28 Burst results for "Justin Ho"
Fed’s Corporate Bond Buying Foresaw a Year of Covid Pain
"A year ago. The twenty third of march twenty twenty early. On as you're know in the days of this pandemic when maybe not all of us understood how much trouble we were gonna be in public health wise mental health wise certainly and economic health wise as well and we begin today of last year because we marked two milestones on this tuesday first of all the stock market low of the pandemic. It's been basically straight up since then. I know not the economy. Thank you we offer that. Just as a marker also a year ago today the federal reserve said it was going to step in and start buying up corporate bonds. That was and is a big deal. The fed getting into corporate dead didn't because the market for that debt just frozen and the fed was helping those companies borrow at lower rates which can be conducive to business and borrow they did. Corporate debt had records in twenty twenty but with rising interest news of late. As we've been telling you corporate debts been getting a little bit more expensive. Marketplace's justin ho gets us gone. Investors think about corporate bonds. Kind of like how they think about government bonds. If you're going to lock up my money for years you better pay me enough interest to make it worth my while. They want to be earning a rate of return that is higher than expected inflation. That's winnie caesar. at wellsfargo. She says many investors expect inflation to pick up this year. People are likely to spend more and that spending good drive up prices not just for regular consumers but for companies to it could be that accompanies cost of labor is increasing. It could be that. A company's cost of just raw materials and commodities is increasing. Those expectations are causing. Corporate bond yields to rise. But they're also signs of an improving economy says kathy jones chief fixed income strategist at charles schwab. Which underwrites this program. Jones says corporate borrowing costs are historically low and even though they're currently rising that shouldn't be an impediment to them investing and continuing to grow the business. The concern says stephen davidov salomon uc. Berkeley is if rates continue to grow into next year or the following if rates get too high. He says companies won't be able to borrow as much to a fun. Projects investment will slow because investment becomes more costly fed chair. J. paul said today although he expects prices to creep up this year he doesn't think that will have a big or lasting impact on overall inflation.
"justin ho" Discussed on KCRW
"Trading in silver that way, the way you wouldn't stock without having to actually buy. Physical silver bars so that can move up prices in the short term. But in the long term, analysts are still skeptical because there was just a lot of silver out there, David it's a huge market and plenty of sellers and buyers. Silver's up nearly 11%, a 29 80 announced Now one trading platform used by the Reddit Blogged brigade is Robin Hood. It's been having trouble handing handling the volatility this morning. It has trading restrictions on eight companies down from 50 yesterday. Stock index futures are up down future up 208 point 7/10 percent NASDAQ futures up 1.1%. With all those boxes on doorsteps. These days, we'll find out tomorrow. How ups did in its most recent quarter. Marketplaces. Justin Ho has that shipping companies have expanded capacity to handle the surgeon deliveries during the pandemic supply. Chain management professor Dale Rogers at Arizona State University says shippers have also had the upgrade safety. All of those costs are hitting the bottom line of a lot of these carriers. Roger says. Shippers are also servicing sectors of the economy that aren't doing so well. For instance, Roger says, there's a shortage of semiconductor chips right now, which means that there are less of them to ship the computer and auto manufacturers. All that kind of stuff. Directly effects logistics companies like UPS. Last week, the company announced it'll sell off its freight business, which focuses on trucking cargo around the country. Detail mayor at the Brookings Institution says that's a bet on the profitability of home deliveries. First and last mile deliveries or pickups is absolutely the high growth area here. UPS says the sale will help the company be better, not bigger. I'm Justin. How for marketplace.
Millions to receive relief payment via debit card
"I have needs. It has to be its consumption. And that's the thing want debit cards can also be cheaper than checks for people who don't have bank accounts cashing a cheque cost them money. But with a card says shantelle boyens with the urban institute there is a network of. Atm's where you have the car you can access your funds without any feeds but people can only make one withdrawal for free from an out of network atm after that. It costs two dollars boy in says the income people are more likely to pay those fees. They may be located in areas where they don't have as good of access to in network. Atm's the cards also come with terms of service. An ira rheingold. Executive director of the national association of consumer advocates says some of them put card users at a disadvantage. You consumer if you have a complaint you cannot go to court. You cannot be part of a collective action. A class action members of congress sent a letter to the treasury this week asking it to remove those clauses and reduce any fees. I'm justin ho for marketplace lawmakers tucked a provision banning surprise medical bills into this latest relief. Package those are the unexpected charges from out of network healthcare providers that can add up to tens of thousands of dollars. One thing. that's not yet. Clear is how this might affect insurance premiums marketplace's nancy marshall genzer explains. It's a nasty shock without realizing it. You retreated by a healthcare provider. Who was out of network surprise. You're stuck with a huge bill. Jen taylor with the consumer advocacy group families. Usa says some of the biggest unexpected medical bills. Come from air ambulances where people were getting a fifty thousand dollar bill and they were unconscious and put into an ambulance and had no say in the matter. Once this surprise medical bill legislation goes into effect in
How those $600 checks are likely to be spent
"Three months. Most of the money stayed in the bank people spent about a third of their tax. Hilas says there are two reasons. A lot of people didn't spend all the money right away. I those who still have their jobs and income didn't need the money to pay their bills and with pandemic shutdowns. It was hard to shop and travel the money away. Meanwhile americans who had lost jobs and income tried to stash away. Whatever stimulus money they could people had expectations. That crisis would be very long in. Their income. Might be disrupted for a long period of time. This time around you know us thinks that even with vaccination underway. There's still so much economic uncertainty that most people will try to save some of the money again but that may be harder with this second round of stimulus checks nine months into the pandemic. Millions of americans are still out of work and unemployment benefits dwindling. John lear is an economist at morning. Consult lower middle income. Americans who really have very little savings have gradually had to eat into their savings because they don't have the income to cover their expenses each month. They're likely to spend their stimulus right away on. Necessities food rent utility bills and car payments. I'm mitchell hartman for marketplace. The relief package also includes several types of aid for small businesses including a new paycheck protection program. And it's different from the last round. In a few ways. For example this time business owners can claim tax deductions for payroll and other expenses. Their p p p money covered small business advocates welcomed the change but as marketplace's justin ho reports owners. Still face a lot of uncertainty when it comes to their tax bills before the new relief package was signed into law new york city cocktail bar owner ushwyn day schmo just wasn't sure when he should apply for forgiveness on his. Ppp loan and how that would impact his bill even wait to do the forgiveness application until next year. It's just a waiting game. The new round of
"justin ho" Discussed on KCRW
"The sticking points include money for transit system, schools and vaccine distribution. And what did Mr Powell say about the sort of stimulus Only Congress can do. Once again, Powell said. Congress really has the best tools to deal with this crisis, he said. There's a lag time with the feds tools. And he said there are millions of Americans who need aid from Congress, not loans from the Fed. It's the 10 million people who lost their jobs. It's people who may lose their homes. You know, you see the many, many millions of Americans are waiting in food lines in their cars these days all over the country. Okay and Nance ever going to see a vote on pandemic relief? Well, negotiators want to attach it to a spending bill and that has to pass by tomorrow, so the government doesn't run out of money and shut down. Congress could pass a continuing resolution that would keep the government going temporarily while they finish haggling over the co bit relief bill. Thank you. Call it a serendipitous opportunity. Others might see a holiday miracle on the player of Monopoly would see bank error in your favor. Pharmacists are noticing when they open the pack of Fizer beyond Tech covert vaccine That's supposed to be five doses per vial. I can sometimes squeeze out a six there, maybe seventh dose. The FDA looked at this yesterday and is saying Go for it as long as These are full doses. This could mean millions more will get their shots earlier at a time on the first vaccine is in short supply. Markets, The Dow is up 129 points, half a percent similar percentage rises now for the S and P and the NASDAQ The popular online stock trading site, Robin Hood today agreed to pay a $65 million penalty after the SEC accused of misleading customers by not disclosing it makes a lot of money by charging trading firms. Route orders their way and not always getting customers the best price Robert and neither admits nor denies anything. FedEx releases its fall results today. Marketplaces Justin Ho has that Delivery companies have had to expand to handle the boom in e commerce. During the pandemic. FedEx has been upgrading its existing.
