China, Shanghai, Nancy Marshall Genzer discussed on Marketplace Morning Report with David Brancaccio

Automatic TRANSCRIPT

We are tracking job losses in this covert economy. It'll be a harbinger of bad things to come later. This morning the payroll processor will release. Its count of layoffs and hiring in April with the official unemployment report for the month due on Friday that could show joblessness at great depression levels. Marketplace's Nancy Marshall Genzer has more the monthly. Adp report is based on payrolls in the private sector it comes from actual payroll data. Investors are braced for bad news. The consensus from economists in one poll from Kano Day is that twenty million private sector. Jobs were eliminated last month but the payroll report isn't always a perfect predictor of the full jobs report which comes out this. Friday that measures the overall unemployment rate economists have told us they expect the jobless rate for April to be in the double digits. But that's not a perfect measure either. It counts people over age sixteen. Who aren't working but are looking for a job. If you're temporarily laid off but expect to return to your job the situation many people find themselves in now. You are also counted as unemployed even if you're not job hunting but if you lost your job permanently and have stopped looking for work. You're not counted even though you don't have a job. I'm Nancy Marshall Genzer for marketplace with interest rates so low investors are buying stocks. Anyway the Dow future is up two hundred seven points nine tenths percent this morning the SNP and the Nasdaq futures are up. Similar range crude oil up at twenty five forty two a barrel up three and a half percent. It's been on a three-day upward streak. China is coming off a five-day Spring holiday officially extended a year ago in the hope a longer break might spur tourism but the calculation is already in tourism revenue in China. Down Sixty percent during this Labor holiday marketplace's. Jennifer pack joins us from Shanghai. This morning thanks for connecting. Thanks for having me. People just afraid to travel his virus. Yeah that's part of it but there are still many virus. Prevention measures that deter people from travelling. We'll give us a sense of those in China well before you travel on vacation. You're GONNA have to answer a couple of questions. Will it affect your child's schooling? Some schools for example require students to sell Corentin. If they leave the city like in southwestern China's Quinn city. Another question is it going to affect your work This week there's a government press tour in Shanghai of schools reopening but because I left Shanghai last week on vacation. I'm now disqualified from attending China has also shut. Its borders to outsiders so if I leave now I'm not going to be allowed back into the country even though I have a valid work visa now many burdens for China's tourism and hospitality industries as is the case just about everywhere on earth. Now Yeah it's going to be a struggle. Businesses are held responsible for screening virus carriers. And if an outbreak happens they could get shut down so business. Owners are being extra cautious and right now. There's a narrative in the Chinese press that most of the corona virus cases are imported So even though a lot of those aren't Chinese nationals Returning from abroad in practice. It means foreigners like myself like a business liability so I couldn't book recently. A seat on a budget carrier and some hotels won't take foreigners so one a hotel owner in south western Yunan province told me that he expects his business might return to fifty percent of what it used to be. Only by summertime marketplace's China correspondent Jennifer pack in Shanghai Jennifer hanging there youtube given the pandemic. There's a forecast that half of all department stores located in. Us shopping malls will close by the end of twenty twenty one. If that happens adjacent dominoes will fall. Marketplace's Marielle Sagarra. Reports malls are generally built around anchor. Stores Big box retailers department store brands that occupy multiple floors and tens of thousands of square feet and all the smaller stores in between that sell clothing or jewelry or hot pretzels. They rely on those anchor. Stores to bring in customers. Mark Cohen Directs the Retail Studies Program Columbia Business School. When a anchor goes dark the specialty stores that occupy the concourse leading to the -partment store anchor struggle because the traffic is vastly diminished. Which is why he says. These smaller stores often have clauses in their leases that allow them to pay lower rent if an anchor store shuts down Cohen Paints a grim picture. Of what can happen. Next malls that have been suffering from this phenomenon. Start to invest less in housekeeping insecurity. Parking lots not not as Pristine. The mall becomes less attractive as a destination. He expects a lot of malls to close because of this crisis but department stores have been struggling for years and some malls have found creative replacements for them Barbara Stewart who teaches retailing at the University of Houston. Says that could happen again now. We may see a progression of retail malls to become service centers where Acre stores are replaced with fitness or beauty or restaurants or even met coal of providers that are more on the service side than on the product. Side the problem is these kinds of businesses. Might not be looking to open a new location anytime soon. I'm Maryelle Sarah for marketplace. Also farmers in meatpackers are hurting from the pandemic. But what's happening with people who fish professionally. Three hundred million dollars of corona virus response money was earmarked for the seafood industry but the situation remains bleak. Normally two thirds of Alaskan salmon is exported for processing and consumption New England lobster shellfish have long relied on restaurants and tourism fuel. Now fish are being sold online and shipped directly to consumers and more lobsters are being sold. Right off the duck marketplace's Lucas southern has been talking to some seafood pros from New England to Alaska..

Coming up next