35 Burst results for "Kai Ryssdal"
Lack of Paid Sick Time Could Be a Barrier to Vaccination
"Of today everyone sixteen and older is now eligible to receive a covid vaccine in every single state more than two hundred million shots have already been given in the us so far about half of all adults have received at least one dose. The vaccine is free whether you have health insurance or not but even minus the massive logistics of distributing the vaccine there are logistics involved in getting it and some workers are having trouble getting paid time off to get their shots or to deal with side effects from the workplace culture desk. Marketplace's megan mccarthy carino has the story when washington dc software engineer lori. Barth got the vaccine last month Kind of kicked her but headache chills. brain fog. I don't think i could have read taxed on screen comfortably. Loan sit up in a chair. Barth didn't have to worry about working through the pain because she got her vaccine on a weekend and she has plenty of paid sick time. She could've used but not all workers do says vicki shavuot a senior fellow with new america. And you could very easily see how it would be financially impossible and potentially job risking for a worker to be able to get a vaccine. There is no national requirement that employers offer any sick leave much less a couple of days to get vaccinated and low wage. Essential workers are among the least likely to have paid time off says elite schools with the economic policy institute. They may not have a lot of power negotiate for when the best time is to have the vaccines that they make sure. They don't have to work the next day. In case there's side effects said that impact them thirteen states and several dozen cities do mandate some form of paid sick leave and many employers like mcdonald's starbucks and wal mart have offered paid time off for employees to get vaccinated doric rice a law professor at uc hastings. Says it's important. That workers have vaccine time off on top of their usual sick leave.
'Vaxications,' Catch-up Trips and Pent-up Demand Fuel Travel Surge
"Centers for disease control says that as of two days ago almost one hundred and twenty five million people have gotten at least one vaccine shot in this country and you know that is other than really good news. That's a business. Opportunity is what that is especially if you are in the travel business searches for domestic flights for this coming summer have gone up nearly sixty percent in the past month. That's according to the travel site hopper. Google searches for hotels hit at ten year high this month and searches for plan. A trip to disney world increased. I kid you not twenty six hundred percent from march to april and forget about getting a rental car whenever you get wherever you are going marketplace's smithfield's reports on what travel pent up. Demand looks like joylin. Anthony and her husband are ridiculously excited to finally go on vacation. The pent up demand here in our own home to just leave the house and go do something. Is this huge ankara's accountant in oregon and recently at the height of tax season. I told my husband. I needed plane ticket somewhere. They decided on tennessee. Flights were pretty cheap. She says but rental cars. That's going to be one of the most expensive parts of our trip. They're also finding most places. They're thinking of visiting require reservations now and seemed to be booking up. That is true for all sorts of things from disneyland. Tickets to campsites a lot of people like anthony our booking trips within the us and in many cases staying relatively close to home. That's according to christopher not at airbnb more than seventy percent of the searches that we're seeing for destinations. That are fifty to three hundred miles away from home for folks. So you know this sort of i can get there on a tank of gas. Destination and many of these are sort of in remote locations. Any of the flights people are looking for in booking are also to more remote outdoorsy spots says Motorin and economist at the travel booking site hopper now parks have done really well and beaches have done really well. That seems to be where a lot of the interest currently has end. Motorin says airlines have been adding flights to those kinds of destinations.
FDIC campaigns to get the unbanked to open accounts
"There's an industry term for people who don't have a checking or savings account the un banked more than seven million americans fall into that category according to the federal deposit insurance corporation and one consequence of that is not having a place to deposit those federal relief payments. Nancy was talking about now. The fdic has launched a public campaign aimed. At changing that marketplace's justin how reports households that are unbagged tend to have lower incomes more volatile incomes less education leonard chain is deputy to the chairman of the fdic. He says two and a half percent of white house or on banked and that in contrast to about fourteen percent of african american household and about twelve percent of hispanic households were unbanned. There are plenty of reasons why disadvantaged communities might avoid the banking system. You may have immigrant communities where people come from countries where where they can't trust the banking system like you can in the us. Robert james the second is the chairman of the national bankers association which represents minority lenders. You may have situations in the us where you know. People come from communities that have historically been underserved or been preyed upon by the banking system. Some minority on lenders have been trying to overcome that historical hesitation. Dominic thanh runs off this bank. A black owned lender in south carolina. It offers a checking account with no minimum opening balance and no fee if users keep at least one hundred dollars in it intentionally designed to account to be very simple very transparent there you to us through its campaign. The fdic is trying to let unbagged. People know all of the advantages opening a bank account. Leonard chain with fdic says instead of taking a check to a check cashing service paying a fee then. Walking around with a bunch of cash. The funds are going to be in an insured account as opposed to a check coming in your mailbox or even a prepaid card coming in your mailbox. Plus he says you have access to funds right away to transfer around or pay bills.
New rules offer patient access to electronic health records
"A new federal rule takes effect today giving patients more access to their medical records for free many health records are already available electronically but it can be a hassle to get them. The new rule also changes. What kinds of information. Patients can request marketplace's. Kimberly adams has more. The rule makes it illegal for healthcare providers to engage in what's called information blocking with fines of up to a million dollars if they make it too hard for patients to get their records. Liz saw me as a senior strategist for the group open notes which advocates for transparency in medical records. She says if it weren't for the pandemic this concept of full transparency to everything on the record the notes the labs halogen boards would be the biggest story in healthcare. As of today patients should start being to access all of that information and share it with healthcare providers schools and workplaces even third party smartphone apps. Dr rachel stirrup is the health lead at the future of privacy forum and says once you get your records you the patient have control over where your health information goes then. It pretty much becomes a wild west because not all those apps or schools or even companies face the same privacy rules as traditional medical providers. Also right now. Many of those providers aren't ready to roll out all the changes. Dr jesse aaron failed is with the american medical association. There's a lot of confusion the legal requirements or complex and interfaces with Third parties data use agreements. Not the kind of stuff. They normally cover in med school
MLB moving 2021 All-Star Game from Atlanta in response to Georgia voting law
"Was word today for major league baseball that it is moving this year's all-star game out of atlanta and response to the new law in georgia. That as you might have heard as new requirements for absentee voting and limits ballot boxes gives a lot more power over elections to the state legislature. All changes that will disproportionately affect black voters. And it's not just georgia. Other states are considering similar. Laws as well and corporate america after being mostly silent to be honest is beginning to speak up most notably in the form of a letter signed by seventy black executives and led by ken. Frazier and ken chenault. Two of only nineteen blacks. Ceo's ever to lead fortune. Five hundred companies can. Freezer is the ceo of merck. Ken chenault used to run american express and i got him on the phone earlier today. Gentlemen thanks for coming. On and mr schnell. Let me start with you sir. And ask you this question You have said in past week as as This letter and The thing that you and mr frazier trying to get done has become public. You've said it is time for actions. Not statements what does that look like to you what it looks like and i think this is very important is one what we want. Companies to do is to publicly oppose legislation that discriminates against voters and legislation. That hinders them from being able to vote. And so it's very important that companies not just go abroad statement but in fact to oppose any legislation. That hinders people from voting.