"justin ho" Discussed on WNYC 93.9 FM
"Are shutdowns or curfews or limits of one kind or another on what businesses were being allowed to do as we look at rising case counts. From here through the end of the year, maybe longer. Who knows? First time businesses went through this back in March and April. They had federal relief to fall back on. Not as we've been reporting this time, so his marketplaces Justin Ho reports, some restaurants are trying to plan how to cope. It's been eight months since Nico Frasier first shut down indoor dining at his taproom. He's the co founder of 21st Amendment Brewery in the Bay Area, and ever since he and his staff have been working to make the indoor space safer. We spent ah lot of time and money building petitions getting air circulation, getting the right cleaning protocols in place and training. A couple of weeks ago, the tap room finally reopened for indoor dining. But covert cases in the Bay Area have been rising. And last week, the county shut down in nor dining. So we have exactly one week of indoor dining and we were full every night. Francis is the tap room still has outdoor dining, and the company sells a lot of beer to grocery stores. But he says other restaurants won't be as lucky as restrictions ramp up. It just seems clear, especially with the rollbacks that are happening all over the country due to the increase in covert cases that there needs to be an additional aid program. Like another round of the paycheck protection program that kept a lot of businesses afloat earlier in the pandemic, without something like that. The outlook is bleak for some restaurants. Bobby Jones is the chef and co owner of the point a Crab house on the Chesapeake Bay in Maryland last Friday, his county cut indoor dining capacity and half the 25%. And so right now we're basically shedding cashed. Because we don't want to lay off a lot of employees. But he says he and his wife, Julie, is co owner had no choice but to let some workers go. Yeah, I think maybe lay off today, Joe 30. Out the trigger Other places. Yeah, 30 people today, Julie Jones says it's harder to lay people off now than it was earlier in the year when workers could fall back on a $600 a week. Federal top up the state unemployment benefits. You know, I'm worried now because that $600 isn't there. And It's not an easy decision to make us who we keep and see after layoffs, thirst and then what order they go without any new relief aid in the pipeline. Some restaurant owners are revamping their business models in an effort to survive. Kevin Takarada runs Maki Maki, a sushi restaurant in midtown Manhattan. Two weeks ago, he added shabu shabu to his menu That's a type of Japanese hot pond that also helps keep customers warm inside the restaurant's outdoor tents. People are not gonna you know, sit in 30 40 degree weather outside just because it's covered in plastic and a sushi roll. I just don't think that market exists. Takarada says the Midtown office workers his restaurant normally serves have started to return. But he's worried about what might happen now that New York City schools are closed again. Parents can't leave to go to work anymore. We have to go back to remote working. Takarada says He's hoping for another round of paycheck protection program money, but he knows he can't depend on it. I'm Justin Ho for marketplace. Five words, Everybody for your listening pleasure. David Brancaccio MARKETPLACE Morning report. Check it.
As pandemic stretches on, retail bankruptcies approach highest number in a decade
"Our lead story today is a tale of a balancing act of retailers in this economy trying to overcome simply terrible I three quarters of the year. By finishing strong, you'll hear elsewhere in the program today of indicators were watching to educate our guesses about where things are going but a report from the accounting consulting firm. Bdo chose twenty-nine big retailers filed for bankruptcy protection in this economy through August and that if things continue at that pace, we will match two thousand, ten the dark days after the great recession. So for all the retailers still getting by the last three months of the coming year, that is this year are going to be even more critical than usual as they go looking for some hope in the holidays marketplace's Justin Ho starts us off. The report found that bankrupt retailers have closed almost six thousand stores. This year retailers that have seen the most bankruptcies sell apparel shoes products. We just haven't been buying much during the pandemic stores in malls have been especially hard hit. You've got eight or nine hundred stores spread across malls. In the United States, you probably need about half the stores Brian Yarbrough is an analyst with Edward Jones. He says the big box retailers are spending more to attract consumers who just aren't going to the mall and WanNa shop online you're seeing the walmarts and the targets of the. World Invest. Billions of dollars a year in technology these small companies can't keep up but many retailers rely on their physical locations and are struggling to stay competitive and attract shoppers during a critical holiday season David. Berliner at BDO says, that could include services like contact list checkout or in store pickup for online orders whenever they can do to make consumers feel safe going into these brick and mortar stores Berliner says what retailers need to figure out is what makes sense for physical store to be profitable to make sure that Rick and mortar stores are in the right place? The right size for you know I think stores could be smaller than. Alvin. Designed years ago Berliner says the pandemic has just accelerated a trend of store closures throughout the US that's because he says the country has been over stored for
"justin ho" Discussed on WNYC 93.9 FM
"Payroll numbers in the months ahead. I'm Justin Ho for market. If you know your local chamber of commerce. It's probably as a group that sponsors the town Christmas tree lighting or foots the bill for the kid's softball and baseball jerseys. Right? And there is, of course, plenty of that. But the real work of the thousands of nonprofit chambers is to promote lobby on behalf of local businesses. That lobbying takes different forms, depending on the state of the economy and right now. This economy is in a state of Who knows marketplace of pristine drub caught up with a few chambers CEOs to see what's what with them. Nogales is a little Arizona border town and a big port of entry for Mexican produce and goods on ly. About 20,000 people live there, and plenty of them know Olivia Kramer. My daughter doesn't like to go with you no longer because I just always run into people. But it's part of it part of the job, and that's what I do. That's why I do what I love. Interacting with people I love talking to people. The job is president of the Nogales Santa Cruz County Chamber of Commerce. Ianto Kramer used to spend her days running around town dropping in on restaurants and hair salons. And finding ways to bring business owners together Cove. It changed all that. We didn't realize how much we thrive on in person meetings on going in for a hug. You know Latinos, we hug and kiss when we see each other and now not to be able to do that. It's still a description how we operate. That's not the on ly thing that's flipped the script with the border closed. Small businesses can't rely on Mexicans coming into town to shop and go to restaurants, so they have to do more to attract local residents. Who I answer, Kramer says, tend to favor big retail chains. As you know, small town folk, You know, they're so stuck in their day to day routine that stepping out a little bit outside of the lines a little bit uncomfortable and just exploring this their town 1000 miles north in Casper, Wyoming. Businesses were hurting before the pandemic hit and made things worse. This is oil and gas, country and energy prices had already been on the decline. Then people pretty much stopped driving. So far, Wyoming has had a relatively low covert rate compared to the rest of the country. Aaron Morgan is executive director of the Casper area Chamber of Commerce. The joke here is you know, we've been practicing social distance since we became a state. It's kind of like, Oh, yeah, we're gonna spread out. Still, Casper is the state's second largest city with an active business district and a steady stream of tourists passing through on their way to places like Yellowstone. It's why a lot of Morgan's job used to be planning big events like a recent chamber fundraiser that was a crappy and being landlocked in Wyoming. It's pretty interesting today to coordinate all that we had. About 450 people that came in the crab was actually flown in the day before from Alaska. Since Cove it she's gone from coordinating crab to coordinating PPT. The chamber has become a local distribution site for masks and hand sanitizer. With businesses already reeling Restaurant and shop owners want customers to feel as comfortable as possible. Just about everywhere. The work of being a chamber CEO has become as unpredictable as the pandemic itself. When the virus hit. Carl Benson, president of the Minnesota Black Chamber of Commerce, focused on helping black owned businesses get their share of PPP loans. If you don't have a relationship with a bank A TTE that point You're not only not in line at all. You're just not gonna get in life, but since the killing of George Floyd by Minneapolis police and the protests over racism and inequality Vincent's also become somewhat of a diversity advisor. He's been fielding calls from a lot of businesses, including Fortune 500 companies. Minnesota is home to 16 including Target and three M. I won't name names, I guess, but it's more you come in and talk to our employees about how is she looking to hire? What this diversity equity inclusion should look like? It's just been one after another, like I hang up and pick up another one. Vincent believes some of these conversations could pay off for his members down the line. You're not only teaching our businesses and learn and educating our businesses and given them resources and technical assistance, what it's really about, you know everybody else as well. Then there are the chambers themselves, which rely mainly on membership dues to stay afloat. I haven't office I pay rent. I have a staff of eight. You know, we have expensive. Quincy Hansel runs the Portland Regional Chamber of Commerce in Maine. Town's been slammed by the drop off in tourism pencils, cut people's hours and started offering membership discounts. Now is not the time for chambers to go away. So like everyone else, she's just trying to figure.
