Kate Bond, Dmitri Alperovitch, Philadelphia discussed on 90.3 KAZU Programming
Good to have you with us A couple big economic stories to start us off the Biden administration hit Russia with a raft of sanctions Today, one actually cuts off Russian government bonds from the U. S banking system. That's a big deal. The sanctions are consequences for divisive disinformation campaigns during the 2020 election and over one of the biggest infrastructure hacks to date, the so called solar winds breach from December that compromised US security agencies and companies. And that one. We're still waiting to see what it might mean for our economy. Marketplaces. Scott Tongue has an update. The solar ones. Hack is what's called the supply chain attack. The White House says Russian spies broke into software that tens of thousands of companies and government agencies depend on Dmitri Alperovitch at Silverado Policy Accelerator, a think tank, says the hackers. Main focus is intelligence secrets, but they also compromise multiple software companies. With the goal, seeming to be to find vulnerabilities in their product. Maybe even try to introduce backdoors or still critical information, and it's clear what the Russians are doing. They're stockpiling as many of the supply chain vulnerabilities as possible. These vulnerabilities threatened all of us who you say Microsoft programs, says Stewart Baker. He's a former national Security Agency lawyer now at the law firm Steptoe and Johnson. None of us is an island. We all trust the people who write the software that we are using. And if Those folks fall down where next? We're talking about the digital plumbing of modern life. Cyber analysts say. Hardware like Cisco routers was also infiltrated in the solar winds Hack as were parts of the power grid, says she fel sector at the University of Richmond. We trust these algorithms and these interconnected networks to make decisions for us that humans might not always know how to override those systems The hackers have burrowed in, she says. But how deeply and what the Russians ultimate plans are remain unknown. I'm Scott Tong for Marketplace. Now to happier topics. Spring is in the air and in our spending step two items on that today. Retail sales jumped 10% in March, the biggest increase we've seen since last May. And jobless claims fell to their lowest level since the pandemic started. And within that data are plenty of hints about where the economy is headed. Marketplaces. Justin Hope got into that one. First Let's look at jobless clients, Kate Bond, and economists with the Washington Center for Equitable Growth, says the numbers very week to week, but she's been looking at the four week moving average. The four week moving average helps smooth any atypical blips. That average dropped by 50,000 claims, Bond says That's a solid sign that the economy is laying the groundwork for recovery. I need to make sure that that recovery is shared among all workers. But what we need is a solid foundation of job growth, and we're getting to that place. Another sign retail spending, jumping by double digits in several categories. Motor vehicles and parts electronics, building materials, sporting goods department stores. That's George Perks macro strategist that bespoke investment group, he says. That kind of spending can ripple throughout the economy. For instance, look at food and the fact that spending at restaurants rose by more than spending at grocery stores. That's gonna have a bigger impact on employment on tax receipts. Controversial real estate market. Some of that spending might be a little too hot at the moment, Wells Fargo senior economist him, Quinlan says. Look at motor vehicle and parts sales up 15% from last month. You don't need to replace your car that regularly so there is some risk. We could see some softening in those categories the middle part of this year. If that happens, Quinlan says, any weakness could be outweighed by strength and services. Spending is the economy opens up. I'm Justin. How for marketplace? On Wall Street today. Oh, hey, What do you know? Record highs. Finally, we're on the same page. We'll have the details when we do the numbers. Nearly 124 million people. Almost half of the adults in the United States have gotten at least one dose of the covert vaccine. But the distribution is still not even in most states. The Kaiser Family Foundation found that white residents are being vaccinated at higher rates than black residents on average, more than 1.5 times higher. In Philadelphia. Public health advocates are trying a new strategy. Walk in vaccine clinics. Market places him at the fields reports. Good afternoon. How you gonna help me? We have are you you're covered for your second shot. That's right. In the parking lot outside Deliverance Evangelistic Church in Philadelphia. There is pretty much always aligned five days a week. Anyone who lives in one of the cities hardest hit zip codes can just walk up and get a covert vaccine. No appointment necessary. Johnson and Johnson. I'll be that line over there against the wall. Let me see your I d, sir. On a recent Wednesday, the clinic was offering to vaccines J and J, which is now on pause and Madonna. You're.