U.S. gains 916,000 new jobs in March
"Hundred sixteen thousand new jobs in this economy in march restaurants and hotels education construction manufacturing. Honestly i could just go on naming industries. They have all added jobs. We're down to an unemployment rate of six percent even and that is with a whole bunch of people getting back into the labor force so marketplace's mitchell hartman gets us going with the goods of this very good jobs. Report positive comments were a dime. A dozen as i did. My economist calls today starting with nicole. Golden at the atlantic council definitely signs of a boom. Very happy to see it. What's michael farren at the mercatus center pumped up. Is the trajectory. Two hundred and thirty. Three thousand jobs added in january than four hundred sixty eight thousand in february and doubling again to more than nine hundred thousand in march. You think marches number is high april. And may's numbers are going to be positively eye-popping as larger and larger proportions of the population are vaccinated and more of the economy reopens the breadth of job growth. Is what impressed kurt. Long at the national association of federally insured credit unions not just hard hit bars and restaurants but retail transportation. The building trades finance. A lot of businesses are looking ahead to really strong consumer demand and they don't want to be caught flat-footed without the necessary employees. Getting everyone back to work especially unemployed. Parents will require more rebound in services for those workers says nicole golden at the atlantic council. We need childcare to come back because it employs a lot of women and in particular minority women and because the burden of care and school closures have pushed so many millions of women out of the labor force. Childcare jobs are still fifteen percent below pre pandemic
Suez Canal: Stuck Container Ship Is Freed
"The ever given is underway as you have probably heard by now after something a bit more than six days plugging up one of the key. Trade routes of this global economy the giant containership. That couldn't really is finally headed north in the suez canal. Final monetary damages to global trade yet to be
Unemployment Claims Are Lowest Since Pandemic Began
"We got news of first time claims for unemployment benefits this very morning. Six hundred and fifty seven thousand people filed the paperwork last week. Still a whole lot. Yes but well down from last week and the lowest in a year so that is to be celebrated more people getting their shots and more businesses are opening up
Blocked Suez Canal Exposes Global Supply Chain's Fragility
"Lead. Today comes to us. Courtesy of the ever given that is a thirteen hundred foot. Long two hundred foot wide containership. One of the biggest of its kind. That is as of this moment. Most embarrassingly stuck jamming up the suez canal. Nobody going north not going south one of the key routes of global trade basically closed we have gotten christine. Mcdaniel on zoomed. Help us understand how this might play out. She's a senior research. Fellow at the mercatus center at george mason university. Thanks so much for coming on. Thank you nice to be here. So i have to tell you the first thing i thought when i saw pictures of this ship turned sideways in the canal. Other than how the heck did that happen was wow. The global supply chain is really really fragile. If this can block a major artery yes. It is fragile. There's lots of moving parts but remember the global shipping industry logistics. They are used to supply shocks demand. Shocks weather related war-related. So you know it's nothing they haven't dealt with before fair enough but if you are a a tanker company looking at this traffic jam in the suez canal. How long are you gonna wait and let your extremely valuable ships. Sit there in the backlog before you go around down the south of africa and angola the long way round right. Well economists especially trade. Economists have spent some time trying to calculate how much time cost and international trade The couple economists demanded that each additional delay of shipping is equivalent to about a half a percent to two percents patera And then of course. This is cascading. Because it's not just the stuff on that particular ship That's that's delayed by that. it's everything else. That's getting delayed because of
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.
Why consumer confidence is surging
"Can confirm the facts of this story. We are tired of the pandemic and ready to shop. The technical term for this of course is consumer sentiment which determines how much we spend which makes up about two thirds of this economy and which is kind of key to our pandemic recovery while the university of michigan's consumer confidence survey shot up more than eight percent in march to its highest level in a year. that's still seven percent below what it was before the pandemic the government rescue package combined with the fourteen hundred dollar check or checks landing in many people's accounts. Well it's a pick me up marketplace's mitchell hartman gets going. It's been a week and a half. Since president biden seinfeld american rescue plan payments started going out within days. And that's been a big shot in. The arm. For consumers says john lear at morning console which polls americans everyday consumer confidence is really on a tear. They are growing more confident at a faster rate than they have fallen. The prior to stimulus packages. Lear says this time around the checks are bigger and they're going out faster plus the monies targeted to low and middle income households who were most likely to have lost work and be strapped for cash now. Rising confidence is likely to spark more consumer spending but lisa ruin that forbes adviser says it's not clear how much or how fast what we're seeing now. Is this really cautious optimism. Where people say okay. We can see signs that things are going to be getting better. But we're not quite ready to jump in headfirst. Forbes advisors latest survey finds. Roughly half of americans don't believe it's a good idea to reopen businesses one hundred percent before corona viruses fully contained and morning console finds. Well over half of americans. Still don't feel comfortable traveling or going to a restaurant. Shopping mall or sporting event. Jon lear's says moore vaccination and continued corona virus vigilance are crucial for sort of at this critical junction. Right now where. We need to keep cases down for the next three months. Let's say so that we're able to unleash. The full extent of are pinned up demand. Later in the summer he says. The money's there from the latest relief checks and surging savings. Folks just aren't feeling quite confident enough to spend up
Turning an economic corner?
"So let us test at that premise. Shall we my vague sense. That maybe possibly kinda. Somehow we hope fingers crossed. We are on the men economically genus. Malik is it. The new york times during the holman is a bloomberg everybody. I got so Gina we're gonna save the prognostication thing for the end of our segment here. But i do feel like we have to spend some time on reserve jay powell and inflation. Mr powell spent most of his press conference on wednesday. I guess it was trying to deflect or beat back questions about inflation where the federal open market committee thinks. It's going how worried he is about it. He spent a lot of time saying in essence. We're not worried about it and if it happens we got it. The bond market on the other hand in the form of rising yields on the ten year treasury note said. Yeah no. i don't actually think that's right jay. We're a little worried What is going on. So i think that there is a real gap in timing here so i think what we're seeing in the ten year treasury note is that investors are both becoming confident that we're gonna see a little bit more inflation but also becoming confident that we're gonna see more growth. And so that's really what's moving that up but when you look at inflation expectations in the market. They moved up but they've really moved up sharply for term and then they're a little bit less pronounced in the longer term. And i think that's what people like to talking about when they say that we're not so worried about inflation in the longer term. You know there's a big difference from the fed's perspective between a jump up prices this year which they broadly expect and lasting inflation that becomes a problem down the road which they do not expect at this point. George let me ask you this though. Is it possible. And we heard a lot of this. You know back in the beginning of the pandemic and and when the recession was actually at its worst yourself into recession. Consumer expectations are a key thing. Can you talk yourself into consumers expecting inflation. Is that a thing. Do you think possibly what you can't talk yourself into is that consumers will want to spend at a certain time. So that's what a lot of retail chiefs are just hoping that even though what this week with retail sales is that they were down in the month of february a lot of the speculation was that we just have bad weather across the us. That is more of a blip compared to what the reality is going forward is more so thinking that that surge that we january will keep going. That consumers really will spin on that pent-up demand that everyone's kind of talking about in the retail world and then that will help Lift the economy less thing on on a routine yields gina. And then we'll move on the thing about it is that money will get more expensive right and then that could have conceivably a dampening effect win. Everybody's so ready to spend and go and travel and just do you know right and that absolutely something that fed is paying attention to and they've been very clear that if they see rates move up so much that they caused disorderly trading conditions in the treasury market so basically things get messy or be. They actually move up high enough to actually way against the feds goals and keep the economy from recovering than the feds gonna do something about that. But for the near term you know as long as they stay contained and sort of move up but not irrationally. I think what we're gonna see is a steady impatient fed. That just kind of you know watches. It talks about it a little bit but doesn't get to panicked values the new going. Yeah you know what we'll say. Okay anyway. sorry so jordan. Let us get to the retail. Chief you've been doing a bunch of reporting on what retail ceos are thinking once this you know trillion and a half perhaps a little bit more of of money that's on the sidelines gets going. How are they thinking about the after times in terms of how they're gonna handle that so when it comes to the time line the after times they expect happening in the second half of two thousand twenty one. So we're talking about the summertime that vaccinations were really be widespread and a lot of the ceo's. I'm speaking to operate the stores in the mall. So their idea is that the so called revenge spending will take place the fact that the ideas that customers revenge pending prevent spending. Yes something we saw accion. china ones. That government started lifting some restrictions last spring idea that people are tired of just you know shopping online in their want to go back out into the mall in like social gatherings in they're going to spend all the money that they've been saving up and so this kind of ideal yeah the revenge ending you hear it from ceo's of jack's which owns on to j. maxx marshalls on some other retail chiefs of use this phrase but the ideas like we have to wait and see. That's still something that don't know is going to occur but it's something that stores like kohl's forecasted for the second half that sales would definitely be stronger later this year.
