12 Burst results for "Joseph Bruce"
Marketplace with Kai Ryssdal
"joseph bruce" Discussed on Marketplace with Kai Ryssdal
"Jobs and consumers, not much else need to know, really. Well, I mean, there is and we'll tell you that stuff too. From American public media, this is marketplace. In Los Angeles, I'm con risdale. It is Tuesday today the 26th of July, it is always to have you along, everybody. Let us do away. Shall we with all the talk of are we or are we not in a recession? Maybe somebody will ask Jay Powell how he defines recession. When the fed chair holds his press conference tomorrow after he announces the all but certain interest rate increase. We, though, here are going to go away from economic speculation today to the fundamentals, the nuts and bolts of this economy and the thing that Powell at all are keeping an eye on. The really strong but perhaps cracking just a little bit as the fed's interest rate increases start to bite. Job market. Marketplace Mitchell Hartman gets us going. From April to June, the economy added nearly 400,000 new jobs a month. That strong but not as strong as earlier in the recovery. Unemployment claims, meanwhile, are up 50% since hitting an all time low in March. There is no doubt the labor market is slowing. Jason fuhrman is a senior fellow at the Peterson institute for international economics. He says the fed is trying to tamp down labor demand to keep wage inflation in check. So it's actually okay to have some slowdown in job creation. The tricky thing is to know whether it's slowing from an unusually rapid 400,000 jobs a month to something like a 150,000, which would be perfectly good or whether it's actually going to start to reverse and shed jobs, which would be bad. Demand for workers is no longer as crazy hot as it was 6 to 9 months ago. Julia Pollack at zip recruiter says employers are posting fewer jobs and offering fewer signing bonuses. It looks as though employers are not bending themselves into pretzels to attract workers anymore. Meanwhile, workers fear of job loss is rising and fewer workers say they're looking to change jobs, says John Lear at pulling firm morning consult, given the economic uncertainty folks are saying that they'd rather hold on to their jobs as opposed to try to jump ship. Bottom line, things were great. They're getting somewhat worse, though they definitely aren't bad, not yet, anyway. The problem says Joseph Bruce Wallace at consulting firm RSM is that this could all change fast. When the economy goes into recession, it doesn't turn like a big slow battleship. It tends to fall off the cliff. And by the time the economy is actually losing jobs, there's a good chance a recession is already begun. I'm Mitchell Hartman for marketplace. A relative economic stone's throw from the labor market is consumer confidence, right? They go together and even though we say we are unhappy, much like jobs starting to crack, right? Consumers have been resilient of late. We've been feeling the inflation, but we are still buying an all lot of stuff. Marketplaces of NMR has been asking around about when our pessimism about the economy and our spending habits might maybe going to fall in line. We learned today that a measure of consumer confidence from the conference board fell for the third straight month and lane Franco director of economic indicators for that group says when confidence slips, that leads to caution, then that leads to a potential pullback in spending. Or at least it used to. You can't rely on old rules of thumb. Robert Frick is an economist with the navy federal credit union. You have to basically wipe the chalkboard clean and come to fresh conclusions. Normally, by the time we're all freaking out about a possible recession, Frick says Americans have already been feeling the economic turbulence for a while. But Betsy Stevenson and economist at the University of Michigan says there are a few things insulating many of our budgets from inflation. One is that people built up a lot of savings during the pandemic. You know, stimulus checks all that time at home. I think for a lot of households right now, even though they're very worried about the economy, they think at least I have a reliable job. As the Libra market cools, Stevenson predicts consumer spending will, too. And for some lower income households, that's already happening. Here's Lin Franco again. There's sort of a tale of two consumers here where one's being much more impacted. We're seeing some signs of changes in consumer behavior. This week, Walmart said its customers are spending less on discretionary stuff and more on necessities, like groceries. I'm Savannah marr for marketplace. Wall Street was kind of a drag today as far as Walmart's concerned. A bit of a sour mood overall before fed day will have the details when
Marketplace with Kai Ryssdal
"joseph bruce" Discussed on Marketplace with Kai Ryssdal
"We did the fed word cloud thing on the top of the program kind of an impressionistic approach to monetary policy. I suppose, had to shake it up a little bit, but something else chair Powell said at his press conference today caught our ear. It's a risk that we simply can't. We can't, we can't run that risk. We can't allow a wage price spiral to happen. To be clear, Powell said there is no sign we are in a wage price spiral, but clearly he is a tad bit worried. A wage price spiral is just like it sounds rising wages drive companies to raise prices, which prompts workers to demand wages that are higher because prices are going up, so companies raise prices more so they can pay those raises and so on and so on. And obviously once that cycle gets started, it can be hard to stop. Marketplace is Mitchell Hartman is on explainer duty today. I wanted to understand the connection between wages and prices in recent periods of high inflation. So I checked in with Notre-Dame economic historian Tom, stapleford. And like a good historian, he said. Maybe if it's helpful I could go a little bit further back. I figured he meant after World War II or the American Revolution. Nope. 4000 years ago in the code of hemorrhagic. So ancient Babylon tried to set prices for hiring