35 Burst results for "Kai Ryssdal"
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"On the program today. Well you're just gonna have to stick around now. Aren't you from american public media. This is marketplace in los angeles. I'm kai ryssdal. It is thursday today. The seventh of october good as always to have a long everybody. We have good news and we have bad news about the debt limit with which to begin today. The good news is the senate. Republicans have decided against driving the economy into a ditch. There is a tentative deal to put off a possible default until december. the third. The bad news is that there's a tentative deal to put off a possible default until december the third which means we will be doing this whole dance all over again in less than two months. So there is that you might remember. If you're the program. Yesterday i had a conversation with mary daly. The president of the san francisco fed talked about a lot of stuff. One of which was the two vacancies in the regional fed. President ranks because of the resignations of robert kaplan from the dallas fed. And eric rosengren from boston about revelations about their legal but unseemly securities trading. So the question is who replaces those two. And who decide fisher. Jerome powell says he is committed to diversifying. The regional. Fed bank so marketplace's nancy marshall genzer takes us on a walk through the process. Each of the fed's regional banks has a board of nine directors..
Limits On Toilet Paper And Cleaning Supplies Are Back At Costco
"Go to costco or your local big box. Perhaps you got toilet paper on your list. Maybe some water cleaning supplies as well. But when you go to load up your car you see the signs that say two per customer or whatever. The limit is not as you might think. Thanks to reprise of the apocalyptic stockpiling early on in this thing. It's a supply chain again. But as marketplace's amanda peach reminds us limits on how much consumers can buy can backfire on retailers. Trying to sell it when there was a run on certain products in pandemic early days. The explanation was simple. Basically consumers freaked out. Ken boyer studies operations management at ohio state university and people heard. There's gonna be a shortage so they went to buy more but shortages now are much more about shipping delays and other supply chain constraints boyer says take toilet paper even if it's manufactured in the us the chemicals to make it might come from china or thailand. They're sitting on a boat. Offshore that becomes a delayed the toilet paper manufacturers sometimes. The shortage is in packaging or containers like cans for soda or bottles for water in melbourne. Florida alley strands. Saw a sign at the grocery store. At limiting the number of cases of water customers could purchase to to literally. My first thought was hurting. Strands checked her phone. No hurricane warnings so she thought what's going on with bottled water. She bought two cases and had her son. Do the same. You drink the bottle of water. But he was getting his shopping part for me. Because is there going to be a run on water. And that's why stores have to be careful about signaling. Shortages with product limits on we realize goods are scarce. They become more valuable to us. Care me. Burke is a behavioral economist with the university of southern california. I might not new toy right now. But i know toilet. Paper is scarce. So i may go stock up on it as much as i can at the moment. In burke says that unnecessary purchasing can add pressure to supply chains at exactly the wrong time. I'm amanda pitcher for
Fed Considers Tapering Bond Purchases as Economy Grows
"So much talk about so little time and that is not. I promise you just me trying to get to the good stuff. It actually has been a busy week. Genus malik is at the new york. Times neil richardson is at adp. Hey you too. I kinda hake so neil and let me start with you I want to discuss a little bit. chair powell and his press conference this week in which he said In literally so many words that the fed has made that substantial further progress Or is very close to it to start to reduce its bond buying program the taper He said we've more than gotten there and inflation as we've talked about many times on this program not quite yet on jobs and i guess my question is we've been told it's going to take on another twelve months or a year or year and a half for the for the job market to recover. Why do you think the fed is gonna taper now. Well they are going to reduce their bond buying for one reason and one reason only they wanna get bang for the buck. They're spending a hundred twenty billion dollars a month on bonds. They wanna see some effect in early on. When everything was in chaos in the financial markets and bonds that were considered safe started acting very risky ways. That were unpredictable. That bond buying helped stabilize everything. It was a success story but bang has faded into a whimper. It's not really having a lot of effet particularly in the jobs. Market that has bottlenecks. That are more amenable to fiscal policy in action than monetary policy. Junior you're on that You're on that video. Call with chair. Powell you're probably paying closer attention than i was. But i don't think anywhere. He said the word transitory about inflation. Did that strike you at all. You know. I think it is interesting. I think there's been a real short of decision. Among monetary policymakers to start being a bit more cautious in the way that they talk about inflation either they still say that there are these temporary forces pushing inflation up. There's no reason to believe that they're going to last forever. But i think we've all become a lot more modest about how long we think temporary is going be you know because it's earlier in the year. They thought these these temporary dislocations we're gonna fade within a few months now. It's like pretty obvious that they're not gonna fade until we're well into next year and i think they're real questions about you. Know how how quickly supply chains in particular are going to get back to any kind of normal