We know what Jay Powell is thinking
"The way it works on the days. The fed wraps up. Its big meetings is the jay powell comes out. He reads the official statement. What the fed is thinking about the overall economy since its last meeting where the economy might be going and where interest rates might be headed and then he opened it up for questions business and reporters being detail oriented bunch can get kind of weedy in those questions which lucky for you is where we come in. There were when all was said and done to count them to messages. The pal wanted to make sure everybody got at today's back and forth message one all the talk about inflation. I'm paraphrasing here. But basically he said come on. Cut it out talking about inflation is one thing actually. Having inflation run about two percent is the real thing no seriously cut it out over the years. We've we've talked about two percent inflation goal but we haven't achieved it. So i i would say we'd like to perform. That's what we'd really like to do. Is to get inflation moderately above two percent again. I was paraphrasing message number. Two where the fed thinks. This economy might be goin'. The state of the economy in two or three years is highly uncertain. So there you go. Jay powell and what he's thinking in. Okay yeah fine. It was seventy words. I counted
What full employment means in a pandemic-ravaged economy
"The bigger relief bill is signed now begins the sales pitch the president and vice president in various and sundry cabinet members are travelling or otherwise making the rounds making their case among them treasury secretary. Janet yellen which is where we come in yellen said on. Abc over the weekend that she is hopeful will be back near full employment. Next year back here is the operative phrase there because it had been widely assumed we were at full employment before everything fell apart three and a half percent. If you're a member of the unemployment rate in february of twenty twenty so with everything in the past year in this economy what are you suppose. Full employment is gonna look like now and more to the point water policy makers at the fed and treasury gonna do about it. If and when we get there marketplace's mitchell hartman starts us off. Full employment is a perfect sweet spot for the economy. The unemployment rate is as low as it can get without employers having to bid up wages through the roof to get the workers. They need everyone who wants a job can get one and inflation doesn't sore out of control dean baker at the center for economic and policy research says in the past policy makers of often put the brakes on before we got two full employment but he says in this recovery from massive pandemic job loss. They seem to be following a more ambitious on employment script. They really do want impress the economy to see how low we could go. That likely means getting headline unemployment. Down to three and a half percent again but economists mark paul at new college of florida. Says policymakers will also try to get other measures of worker to stress and financial hardship down. This means looking at unemployment rates for certain groups that have traditionally been stigmatized in the labor market. Such as black workers who tend to experience isn't rates whites that of white workers. Black unemployment is up four percent in the pandemic for white americans. It's up just two and a half percent and many more women with kids at home have dropped out of the labor force than men now. Job creation is accelerating and it's likely to continue with new stimulus covid cases down and vaccination up economists dam north at credit insurer euler hermes north america says the economy has a lot of ground to make up. He estimates at least thirty percent of small businesses have folded. New businesses are going to start up but it will take wild probably too late. Twenty twenty two early twenty twenty three to get all the jobs back and to get back to a full employment
Goldman Sachs to invest $10 billion in Black women
"Goldman sachs was out with a report the other day it was more of an announcement with some data attached. Actually goldman is getting ten billion dollars over the next decade by repairing or starting to repair. I guess in its words. The dual and disproportionate race and gender bias. Sees that black women face as for the data goldman says there is a ninety percent gap between the wealth of black households where women are often the primary wage earner and the wealth of white households. Marketplace's eric harris has the story. Goldman sachs has had initiatives for women in small businesses before. But this past year black women dying of covid and disproportionately losing jobs. The killing of george floyd led to this initiative says asahi pompeii head of corporate engagement at goldman sachs. We knew we had to do something as it related to black women so the idea is to help black women get access to money and advance in the workforce investing in things like broadband and childcare and black neighborhoods and to partner with organizations such as power rising. That have already been doing this. Work leah. daughtry is with the nonprofit often organizations that want to new things in our communities. Do them with out talking to the people who are most affected initiatives. Like this sometimes forget. It's not just money. Women need says rhonda von shea sharp with the women's institute for science equity and race. Okay goldman you've put in ten billion. Are you really going to be sharing your network. Whenever there are initiatives that focus on marginalized groups. Black women be left behind warren professor. Stephanie query says companies often focus on race or gender the categories that they have to report to the us government about what they're doing with respect to understanding and advancing these groups that have historically been underrepresented in disadvantage is race or gender but crease says when a company like goldman sachs does something its competitors do it to america bears for marketplace
A look at the global oil market
"Get ready for it. Here's what's happened to the global oil market in the last twelve months in trader argo removed. From what is called tango to backwardation a backward dated market. That's energy consultants. Stephen shark and to explain. In regular people terms the contain go market happened when crude oil demand and prices plummeted after the pandemic hit then in the fall the global economy came out of covert hibernation and needed more oil and gas demand. Now is beginning to outstrip supply. There's a lot of optimism about a vaccine the economy's globe opening up which has driven prices up. Alex ramos at rice stat. Energy says that's good news for shale oil producers in the permian basin of texas and new mexico one of the most terrific than one of the most affordable sources of oil nowadays globally so with all of the efficiencies that we've seen in drilling and fracking essentially all areas of the permian are commercial and very profitable at sixty dollars but more oil pumping profitably out of the ground. Doesn't necessarily mean and other boom time in rig workers jobs and pay that's because there's been massive consolidation accelerated by the pandemic says analyst. Michael orlando at econ. One research. we saw a record number of bankruptcies in the oil and gas sector in twenty twenty and we were going to see a contraction in employment. The industry cost reduction in the industry. Employment in oil and gas drilling is down about five thousand since before the pandemic and down about seventy thousand since the peak in two thousand
The Jobs Numbers: Who's Hiring in America
"Hundred and forty. Five thousand is the number of the day on this thursday. At of course is the number of new applications for state unemployment benefits filed last week astronomically high as i think i've been saying every single thursday for going on a year now. The bureau of labor statistics is going to hit us with the jobs report for the month of february tomorrow. Another snapshot of how this economy is doing as a whole good in parts. Not so good in others. One part of the labor market. That is doing all right. Actually manufacturing marketplace's andy euler going where the jobs are. The john deere engine in tractor museum in waterloo iowa celebrates the history of mechanized agriculture but the museums hosting an event. This weekend. That is very much about the present a job. Fair randy venzke labor relations manager at john deere's waterloo works where they make those big yellow and green tractors the jobs that were currently focusing on our your general assembly. Some well living in some machining jobs. He says the company started its hiring push back in december quickly had over a thousand applicants. And we're able to fill more than two hundred jobs since then you know. The number of applications have really dropped off fact. We've received about hundred hundred ten applications in the past two weeks. He says they're trying to hire about three hundred more people by april problem is there's only about one hundred thirty thousand people in the county in unemployment is currently under four percent across the. Us manufacturing activity is up increasing three year high in february as consumer demand rebounded after the early stages of the pandemic manufacturing's been growing not quite for a year but for the last nine months. David berson is chief economist at nationwide insurance. Because it's been growing has needed workers and they're starting to run out of workers for whom manufacturing jobs or the appropriate physician and jed cocoa chief economist. The job website indeed dot com says. There's a skills mismatch between those hiring. And those seeking employment sectors have laid people off service leisure tourism and the sectors that have done a lot of hiring endemic manufacturing warehouse. Construction do require somewhat different skills and he says those industries that initially lay people off this time last year are starting to hire people back. I may dealer for marketplace a little bit lost in the news. Firehose today was data on fourth quarter worker. Productivity widgets produced for our work to is the very simple formula down four point two percent october through december the biggest drop in forty years. Not great. no but this is a little bit misleading in terms of understanding. What's going on you aren't s. Q is at the university of pennsylvania school of social policy and practice businesses that were not as productive normally just by the nature of the activity such as restaurants and so on have started reopening. So that drags down the average productivity and today's numbers not entirely unexpected. Well that's happening. There is what we call a regression to the mean. Now why are we telling you. This is amount of zilder is at the conference board. It is a basis for future living standards if productivity rises sustainably. That means that down the line Wages are going to be increasing on a more steady stable basis and so from the history matters filed this bit of context. Productivity growth was really sluggish after the great recession wage growth back then also super sluggish as well
A seat at the table for workers