animals to how much you would pay to hire a cart, pay for surgeon speeds or wheat or for grain. The staple Ford says back then, wages and prices were kind of the same thing. In our modern economy, these two can get out of hand if there's a classic wage price spiral. As consumers are worried that prices are going to rise in the future. First of all, they're going to try to purchase things right now because they want to lock in something at a price existing price before it goes up. But they also are going to push for higher wages. That's what happened in the 70s and early 80s when the level of inflation we've seen for the past few months dragged on for a decade. I think we are in a wage by spiral right now. Columbia economist Frederick Michigan is a former Federal Reserve governor. If workers start to expect inflation to be higher, they have to ask the higher wages in order not to fall behind the April. It's great if you get a 5% wage increase, but if inflation is expected to be 8%, you can buy a 3% less goods next year. He argues the Federal Reserve failed to act fast enough to keep prices and wages down. When you're in a situation where the Central Bank loses credibility, people are not as convinced that they're going to control inflation. It's exactly a time when workers and firms are going to end up with higher wages. Some analysts, though, think we're not quite in a wage price spiral. I don't think we are necessarily entrenched in one yet, though I think the risk is very clear and very present. Investment analyst Ross Mayfield at Baird, which is a marketplace underwriter, says, what's driving inflation right now is principally pandemic and war, not wages. You know, many people understand that this is both COVID related and Ukraine related. Long-term inflation expectations are still reasonable. They are not outside of the norm yet. Then there's the camp among economists that says there's not much risk of a wage price spiral now or anytime soon. Joseph Bruce wallis at consulting firm RSM says workers simply don't have the clout to push wages higher and higher. This is not a wage price spiral linked exclusively to inflation in the way in which we saw that during the 1970s. When labor unions represented one in four American workers and their contract set the pattern for wages across the economy. Back when unions played a much larger role in the economy, many contracts were tied to inflation in the late 70s, the united mine workers were able to extract almost a 12% increase in pay in one year linked specifically to inflation. Bruce Willis points out hardly anyone except retirees get automatic cost of living adjustments anymore. And he says companies have been able to pay higher prices for their supplies and pay higher wages to attract workers without hurting their profit margins. Evidence to him that the pressure to raise wages isn't hurting employers or the economy. Higher wages are a good thing in the American economy and not to be feared as we move forward that can't be repeated often enough. He says the fed should focus on fixing the price inflation.
The Breakdown with NLW
"joseph bruce" Discussed on The Breakdown with NLW
"Energy supplies, global oil and gas prices will quickly spike to levels that collapse the entire global economy and USD centric debt markets and financial system. The New York Times quoted Joseph Bruce, the chief economist at the audit and tax firm RSM U.S., who said, should the Russian incursion into eastern Ukraine turn into a full fledged invasion? It is likely that the global and U.S. economy will absorb yet another supply shock. Also from the times mister Bruce whales projected that an energy shock could shave 1% off the United States gross domestic product in the next year and push the inflation rate up to 10%. That could raise the need for policy support to help lower income workers weather rising food, fuel, and goods prices. Oil approach $100 a barrel on Tuesday, the highest in more than 7 years. In European gas future spike 13% after Russia ordered troops into separatist territories in Ukraine. Analysis said that an escalating conflict could also lead to widening credit spreads and weigh on global stock prices. Europe agrees with this assessment, bastion drew the chief thematic macro strategist at CPR asset management, said one of the very few definitive things we can see from this crisis is that energy prices are going higher. Even if there is no further escalation in Ukraine, the main consequence is still going to be higher inflation. That, of course, could have impact on broader growth. Strategists at JPMorgan wrote an energy price shock amidst an aggressive Central Bank pivot focused on inflation could further dampen investor sentiment and the growth outlook. Finally, one interesting note around the stock market, Jim Bianco kind of sees it as a barometer of how seriously the business world is taking the possibility of what happens next. For the moment he writes western stock markets are a measure of how serious we are about stopping Russia. Yes, markets are down a lot the last few days, but nothing compared to the plunge they would take if they thought the west was serious. Still, I want to close with a tweet from cantering Clark, who I think really captures the market situation in the moment. Quote, trading for a long time now, and I don't think I have ever had this much near term uncertainty. No one likes to use the words I don't know. But I don't know. I think that really captures the feel of it. We're expecting and maybe even when I open the browser again after I've done recorded, new sanctions from President Biden, but we also are expecting them to do little or nothing at all. The debates around what Putin does next are coming Fast & Furious, and ultimately we'll just have to wait and see. What is clear is that what's driving markets right now is not just native to the crypto industry. And that we are part of something larger, even if not fully correlated to the rest of the financial world. I hope that today's show and shows like it help you navigate that. So thanks for listening. Until tomorrow be safe and take care of each other. Peace.