"justin ho" Discussed on KCRW
"Months ahead. I'm Justin Ho for market. If you know your local chamber of commerce. It's probably as a group that sponsors the town Christmas tree lighting or foots the bill for the kid's softball and baseball jerseys. Right? And there is, of course, plenty of that. But the real work of the thousands of nonprofit chambers is to promote lobby on behalf of local businesses. That lobbying takes different forms, depending on the state of the economy and right now. This economy is in a state of Who knows? Marketplaces, Wriston drub caught up with a few chambers CEOs to see what's what with them. Nogales is a little Arizona border town and a big port of entry for Mexican produce and goods on ly. About 20,000 people live there, and plenty of them know Olivia Kramer and my daughter doesn't like to go with you no longer because I just always run into people, but it's part of it part of the job, and that's what I do. That's why I do what I love. Interacting with people I love talking to people. The job is president of the Nogales Santa Cruz County Chamber of Commerce. Ianto Kramer used to spend her days running around town dropping in on restaurants and hair salons. And finding ways to bring business owners together Cove. It changed all that. We didn't realize how much we strive on in person meetings on going in for a hug. You know, Latinos, we hug and kiss when we see each other and now not to be able to do that. It's still a description how we operate. That's not the on ly thing that's flipped the script with the border closed. Small businesses can't rely on Mexicans coming into town to shop and go to restaurants, so they have to do more to attract local residents. Who I answer, Kramer says, tend to favor big retail chains. As you know, small town folk, You know, they're so stuck in their day to day routine that stepping out a little bit outside of the lines a little bit uncomfortable and just exploring this their town 1000 miles north in Casper, Wyoming. Businesses were hurting before the pandemic hit and made things worse. This is oil and gas, country and energy prices had already been on the decline. Then people pretty much stopped driving. So far, Wyoming has had a relatively low covert rate compared to the rest of the country. Aaron Morgan is executive director of the Casper area Chamber of Commerce. The joke here is you know, we've been practicing social distance since we became a state. It's kind of like, Oh, yeah, we're gonna spread out. Still, Casper is the state's second largest city with an active business district and a steady stream of tourists passing through on their way to places like Yellowstone. It's why a lot of Morgan's job used to be planning big events like a recent chamber fundraiser that was a crabby and being landlocked in Wyoming. It's pretty interesting today to coordinate all that we had. About 450 people that came in the crab was actually flown in the day before from Alaska. Since Cove it she's gone from coordinating crab to coordinating PPT. The chamber has become a local distribution site for masks and hand sanitizer. With businesses already reeling Restaurant and shop owners want customers to feel as comfortable as possible. Just about everywhere. The work of being a chamber CEO has become as unpredictable as the pandemic itself. When the virus hit, Carl Benson, president of the Minnesota Black.
"justin ho" Discussed on WJR 760
"An extra layer of protection. Wall Street camping a choppy day of trading today, with more gains for stocks. I'm Justin Ho at the marketplace minute stocks closed higher Wednesday, Tao added 2/3 of a percent. The S and P 500 rose 6/10 percent. The NASDAQ picked up 1/4 of a percent. Sales of existing homes rose almost 21% in June. That's the biggest jump on record thiss comes, his mortgage rates have fallen to roughly 3%. Still, the number of available homes is slim, and that's been driving prices up. While Congress negotiates the next relief package. A new Census survey found that employment dropped over the last four weeks by nearly seven million jobs. Economists say the job market could be weakening is covert 19 cases grow. And Tesla's just reported a profit for the most recent quarter, making it the fourth in a row that the electric car maker has made money. That means it's now eligible to join the S and P 500. If that happens, funds that track the index would have to buy Tesla's stock. I'm just in Ho with the marketplace minute. Four W J R News. I'm a re Osborn. And 10 North found after eight mile road an accident on Ly the right lane open emergency crews on scene. Traffic slowing on the south field at north found at Grand River debris has been moved from the left lane. To the right shoulder line. Peggy Hotch w J. R traffic and weather first thunderstorms drifting to the east into the southeast and 70 degrees tonight. Most of the big thunderstorms.
New York City-based Brooks Brothers to see how bankruptcy suits it
"Filed for the legal protections of Chapter 11 of the U. S bankruptcy code this morning. Lockdowns and working from home obviously had not been great for the menswear industry. But Corona virus isn't the only thing Brooks Brothers has been dealing with of late. It's go to offering the business suit has been going out of style for years now. Oregon police Justin Ho has more on the rise and the fall of the men's uniform of the business World. Brooks Brothers opened its first store in lower Manhattan in 18 18 when the U. S was made up of 20 states. Future customer Abraham Lincoln was only nine years old when the suit as we know it today started becoming popular in the late 19th century Brooks brothers cashed in. They were right there at the heart of finance at the heart of politics, Really when America was getting it starts? Susan's graffiti is the founder of the Fashion Law Institute at Fordham Law School, she says Brooks Brothers really popularize suits that were ready to wear off the rack that helped that suits fit more people. That's confetti says it also made the suit and the high status that represented more accessible. Everybody had tohave Brooks Brothers suit if you're going to be and they'll class or upper middle class or even another class business person. Graffiti says. By the middle of the 20th century. The suit also became a symbol of corporate conformity. Think mad men. But in the 19 nineties, casual Fridays had become a thing. Then Silicon Valley. Okay hoodies and sneakers and casual became mainstream. Justin Shack, managing director at Rosenblatt Security's on Wall Street, remembers the suit and tie days. I used to own Brooks Brothers suits back when I'm starting my career, and I can't remember the last time I did. Since 2014 the market for men's suits has shrunk by 11% according to the research from Euromonitor and menswear has changed with the Times can get in Cohen's Rothman's menswear store based in New York, he says his biggest seller these days is there. So we saw a lot of genes. We sell a lot of sport codes with Gidon says the suit isn't dead. But the suits he sells tend to be fashionable suits meant for special events. It's not really classic work where that's not what the young guys looking for a suit. The Koven 19 pandemic has only made things worse for the suit. Industry is people work from home in stars have closed. His Brooks Brothers files for bankruptcy. It says it's seeking a buyer for the grant. I'm
What to Do When Scared Workers Don’t Report to Work Due to COVID-19
"Other three million people. As I'm sure you've heard made first time claims for unemployment in the past week that brings it to thirty six million plus in the past couple of months there's a whole slew of second order effects out of that of course and one of them is that the Labor Department has told cities and states they have an obligation to detect waste and fraud in the unemployment system and there are reports of states that have been pushing companies to disclose when employers refused to return to work then as marketplace's Justin Ho reports. That is putting a whole lot of business is in a pretty tight spot about two weeks ago. The Vermont Labor Department launched a Web page for businesses to report employees. Who declined offers to return to work by doing so? Employers could effectively kick those workers off of unemployment insurance though there are some exemptions mark. Fryer Cohen's restaurant called the reservoir in Waterbury Vermont. He says he isn't happy with the tough choices that may force him to make. It makes it very difficult to think that we would have to turn to the state and tell them that they should pull their aid. Prior laid off all of his employees and mid-march he also took out a paycheck protection program. Loan which can be forgiven if he brings his head count backup during the loans. Eight week window restaurants are allowed to take out but Vermont hasn't allowed them to fully reopened. Friars restaurant is closed. We're not rushing to bring people off on employment will can't reopen our doors because of state order one of friars former employees is sage. Guggenheim had chef at the reservoir. She says she'd love to get back. But given the safety issues of returning to work she understands that others want to stay at home. We don't want to force people into a difficult position where they have to choose between what they want to do and what they have to do. Businesses want to keep good relationships with their employees says Labor Economists Teresa Ghilarducci at the new school. They also have the loyalty and relationship of trust that builds up over time. Several other states have set up similar websites for reporting employees including Montana Oklahoma Tennessee in South Carolina. Frank NAP is the president of the South Carolina Chamber of Commerce. He says many businesses are realizing a hard truth about their P loans. Despicable low may not be forgivable. He says some may decide to give back their PCs loans rather than force their employees to return to work. I'm just in how for marketplace
"justin ho" Discussed on KCRW