"Are going to begin with trade. And we're going to do that because it's been awhile since the policy parts of what we buy from and sell to other countries has been the story in trade as opposed to the tariff parts of that part of our economy that dominated the past couple of years and our way in is a three hundred and eight page document out from the white house. This week called fittingly enough. The twenty twenty one trade policy agenda of the united states. It is as i said three hundred pages long. So the t. l. The are here is the biden administration intends to us trade policy to advance racial equity to fight climate change and to take on what it calls. China's coercive and unfair economic trade practices the core theme of the thing though is a worker centric approach to trade workers. The white house says are going to have see table. Marketplace's refinish your is on the trade desk today in a nutshell biden's new priorities mean free. Trade for free trade sake is out the window. It is a big contrast the elite and this president of the economic policy institute pre trump both democrats and republicans for a couple of decades when place trade policies. That were definitely not worker. Centric i would say more corporate centric. She says former. President trump was able to harness latent resentment around jobs industries that were lost over the years. And that's clearly something. The biden administration has tuned in on how that translates into policy over the next four years. Rufus york says president of the national foreign trade council in practice it plays out in enforceable rules on forced labour clear protection of the right to organize and bargain collectively that those need to be elements serve of trade agreements but the biden administration won't be in any rush to enter any new trade agreements according to sharyn o'halloran professor of political economy at columbia university. She says biden will try to shore up us. Competitiveness i as a way to protect workers. They're focusing on by american and precising use of american products and procurements developing infrastructure and so forth but being worker. Centric does not mean being protectionist. Halloran says the use of tariffs is likely to be much more surgical and you can expect a lot of talk of working with allies trade issues. A very clear break with the recent past in new york. I'm revenge sure for
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"This final note on the way out today a sneak peek at what will politics kind of aside, probably be semi big story tomorrow the CEOS of facebook twitter and Google or do on Capitol Hill virtually of course to talk about, and this is a quote from the Senate Judiciary? Committee in front of which they will be testifying how best to preserve the internet as a form for open discourse hearing comes as Republican members of that committee claim that evidence the tech companies have an anti-conservative is. All right we gotta go, but here's your Moan of economic context on this Tuesday a glimpse at what the fiscal. Might look like after next Tuesday fiscal policy of course, being taxing and spending by Congress. In the White House Texas Republican Senator Ted Cruz did an interview with Axios the other day and he was asked Senator Cruz was do you think your colleagues in the Republican? Party will rediscover its concern over debt and deficits said Senator Cruz. Sure. Our digital and on demand team includes Kerry. Barber Smithfield's Ben Head coach Sarah Menendez lies mills, and Janet Windstar have is our executive director of on-demand. I'm Kai Ryssdal, we will see tomorrow. This is. APN. Hey. All I'm Eddie phase of the marketplace podcast. This is uncomfortable. Halloween is coming up and what better way to celebrate than with stories about financial decisions that still haunt you. Like. Say that time your mom caught you over drafting your bank account on adult websites and I suddenly realized that one of these things Mr Skin dot com, and thirty dollars a month and. New episode of this is uncomfortable drops. Thursday. You can listen wherever you get your podcasts..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"All right. So if you follow the futures you knew this was coming. The Dow industrials off five hundred eighty two points. Today three percent Finnish eighteen thousand five ninety one. They were green for a little bit. Today the Nasdaq down eighteen points over a quarter percent. That's practically a wash really sixty eight sixty the S. and P. Five hundred seven. That is two point. Nine percent twenty two and thirty seven there. We talked about the Federal Reserve. A little bit. So hence look at the banking sector Goldman Sachs down. Two point four percent today J. P. Morgan Chase off five point three Percent Bank of America tumbled four point six percent today. Bond prices rose the yield on the ten year. Treasury note fell to zero point seven six percent. You're listening to marketplace this is marketplace. I'm Kai Ryssdal about half give or take of the big companies in China's who bay province where cove in nineteen outbreaks started of course are back up and running in the rest of the country. Almost all big firms are open again. Small businesses though. We're still struggling. Best estimates are that about forty percent of them are still closed. Marketplace Jennifer pack check in with a pork seller in Shanghai macek chopped pork ribs at the back of tiny veggie shop where he sells meat hearts over to. He's happy to be back in business. It's taken more than five weeks. I he was trapped in his hometown in central unquote province. Once the virus spread there were travel restrictions when he was finally allowed to leave. My town returned to Shanghai but he's still couldn't open shop such as the odds of getting back in February. I had to self quarantine for fourteen days. He finally resumed operations at the start of this month and business is picking up even though pork prices have doubled since last year from the African swine fever. My town says some customers are buying less. But not this man call you by as much pork as I want to eat. Even if it's expensive he tells me his surname is now then runs off to prepare lunch. Much turns to serve another customer. The bulk of his business though was supplying restaurants they ordered a lot of pork from him to serve during the Lunar New Year in January. They were going to pay him once. The holidays were over. The amount of the hunter got so hinted in the city fully booked within the cove in one thousand nine virus spread government force restaurants to close if the outbreak can happen. Say Ten days later they could've earned enough to survive for the year most of his restaurant clients. He says are looking for cash injection while one has gone bankrupt. Come including me are not so you attack. The restaurant say I can take whatever meat and seafood or left in their freezers and sell them to my customers. That will help him recover some of his costs but not all. He expects to lose at least fourteen thousand dollars. That's not a small sum. It's hard earned money. Of course it hurts. Says he will look for other restaurants to work with more. Dining places are open in Shanghai. They're just not full. Because of social distancing measures and fear like one of my town's regular customers willing may she says she used to eat out a lot with her family before the virus outbreak pushing epilepsy. I don't go to restaurants anymore even if the government says it's safe. I won't go since she only cooks at home. She insists buying from my town. He says loyal customers like her are. What's keeping him in the game in Shanghai? I'm Jennifer pack for marketplace..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"And you have a kind of perfect storm for the bathroom if occasion of America. I warned you all that was coming tonight first. Though let's do the numbers twenty five points today. Almost ten percent on the downside clues to twenty nine thousand three ninety eight that the blue chips Nasdaq picked up. Nineteen points two-tenths percent ninety seven thirty one the S. and P. Five hundred up six tenths percent thirty three and eighty there for the five days. Gone by the Dow brought home. One percent the Nasdaq accelerated two point. Two percent the S. and P. Five hundred gained a percent. Megan was talking about Delta going carbon neutral stock nose down. Three tenths percent today Kraft Heinz trip down three point. Two percent after the ratings agency Fitch downgraded the company's bonds the junk US bonds the government. God prices rose. That means yield goes down yield on the ten year. Treasury for the one point. Five eight percents. You're listening to marketplace. Hey it's molly would so the most important rule in corporate governance for the past half century has been prioritize shareholders and profit at all costs but in today's climate literally with global warming and extreme income inequality. People aren't having it. There's definitely a strong public opinion. That business needs to do better. So notion of stakeholder capitalism is a corporation don't exist just for shareholders they need to be good citizens and not purely focused on creating shareholder value. Make Sparta's the PODCAST. Where Kai Ryssdal and I talk about tech the economy and culture this week. We dig into stakeholder capitalism and whether corporations are serious about making change. Subscribe to make me smart. Wherever you listen to podcasts. This is marketplace. I'm Kai Resolve Valentine's Day. Spending in this country is expected to hit a record high this year almost twenty eight billion dollars. That's according to the National Retail Federation seven percent of that almost two billion dollars again. That's from the. Nrf is going to children's classmates. That's the actual category Rukmini. Kalomo is a foreign correspondent for the New York Times who tweeted out her Valentine's Day experience the other day as a new mom tweet one adventures in American parenting. My son's Day care sent him home with a list of the other babies in his class entitled for Valentine's Day. My son just so you know can't yet speak much less right. So the implication is that I. His mom will fill out cards for a bunch of babies all underage of tweet to first reaction was. Oh how cute. My second was the revolted immigrant Ruckman e and one whose mom never helped me with my own homework and who wants just wants Showed up to my cross country meet embarrassing meat so thoroughly running after me with leader of Evian. I asked her not to come back tweet. Three for most of elementary and high school I was mortified by how my immigrant family just couldn't get with the program for example trying to give trick or treaters one dollar bills like the kids were strippers or something. When I insisted it had to be candy. My family tried placing sticky cupcakes in their pumpkins. Tweet four so I guess that'd be setting up my son for a future tweet storm not unlike this one eighteen years from now mind you when he gets his first phone. If I don't buy the cards and spend Thursday night filling them out and signing.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles. I'm Kai Ryssdal Tuesday today. The fourteenth of January as always to have you along everybody we have tried. Laurie have we tried to keep you up to speed on the great Sino American trade war of two thousand eighteen nineteen without overwhelming. You because kids really the appetite for a whole lot of this harmonize tariff Shedu five six seven eight point one nine point two noted knotted netting of twine cordage or rope excluding fish netting all made up fishing nets of man-made Textile materials or or this harmonize tariff shedule. Four one zero five point one a point one oh sheep or lambskin 's without woollen tend but not further prepared wet blue. What blue what is that anyway? Your appetite for that is probably finite but look this trade. War is the most important thing that's happened in the global economy. In the past two years it has rattled global markets. It has changed changed the decisions. The Federal Reserve has made it has bewildered small businesses and it has cost American consumers and businesses billions of of dollars so today on the program with the deal set to be signed. Tomorrow how we got here. Where here really is? And where do we go from here here today. I'm directing the United States trade representative to examine China's policies practices and actions with regard to the forced voiced transfers of American technology and the theft of American intellectual property. We will spare you the whole time line. We've got it online and marketplace dot org if you want the nuts and bolts but that right there from president trump back in August of two thousand seventeen that is the trade war origin story from there was just a short step to global tariffs on washing machines and solar panel steel and aluminum and as things stand now tariffs of as much as twenty twenty five percent on more than half of everything that we buy from. China it's important to point out to more things really number one. We don't actually know what's in the deal that's supposed supposed to be signed tomorrow and we won't until after it signed a number to a deal it may be but this is not the end of the trade war we're still building tariffs on three hundred and seventy billion dollars worth of Chinese imports and in a statement to Bloomberg Today Trade Representative Robert Lighthizer said and this is a quote. There is no agreement for future reductions in tariffs so where it's all gotten us and where it might lead US straight ahead on Wall Street the day before Ordeal Day. Not a whole lot of trade inspired enthusiasm see also priced in so from us some trade war details when we do the numbers.