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Coming up. Transition to renewable forms of energy essential. But expensive first though. Let's do the numbers. The dow industrials advanced three hundred and thirty points today. One percent thirty four thousand to fifty eight. The nasdaq added one hundred and fifty points. One percent finished at fourteen thousand eight nine hundred sixty s and p five hundred forty one nine tenths percent forty. Three and ninety five they're fedex sank nine percent. The company yesterday cut his financial outlook for the year during rising costs associated with a shortage of workers a factory acquisition. To tell you about now. Confections plant owned by a mr charlie bucket to control of the industrial asset. After much-heralded golden ticket competition is being snapped up by netflix which is also buying all the other assets of the role dull story company which includes the likes of fantastic mr fox in the big friendly giant netflix plans to make animated and live action films on based on dolls characters. Netflix added three percent today. You're listening to marketplace this marketplace. Podcast is supported by battelle. For over ninety years. Battelle has solved the world's most pressing problems from cyber and microelectronic security to narrow technology to making our drinking water safe from harmful chemicals like pf as to predicting the next pandemic and supporting our troops around the world battelle. Scientists and technicians are up to the challenges because at battelle it can be done learn more at battelle dot org slash marketplace this marketplace podcast is supported by horace in our digital connected world. The joy of mechanics has taken on new meaning at or is a swiss. Watch company specializing in mechanical watches. They're driven by this joy which rises to the top in a new forty one point five millimeter version of the versatile divers aqua swatch powered by game changing in-house automatic caliber four hundred movement conceived entirely in house by the independent company skilled engineers it offers elevated levels of anti magnetism a five day power reserve and comes with a ten year warranty had to or as dot c. h. shop now this is marketplace. I'm kai ryssdal. Oh hey look. Brexit is still a thing even after all these years. Boris johnson the prime minister of the united kingdom couldn't get president biden on board with a standalone uk. Us deal when the two met at the white house yesterday. Add that and then to the list of somehow unforeseen consequences. Brexit was going to bring to the british economy. One of the biggies was that. Brexit would devastate london's financial center the city as it's known then the warnings made sense at the time. Leaving the e you would meant london. Based banks and financial firms will lose their unfettered access to the common market trading in euro-denominated shares and securities has been limited to european exchanges. But all is often not as it seems as marketplace's stephen beard reports from london half dead the height of the pandemic the british capital today is bustling back into life. The london underground has just recorded his busiest morning. Since the start of the first lock down more than eighteen months ago and half the staff who work in britain's most successful industry are back in the office making money the dealers and traders bankers and brokers in london's financial district to be making money throughout the pandemic many of them are working from home showing resilience not just in the face of covet nineteen but in the teeth of brexit as well the uk has she grown its exports financial services of the european union. Confounding totally the predictions of people who were in favor of remaining in the u. businessman and former member of the european parliament for the brexit party. John longworth he says the one point four percent increase in banking insurance and other financial exports to the e. You in the first quarter in spite of the barriers erected by brussels shows that the city is unstoppable. London will continue to prosper. And we'll let you go from strength to strength. It's no surprise that the city's unofficial anthem mr skippy omar from handel's opera about one of ancient rome's most fearsome generals. The city is bullish to say the least more than two thirds of city firms in a recent poll were confident that undermines dominance will remain unassailable. Baba's reynolds a partner in the international law firm sherman and sterling. The city continues to be a top three global financial center with the most competitive pricing and offerings of financial products and services. The liquidity and the pricing here is second to none but brussels hasn't done yet with a sailing. The city the eurocrats now have their eyes on the square miles derivatives clearing market of vast. Seven hundred seventy trillion dollar business. Jack neal hall the lobbying organization the city uk london doesn't just dominate this market in europe. It is the main global hub for clearing for example more. Donald declared in london than they are in new