"Grounded after two fatal crashes not helping last Friday Boeing messed up the big test of a capsule that will eventually ferry humans into space market place's Justin ho is following this development this morning yeah so just as a reminder the seven thirty seven Max has been grounded since March of this year and since then Bloomberg has been facing a lot of pressure to resign this is really about his in the company's response to the crashes and how and why the Max was certified as safe to fly by the FAA lawmakers also criticized Mullen perks salary which he didn't give up immediately after the crashes Boeing had already stripped him of his chairman title back in October and now in a statement the company said a change in leadership was necessary to restore confidence in the company and people will be watching closely especially given Boeing's wait in the overall US manufacturing sector right this comes just days after Boeing announces gonna suspended seven thirty seven next production this is a move analysts say is so big it'll make a dent in our overall GDP somewhere between half a percent and one percent next year and you know we're not just talking about Boeing's assembly line stalling it's also the tens of thousands of parts that Boeing had been buying from third party suppliers Boeing is the biggest exporter in the U. S. and the seven thirty seven Max had been its most popular jet all right Boeing board chair David Calhoun takes over as CEO now Boeing stock is up two point six percent on this news with the soft global economy in a trade war with multiple fronts orders for long lasting expensive things durables went up just slightly last month excluding airplanes non defense capital goods went up just a tenth of a percent that's a closely watched piece of this the thrust here is that business investment still seems tappet even with consumers out there spending away let's check the markets the Dow is up one hundred ten.
GDP data; business investment stabilizing
"So we are going to spend a couple of minutes at the top half of the program on a slice of that. GDP data something called business investment a key although lacking of late part of what makes this economy go. Marketplace Justin Ho starts US off business investment has been shrinking for the last two quarters but last quarter decline wasn't a steep is expected. Sarah Watt House is an economist at Wells Fargo Securities. We're not seeing it fall off a cliff. Fanny means companies are still spending. But they've certainly illustrated some hesitancy in recent months. Hell says the trade war is making companies less willing to spend on expensive new factories which take years to complete today. John Deere reported at the trade wars made farmers cautious about making major investments in new equipment. Instead how says businesses are spending more on intangible items which aren't as vulnerable bolt economic cycles. So things like software research and development to help companies come up with that next big product or or idea so that's accounting for increasing share of business investment companies did spend more uncertain tangible items overall spending on equipment fell but within that spending on industrial equipment went up so depending on the buildings that House that equipment George Perks Global Macro Strategist for spoke investment group both much firmer than you expect back. Based on manufacturing industry survey that's relatively hopeful fine still businesses spent less on new commercial buildings less on transportation equipment less on new hospitals. It's a trend that reflects a broader shift in the US economy says Alex Casino at Manulife Investment Management Manufacturing has become increasingly less important as a percentage of GDP DP. I'm the services sector which is supported by software house become increasingly important while today's GDP data found that business investment is shrinking. The same report said spending ending on services is growing in New York. I'm Justin how for marketplace.
Insiders are selling stock as recession worries mount
"Things were AH unsettled in a certain part of this economy today. The political part is what I'm talking about with the tide turning toward impeachment and one imagines the already high level of economic uncertainty only increasing in the months to come but there are some in this economy who are completely certain certain that this is a good time to sell L. corporate insiders which is to say board members and C. Suite executives are selling shares of their own companies at the fastest rate since two thousand back in the DOT com bubble well days that's according to some analysis first reported by the Financial Times and we ought to say and you're probably thinking right now well. What are those people selling know that the rest. I don't good question marketplace adjusted. Ho went in search of the answer investors like it when corporate insiders own stock in the companies they run says Karen Kavanagh now at voyage investment management. They WanNa make sure that the company executives have some skin in the game. There are plenty of reasons executives might sell some of their stock. It could be to buy a car to to be their kid's college. Tuition Hillary Kramer of Kramer capital research says they could also be doing some estate planning passing money onto their children making sure or that they're diversified in terms of planning. It's just a fancy way to say. How are you gonNA leave money to the next generation but when a lot of executive -secutive start selling at the same time like they are now Kramer says market start paying attention because it may very well be just a reflection of what executives it is believe the actual overall economy will do and that a downturn may happen in the very near future corporate insiders might also be thinking about the political future in why you finance Professor David Your Mac says they may be selling because taxes on capital gains could increase after twenty twenty selling shares of stock will be much more expensive. If the Democrats win the presidential election reverse some of the trump tax cuts and maybe put in some new taxes on the very wealthy in your Amac says after Obama won the twenty twelve election companies paid out more in dividends before the Bush tax cuts expired the following year an insider selling picked up back then as well in New York. I'm Justin. Ho for
All the Reasons Things Are Going Very Poorly for WeWork This Week
"Let's begin. Shall we with a thought experiment. Imagine you are running a privately held company that is worth forty seven billion dollar based on the investments. You've gotten so far you need capital though money to grow so you start thinking about going public and people get really excited so you file the required paperwork with the Securities and Exchange Commission people start taking a real hard look governance structure and your business model and quicker than you can say Bob's your uncle. The bottom falls falls out your evaluation gets cut in half and then cut even more and then today you decide maybe going public right. Now isn't such a great idea congratulations congratulations. You're we work or more properly. It's parent the week company thinking was that the would be shared office space wonder canned was going to start trading in a couple of weeks yes but given the raft of bad headlines and a couple of recent high profile. IPO's than maybe didn't go so well see also Uber Cooler heads prevailed. Look there is a real question here given the headaches is all the money that companies can raise by going public worth downside risks marketplace's Justin Ho gets going we work is growing fast in the US and around the world but it's losing more than a billion and a half dollars a year and yet the company valued itself at forty seven billion in dollars in January J. Ritter at the University of Florida says the company's business model just doesn't justify that figure you know it's basically a real estate company that was trying into bill itself as a Tech Company at a Tech Company valuation two weeks ago we were slashed. Its valuation by more than Half Santosh Rowlett Manhattan venture partner says even that wasn't enough to satisfy investors people realizing bet no wait a minute. You just can't get a blank check anymore. Rows as part of the reason that that we work Uber and lift have stayed private for longer than other companies before going public that allows venture capitalist capture the lion's share of their growth but Kathleen Leanne Smith at Renaissance Capital says those companies are outliers compared to other recent. IPO's interests which is up over fifty percent from Peo- Shui the online pet supply company up over fifty percent renaissance capital runs an index of companies that have recently gone public and it's up thirty percent this year Smith says we work Uber and lift at the side. It's a good time for IPO's pastors are cautious about overpaying so we've had sort of a more discerning IPO market and better prices for investors. It's myth says the fact that we work as postponing going public is assigned. The market is working like it's supposed to in New York. I'm just in Ho for
Trade uncertainty to trim $850 billion global output: Fed paper
"There's a new report out from the federal reserve that puts number on the World Wide cost of rising trade tensions the report finds that uncertainty created by the trade war has been shaving off a half percent from GDP growth ever since twenty eighteen market place's Justin ho dug into this there's been a big rise of trade policy uncertainty of the last couple years that's caused by the US trade war with China the threats of new tariffs against Mexico and Europe and Japan the big finding puts a number to how much that uncertainty is dragging down the world's total output by the beginning of next year trade uncertainty will try global GDP down by just over one percent similar results here in the U. S. the fed's been saying this well before they found these hard numbers fed chair J. Powell cited trade policy uncertainty and weak global growth when he lowered interest rates last month hello is also said that even though the feds tools are powerful there aren't any recent precedents for what the fed can do about it fed officials are meeting again this month to discuss another possible cut in
Can congressional republicans take back tariff authority from the U.S.?
