China, Komo, Apple discussed on Noon Report with Rick Van Cise
These headlines now house speaker Nancy Pelosi is laying out her agenda for the new democratic majority. Seeing the American people have demanded a new dawn dinner, I remarks after winning election. As speaker Pelosi says the house must fight for the middle class in a way that's fair and financially sound while also protecting Medicare, Medicaid and social security and Associated Press review has found that a majority of the Roman Catholic diocese in the United States are now committed to publicizing the names of priests and others in the church accused of sexually abusing children that review found names released of more than one thousand priests and others accused of child molestation despite the partial federal government shutdown. The December employment report will be released tomorrow and bankratEcom senior economic analyst Mark Hamrick is watching than waiting with all of us and spoke. With komo's Tom hutler. Earlier if the end of two thousand eighteen had been an airplane ride, the pilot would have come on and said fasten seat belts and very turbulent skies ahead. Now, we enter into two thousand nineteen in the first jobs report of the year. Is that fasten seat belt sign still on don't eat a lot of pizza in the airport? Right. Well, yeah. I think volatility and uncertainty are here to stay for the foreseeable future, perhaps for the broader society, but also for the economy and financial markets, and I get so the jobs report poor which in many ways has served as remarkable positive counterpoint all the negatives that have to do with policy uncertainty interest rates, China trade, everything, quote, unquote, that's happening in Washington DC cetera financial markets, obviously. But in terms of this upcoming report that we get in the morning, I think that it should show that the job market continues to be hanging in there. And that will keep the unemployment rate well below four percent, and we'll see a steady pace of hiring for the month of December longer term. What about further signs of an economic slowdown given the negative signals. We've been getting from financial markets, given the trade issues the treasury yields and things like that. Absolutely. Well, a slowdown is here. The question is how much of a slowdown or? How much of a would-be downturn? If any we see meaning a contraction, which gets to the notion of a recession, and then the extent of the slowness which extends around the world, obviously in the last twenty four hours. We heard about Apple's problems in China, some of which may be macro China may maybe apple specific. Although there are other signs of slowing in China and China's responsible for ten percent of imports. So or exports from here. So that's all very important. And I think that as we look out over the next few months, we're going to watch to see whether the Federal Reserve actually pauses on interest rates, or whether it has a need to whether this downturn, the stock market continues to mushroom or escalate or whether we see more stability. It doesn't help that we have everything going on in Washington DC that leaves the policy uncertainty, meaning conflicting signs about what's going on with the US China trade discussions and everything else. All right. Thanks so much for the update Mark we will. We'll see what happens tomorrow when that report comes out the first of two thousand nine hundred Mark Hamrick. bankratEcom senior economic analyst joining us on the KOMO news line. Okay. Thanks, tom. Tom hutler with that. And by the way, the Dow down more than six hundred points right now, we'll have the latest numbers for you in our money update. Just a minute away. The federal judge issuing a preliminary injunction today against New York City's ongoing crackdown on Airbnb ABC's. Aaron Katersky has more this city passed a new law that would have forced Airbnb and other home sharing platforms to each month. Turn over detailed information about their listings, including the names and addresses of the host the city said Airbnb and similar short term rentals had exacerbated and affordable housing shortage and posed health and safety risks. But the judge said the sheer volume of records the city demanded it's likely a fourth amendment violation. Airbnb called the decision a huge win for the company and its users and a victory for privacy rights in ecommerce Aaron Katersky, ABC news, New York, Los Angeles, now has an early warning app. Could give people advance warning seconds. Before an earthquake hits. Tom Heaton is a Caltech seismologists between the time when the the earth starts to rupture on some of the full and when the rupturing all overtake spot a minute and a half he says that could save lives university of Washington involved in that study of the shake alert system, the state of Washington working on in identical system. California's ahead in their development because it invested twenty five million dollars in its governor Inslee is trying to get five million dollars allocated for the project and hopes it'll be an operation in the next few years. Komo news time twelve fifty and time for your KOMO propel insurance money update. We talked about the negative numbers. And we're on the way to a close and ten minutes. Deep close with a loss of more than six hundred points on the Dow it's down right now six hundred sixteen trading at twenty two thousand seven thirty the NASDAQ down one hundred eighty six in the S and P five hundred down fifty seven stocks continue to tumble after apple reported. A slowdown in iphone sales over the holidays in China. The rare warning of disappointing results from apple has sent a shudder through the market, and reinforcing fears that the world's second largest economy is weakening the United Auto Workers union accusing General Motors today violating a national contract by using temporary workers instead of employing full timers who were laid off from its factories. The UAW says its contract with GM requires it to hire those laid off workers first money news at twenty and fifty past every hour here on KOMO stand. By the latest on noontime traffic next talking real space, some regions are vast and empty.