Marketplace with Kai Ryssdal
"joseph bruce" Discussed on Marketplace with Kai Ryssdal
"Covert the delta variant in any new variants could cause consumers to pull back business to slow. I'm out in the road on business. Travel in their pointer half full. The hotels are full job. Growth has already slowed says heidi sheer holtz at the economic policy institute. We added over seven hundred thousand jobs a month for six months in a row earlier this year but then delta hit and we added only about a third that amount in august then. there's global supply. Chains disrupted by covert outbreaks. Driving up prices. There are increasing troubles in china's real estate market. But eric friedman at us. Bank asset management isn't too concerned. We're gonna anticipating a significant contagion effect from the issues in china. Right now they have a significant set of reserves to allay some of these concerns closer to home. A political risk is looming says. Joseph bruce willis if congress doesn't raise the debt ceiling and the us defaults that's a politically induced artificial crisis. There is a cost. you'll see equity selloff. you'll see consumer in corporate confidence. Erode russillo says this is right at the top of the fence. Worries about the recovery going forward. I'm mitchell hartman for marketplace. We're talking a little bit yesterday about the fed has mitchell was talking about giving every son. Then it's gonna start slowly ever so slowly easing up. On some of the support it has been giving this economy tapering as we explained. Its bond buying program. Perhaps as soon as next month and then maybe fog as well nudging interest rates up as always the pandemic and our response to it plays a big role here but this is the start of the process. Lots of economists and businesses and investors have been watching and waiting for and forecasting around marketplace's. Kimberly adams has today's story in genre that we have come to call what happens now. Not much really changed yesterday but fed chair jerome. Powell laid out a clear picture of what the change when it comes is going to look like. Jamie cox is managing partner of harris financial group in richmond virginia. Yesterday i think the federal reserve did a very good job of setting a boundary between what taper meant and what liftoff will mean the conditions necessary for winding down support compared to the more stringent conditions for actually raising interest rates. So for now consumers may only notice slight changes in say the housing market says daryl fairweather chief economist at red fin the window for which mortgage rates are moses narrowing and could be over quite soon and a short term that can actually encourage remarkable divide home or to speed up their home search if all goes according to the feds plan and the economy continues to stabilize eventually interest rates for things like credit cards personal loans could start moving up to however says jack klein hens chief economist for the national retail federation tarzana where the economy or what. The economy will look like in the middle of next year and whether or not the pandemic is contained so while the fed has laid out the path that could get us to higher interest. Rates kleine henne says it starting with baby steps in washington. I'm kimberly adams for marketplace man. There were a whole lot of what ifs in the last four minutes. This radio program Wall street today traders. Were looking to buy. But also we'll tell you about bonds interesting news there as usual.
Wall Street Breakfast
"joseph bruce" Discussed on Wall Street Breakfast
"Is wednesday. September twenty second. And i am your host nathaniel e baker filling in for pimm fox. Our top story today is of course the federal reserve policy announcement this afternoon at two thirty. We are watching also the ever grand situation very closely more on all that in a minute. Let's first take a look at markets today in asia. The nikkei is down about seven. Tenths of one percent hang sang in hong kong is closed. China is up about four tenths of one percent. India is down about one tenth of one percent in europe at midday. We have the footsie in london up over one percent. Same as the cac in paris and the dax in frankfurt is up about six tenths of one percent turning to the us. The dow is up about six tenths of one percent. Same as the s&p five hundred nasdaq up about four tenths of one percent. Crude oil is higher. Rallying by about one point six percent to trade around seventy one dollars and sixty cents a barrel. Gold is roughly unchanged and. Bitcoin is down three percent trading around forty. Two thousand one hundred. The ten year treasury yield Is up about one basis points to around one point. Three three six percent so the federal reserve takes center stage today. But the decision could be a dud for the market. That's been hyping up these big macro events