york the derivatives clearing houses actors middlemen between the buyers and sellers of things like swaps options and futures. They ensure that trades are settled. Even if one of the parties goes bust the bigger your clearing industry is the lower the costs and the better risk is distributed across the system. It's like insurance. The more people involved the safer it is which is why most of it happens in one place. London but brussels wants to hive off all the euro derivatives clearing about a quarter of the london market and located within the eu. Bad for the city's as neil hole but even worse for the block so for european businesses it means greater costs and few estimated inflexible products and a great underlying risks to you business. Nevertheless the eu continues to press the banks to shift their euro clearing to the continent economist and veteran city watcher. Andrew hilton says the city's unbowed but has been a little bit bloodied by brexit. Amsterdam is picked up some equities. Business france has picked up some hedge fund business. German is picked up a bit of banking business. But there's no single financial center that yet threatens london naked all however continue.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Housing it gives and it takes the good news from real estate today. New housing starts were up about four percent in august permits to build. That said houses were up six percent most of those gains though. We're in apartment. Construction single family homes actually saw a decline in starts overall but not everywhere. Because as marketplace's amy scott reports for new homes that location location. Location thing it's really true. When are one of the country's biggest builders was expecting to deliver at least fifteen thousand eight hundred homes last quarter but said today it came up six hundred houses short blaming you guessed it supply chain issues in an earnings call co ceo. John jaffe rattled off. A list of the biggest bottlenecks engineered wood windows doors pains and vinyl siding most buyers prefer doors and paint with their new homes some shortages are regional brick and lumber and texas concrete-block and insulation and florida and workers in texas and minnesota robert dietz chief economist with the national association of home. Builders says all that makes building slower and more expensive if you construct a basket of residential construction material goods. Those prices are up about twenty percent year over year. Deet says lumber prices are down from their peak of about fifteen hundred dollars per thousand board feet to more like four hundred dollars. That should help in the coming months. Location matters in the pace of building to kelly mangold is with our cio real estate consulting. We've seen single family. Homes starts increase in both the northeast and the south builders are still finding creative ways to keep their pipelines moving especially builders of multifamily housing groundbreaking on buildings with at least five units was up more than twenty percent last month and with a shortage of at least a million units. Any new housing is much needed housing. I'm amy scott for marketplace. Coming up people are not meant to be alone. Community is everything you know first though. Let's do the numbers. Those is down fifty today about a tenth percent. Thirty three thousand nine hundred nineteen. The nasdaq gained thirty. Two points about two tenths percent. Fourteen thousand seven forty six the s. p. five hundred basically flat forty three and fifty four uber up eleven and a half percent today the ridesharing company revised its financial outlook upward for its third quarter. Apparently getting more bookings than it expected autozone reported strong quarterly earnings and shares of car parts. Retailer grew three point six percent google a of money in the bank so the three point one billion dollars. The company is spending on a new york city office building an all that much but then again wall street journal says it will be the most anybody's paid for a single office building since the pandemic started five fifty washington street. In case you're curious it's gonna how sales in partnership teams for him. You're listening to marketplace marketplace. Podcast is supported by personal capital. Who can help you take control of your finances no matter where you are. Download the personal capital app or start today at personal capital dot com to get free professional grade financial tools including a retirement. Planner and fi analyzer. Want to talk. Personal capital has registered advisors by phone or online for qualified users personal capital. There's no place like financial confidence. This marketplace podcast is supported by relia- quest relia- quest is known for being the force multiplier for cyber security operations teams regardless if targeted by phishing ransomware or sophisticated cyber attacks relia- quest combines open sdr technology with security expertise to make security possible for top brands worldwide. More at relia- quest dot com. This is marketplace. I'm kai ryssdal among those most concerned by climate change other than you know all of humankind are insurance companies which are having to deal with more billion dollar pads. Because of floods and hurricanes and wildfires to that end california has put a one year ban on insurance companies dropping homeowners who live in areas affected by some of this year's biggest fires marketplace's smithfield's has that one insurance is all about risk and in california. The risk of wildfire has been going up in recent years. Two thousand fifteen two thousand seventeen