"The president's promised threatened, I guess five percent tariffs on everything that we import to this economy for Mexico did not happen as we know, but it does seem like a very long time ago, and I just wanted to point that out that is the context into which we bring Linette Lopez from business insider city bready from politico everybody. Hey, so city. Let me start with you actually on this one and those tariffs, and what seems to be a murmuring among congressional Republicans that they would, perhaps like to take some tariff at thirty back from the president of the United States. Do you believe that's a realistic thing? It is a real thing someday. As people look back on the Trump administration and figure out what they might wanna do to maybe improve the balance of powers. They it it's just unusual here to have the president unilaterally planning this, and then having some somewhat of a secret deal. He says afterward that there is a secret deal that came out of it. And but maybe you're you'll find out about it on a piece of paper in my pocket. All these things that we don't really quite understand. But the, the, the core issue, here, is that the president has threatened tariffs against Mexico. He's threatened tariffs against China is threatening tariffs against Australia and Europe and everyone else. And that's generally, not the kind of thing tariffs are attacks. It's generally, not the kind of thing, the president should be unilaterally doing when tax legislation is supposed to originate with congress limit. I don't know if you saw Mick Mulvaney, the acting chief of staff of the White House in conversation with Javer. Som sam. ABC this week and Mulvaney was was continuing the president's Canard, I suppose that it's actually the Chinese that are paying the tariffs it does not seem that the White House is willing to engage in reality on these tariffs at all at more than in any time, we've seen the in the Trump administration. The administration is having to constantly tell us, we're not seeing what we're seeing in this economic policy and that goes from trade that goes tax taxes that goes to everything that has to do with budget. Now, Larry cudlow mic mowing. All these people are just they're making us feel like you know, the, the president holding up a piece of paper, that allegedly set was talking about his Mexican plan. They're making us feel like all these bizarre things that we're seeing are not real. And it's this is unlike anything I've seen as an economics reporter in my life. So let me go back a couple of years then because there was there was also something that happened this week, which. I thought was interesting. Kevin Brady who used to chair, the house committee on ways and means he's now in the minority, but he seem to imply this week. I guess I'll go, I'll go tentative on this one, because he didn't come out and say it but he essence admitted that the tax cuts from a year and a half. Two years ago are in fact, not gonna pay for themselves. And we see now that corporate tax receipts are way down deficits rub sleep, it is. It is a dawning in Washington, all my goodness. Maybe that tax Bill wasn't what it was said to be is a dawning with some people in Washington. Those who looked yet, nonpartisan forecasting from the Congressional Budget Office and other institutions knew that this would raise the, the deficit and raise the debt by trillions of dollars. It is like it was known. And so we shouldn't act surprise at this is happening. We might act surprise that people are actually acknowledging the reality of it, then yes, when you cut tax rates in a relatively strong economy, you're not it's not magic fairy dust. There's a limit to what, what this tool can do. And the end result is, is debt and someday the people who the Republicans who put this through. We'll start caring about debt again, but will probably happen, when they're not in power anymore limit. Let me actually take that strong. Economy thing that was just talking about and add this week's numbers, right? Retail sales were up. We're going to have a report from from Justin ho on that in a minute inflation is still basically steady. And, and right where the fed wanted in this economy. What, what's not to love? I'm you know the last job summer was not that great young. We were having some hiccups in the auto sector where the market seems a little unstable given what the president is saying about tariffs. Yes tariffs. No people are starting to feel kind of like there's some choppiness here and, you know, we're not getting a lot of assurances from the rest of the world like everything is going to be stable, too. So I think that has people worrying Wall Street is definitely starting to worry about a recession coming in the next year or two and. They're definitely worried about corporate earnings, and I think that's one of the reasons why the president is really pushing the head of the Federal Reserve to keep interest rates low. He wants to keep the economy going at a steady clip before the
"justin ho" Discussed on KQED Radio
"What data those apps can get their hands on marketplace. Justin ho has now I'm sitting with Hillary powers at our apartment in queens. And we're going through her account on the website, knits. That's a personal finance tool. She uses the poll together, her financial accounts, all four of them. It's absurd because I've like every credit card I've ever had and like all of my accounts in all of my loans right now. She's showing me how she runs through her credit card transactions to see if meant labeled them correctly, with categories like groceries, or restaurants. The labels aren't always, right. I went to the gutter, which is bullying. They called it alcohol. I'm going to switch to entertainment just because I do entertainment budget apps like men are often called aggregated since they aggregate, people's financial data into one place. Nate pacer the founder of the research out that venture scanner says there are nearly three hundred of them, you can do things personal budgeting tax preparation credit card rewards points to give the aggregate or to work users, typically, inter, they're logging info and answers to their security questions. The aggregated then stores that information and can access the user's account Stewart Rubinstein at fidelity says consumers aren't always aware of how their data is actually used some companies aggregate consumer data and sell it some companies use it to build new product, some companies use it for research, Rubinstein's heading up new business called Koya, which is owned by Fidelity's parent company, it'll act as an intermediary instead of handing over logging info to an aggregate arap customers would use a clear to. Connect the apps to their Bank accounts, and it would help them decide.
"justin ho" Discussed on KQED Radio
"In March just about the time. We were learning about all the problems with Boeing seven thirty-seven max, Mary lovely is an economics professor at Syracuse university. This could be continuing drag on US exports moving forward, you know, Boeing is one of our largest exporters, also important agricultural exports. They've taken a beating in the trade war with China, especially soybeans, but soybean exports to China. We're actually up almost forty percent in March that is in part due to the agreement where China would begin to. To start up with some purchases of soybeans. Whether that boost will last says lovely depends a lot on what happens during ongoing trade talks in Washington. I'm Kimberly Adams for marketplace macroeconomic snapshot number two today is out of the bond market. The department of the treasury holds regular auctions of US d'etre bills and bonds you got to fund all that deficit spending some outright and the auction yesterday of ten year treasuries bonds whose yields influence everything from mortgages to student loans was interesting because those ten year notes through the lowest investor demand. We have seen in ten years. Marketplace Justin ho explains what's going on there. Bond. Auctions are kind of like an art auction at Christie's just electron IQ and way more boring, although auctions happening once a month day on regularly scheduled days, and that's to promote certainty and regular participation. That's Jim Vogel of and financial. He says regular participation helps promote. Fair and steady prices the wind demand dries up at a bond auction yields can shoot higher Chuck tomes at Manulife investment management says not only that the move. You could see in yields could be that much more dramatic in a short period of time yields did jump after Wednesday's auction. But overall long-term bond yields have been low so low that a ten year bond doesn't really pay investors that much more than a short term bond poetry squall yet Panca Prisma says that doesn't exactly entice investors. I'm not getting paid that much more to lock up my money for ten years. So why would I do that? She says foreign buyers have also been reducing their purchases of US bonds partially because of the strong dollar, but Jim Vogel at financial says, there's a bigger reason for that poor showing yesterday, given all the equity turmoil and the concentration on US China trade negotiations this week. It's not totally surprising that the treasury auctions struggled to win. Vogels says investors have been running to the safety of government bonds all week by the time yesterday's auction, kicked off investors who wanted bonds already had them in New York. I'm Justin how marketplace in equities today stocks that is really ugly early. And then the White House said some nice things about a possible deal with China and traders went oh, okay. We'll have the details when we do the.