lately this is certainly the most important. Fomc meeting since well. Since last one i guess. But if chairman. Jay powell and company aren't going to avoid taper talk and keep rate forecast steady wall street. Could likely shrug it off as they did. Recent jobs reports and inflation readings so nobody expects a rate hike when the statement arrives but there is plenty for the fomc to try and finance it statement. And of course for powell to address in his cue. Cuban a that follows quote. The fed has to navigate desire to taper asset purchases through land mines of uncertainties about the economy and the risks posed by variants debt ceiling politics china and inflation so said diane swonk chief economist at grant thornton in a tweet yesterday sock index futures are higher as we said though that is likely more due to the developing situation in ever grant in china as we'll see in a minute quote the s&p five hundred is basically flat since the fed's july twenty eight confab tweeted ren mac quote when we think about the last few times. China was the source of concern. Two thousand fifteen two thousand sixteen the. Us equity decline was far more pronounced asset purchase tapering calls for the fed to trim. It's one hundred. Twenty billion dollar per month in asset purchases are growing as inflation heats up but the consensus is that there will be no official announcement on tapering today q. Thirds of fifty two economists surveyed by bloomberg. Expect a november announcement and more than half of them expect the fed did not start tapering until december or the announcement to come in december. Rather powell is still been adamant that he will give ample notice for any moves. According to black rocks rick reader the august jobs report gave the doves on the federal reserve's board essentially where we think the chair resides today some fodder for postponing tapering of the q. E. asset purchase program. Though we think of this would be a mistake yet. We do believe that we will learn more details in september. That's today from the fomc meeting. Relative to what the feds scheduled for tapering will be. That's according to blackhawks rick reader. A change in the wording of the statement may be where the market gets that signal. economists joseph bruce willis in his economy blog writes quote if the fed signals any change expect different language in the third paragraph. It's of its statement where the committee may update the risks to the outlook as balanced which may signal tapering before the end of the year mohammed el area for his part says quote in two thousand thirteen before its previous round of tapering. The fed used it statement to signal coming policy action so it may choose to take that approach this week. Dissecting the dot plot the latest dot plot chart of fed members interest rate projections will also be closely watched The sole purpose of this thought plot is to increase confusion and misunderstanding in financial markets according to ubs chief economist. paul donovan. The dot has meant to illustrate where individual members rates got rates going but not where they will or necessarily want them to go and the fed chief himself. Jerome powell has said that this is not a great forecaster but if three members raise their twenty twenty two dots. The new medium will be for a quarter point hike that year so next year and wall street banks have been aggressively marketing. Short-term interest rate derivatives. That would pay off with tightening pulled. Four forward that's according to bloomberg reports quote. Watch the dots likely. We'll see initial rate hike pulled into twenty twenty two with more in twenty twenty three. That's according to kathy. Jones fixed chief income strategist for schwab ethics questions beyond monetary policy. Powell may face some difficult questions about the recent controversy of the asset. Portfolios of fed governors dallas fed president robert kaplan trading in individual stocks last year including several mega caps that would benefit from lower interest rates prompted the fed chairman to open an ethics review and powell to other fed members own securities that the central bank was buying last year ever grant interest payments. Bloomberg is reporting that hanged a real estate which is the main unit of the troubled chinese property developer. Ever grand will make. It's thursday bond coupon payment. That is hardly means that ever grant is out of the woods however indeed a restructuring still seems likely but a disorderly unwind. Now seems off the table at least for the moment other news here. Conoco phillips will become the second largest oil and gas producer in the lower. Forty eight us states this after it's nine point five billion dollar acquisition of shells assets in the permian basin adding an estimated. Two hundred thousand barrels per day will put conoco within striking distance of leader..