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"This is marketplace. As I'm Kai Ryssdal a woman named Ellen Weintraub tweeted something interesting this morning there are probably many Ellen Wydra Weintraub out there but this one happens wants to be a member of the Federal Election Commission. What she said in her tweet? Was this quote. I am not willing to bet. The twenty twenty elections on the proposition that facebook has solved all of the problems with the solution. Who's chief feature appears to be that? It doesn't seriously impact the company's profit margins number one. Ouch number two. What Ms Weintraub was talking about was facebook's most recent venture through the political advertising morass specifically that unlike twitter which has blocked political ads in Goule which is going to limit at at targeting facebook is going to roll out some user controls but otherwise not too terribly much? Molly Wood is the host of marketplace tech. She has also our Goto for these. What has facebook done now? Conversations Moly Hey guy so facebook is I think by my count like tripling down on on this political ads thing. There was a speech by birth number of months ago. Others have said. Similar things Y.. Are they digging in their heels. Yeah almost infinity down at this point You know this is one of the few issues. Actually that I think you can say. FACEBOOK has been really consistent on which is that it does not want to police use content full stop and you know in a way. I think that's fine. It's not their job. It's not particularly appropriate for a private company. CEO to decide what is true or not true from political candidates by the way all over the globe not just in the United States. It's complicated and I can see why I from their perspective. In fact you had a facebook executive right in internal note that was leaked earlier this week saying you know yeah I think facebook did in some ways decide the two thousand sixteen election not because of truth or untruth or even micro targeting but because the Donald Trump campaign took better advantage of this platform than any me campaign in history that is their view but in terms of technology it does come down to add targeting that is something that they could control so explain thing that a little bit because honestly it's it's a bit of a black black box right it's very much blackbox. We don't know the extent to which you can target users on facebook facebook but we do know that it is called often micro targeting that you can pay for an ad that can literally target an audience as small as just twenty twenty people and so when facebook makes the argument that they're going to stay out of deciding what is true or not true in a political ad. That's it's fine. But part of their argument is everybody will be able to see that. This political candidate lied and then it will police itself by being a part of the public comments. That's true as long as these. ADS are in the public comments. You know some of them do show they show up in facebook's political at database but it doesn't show the extent to which they were targeted and the other side of that is Google saying you can only target. Let's say women Democrats voters but you can't make it so specific that a tiny group for people see the same lies and totally believe them. So how much of this though is is facebook Pushing it down to the end user right because now it's up to me again to go through my privacy ABC's settings and Blah Blah Blah. Exactly and I think that is the thing. That's so difficult here. On the one hand they really could make tweaks to the micro targeting on the other hand. FACEBOOK has a long history of promising US consumers all this control and either not delivering or making it thirty steps deep and so we never end up exercising. That option exactly okay to Ms Weintraub point which is that facebook now is having its cake of not having to deal with regulating content but also Eating it's prophets as it were. It's having a both ways. Yeah and the money is getting bigger and bigger. I mean it used to be fairly reasonable when facebook would say you know. This isn't even that much money we don't and why it's such a big deal. The predictions for political AD spending now in twenty twenty just twenty twenty range from six billion to nine billion dollars and so it. It is easy even if you sort of believe. This sort of Libertarian viewpoint that consumers and voters should be able to decide what's true and not true from their candidates. There's enough money here at stake that it muddies the message just just a tiny little bit. Marketplace's Hollywood does marketplace tech. Also with me a podcast Called Make Me Smart Molly. Thanks a lot my pleasure..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Coming up well it was disgusting. Frankly I mean it was on drinkable wine and why some of it is getting better but first let's do. The numbers down is up one hundred and nine points today. More than a third of one percent. Twenty seven thousand eight seventy five. The Nasdaq found thirteen point. Two tenths percent eighty five nineteen the S. and be five hundred advanced six point two tenths of one percent thirty one and ten there. You might heard Tesla unveils. Its new electric pickup truck with a demo that included hurling a metal ball at shatterproof shatterproof windows and then the glass shattered Tesla pulled down more than six percent today Ford which unveiled its New Electric Mustang on this very program on Monday powered up two percent today bonds unchanged yield on the tenure. Tino stayed right where it was one point. Seven seven percent. You're listening to marketplace. Hey it's molly Hollywood. So every year billions of dollars of aid flows to the developing world to try to solve the problem of extreme poverty. But the thing is we don't necessarily know so which solutions are actually making a difference but people are working on that the idea of never leaving a stone unturned. Never think that your you ideas that great great always putting it with the most test of the evidence that ideas Likud so today. It's not just a tier. I of ten of twenty of us who do that is literally. Hundreds of researchers people are already beating on August can can we be part of this movement this week on make me smart. How s there do flow and her colleagues won the Nobel Prize for using randomized controlled trials to find out what actually works when it comes to fighting global poverty? Find US wherever you liked to download this is marketplace. I'm Kai Ryssdal for the time being at least as NEELA and Catherine we're talking about consumers are the center of the American Economic Universe are spending is what's driving things. A lot goes into why we shop for we shop of course finances values need also accessibility. One in four people in the United States is living with some kind of disability in that can shape the way they buy things tense. Today's installment of our series how we shop my name is Nicky Finley and and I live in Tucker Georgia which is outside of Atlanta I fell down a flight of stairs and purpose neck. It was harder and harder for me to get around. I really have a lot of trouble. Walking through a mall for instance or looking for home decor that kind of thing. I am Dependent on someone else taking me and kind of motoring mirror around if I need to go and so that has has led to a lot of online shopping. Probably Ninety to ninety five percent but before my neck injury Eh. Probably more like thirty percent of my shopping list online. I have a really different experience than for instance my children who just think while this is what I need so I go find it. Online as opposed to for instance assist my father who's eighty one years old and he wants to go to a store but for me. It's Kinda combination of the two. I I start with a catalog I look through it. I see if there's something that's Kinda nice and what I need or what I want and then I go from there to their online site. I'm fifty nine years old and I just WanNa see what I'm looking at before I buy it and since I can't get to store or as easily the catalogs are the best substitutes. I'm also a big reader shopping catalogue catalogue has been kind of natural to me a long long time. That was Nikki Finley there in Tucker Georgia tell us how you shop would you your habits your tricks your weaknesses and your must haves you can do that at marketplace dot org.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles I'm Kai Ryssdal Wednesday today the twenty third of October good as always have long everybody we begin today with two companies and vocabulary word the companies are two of this economy's biggest names in manufacturing Boeing and caterpillar each of which reported disappointing earnings this very morning Boeing you can guess why he's still grounded 737 Max and its Associated Woes Caterpillar when you know that onto right the trade war global economic uncertainty the usual suspects okay now though word a word often used to describe companies like knowing and Caterpillar bow other Jessica read there are go to economic translator by training a linguist a ucla the term bellwether comes to US from Middle English and it refers to the Bell that they would put around the neck of a weather which was the middle English phrase for a cat straighted Ram Oh and that castrated Ram would lead the flock and the bell on its neck allowed the shepherd to keep track of where the flock was as we speak not of bells on rams castrated or otherwise historically a bellwether company is a successful company with a strong record of profitability indicative of the condition of the economy overall Eric Hilt is an economic historian at wells Oy well the earliest bellwethers were the railroad and the railroads were bellwethers because they were so critical for all economic sectors literally moving stuff and people around the country and then later it was the large diversified industrial companies like US steel Mike General Electric that became the bellwethers bellwethers for a very mid to late twentieth century economy right and as the economy evolved a new set of they'll weather companies came to prominence we've got Catherine Dominguez on the phone from the University of Michigan to ask her what the new bellwether companies are that point of what's going on in this enemy now apple and other kind of more high tech companies including one that wasn't making much of a profit till pretty recently there's a lot to learn about how things are going with Amazon and I expect that that will tell us a lot about consumer demand as well as some aspects of of the globe well trade Amazon by the way reports earnings tomorrow but what about those big industrial giants like Ge that Eric was talking about there's often selling off subsidiaries laying people off as the economy around it changed and as for the bellwethers of today then the Amazons and the apples and the googles they probably represent the future of the American economy much more than sort of the traditional manufacturing companies like Ge Caterpillar do Jerry kilt they're getting the last word because the future of this comedy is really more services than manufacturing.