didn't. he negotiated the successful dismantling of apartheid. one of the most brutal oppressive regimes the world has ever known. he became south africa's first elected president. he gave black south africans the dignity of legal equality. no one person can up end economic injustices. the middle class is nowhere near big enough to finance the government's effort toss overall
education and healthcare and infrastructure. the poor are getting poorer, and believe it or not there are more of them. unrest bubbles jest below the surface, some how south africa is a beacon of freedom. it reminds me of america. i'm ali velshi. thanks for joining us. >> remembering nelson mandela. personal memories of the late south african president.
>> you're in the stream. mandela, rebel, terrorist, icon, can his legacy be reduced to buzz words and quotes. as the world celebrates the man how will he be remembered in the years to come. >> lisa fletcher is away, but we have our man julio, we can talk about this all day. >> we have been talking about it. >> we're still processing it. you told