Marketplace with Kai Ryssdal
"joseph bruce" Discussed on Marketplace with Kai Ryssdal
"I'm mcrae's and for cairo doll. It is wednesday august eleventh. Good to have you along so the big economic news of the day and let's be real. It'll probably get sliced and diced for the rest of the month is inflation as he may have already heard. Cpi the consumer price index rose five point four percent year over year in july and the index is at a thirteen year high but month to month. Prices rose less july than they did. In june and core inflation which strips out food and energy also grew at a slower monthly pace prices for used cars and airline tickets which have been going crazy fast and may and june barely budged in july now fed chair. Jay powell has been saying all along that this surge of inflation is transitory driven by supply chain bottlenecks and reopening pains as marketplace's mitchell hartman explains today's cpi report backs up that short term inflation narrative for the most part with prices moderating for many items related to reopening the pandemic economy andrew hunter at capital economics says fed officials investors and consumers can breathe a sigh of relief that the burst of higher prices in the surgeon inflation that we've seen over the previous few months nine seems to be fading but what about inflation for food away from home that's going out to eat. Prices kept rising sharply in july along with wages for waiters cooks and bartenders. Those wage increases just aren't good at turn into a level of aggregate demand that will result in inflation. Joseph bruce willis at our sem consulting says even if they are getting big pay hikes. These lower income service workers aren't rich enough and don't spend enough to raise prices economy-wide and josh givens at the economic policy institute says some wage inflation for these workers is fine. People were going out to restaurants again and wages and employment are both rising and until we see evidence that the fast wage growth is like choking off employment growth. I think we have to say that's really good restaurant. Workers actually have some bargaining power. They traditionally do not have but in housing. There is a growing inflation. Risk says eric friedman. Us bank we do. Think that rent increases will likely be a path floor with home prices surging and the delta variant making people's office and housing plans more uncertain. Friedman says rents are set to jump later this year. I'm mitchell hartman for marketplace. Yesterday on the program. We talked about the infrastructure. Bill that just passed more specifically we looked at some provision in that bill aimed at mitigating wildfires and their impact. And today we are turning our attention to other parts of the bill that could have a direct impact on the size and spread of those wildfires. I am talking about energy. Infrastructure because as marketplace's india reports the investment in the clean energy transformation that the biden administration has been touting seems to be getting underway with this bill after bridges and roads the biggest ticket item as it stands at more than seventy billion dollars is upgrading. The electricity grid power infrastructure. Joshua roads is a research associate with weber energy group at the university of texas at austin. He says that's an investment in the future. If we're going to run more of our grid off of renewables we're probably going to have to build more transmission lines to move that power longer distances and some of the things in this bill do put money towards that. The bill also allocate some fifteen billion dollars for electric vehicle infrastructure including more charging stations along highways and forty billion dollars to make public transit. More environmentally friendly. David palo is professor of environmental studies at the university of california. Santa barbara public transit piece is way more important. We're gonna get way more bang for a buck specifically says from things like low emission. Buses ferries and school buses now. This bill could do more to address. Climate change reality says jennifer haber camp. She's director of the graham sustainability institute at the university of michigan and she also worked in environmental policy in the obama state department but she says a significant movement in the right direction with some good elements in there and especially important for what it signals about a bipartisan recognition of the importance of addressing climate change infrastructure. She says she's now turned her attention to additional climate. Change policy funding in the budget reconciliation. Bill that just passed in the senate. I made euler for marketplace wall street today had its is on that consumer price index..
WBAP 820AM
"joseph bruce" Discussed on WBAP 820AM
"You could see the Facebook live I did with Randy. Um, um, and this beautiful, amazing wife normal. She did the camera. Uh, today this office on my Facebook page, WB AP Ah, Chris Crock Show Chris Crock Show Facebook Page. Go to Facebook type in Chris Crock Show That's Chris Crock Show. C H R. I s Hey, are okay, click like and Jump in, but his brand new offices, they expanded and Anyways, I was also talking to a local executive. At Randy's office and see who called me. Said that you gotta use he was like I'm just CPS. Randy's amazing, he says. Why don't have Iris problem That said No, He's still amazing for them. I use them and I don't have problems. So he said. Give me his information. I said okay. Um Yeah. I mean, how How do you wanna handle this? The way that you know, should just said Marjorie Taylor, granted been stripped of her committee. Should we do the same thing? The Democrats did the US And, um the other thing is Um The other thing is, um I got to just tell you is that we should never be like Them. We should do what is right. So I don't want to say no, We shouldn't strip the Democrats of their committees like they've done to us. I think what we do is I think we don't do it in the past, even though it's worthy of it like they did, I think assumes something hit. We strip when we get the majority and say, You know what we gave you, Grace. We didn't go have to even for stuff that was said as a congresswoman, like the Jew hating of Ilhan Omar. Um, the violent rhetoric of Maxine Waters. The terrorists and inspiring Bernie Sanders. To that, and people can laugh because Bernie seems to be the nicest guy in the world, even those socialist, But he inspired a guide to try to murder people like Steve Scalise on a baseball field. Who V l feel, who yelled This is for health care. It was a rabbit Bernie supporter. Free healthcare. Yes. Press free health care or, well, Marty to hell down. And you know, Chris when we know you'd held down and on the baseball field You will have free health care. Right, that. Is that the deal? We're gonna move you down on the baseball field, but you get free health care. So Yeah. 800 to 88 W B A P s her number. So, um, no. We should not have had one Republican voting to strip uh, Marjorie Taylor. Dream of her, Um Over. Titles or committees. Here's the other part. Yes, I thought she apologized yesterday. She did a good job. I still think she's a nut job. But I don't think I think it is our is not our business about her seat. It is the Seat of the people of the state of Georgia who