"justin ho" Discussed on KQED Radio
"Learn more at AWS is how dot com. In New York. I'm Sabri short in for David Brancaccio last night. The department of Justice said it's backing a recent court ruling that the Affordable Care Act is unconstitutional that rulings being appealed. But this is a big -dorsements from the Trump administration. Marketplace's Justin ho has been following this in his right here. Just remind us what the squirreling we're talking about is sure. So back in December a federal judge in Texas ruled that the entire healthcare law is unconstitutional the suit was over the laws individual mandate. That's the part of the law. That says you'll get hit with a penalty. If you don't have health insurance now at the time, the Trump administration backed part of the lawsuit. It says sure some of the law should be struck down the mandate and also some of the laws consumer protections like the part about protecting people with preexisting conditions. But now with the case on appeal the DOJ affectively says that the whole lot should get struck down. So what would that mean? Well, basically, it means that the Trump administration isn't going to challenge the Texas rolling as it goes through the appeals process. It's in front of an appeals. Right now. And either way experts think this is most likely headed for the supreme court probably in twenty twenty. Well, meanwhile, this is going on. I mean, how are the actual markets functioning right now? Sure. So we also just learned that almost eleven and a half million people signed up for health insurance on the exchanges this year that might sound like a lot. But it's a number. That's been declining. It's down almost three hundred thousand from the previous year the administration's been rolling back some of the law. It's also spending less on advertising. But the government has said that the average price for its healthcare plans dropped by one and a half percent. In the meantime, house speaker Nancy Pelosi says she plans to unveil a new health care proposal later today. Right. Marketplace's Justin ho, thank you. You're come. Let's do the numbers..
"justin ho" Discussed on KQED Radio
"Once upon a time cheese in this country was spelled K R A F T Oscar Mayer demand sing it with me. Now had a way with B O L O G N A, but the owner of those branch craft Heinz has admitted that they are in some T R U B L E the package food giant said it's going to write down the value of craft and Oscar Mayer by more than fifteen billion American dollars. Marketplace's Justin ho explains why those kind of brands just ain't what they used to be food companies like Heinz used to promote the fact that their food was sterile scientifically prepared untouched by human hands NYU food studies. Professor, Amy Bentley says things have changed nowadays we want people to touch our food. We want to know the farmer who's grown the apples or the great consumers are favouring healthier foods from newer brands. A lot of legacy companies have responded to changing tastes by emerging in two thousand fifteen Hines, Bob, Kraft foods, which included Oscar Mayer. Forty five billion dollars. Evan Raleigh, a professor of management at the university of Minnesota says the fifteen billion dollar writedown of craft and Oscar Mayer means Hines pay too much for the brands, but they're saying as we thought it was worth more than what we think it's worth based on the information. We have today. Kraft Heinz tried to revive the brands by cutting costs Johnston. The professor of food marketing at Saint Joseph's university says those cuts came with downside. You know, why don't we not have so many salesmen out there? Why don't we cut back on our advertising that leads to less cycles? Kraft Heinz CEO says the company will look to consolidate further and maybe sell off some brands. Evan raleigh. At the university of Minnesota says the truly survive craft needs to create products that people actually want to buy you can't just keep cutting costs forever. I you can't just keep growing your way out of trouble. You actually have to generate products that are useful for society. The Kraft Heinz spokesperson says the company's beefing up its innovation. And that it's still cutting costs in New York. I'm Justin how for marketplace. There is real estate news of note days, Zillow's got a new CEO who happens to be the old CEO the real estate media company as it likes to call itself announced the change as it delivered mixed fourth quarter profits co founder and original CEO, Richard Barton is going to take over from Spencer Rask off who's been in charge since two thousand ten now why the shakeup rather might have been a hint in a conversation that I had was spent off last summer so just a couple of weeks ago. We started buying and selling houses in Phoenix and Las Vegas and later this year in other cities to how come it seems a hair off the core competence? It can seem that way at first we look at it a little different as you as you point our data company. Right. So we have that. No one else has is. We have information on what houses people want to buy. And so we think that offering this service to the seller will allow us to match supply and demand between seller and buyer. Marketplace's Amy Scott takes it from there Zillow was founded in two thousand five by three guys. Rich Barton, Lloyd, Frank and Spencer, rascal and their roles have shifted over the years in an earnings call yesterday Barton called the latest shift turning of the triangle outgoing CEO Roscoff will stay on as a board member Frank will replace Barton as executive chairman and Barton returns to the helm as CEO. The reason we kind of turn this trying those because. I have a particular penchant for an attraction big swings..
"justin ho" Discussed on KQED Radio
"Is corn syrup. Miller wasn't happy at shot back that bud lights parent company. Anheuser Busch inbev uses corn syrup in plenty of its other beers. The national corn Growers Association objected to most of the rest of us though. We're stuck on the corn syrup in beer thing. Marketplace's Justin ho has the explanation when it comes down to it beer has four ingredients barley, water, hops, and yeast. That's John Palmer who literally wrote the book on homeboy called how to brew. He says for centuries brewers have used grains other than barley. Palmer says brewer's yeast rice and corn because they want to make a different kind of beer, they have less protein, Dan, barley. And so you produce a lighter bodied less filling beer by using them. The Bud Light at isn't talking about corn dough it's calling out corn syrup. Palmer says there's only one real difference between syrup and the grain itself. It's mainly a question of economics for the brewer most Berea. Use the already processed syrup because it's more convenient. And they've been doing it. For decades. Anthony manual is the head of brewing. Molson Miller Coors. He says his company does use corn syrup in Miller lite in Miller highlife. So it can be used in heavier beers to make them a little bit lighter. And it can be used in light beers like Miller lite. And of course, lied in order to reduce calories in carbohydrate or to give it a little more. Kick says. Yep. Yana BSO the owner of evil twin brewing, that's a medium sized Perea with locations in Denmark and New York, and that's what makes sense for some people use it because they have to make the business as possible and moult is most pensive than Cohen Shubert as a smaller brewery. He says he can charge a premium price for a bottle of beer, but bud and Miller Coors don't have that option in New York on Justin how for marketplace. Facebook turns fifteen Dan, well, one can argue that its corporate behavior is age appropriate for human. Teenagers. Think about it. We got to thinking about the social networks that have come and gone, or at least aren't used as much in the decade and a half. Since Mark Zuckerberg was sitting there in his dorm room at Harvard. We asked John Friday to share your comments about the social media of the past what used which didn't use. How does change your life? We got emails about AOL messenger. Live journal internet relay chat in something called Fido, mail, whatever that is also we got these two voice memos. I Mark Cathcart in Louisville Colorado, and then Enrica Sandoval down in San Antonio, Texas. We used to use a website Cochrane's reunited, which in the UK was massive in the early two thousands. And for one reason or another disappeared completely over the next fourteen fifteen years in his gone, nail Twitter, was brilliant. When it first launched because I worked in the tech industry. Then I think what most people who use Twitter these days. Forget. Yet is the Twitter when it first launch was a great way of getting around using text messages to communicate which would chargeable made. Everyone had to pay for text messages, but you could send three takes to Twitter, and it would send you the tweets as day back when I was young and middle schooler. So I had a girlfriend as she was my first girlfriend and in the seventh grade she will her parents were moving to Chicago, then fast forward, many years later, you know after college and whatnot. I get a message on my space that said, well, if you're so and so then if not don't don't worry about it. But if you are, hey, how you been? And we started conversing there many years later now we've been married for almost ten years and three three beautiful daughters. Marquess card in Louisville and Rikki Sandoval in San Antonio down in Texas. This way in. We'll just see what others said send us your own experiences with social media of times gone by you can do that at marketplace dot.