two thousand eighteen. Were really big years. Two thousand twenty was also a tough year. Joe allow trays insurance consultant in california. He's as many insurers are looking at how they can reduce their risk and so insurance is a real challenge in wildfire areas as fewer and fewer insurers are making coverage available between twenty eighteen and twenty nineteen the number of home owners whose insurance companies refused to renew their policies grew about thirty percent according to state data. California insurance commissioner ricardo. Lara says most homeowners do still have options for insurance. But there are places in our state where you cannot get insurance companies to even call you back and so we have to restore competition in those places. The best way to do that. Laura says is by getting communities and individual homeowners to take concrete steps to minimize fire risk andrew planting an economist at the university of california. Santa barbara says there are a lot of ways they can do that. They can clear vegetation near their home. They can make sure that they've got a roof. That's fire resistant. They can could invents that prevent embers from flying inside and bringing their house down. insurance companies. don't always take those kinds of efforts into but insurance commissioner ricardo. Lara says they should were starting to see now. Growing number of insurance companies that are giving people discounts for their mitigation. Laura says he's working on new rules that would require insurers.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"This marketplace. Podcast is supported by bambi. Business owners know that. Hr issues can be a real headache and expensive. An hr manager costs an average of seventy thousand dollars a year. Bambi spelled b. a. m. b. e. was created specifically for small business. You can get a dedicated. Hr manager craft hr policy and maintain compliance all for just ninety nine dollars a month month to month. No hidden fees cancel. Anytime from on boarding determinations they customize your policies to fit your business all for just ninety nine dollars a month go to bambi dot com slash market to schedule your free. Hr audit that's bambi dot com slash market this marketplace podcast is supported by superbeets. If you haven't tried superbeets heart choose. You're missing out superbeets. Heart shoes are delicious snack. You can take on the go and support your heart. Health superbeets choose combine non. Gmo beats with a powerful new ingredient. Grape seed extract the grape seed extract used in superbeets choose has been clinically shown to be two times as effective at supporting normal blood pressure as a healthy lifestyle alone. Better blood pressure means more energy the way nature intended without the jittery caffeine or stimulants. Now you can take just too delicious. Choose a day anytime anywhere to get the blood pressure support. You need and the energy you want. Support your heart health with delicious superbeets. Choose get your superbeets. Choose today at superbeets dot com slash market. And when you buy two bags they'll throw in the third for free that's superbeets dot com slash market to get a free bag of superbeets heart shoes when you purchase to superbeets dot com slash market. This is marketplace. I'm kai ryssdal the fifth largest economy in the world if we counted california as a separate country wraps up a big election tomorrow. Governor gavin. Newsom faces recall. Just in case you hadn't heard and with all the attention on whether newsome's is going to be needing a moving truck some other important news might get overlooked because tomorrow is also on. The census bureau is going to release poverty. Statistics for twenty twenty which i mentioned because last year california had the highest poverty rate in the country marketplace unmet levin explains how the richest state in the union could also be the poorest. This census bureau came out with a better way to measure poverty a decade ago. One that adjusts for the fact that say living in la a lot more expensive than living in jackson mississippi and even though california has one of the strongest social safety nets in the country. It has one of the highest poverty rates seventeen percent in twenty nineteen. It's really housing costs. Outweighing the added benefit from social policy programs. Caroline danielson is with the public policy institute of california even with record high unemployment. She expects last year's big boost in federal assistance to reduce california's poverty rate but struggling. Californians may benefit less than those in other states. There's also the factor of immigration so children are typically eligible for benefits that sometimes their parents are not california has the highest share of immigrants in the country in many of those families live in the central valley a huge agricultural region. That's often overshadowed by the bay area in la. Chris haney is director of the california budget and policy center. We're a big state so you know. In some respects. We have parts of the country that will look like the wealthiest of wealthy places but we also have places that will be among the poorest hundreds of thousands of low income. Californians have left the state in recent years. Michael fled is ceo of the la regional food bank. He says relocating is a frequent topic. Among those who wait for hours outside the south l. a. headquarters but just picking up and moving to another city isn't necessarily going to be something that successful because route wise other parts of the country are starting to lift more and more like california..