reside in her district. They will handle they will vote. Her in her out is not our issue. Who is theme not bag again from Joseph. Bruce. If producer Bruce of Who is the nut job that I'm thinking about the female African American lady from McKinney. She's the nut bag. I know her name wraps up my head, but she doesn't live here. It's always forget her name. I'm talking about the nut Nut Nut nut job. Um No, none of us do. Well, you Google and figure it out. People call in and tell you I can't remember her name now. I mean, that woman has said way more insane things than Then I think the nut bag from Georgia has The other thing is Stripping. I'm sorry. The Republican Party trying to some trying to Kicked out. Cheney, Liz Cheney as the minority leader. The what? In the House leadership. He's the number three house leadership. They try to strip her of that. And there was a vote and it was 61 to 100. Something 1 65 or something? It was way, way, way off. On gets crazy because some of the People. Some of the columns I read today were saying it was a great thing. But she didn't get stripped over kicked out of the chairman of the House of representative Conference. That was a good thing that you give kids didn't get kicked out because it shows we're a big tent. We're not gonna kick you out based on your loyalty to Donald Trump. We're not going to stomp on and cancel people like Democrats to do. I wanted her. To be kicked out. I wanted her to be kicked out. Because she Through the president of her party and the leader of her party she had like him. Obviously, her dad doesn't like him either, obviously, but she threw him under the bus. And that is not Way to do it unless he He did not incite the violence. When we learned that there was a three week premeditated attack by Proud boys, Oath keepers, three percenters or whoever those folks are. Those domestic terrorist types are Um and that they some people planted bombs. This was planned out three weeks in advance. The people like the idiot, General Ryan, who says our show your half. Oh, by the way, D just sent me a message through Facebook is Sheila Jackson Lee. Thank you. Sheila Jackson Lee. That's the nut bag from Houston. Thank you. Would know her name would flow off the top of my tongue, but she's not from the Metroplex. That's why I always forget the nut bags Name. She only comes out and says crazy things that make the news about every what couple times a year, so it's not to comment. Um Sheila Jackson Lee, Thanks to D you get the point bonus points of the day DS..
WBAP 820AM
"joseph bruce" Discussed on WBAP 820AM
"With My C p a Randy Martin today and dropped off my tax doc documents or is the former impeachment manager for Democrats, Val Demings would say documents. Yeah, text documents, and I'm so excited because Randy's such an amazing C p A. I'm gonna get my refund back. Um Quickly, but I did did I do need it? No, Granny said the Iris isn't even doing the filing until the 12th because of Kobe. They state, they said, we're not receiving tax returns of crossing until the 12th But the good news is I am. I'm good to go, Boom, baby. Use him for your C P A for your personal or free for your business. Also, um, if you have iris problems, he's an expert. That good iris prob dot com IRAs, p R O b dot com or call to 14 to 1482140. You could see the Facebook live I did with Randy. Um, um, and this beautiful, amazing wife normal. She did the camera. Uh, today, this office on my Facebook page, WB AP Ah, Chris Crock Show Chris Crock Show Facebook Page. Go to Facebook type and Chris Crock Show That's Chris Crock Show. C H R. I s Hey, are okay, click like and Jump in, but his brand new offices, they expanded and Anyways, I was also talking to a local executive. At Randy's office and see who called me. I said that you gotta use. He was like I'm just CPS. Randy's amazing, he says. Why don't have Iris problem That said, No, No, he's still amazing for them. I use them and I don't have problems. So he said. Give me his information. I said okay. Um Yeah. I mean, how How do you want to handle this? The way that you know, Should should. Marjorie Taylor granted been stripped of her committee. Should we do the same thing the Democrats did to us. And, um the other thing is Um The other thing is, um I got to tell you is that we should never be like Them. We should do what is right. So I don't want to say no, We shouldn't strip the Democrats of their committees like they've done to us. I think what we do is I think we don't do it in the past, even though it's worthy of it like they did, I think assumes something hit. We strip when we get the majority and say, You know what we gave you, Grace. We didn't go have to even for stuff that was said as a congresswoman, like the Jew hating of Ilhan Omar. Um, the violent rhetoric of Maxine Waters. The terrorists and inspiring Bernie Sanders. To that, and people can laugh because Bernie seems to be the nicest guy in the world, even though he's a socialist, But he inspired a guy to try to murder people like Steve Scalise on a baseball field. Who V l feel, who yelled This is for health care. It was a rabbit Bernie supporter. Free healthcare. Yes. Press free health care or well more you to hell down. And you know, Chris, when we move you to hell down and on the baseball field. You will have free health care. Price that is that the deal? We're gonna move you down on the baseball field, but you get free health care. So Yeah. 800 to 88 W B A P s her number. So, um, no. We should not have had one Republican voting to strip uh, Marjorie Taylor. Dream of her, Um Never Titles or committees. Here's the other part. Yes, I thought she apologized yesterday that she she did a good job. I still think she's a nut job. But I don't think I think it is our is not our business about her seat. It is the Seat of the people of the state of Georgia who reside in her district. They will handle they will vote. Her in her out is not an issue who is theme not bag again from Joseph. Bruce. If producer Bruce of Who is the nut job that I'm thinking about the female African American lady from McKinney. She's the nut bag. I know her name wraps up my head, but she doesn't live here. It's always forget her name. You don't talk about the nut nut nut nut job. Um No, none of us do. Well, you Google and figure it out. People call in and tell you I can't remember her name now. I mean, that woman has said way more insane things than Then I think the nut bag from Georgia has The other thing is Stripping. I'm sorry. The Republican Party trying to some trying to Kicked out. Cheney, Liz Cheney as the minority leader. The what? In the House leadership. He's the number three house leadership to try to strip her of that. And there was a vote and it was 61 to 100. Something 1 65 or something? It was way, way, way off. On gets crazy because some of the People. Um, Some of the columns I read today were saying it was a great thing. That she didn't get stripped over kicked out of the chairman of the House of representative conference. That was a good thing that you give kids didn't get kicked out because it shows we're a big tent. We're not gonna kick you out based on your loyalty to Donald Trump. We're not going to stomp on and cancel people like Democrats to do. I wanted her. To be kicked out. I wanted her to be kicked out. Because she.