"justin ho" Discussed on WNYC 93.9 FM
"Wasn't happy at shot back that bud lights parent company and Heiser Busch. Inbev uses corn syrup in plenty of its other beers. The national corn Growers Association objected to most of the rest of us though. We're stuck on the corn syrup in beer thing. Marketplace's Justin ho has the explanation when it comes down to it beer has four ingredients barley, water, hops, and yeast. That's John Palmer who literally wrote the book on homeboy called how to brew. He says for centuries brewers have used grains other than barley. Palmer says brewers use rice and corn because they want to make a different kind of beer they have less protein than barley. And so you produce a lighter bodied less filling beer by using them. The Bud Light. At isn't talking about corn, though. It's calling out corn syrup. Palmer says there's only one real difference between syrup and the grain it self. It's mainly a question of economics for the brewer most Berea. Use the already processed syrup because it's more convenient and they've been doing it. For decades. Anthony manual is the head of brewing and Molson Coors. He says his company does use corn syrup in Miller lite in Miller high life so can be used in heavier beers to make them a little bit lighter. And it can be used in light beers, like Miller lite, and course, lied in order to reduce calories in carbohydrate or to give it a little more. Kick says. Yep. A Yana BSO the owner of evil twin brewing, that's a medium sized Perea with locations in Denmark and New York, and that's why it makes sense for some people use it because they have to make the business as possible and moult is more expensive than Cohen sugar as a smaller brewery, he says he can charge a premium price for a bottle of beer, but bud and Miller Coors don't have that option in New York on Justin ho for marketplace. Facebook turns fifteen Dan, well, one can argue that its corporate behavior is age appropriate for human. Teenagers. Think about it. We got to thinking about the social networks that have come and gone, or at least aren't used as much in the decade and a half. Since Mark Zuckerberg was sitting there in his dorm room at Harvard. We you on Friday to share your comments about the social media of the past. What used what you didn't use? How does changed your life? We got emails about AOL messenger live journal internet relay chat and something called Fido, mail, whatever that is also we've got these two voice memos. I mar Cathcart in Louisville Colorado, and then Enrica son of all down in San Antonio, Texas. We used to use a website called friends reunited, which in the UK was massive in the early two thousands. And for one reason or another disappeared completely over the next fourteen. Fifteen isn't has gone nail Twitter was brilliant. When it first launched because I worked in the tech industry that I think most people who use Twitter these days. Forget is Twitter. When it first launch was a great way of getting around using text messages to communicate which would chargeable. Had to pay for text messages, but you could send free texts to Twitter, and it would send you the tweets back when I was young and middle schooler. So I had a girlfriend as she was my first girlfriend and in the seventh grade she her parents were moving to Chicago. Then fast forward many years later, you know after college and whatnot. I get a message on my space that said, well, if you're so and so then if not don't, you know, don't worry about it. But if you are, hey, how you been and we started conversing there many years later now we've been married for almost ten years and three three beautiful daughters. Marquess card in Louisville and Rikki Sandoval in San Antonio down in Texas way, in we'll just see what others said send us your own experiences with social media of times gone by can do that at marketplace dot org..
"justin ho" Discussed on KQED Radio
"We're taking other jobs report. We started with the day one particular slice of it. And the notion that may be as John Lynette, and I were talking about that. Maybe the slowdown has started. We're going to look at something known as the u six unemployment rate so numbered by the way for its spot on the chart put out by the Labor Department it measures total unemployment, including people who are what are called discouraged and underemployed workers it rose two tenths of a percentage point to seven point six percent last month. Marketplace's Mitchell Hartman explains what that all means. It is typical for these Labor Department numbers to fluctuate a bit month to month, but economists Martha JIMBO at job site, indeed dot com says the recent uptick in total unemployment and underemployment is significant. So it's incredibly disappointing that the sheriff workers who are working part time involuntarily jumped up this past month. Even if you look over the year, it's really not coming down in recent months. Some sectors of the economy have faltered and employers may not have enough business to offer workers the hours. They want says Andrew Chamberlain at jobsite glass door. Clearly, the housing market is slowing across the US. It's just a matter of time before that's hurts to affect construction. This month might be the first signs of that these unemployment measures have returned to pre great recession levels, though, not quite to the all time lows. We reached in nineteen ninety nine and two thousand at least schooled at the Economic Policy Institute says employers have more leverage over workers now because the great recession went on so long in the aftermath was so deep employers have grown accustomed to being able to dictate terms setting the wage rate setting the hours that they desire just in time scheduling, that's what employers give workers little notice of their schedule or shortened shifts without a lot of warning Andrew Chamberlain says one upside of the long recovery with labor shortages developing is an uptick in wages for lower paid workers. So when we look at the top ten jobs with the fastest growth that we track on glassdoor five of the top ten jobs earn less than thirty six thousand a year. That includes cashiers baristas cooks delivery drivers. And maintenance workers, I'm Mitchell Hartman for marketplace. Crude oil prices pop just a bit today. Two percent or so after OPEC and its energy allies Russia mostly agreed to cut production by one point two million barrels a day couple of things about that OPEC pumps about thirty three million barrels a day just for context there on that cut. Also, one of the world's biggest oil producers. The United States is not part of the production cuts. So with a nod to the thirty percent tumble. The crude has taken in the past couple of months. Marketplace's Justin ho looked into how this all might play out to be clear, cutting one point two million barrels a day is a significant. Cut says Brian shied as in p global Platz there was a lot of questions about whether or not OPEC will go ahead with any cut seeing all of the intense pressure that the Trump White House has been putting on OPEC. To push prices, even lower. But while OPEC members would love to start jacking up prices. Shied says today's cuts are more about making sure oil prices stopped falling and stabilize and while oil prices rose today, Sarah, vox, it s v. Energy international says prices aren't really expected to rise too much in the long run because of expectation for the increase of US production and experts capacity is in a lot of production and expert capacity in fact, just yesterday the US became a net exporter of oil for the first time since the seventies. And it's one of the world's top three producers depending on what day it is. It may be the first second or third largest oil producer along with Saudi Arabia and Russia that's energy analyst, Barbara schuch. She says the price Americans pay at the pump is less about OPEC cuts and more about other factors like where you live and how much you pay gas taxes if you normally pay three dollars a gallon. This might bring it up a nickel gallon. Maybe the OPEC deal has a few more details to be worked out and shook says. Has to watch and see whether Russia actually sticks to its production cuts OPEC is set to meet again in April. Does he how the cuts are going in New York? I'm just in how for marketplace. So.