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Inlaws Louis I'm Kai Ryssdal it is Thursday today the tenth of October good as always to have long everybody we say all the time on this program that you can spout a headline economic indicators until you or blue in the face but it's what people are feeling in their economic day to day that really matters and today we can quantify what people are feeling in their economic day to day this morning as does around this time every year the Social Security Administration announced its cost of living adjustments one point six percent is the bump that about seventy million retirees are going to get started in January but as marketplace's reduce your reports for a lot of seniors that adjustment and the way it's calculated doesn't reflect their reality when the social security administration figures out how much more expensive life is getting for seniors it uses data from not seniors based on consumer price next for urban wage earners been clerical workers Mary Johnson is a social security policy analyst with the Senior Citizens League and advocacy group in other words working adult younger working adults do not spend the same way that seniors do seniors simply use more healthcare we all will as we age Webster Phillips is with the National Committee to Preserve Social Security and Medicare healthcare costs have been rising more than twice as fast as everything else so if that's left out of the calculus it reduces the measure of inflation being experienced by seniors so social security it's aren't keeping up with costs again Mary Johnson with senior citizens leak it means that their social security benefit can't buy as much Today as it might have participation years ago a more accurate measure of inflation for seniors actually does exist and sure enough it is almost always higher than the one the social security administer Asian uses this year one point nine percent versus one point six percent but switching over would require an act of Congress Dean Baker is at the Center for Economic and Policy Research you have a lot of people in Congress more anxious to see spend more on security they'd rather use lowered measure given what is going on in Washington this is kind of the last thing that Congress wants to be fighting about right now in New York I'm sure for marketplace a brief trade interlude here if I might very brief started again today in Washington China's lead negotiator meets tomorrow with President Trump who's tweet on the subject this morning read as follows big day of negotiations with China they want to make a deal but do I make of that what you will this is an interesting week out here in California electricity it seems no longer be taken for granted something like eight hundred thousand households and businesses could be blackout for a day or days there's a whole lot that's not quite certain about this but the is the number of months ago regulators lawmakers and utilities agree to what are being called Public Safety Power Shut offs in areas where high fire conditions crop up and that is happening this week California had six of the ten most destructive fires in its history in just the past three years and while climate change is yes a catalyst down power lines other electrical issues have sparked most of those fires pretty much everybody is unhappy with the shutdowns but as marketplace's Ben Bradford reports they are a particular challenge for low income household it's the lights are out in Sonoma's county at an affordable housing complex managed by the local Saint Vincent Depaul Chapter Executive Director Activists says some of the struggles facing his low income tenants were eye opening those little things are just that much more difficult he describes a disabled former construction worker who struggles to move around his apartment he did not have a disaster preparedness kit he didn't even have a flashlight to be able to see how to go from his bed his bathroom and he couldn't have afforded them anyway advocates say working families have their own Challenges Susan Cooper's nonprofit runs local headstart programs offering meals and education for more than four hundred children had to close because most of them are located at schools and the schools are closed you know so that kind of leaves our families with they work they have to stay home but moving up the income ladder Marcie Roth at the Partnership for inclusive disaster strategies says unplanned outages Create Financial Stress Average family doesn't to have an extra four hundred dollars for an emergency situation like stockpiling food and medicine or for people connected to medical devices moving to another location Roth says power shut offs aren't as bad as wildfires earthquakes but they are in a way kind of disaster loss of power is something that emergency preparedness should be focusing heavily on one challenge I state and local emergency planners federal aid is available for actual disasters but not when utilities voluntarily shut off power to prevent them for marketplace shares of General Motors jumped a percent and a half today on news that see you Mary Lara had a face to face meeting yesterday with union leadership no reports of what the substance of that meeting might have been but investors liked that had happened nonetheless same for the substance the trade talks actually no sense of that but investors like that they're talking we'll have the details when we do the numbers.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In New York City today I'm Kai Ryssdal it is Wednesday the ninth of October good as always avenue long everybody we begin today with the not entirely idle speculation of what James Naismith would think of the sport that he invented low these one hundred twenty eight years ago and the global economic context in which it finds itself we are of course a long way from the peach baskets that Naismith used as the original hoops and the global economy is nothing like it was in eighteen ninety one but a quick glance at the news sports or otherwise reveals basketball as the pivot point perhaps the biggest corporate story of this day National Basketball Association in the aftermath of a tweet from Houston Rockets General Manager Daryl Morey last week supporting anti-government protests in Hong Kong the response from Beijing has been swift and clear an NBA fan event before a preseason game between the Brooklyn Nets and La Lakers in Shanghai has been cancelled a public training session for the nets also in Shanghai I also called off corporate Chinese sponsorships with the NBA Undone meanwhile the NBA Commissioner Adam Silver says Moore he has the right to exercise his freedom expression it is a big big deal the story with peril plenty so we got marketplaces and you're on the line to hash things out with US hey hey solar this is kind of basic but clearly it seems the basics have been lost in this the NBA has been for decades now one of the most progressive of profession all sports leagues do you suppose that somehow they didn't see something like this coming and if they didn't see it why didn't they see what will that's the and you're getting right to it right the difficulty here for the NBA is indeed it does want to be seen as a progressive league doesn't want to go off brand but the NBA also has to be three of its brand in China the brand is tarnished in the eyes of Chinese businesses of consumers that's GonNa prove difficult and costly for the NBA amity in China this is something that every American Sports League is GonNa take note of because they all see the money in China they want to do business there and even spoke with a sports marketing professor from China he kept telling me that the everyday business of sport in China it's market based right it's similar doing business in the as we all know that we've heard that one hundred times then he said just to be sure not to get on the wrong side of the government because then the market gets thrown out the window well that's that's so interesting so clearly the calculation that's happened here is that the Chinese government has decided it does not need the NBA's brand new basketball in China right because they're grown they're leagues and and they can in essence do with themselves no matter how popular Yao Ming in the Houston Rockets and all of those folks are over there but the NBA is it is the brand right Chinese basketball is NBA China basically when Yao Ming came onto the scene in two thousand and two the celerity of basketball in China skyrocketed because you had to do out there who looked like them you had two hundred million people watched that first game it's going to be so difficult for the Chinese government if they just want to say look we got this we're GonNa have basketball basketball is great here we have all sorts of stars it's going to be so difficult because the other thing is Americans who don't make it to the NBA go and play in China and so there's so much sort of meshing there with the NBA in China that's going to be so difficult for the Chinese to be able to do that let us take this away from basketball for two seconds because you're NBA is certainly not the first company that has run into trouble in China today there was a controversy with apple in one of its APPs let's people identified police in Hong Kong and the Chinese government is displeased with that there is wider risk there is also wider acknowledgement of some of the challenges of doing business in China tipping point do you think I mean you know spitball that for me that's what I kept asking the smarter people than I am about this when you're talking about sort of Chinese relations and things like that and it's funny because everybody that I spoke with says you know what these are hiccups and businesses are going to have to do better at navigating business in China nobody is saying they're going to pull out of China no business person thinks that because there's so much money there they just don't see an American company just pulling out because of difficulties so instead of let's get out of here this is a tipping point we don't want to deal with China it's figuring out how to do business better there and dealer cover sports in a bunch of other stuff force advocate ut in Austin Texas andy thanks a bunch appreciate it you got a guy random observation by the way just on the home market size dynamics of this thing by most estimates there are almost as many basketball fans in China three hundred million or so as there are people in the United States three hundred thirty million or so there is that all right we're gonNA leave sports behind for the moment and turn to the no less fascinating to some of US anyway subject of monetary policy the Federal Reserve released the minutes of its most recent meeting today I will spare you all the Fed speaks save this tidbit markets the minutes say and here's the quote were currently suggesting a greater provision of accommodation at coming meetings then they saw as appropriate they being the Fed here and accommodation being shorthand for lower interest rates so what that actually means that whole thing I just read is that maybe markets and traders and investors and everybody else are banking too much on interest rate cuts the next time the Fed meets next fed meeting by the way for the counter types on you the twenty ninth and thirtieth of this month so stay tuned as we always say about the Fed by the way down to the corner of Wall Street and broad on this rainy day in men atten sunshine actually we'll have the details when we do the numbers.