Marketplace with Kai Ryssdal
Pandemic wage gains were just a fluke
"Come friday. We're going to get the latest stab shot on average hourly earnings in this economy and it is expected to show continued strong winds gains but our guy on economic statistics mitchell hartman. He says best to ignore that and focus instead on the trouble yet to come so a crazy thing happened on the way to the pandemic recession. After the economy shut down and twenty million people lost their jobs. Workers average hourly earnings went up skyrocketed. Actually up eight percent year over year but what got was was not signal. Joseph bruce willis is chief economist at rsm consulting. He'll be our guide through this thicket of wage data and when he says noise not signal he means fast. Rising wages have been a statistical anomaly of the pandemic economy high paid professionals kept working from home and mostly held onto their paychecks but millions of mostly low paid service workers lost their jobs. When you've got forty percent of households making forty thousand or less seen a job loss or loss in wages. That explains that head. Fake if you will on wages forty year old cinnamon deutsche is. An example of what bruce willis is talking about. She was teaching at a childcare center in asheville beulah ohio when it closed and she got laid off in march her three hundred and fifty dollars a week. Paycheck disappeared from the average earnings calculation. But she got unemployment which included six hundred dollars a week in extra federal pandemic pay until she was hired back three months later. I made twice as much on unemployment with the extra six hundred dollars. As i do now but i am glad to be back to work. I mean i like going to work so like many americans do inches. Income actually went up for a while because of additional unemployment benefits and relief checks but those temporary effects are fading. And just says we're in for a rude awakening. What i think we're going to see is a very bifurcated. Wage market this idea that k shaped economy separation between the hadgem. The have notch bruce willis says the haves those who work in what he calls. These zoom economy will have made goes at the upper end. Those who are already thriving. There's going to be competition for those workers. you know. Premium place their wages but for lower wage says workers even as the economy reopened and employers. Start staffing up again. Those in the middle to the lower end of the market where the damage occurred. They're not going to see a lot of wage growth. That's due in part to supply and demand. Lots of unemployed workers looking for jobs not enough job openings to give them leverage to demand higher pay. then there's something. Economists call downward nominal wage rigidity firms during hard times ten not reduce. The wages of the employee said they keep on the books but when the times get better wage gains core restrained. That is pretty much what cinnamon joy is seeing in her job. She's back at work fulltime at her previous salary of three hundred and fifty dollars a week. The extra unemployment income she banked back in the spring has run out. My credit card is back up to you. Know almost max out trying to pay five or ten bucks extra so that i can pay that down. I make enough money to pay my bills and have mcdonald's once in a while but you know if my car breaks down or have an emergency am just outta luck i i have to borrow from. Somebody doesn't expect chill get a raise until she hits ten years of service in twenty twenty
Marketplace with Kai Ryssdal
The recovery is slowing down so much soon it could be going backwards
"Can still be alarming. The problem is improvement in the job. Market is slowing way down. We were adding jobs twice as fast just a month earlier in october. Economists joseph bruce willis at our sim consulting. Explains this with and warn you some complex math math that i almost flunked in college. What we call a first riveted. Second derivative problem first of look strong the two hundred and forty five thousand jobs we added in november but the second derivative that's the rate of change of the rate of change is actually cloyne continues. You'll end up with an outright loss of jobs on a monthly basis. So he's saying if employment growth keeps decelerating. We could be losing jobs by next month and even if we keep up with november's pace full recovery is going to take a very long time says daniel jau at jobsite glass door because we're nine point. Eight million jobs short pre-crisis levels at this month's pace take us until twenty twenty four to return to those pre-crisis levels that we'd had and digging out of this unemployment hole is about to get harder says lisa rohan at forbes advisor she points to rising covid cases and government shutdown orders mounting business failures and government relief about to expire. A majority of people are feeling less comfortable than they did. Six months ago to make regular household purchases and a vast majority of people are holding off on those major purchases like a home or a car the latest forbes adviser ipsos poll finds half of american workers are now afraid they or someone they know. We'll lose their job in the next six months. I'm mitchell hartman for marketplace. This being a friday it is time for a look back at what the heck happened jobs. And otherwise neil. Richardson is here. She's at adp. David gura is back as well. Hey to so neil. Let me go to you as the trained economist on the panel David if you've ever took calculus. I never did and i surely would fail. I don't i don't even know bonilla To the point that mitchell was making and job as well as well this idea that labor market gains are slowing that seems to me to be perilous. It is and i was a math major said well