"justin ho" Discussed on WNYC 93.9 FM
"We're gonna take another pass that jobs report. We started with the day one particular slice of the notion that may be as John Lynette, and I were talking about that. Maybe the slowdown has started. We're gonna look at something known as the u six unemployment rate so numbered by the way for its spot on the chart put out by the Labor Department it measures total unemployment, including people who are what are called discouraged and underemployed workers it rose two tenths of a percentage point to seven point six percent last month. Marketplace's Mitchell Hartman explains what that all means. It is typical for these Labor Department numbers to fluctuate a bit month to month, but economists Martha JIMBO at job site, indeed dot com says the recent uptick in total unemployment and underemployment is significant. So it's incredibly disappointing that the sheriff workers who are working part time involuntarily jumped up this past month. Even if you look over the year, it's really not coming down in recent months. Some sectors of the economy have faltered and employers may not have enough business to offer workers the hours. They want says Andrew Chamberlain at jobsite glass door. Clearly, the housing market is slowing across the US. It's just a matter of time before this hurts to affect construction this month might be the first signs of that these unemployment measures have returned to pre great recession levels, though, not quite to the all time lows. We reached in nineteen ninety nine and two thousand at least Gould of the Economic Policy Institute says employers have more leverage over workers now because the great recession went on so long in the aftermath with so deep employers have grown accustomed to being able to dictate terms setting the wage rate setting the hours that they desire just in time scheduling, that's when employers give workers little notice of their schedule or shorten shifts. Without a lot of warning Andrew Chamberlain says one upside of the long recovery with labor shortages developing is an uptick in wages for lower paid workers. So when we look at the top ten jobs with the fastest pay growth that we track on glassdoor five of the top ten jobs earn less than thirty six thousand a year. That includes cashiers baristas cooks delivery drivers. And maintenance workers, I'm Mitchell Hartman for marketplace. Crude oil prices pop just a bit today. Two percent or so after OPEC and its energy allies Russia mostly agreed to cut production by one point two million barrels a day couple of things about that OPEC pumps about thirty three million barrels a day just for context there on that cut. Also, one of the world's biggest oil producers. The United States is not part of the production cut. So with a nod to the thirty percent tumble. The crude has taken in the past couple of months. Marketplace's Justin ho looked into how this all might play out to be clear, cutting one point two million barrels a day is a significant. Cut says Brian shied as global Platz. There was a lot of questions about whether or not OPEC would go ahead with any cut seeing all of the intense pressure that the Trump White House has been putting on OPEC. To push prices, even lower. But while OPEC members would love to start jacking up prices. Shied says today's cuts are more about making sure oil prices stopped falling and stabilize and while oil prices rose today Saravakos as VDB in Vietnam. National says prices aren't really expected to rise too much in the long run because of expectation for the increase of US production and expert capacity is in a lot of production and expert capacity in fact, just yesterday the US became a net exporter of oil for the first time since the seventies. And is one of the world's top three producers depending on what day it is. It may be the first second or third largest oil producer along with Saudi Arabia and Russia that's energy analyst, Barbara schuch. She says the price Americans pay at the pump is less about OPEC cuts and more about other factors like where you live and how much you pay gas taxes if you pay three dollars a gallon. This might bring it up a nickel gallon. Maybe the OPEC deal as a few more details to be worked out and shook says. To watch and see whether Russia actually sticks to its production cuts OPEC set to meet again in April to see how the cuts are going in New York and just in ho for marketplace. So.
"justin ho" Discussed on WNYC 93.9 FM
"Is Thursday today. The thirteenth of September. Good. As always to have you along. Everybody a quick look at any of the cable news channels will tell you what you need to know about hurricane Florence. It has started to come ashore on the Carolinas. The flooding will be deep and the damage will be heavy and the rebuilding when it eventually begins because it will is going to be more expensive than it might have been just six maybe eight months ago. Marketplace's Justin ho gets us going after a disaster like a fire or a hurricane the surge in demand for raw materials like lumber and steel raises prices for those goods jock O'Connell at beacon economics is after this hurricane. There's another factor to consider we grew up. The complicating factor of tariffs on a lot of these products. The US is impose twenty percent tariffs on number from Canada. There are tariffs on steel and on gypsum, which goes into drywall tariffs on household goods. That will go into homes like furniture and appliances Chad down at the Peterson institute says that will create shortages. During the recovery effort, and that's going to mean higher prices for consumers and make it even costly for them to have to rebuild homeowners. Spell those price hikes after wildfires leveled entire communities northern California last year. Jerry Howard is CEO of the national association of homebuilders. He says the risk of flooding with this hurricane will make home repairs. More costly, you have to rip out the wood flooring walls because it becomes an issue of mold the research firm core logic estimated that the cost of reconstruction after Florence can reach one hundred seventy billion dollars just like a Melchett Columbia University's National Center. For disaster. Preparedness says, we could cut recovery costs gave more thought to development and infrastructure things like where we build houses. Don't build them a flood. Plain would be one example, our electrical infrastructure is highly vulnerable. It costs more to protect these things at cost more to reinforce our infrastructure and our homes, but without doing that he says we're on the road for more surging disaster costs in the years to come. I'm Justin how for marketplace. One always hesitates to dig too. Deeply into economic research papers apologies to economists here. But things can get wonky in a hurry. But there is a new paper out from the Federal Reserve Bank of Boston that says historically, a low unemployment rate and remember we sit at three point nine percent that can actually signal trouble for the economy. So we put marketplace's Tracey Samuelson to the task of explaining the dangers of too much employment. You get a job you get a job jobs for everyone. How could this possibly be anything other than great for the economy? When the unemployment rate is very low the odds of a recession following that are very high in Owen, an econ professor at Hamilton. College says, we don't know for sure why low unemployment may cause a recession. But one of the reasons why this might happen is actually a result of the Federal Reserve's reaction to a very low unemployment rate the link could be something like low unemployment can. Push up wages higher wages 'cause higher prices aka inflation. But part of the Fed's job is to keep inflation low. So to counteract rising inflation it raises interest rates because if you make borrowing more expensive, people will borrow less, which slows the economy. Ideally, the fed slows the economy just enough to keep inflation in check. They're trying to do what they call engineer a soft landing. And what does paper is saying is that they haven't actually been very successful at that. At least not historically, but is past prologue crawl Tenenbaum that chief economist at Northern Trust in Chicago says this time might be different. We have pushed unemployment to a very low level. And yet we have not seen a Saint kind of wage increase that we've seen in past expansions the silver lining to slow wage growth is lower inflation. So the feds reaction can be more measured and the chance of a recession reduced the fed. Could finally engineer that elusive soft landing. I'm Tracey Samuelson for marketplace. A Wall Street today. All good. We'll have the details when we do the numbers..
"justin ho" Discussed on KQED Radio
"With, stores like, WalMart target and Macy's launching their own sales to. Compete that's going to, mean a lot of packages will be on, the move marketplace Justin ho took a look at whether. The shipping industry will be able to yes deliver there's a time honored reason Amazon pick summer for prime day says, Dale Rogers he's a professor of logistics at. Arizona State University when I was young they used to have Christmas in July sales. And it was. A way to stimulate demand flow time and now that so much shopping's, done online summer can be a. Slow time. For shipping companies to so, prime day which is expected to top two billion sales not. To mention those from competitors Welcome news to all of the shipping companies and, their shareholders rob Martinez is CEO of ship where he says Amazon another big outlets have gotten pretty good at working with. Shipping companies to predict the mad whether all those companies can handle the summer rush is a different story the well FedEx UPS. Have resources and engineers to plan and collaborate with customers the United States postal. Service generally speaking does not he says the postal service mainly gets involved in what's known. As the last mile delivering. All those orders from Amazon and others, to customers. Prime day could but the service to the test. They can't flex as, well as UPS and FedEx can but summer, comes with wiggle room says sativa Jindal of s j. Consulting group the weather is more favorable in July that in November December days longer one thing that isn't more favourable, the cost of fuel these deals gone up forty five percent since last summer I'm. Just in hell for. Marketplace a government funded tool that doctors used to figure out the best way to treat patients is going away it's called the national guideline. Clearinghouse and budget-conscious. The department of health and human, services mean massive tomorrow it's gone from the health desk. It w. h. y. y. in, Philadelphia marketplace's, Dan Gorenstein has our story doctors. No a lot but they don't know everything Harvard Medical, school's Dr, Barbara. Jedis says for example it took twenty years for most. Physicians to get around a, prescribing betablockers for heart disease Better medication that's available and it takes twenty years for doctors to actually use a properly that tells. You something about how difficult it is for information disseminate into practice the. National guideline clearinghouse or Angie has also helped insurance companies and large hospitals. Develop their own protocols by putting the variety of guidelines and best practices in one easy..