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"I'm Kai Ryssdal one of if not the big threads at your policies to the American economy besides trade it is what's going on in the rest of the world slower growth in China for sure but also Japan and Germany lots of places in Europe actually so central banks elsewhere have been in cutting interest rates cutting so much that rates are actually negative so Evelyn Orley from Cardiff California one is no whether interest rates might go negative here as well all marketplaces Justin. Who has that one the idea that you'd have to pay a bank money for the privilege of depositing your money? There honestly sounds insane negative interest rates. The concept is really something that makes your head spin. That's Torsten S- lock chief economist at Deutsche Bank. He says a quarter of government and corporate bonds around the world world have negative rights Timothy Dewey's economics professor at the University of Oregon the ideas you would get consumers instead of parking their money at the bank. Would we'd have to park their money into other affects. Central banks use negative rates when there's a recession or when their economies are just week Japan and Europe come to mind but here in the U._S.. The economy is fine says Greg McBride at Banchory The U._S. economy is definitely the best house bad neighborhood McBride says interest rates are still pretty low though in recession hits and the Fed has to cut rates further fed only has so much room they can maneuver with interest rates before they get down to zero still still he says interest rates would have to go far below zero to start affecting regular savers even in Europe. It's mostly big institutional investors paying the deposit money but says if rates keep falling below zero people might withdraw their money from the banks and why wouldn't you. Why should I have my money in the bank with you? When I I can put it all out and put it in cash so keeping your money under a mattress isn't.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Com i don't mean to alarm anybody really i don't but this is actually a serious question what is going on with this economy from american public media this is marketplace in mid loss angeles i'm kai ryssdal tuesday night july good as always to have you along everybody solo cure is a thought what if we have come to a place in this economy where the rules were figuring out what's going on what's pay attention to and what interactions to look for what if those rules don't apply anymore because that's kind of where we are and there are decisions to be made about where we're gonna go economy wise mueller when rights on the economy from the new york times in the upshot he had a quick series last week on exactly that topic this economy where it's going what the makeup of nails could talk to you again thanks got the through line of this a trilogy i suppose you did last week a was it it it's really hard right now to make a definitive statement of where this economy is yes yeah i think that's fair you know we've had this ten year expansion longest on record the unemployment rate stays extremely low by historical standards and yet at the same time we're not seeing evidence economy's really bursting at the seams way you would expect it to with a three point seven percent unemployment rate let me pick an example or two you wrote about a the yield on the ten year treasury note which we talked about a lot on this program a n v burgeoning deficit and how they are not doing the the the yield on the ten year is not doing what one would think it would do at a time of rising deficits and debt yes so he went from i'm a relatively small deficit soon to twenty fifteen to quite a bit larger ones today and yet the long term interest rates have fallen not risen so the old story that we all learned in certainly i learned in college that the reason you don't want deficits is because you'll get crowding out and that means that the government bars all this money it forces up interest rates and that means there's less money available to the private sector for investments that's supposed to be the entire story of wind up such a bad and it's not what seems to be actually happening in the world we're living in today how is this playing out in the land of of economic policy both fiscal what congress is doing the president's doing and what the federal reserve's doing with monetary policy i think it's making a lot of people rethink what we know and you know in this world with a global slump global slow growth a demographic change global abundance of capital maybe in that world you don't really have to worry about crowding out maybe in that world we don't have to worry about inflation rising just because you unemployment rate is low and that really raises profound questions about whether we've been making policy wrong all along and what it should look like in the future here comes and admittedly oversimplified a lay person question goes like this look neil this is all great but were adding jobs to beat the band in this economy there's basically no inflation i've got a job what's what's the problem and why do we have to worry about what the feds doing in what congress is doing and why this doesn't make any sense look i think that's a fair view this is a pretty good economy i think the the risk is that we don't have a lot of wiggle room if something goes wrong the fed doesn't have earned cut rates in a in a recession the way it has historically starkly and moreover it suggested maybe we could make things better yet you know if we a you know maybe if there was more physical you know he took advantage of these low rates to a do interesting things with a with a with a federal treasury maybe you might end up with an even stronger economy economy higher wages in an environment where more people feel really connected to the economy or maybe not right i mean who knows maybe or maybe associates for future crisis maybe in fact all these traditional historical forces will kicking eventually were just not there yet and we need to still be cautious okay all of that then in summary let me ask you what we're gonna hear from jay powell who speaks before congress tomorrow and thursday i suppose a just because of this does seem to come down to what is jay pal thinking yeah i think a i think what will hear from him and similar the you're point just a minute ago hey inflation is low the job market strong a stop complaining this is this is a pretty good situation at the same time i think you know looks like they're probably gonna cut interest rates perhaps in a few weeks maybe a maybe maybe a little late in that i i think he'll frame that is he a risk protection insurance rate cuts in case some of these signs of a global slowdown really caused more damage deal us economy i think he wants to get ahead of any potential weakening in the global environment mueller and conversely economy me a large for the new york times he's also got a new book out about which we spoke on this program is called had a win in a winner take all world no thanks a bunch of pre shit coming in thanks much time jay powell on capitol hill tomorrow and thursday as i said that's gonna be some testimony to watch on wall street day they were mix mine actually about what the fed chair is gonna say will have the details when we do the numbers were talking a little bit.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"I'm KAI Ryssdal. Turns out there may be a whole bunch not to like about the light buttons of the social media world, mental health professionals and child advocates say the drive that a lot of kids have for validation popularity on Instagram and the rest of them can lead to exile and depression, low self esteem, as well instrument itself, which public service announcement here is owned by Facebook gave a nod to that not too long ago when it said it was going to experiment with hiding those light counts on some posts marketplace Mitchell Hartman dug a little bit deeper on the like problem. The like button is an integral feature of Instagram allowing a user to give a click of approval to a picture or video that someone has posted counting likes can turn into a popularity contest. And for kids, that can be a problem says Dmitry Kristaq s editor in chief of JAMA, pediatrics children, compare themselves to others via social media, and that can lead to feelings. Of inadequacy social isolation and depression and anxiety. Christoph is says more research is needed to prove these connections and test of sorts is now being conducted by Instagram itself for about eight weeks. Some Instagram IRS in Canada have only been seen the number of likes on their own posts. An Instagram spokesperson said the company's CEO is bullish on the results so far, but offered. No other details Pamela Hearst Dellape's tra- of the group. Children and screens called on Instagram today to ditch like counts altogether where United States users, and not just as an experiment amassing likes allows Instagram influencers to attract advertisers. But CF RA analyst Jon Freeman says he wouldn't be surprised if Instagram does deemphasize likes going forward because people are gaming the system from the advertisers expected Gernot interested in the number of like they want. Rich. Data, not just likes strong dislikes. And those this came from Pennsylvania Freeman says moving away from likes could also be away for Instagram and its owner Facebook to appease critics who are concerned about how social media affects young people. I'm Mitchell Hartman for marketplace. Aren't too many American companies more conic.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"George Foley, Mr. Boyd KAI Ryssdal in Los Angeles, sir. How are you? I'm good. How are you today? I'm well, thanks. You've got a couple of minutes. Yeah. So we were there year ago data Columbus has it been since it's been very busy. It's been very busy. You sound tired. It's been so busy. I think we're all we're all probably feeling it a little bit. I used to we're finally getting a place where we can catch our breath of. Yeah. But from from about the time you left last year things just really kept booming forward. And so we had our busiest sales year ever. And I think work, more overtime and experienced maybe more challenges than we've had recently talked me through the challenges. Then I imagine while I mean, probably workforce is one of them Ryan. Yep. So workforce is certainly a big challenge. And as you're trying to as you're trying to find people to get in until you find the crews that you need the number of heads that you need you wind up stretching your your current shift arrangements. And so we wound up with guys working long shifts and Ben adding days of the week and unfortunately a lot of last year was was more six days than five days and, and more than a few instances. Seven days and that's, that's a hard way to run. Did you find any of the, the trade brouhaha is, and we're has that impacted you at all? No, I wouldn't say that we've seen we certainly haven't seen any slowdown as result of that. If anything we've seen, you know, business get much stronger. It's been interesting as our industry ran out of capacity during this last year. And it was generally that was kind of where we were. That's actually hang on a minute, because that's quite something right? They're running out of capacity is not a thing here about American manufacturing much anymore. That that's right. Know I it was, I think it caught everybody, I think the, the suddenness of the growth and the impact that the head on the supply base on everybody by surprise in terms of impact trade to. I mean, we've got as the continued issues go on particularly with China customers that are more inclined now to think that the climate may be changing on trade as opposed to just whether Boeing through. Yeah. Yeah. So you know, because if it's just a it's going to be just a short little storm. They'll, they'll keep their supply chain stretched. But if they realized. This is kind of the new normal. They'll start the resource stuff. And so we're certainly seeing them. Are you reassuring? Yeah. Nafta in US MCA at planning your plans at all. I mean, let's get away from the from the China stuff. But you know the, the North American trade talked to me about that. A lot of the products that we produced ones have going to assembly plants in Mexico, and then brought back into the United States for sale. So, you know, it's important for our customers for, for them to have a good supply chain that allows that to happen without much interference. We're certainly happy to see some of the improved American content requirements, that were part of the new US MCA, so imagined the congress will get it. But through this that we could get that back on track. Tired as you are. Are you hopeful and confident? Yeah. The remainder this year looks really good. And like I said it it's been nice as we've turned into the new year we've been able to get some stuff done to get ourselves in a better position to take advantage of this increase volume of business. So, so we're tired, but we aren't weary. Right. And so we, we've got a good bit of the race left run. So we see continued strength through this year. And in the beginning of next year, George boy junior, he and his family run a foundry down in Columbus, Georgia's called Golden's foundry.