Marketplace with Kai Ryssdal
Delaying COVID-19 relief could do lasting damage
"We are not going to hazard a guess here about what is going to happen with negotiations on an economic relief bill the negotiations that the president shutdown yesterday afternoon, and then tried to restart piecemeal. Last night what we are going to do is deal the facts as we have them now, which is that there are no negotiations and as far as anybody knows, there is no help coming for this economy till after the election and maybe longer. So that being case two stories today on that topic, and then a political insight marketplace's Mitchell Hartman gets going with story number one the. Big Picture. Back, in March Washington sent three trillion dollars coursing through the economy's veins. One of the biggest infusions was six hundred dollars a week in extra unemployment payments to more than twenty million jobless Americans that expired midsummer and George Washington University economist J Shamba says the amount of cash going out to laid off workers cratered it fell from one hundred, ten, July two, thirty, four, million dollars in September. So there's this massive drop off to the economy and also to the most vulnerable households those twelve hundred dollar relief checks from the spring have been spent with most of the federal pandemic relief now gone. Slowing retail sales and personal spending Joseph Bruce. RSM Consulting says. A quarter of small businesses have closed. He predicts without more federal support including lending to small businesses more will fail and state and local governments won't be able to keep teachers and other essential workers on the payroll says Michael. `grats. At Columbia Law School. The loss of civil service jobs will disproportionately affect minority because they've been hired into those jobs. Bottom Line says Dan North at credit insurer, Euler Hermes, North America. Okay. Let's say we don't have a stimulus package. The economy gets pretty severely damaged in the short term probably for five years to get back on. The burden falling to families that are running out of time and money says Columbia's Michael `grats people are facing eviction. Difficulty paying for food and lodging. This is a desperate situation. One that the chaos in Washington isn't making any
Marketplace with Kai Ryssdal
The big problem for small business? Finding qualified people to hire
"Start today. Exploring feelings specifically how small business owners are feeling about the economy. They had a more positive. Take on the future Chur in October compared to September. That's according to a monthly survey from the National Federation of Independent Business responded said they are making capital investments and raising raising employee. Pay or at least planning to but their number one challenge finding qualified people to hire marketplace's Sabrina Benesch or has more on. That things are looking up at clean choice energy that we're hearing really optimistic about Where every now and the next eighteen months or more more Kate Kohler is chief staff at clean choice? It offers renewable energy sources. The company has thirty percent more employees than it did last year but she still has a dozen in positions to fill it is really the stiff competition and the candidates were interviewing or intervene at other firms is well nearly a quarter of businesses in the survey said. Their top concern was finding qualified. People either to grow the business or even just to maintain it. According to Joe Galvin Chief Research Officer for Advisory Advisory Firm Vestige. Chances Are you're higher replace. Some of you left your organization to go somewhere else to attract people clean choice. Energy is focusing on its green ethos off Every organization able to offer thirty percent of small firms said Dave increased compensation to attract workers Rebecca Hamilton co-ceo of WS Badger. It makes organic skincare products. She says the companies increased pay and benefits. We have an in house daycare center so we have flexible. WHOA hours? You know the onsite gym say Yoga classes on say Akito the NF Ibiza. Small businesses are paying for higher compensation with higher sales in savings things. Joseph Bruce Willis chief economist with consulting firm. RSM isn't sure sustainable. They're willing to offer more compensation but attended today. Were likely not to because of they slowing economy and a contraction and probably Bernie trains in other words. Small businesses can afford to fight over talent as long as consumers. Keep buying in New York. I'm Sabrina sure for