Jan 13, 2014|
Automatically Generated Transcript (may not be 100% accurate)
Just -- -- -- is with us this morning CBS news senior business analysts also host of Jill on money Saturday's four until six. On WB and -- good morning good morning -- the unemployment numbers that came -- Friday. Investors think that they were a -- Whether it's the weather -- blame everything on the weather for -- -- well back to some economists they say it looked. There was some unseasonably. Severe weather as -- -- And what happens is the apartment does try to change its findings based on the season so they make these seasonal adjustments. But a lot of people will note that the seasonal adjustments fell far short of how severe the weather was. And you could see the weather impacted a couple of areas one is that there's about a 100000 more people than the long term average for a normal December whose set I could get to work because of weather. And we saw something very weird in the construction sectors 161000 jobs were lost at a time when housing market was really booming at the end of the year. So I don't know maybe it happened we got two more revisions we got to see what happens the next couple of months. What I can tell it was it was it was a disappointing reports are about back. Joseph two questions for you -- Bernie Madoff and his association. With the JPMorgan yes number one JPMorgan just pay -- another hefty penalty. This time for not raising any red flag usually came to Bernie Madoff dealings could you explain what role did this bank have when it came to -- don't back them. Well OK so they gave where it was like the bank to meet up it wasn't like they facilitated the fraud. But what happened was that they certain procedures that are sitters are supposed to spot some suspicious activity. And when they see that kind of activity they're supposed to -- report with regulators called a suspicious activity report or -- And in the GA board in case it does not look like it was anything except. Frankly a real cumbersome process that they didn't even follow themselves so they had certain people in the bank might see something. And it report went to one entity but not to the other. And it looks like they kind of blew it on air surveillance. In general and specifically in this case when red flags were raised go to the right people. So I don't know. The islanders bad season but I don't know I can't put a -- in -- for that. Can we now and after shock to you -- month. It turns up a holiday shopping season with a asked. -- first some retailers so. At first well last week shopper track says that -- that the traffic in -- brick and mortar stores with damp pretty dramatically animals by 15% is sales of two point 7%. I would take two point seven right now we also heard from the low end retailers dollars and hours and -- years. Both that say hey our customers are still under great economic pressure and had a lousy holiday season. Get me retail sales report out tomorrow we're gonna fight that overall how did retailers do. And we aren't earning seasons so when we get those reports have -- the various retailers we might find at the Hyatt did well. The -- didn't do so well in the middle depending on which what category they're in it okay. And you know lifted -- target -- expected more fallout mean after just ask companies and amp that it affected more people than we initially. I think we're gonna see a lot more this Reuters is X is actually reporting that there's a lot of other stores that may have had smaller breaches even markets being one of them. But there are some other pro there -- others or had sort of a similar weird things that happen and there are now maybe they're suspecting that ring leaders are from Eastern Europe. But you know you just have to be so vigilant in watching your credit report and watching your bills in the featured nothing weird pops I know it's like one more thing at the list of things you have to do but this. Original we'll talk to you later thanks take care it's just passenger CBS news senior business analyst and -- of money here and WB Ian.