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"That's indeed dot com slash marketplace. Honestly, when I saw the jobs report this morning, I thought they had dropped a zero what twenty thousand new jobs tells us about this economy from American public media? This is marketplace. In Los Angeles. I'm KAI Ryssdal. And his Friday today, the eighth of March good as always to have you along everybody. It is a rare Friday indeed when the first item on this program is not five or maybe six minutes of analysis of the big economic stories of the five days gone by it is also a rare Friday though, especially in the last couple of years when we get an economic indicator like the one we got this morning one that makes you go. Wait, what we speak here, of course, about the unemployment report for the month of February during which this Connie added just twenty thousand jobs one hundred and fifty thousand fewer than the experts had been guessing and we've been adding just for some context here ten times that number on average past couple of months, so marketplace's Mitchell Hartman spent some time today on this question. Just weird data or economic end of days. Here's Mitchell the economy added more than three hundred thousand jobs in January in February job creation, basically flatlined. It was like employers hid under a rock. My initial reaction was wow. This is terrible. What went wrong Brad McMillan at Commonwealth financial network. It raises the fear that businesses of all of a sudden decided that things are not as good as they've been and they really need to cut back on hiring..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Ziprecruiter, the smartest way to hire. This is marketplace, I'm KAI Ryssdal. There was a lot going on on Wall Street. Today's I was talking about up at the top of the program. One thing that I didn't mention Europe and a little thing that got a whole lot of airtime here. A couple of years ago the euro zone debt crisis. This time the Italian edition Italy's in a nasty spat with its partners in the common currency, the aforementioned euro-zone over public debt. Italy owes more as a percentage of its entire economy than any other country in the euro zone except Greece which is not exactly bragging rights at least got till tomorrow to cut its planned budget deficit or face billions of euros in potential fines as marketplace's Stephen beard reports. Now from the European desk. The battle lines drawn the European Commission demands that Italy comply with the blocks budget rules and cut its plan deficit Rome's response as Daniel gross of the CPS think tank in Brussels has been blunt to the point of rudeness says to handle with a rolls via spent more because we are sovereign government. We do what you want on the face of it, though, the commission holds the better hand next month quantitative easing bond purchases by the European central. Bank comes to an end of that says macho Alexandrovich of Jeffries bag could further weaken Italian government thumbs. When key comes to an end, something talion bones to become exposed to the factor. A lot less support coming from from the east to be. So so that is a concern already. It sagging bond prices mean that Italy has to pay three percent mole to borrow than Germany if that figure hits full percent. The Italian finance minister has admitted his government will be in trouble. Daniel grow says, they'd be begging the EU for a bailout, and you can imagine what the Commissioner of of saving. Sorry can't help. You caught yourself into trouble. We won't use have all the time. So you're on your own right now. Don't you believe it says pita clip of open Europe in Brussels in that situation Italy would likely deploy the Samson option and say to his e you told menta's do one do resume. Issue. Don't want it to collapse you have to pay up. It's Lee has the third largest economy in the euro zone. And the wolves full biggest bond market, these conflict could be messy says Neal sharing of capital economics is perfectly possible that this could precipitate euro crisis at some point over the coming months, and and quotas potentially fall bigger than the Greek crisis nearly a decade ago. But this is the EU the next step is more likely to be kicking the can down the road in London. I'm Stephen bid for marketplace..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"This is marketplace, I'm KAI Ryssdal. Kimberly Adams, and I were talking about the post midterm fiscal policy picture yesterday on the program. How the deficit are gonna. Affect policymaking because they are gonna even if nobody was talking about how much money this country owes during the campaign, but as marketplace's Nancy Marshall genzer reports elections do have a way of changing the conversation. Here's how much politicians think we care about the budget deficit of the more than one million campaign ads that aired in September and October less than fifteen percent. Even mentioned the budget much less deficit, but a politico survey of registered voters taken right before the election found that nearly half thought the deficit should be a top priority for congress good thing because we're going to start hearing a lot of this. They just voted and cheered a Bill that would add one point five trillion to the deficit. That was Senate minority leader Chuck Schumer pointing the finger at what he considered reckless spending by Republicans earlier this year. And here's then minority leader Mitch McConnell back in twenty eleven when the Democrats were in the White House, and he thought they were running up too big of a tab, Washington news defined. To spend less. This is how it works on Capitol Hill. Lawmakers are most concerned about the deficit when the other party is doing spending there's tons of policy on both sides Jeffrey Wright is an analyst with the Eurasian group. He says both parties know the cuts they're calling for won't happen yet. They can sort of telegraph things that they believe without having to really back it up and no one expects them to because the deficit is most often used as a hammer to smack the other party with that hammer could get a lot of use come January when Democrats take over the house the clock officially begins ticking on the twenty twenty presidential race. And the projected trillion dollar deficit becomes everyone's favorite subject. Stephanie Miller of hike capital market, says Republicans will show their resolve by pounding away at spending so cuts to Medicare, Medicaid or social security. Democrats will call for higher taxes increases the corporate tax rate passes. Tax refund. It's still going to be a lot of talk. The kind of talk that Washington's professional problem. Solvers live for DC's stacked with nonprofits and think-tanks devoted to the deficit..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles. I'm KAI Ryssdal. It is Monday the fifth of November today. Get as always to have you long everybody. We are going to start with a number and an acronym on this Monday. The number is two thirty two. That's the section of the trade expansion act of nineteen sixty two under which President Trump imposed his steel and aluminum tariffs back in March. The acronym is for the freedom of information act under which marketplace petitioned the government to find out how well the Commerce Department was quipped to handle those tariffs, and how they would impact companies in this economy, we asked because trading tariffs is taken up a lot of our airtime lately. Right. And we wanted to dig in a little bit deeper to get a better sense of what the government knew. And when it knew it specifically what it was going to do about the companies who applied for what are called exemptions or exclusions to those tariffs, and so would have to inferior not pay them. Anyway, we got our first response to that foia request today. Marketplace's Tracey Samuelson has been reading through it all day long. Hey, tracy. Hey guy. So what did we get back from commerce? What do we know now? Well, we got some info definitely not everything that we asked for, but it's a start, and we're gonna meet asking for some more. So one of the things we wanted to know was how staffer trained to review these applications what kind of rules and criteria. They're using to make decisions. How public comments and objections to these exemption requests were being handled? And we did get a better look at the training process. Specifically one document that's used in. What seems like a three hour. Crash course on medals. It starts with really basic information. Like, what is a medal? Literally. That's in there literally metal. Super technical super fast. It's one hundred twenty pages long about how Aluminum's produced or steel is forged. By the time. We get to page fifty eight trainees get a ten minute break at page hundred. They get a five minute break. So we don't know exactly who got this training. But it does seem like it's meant for people with little or no background in the steel and aluminum industry and other documents make reference to the digital staff that commerce has had to bring on board to review this these applications, we know that they were initially expecting forty five hundred exemption requests. And that it's gotten more than ten times that some fifty thousand what sorry. So if that's what we know. What don't we know if that question makes any sense, right? Yeah. What's missing? And what we asked for. It's kind of as a lot of the good stuff the stuff that we're really curious about on like how they are making these decisions. So we did get another one hundred page document. And this one was a manual in it, you can see this table of contests. That includes these checklists, and there's a checklist for evaluating exemption requests in another one for evaluating objections. Like, that's the stuff that got me really excited you go to those pages. Big black boxes. Right. Literally dash is literally they cover up the information. So you can't see it. And when I show these documents to a few trade, lawyers who are vising clients in this process. They said, you know, that's the stuff they wanted to see, and that's the hard part of this process. Right. It's how do you vet conflicting information from someone who wants an exemption and someone who doesn't want one company that says, you know, we need to import the steel and aluminum thing ab-, and then a US company who says no they don't need to. We can make it right? And we've been calling those companies for for months and months now right companies who've been filing these exemption request exactly because that's free. That's why this matters like we are trying to understand this process. So that we can understand if it's working fairly and last week. In fact, we learned the inspector general at commerce is planning to is planning to audit commerce to review its process and see whether these decisions are being made consistently and transparently, but we did talk to one of. The people we've been checking in from time to time his name Sam Desai, and he. Yeah. He is a company that produces stainless steel products that ended up in in things like washing machines..