Wholesale Prices Hit Record 8.3% In August
"It's been kind of a hodgepodge week to be honest for those of us. Whose specialty is this economy here to help. Sort out are k. davidson. She's at the wall street journal. Also brian chung-hee's at yahoo finance hayatou. So kate i'm going to start with you and with his observation of the news of the day. The producer price index came out this morning. That is of course Prices at the wholesale level up eight point three percent in a year. Do you suppose anybody at the fed or more accurately at the white house walked over to j pals office and said hey. Jay highlight transitory. Now pal well. I don't know about the the white house. Because they they're sticking to the transitory story They they put out some new forecasts. I think it was lat late last month. Essentially showing that they they still think prices are coming down this year by a lot So they they more than doubled. Their forecast for inflation. This year back in february they thought it would be just a little above two percent now. They're at four point eight for the year. That's fourth quarter over compared to the fourth quarter of last year But you know even to get to that point as you pointed out. Prices are so high in consumer prices last month or in july rather consumer prices were five point four percent over the previous twelve months. And that's the highest. They'd been On an annual basis since two thousand eight so their high and to get to the white house forecast they'd have to come down a lot. So i think that they are feeling the political heat over rising prices right. Republicans are really hammering them on this. But i think that they economists there and even at the fed will find out on a couple of weeks. The fed might mark up their forecasts but so far they continue to think that these price pressures will fade
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In los angeles. I'm kai ryssdal tuesday today. Good as always to have you along everybody. And if today's the seventh of september which it is that means yesterday was the sixth which means millions of people lost those expanded federal benefits. That have been helping. Drive the economic recovery through the spring and summer. Finn is the unemployment insurance programs in this country. And i said programs specifically they are run by the states. We don't have one unemployment system. We have fifty plus districts and territories to of course no offence meant and most of those systems are a mess there is a new unemployment insurance modernization unit the department of labor but as marketplace's megan mccarthy carino reports to get us going it does have its work. Cut out for it back. In april twenty twenty new jersey was in the grips of its first deadly covert wave and dealing with a surge of unemployment applications. So governor phil murphy made a plea during a press conference. Do we need healthcare workers but given the legacy systems. We should add cobalt computer skills. Actually he meant cobol. Common business oriented language which many state unemployment systems rely on. Curveball is in old programming language. I think it's had its fiftieth birthday and so it has more than a few grey hairs. Martha cove is a professor of public policy at princeton. Who worked on safety net programs in the obama administration. She says many states systems had been sputtering along for years. And then when you when you take an old car and you batch it together enough times at someone just collapses on the road. Many unemployment websites are down during certain hours or don't work on mobile devices which is how many low income people access the internet in some states. Workers have to wait to receive a new password by mail to access their accounts. Some states have already revamped their systems says rebecca dixon at the national employment law project but for example florida modernized in a way that they were designed to make it really hard or claimants to navigate the system so sort of put up roadblocks on purpose. Dixon says the only way to make sure state systems are easier to use is for the federal government to take the lead. I megan mccurdy carino for marketplace. What else could use some rejigging. Besides those unemployment systems than megan was telling us about retail supply chains. That's what finding the products you need when you need. Them is really difficult right now. It's also a bit of a nightmare for retailers who are trying to stock up ahead of the holidays. That rush to fill shelves is responsible in part for fifteen percent rise in imports from china. Just last month. Marketplace merrill cigar has more now and what things are like for retail buyers in this moment in normal times retailers. Do not want to store products for very long because when you have a lot of inventory. Well you're tying up your cash. You have to pay for more warehouse space time. You're storm product standards because misplaced. That's david marquette a senior vice president at kantar but he says right now retailers are ordering whatever they can well in advance goes sincerely they just don't know when and where it's gonna show up. Global supply chains are a mess. You've got shortages of raw materials and computer chips. Covert outbreaks that shut down factories at a moment's notice and backups at ports. James zahn at the toy book trade publication for the toy industry says cargo ships are just sitting there where some companies might have had three weeks of having their product on the water. Now it's over a month and in some cases. Two months so retailers are looking for alternatives products. They know they can get their hands on the toy book. Just put together a list of toys. That are already lying around and us. Warehouses puzzles boardgames paint by number kits and can be shipped quickly when a retailer needs something to put on shelves. Chris considine at the consulting firm. Alex partner's says retailers are also looking at what they have and marketing the process. We have the data's inventory in kohl's loss few ways with clients who specifically doing that in other words if they have a lot of puzzles they are going to try their hardest to sell you puzzles. I'm maryelle zegarra for marketplace on wall street today little up little down. We'll.
When the Effects of the Climate Crisis Hit Home
"Do you start with the economic effects of the weather and the climate in this country the past week or so hundreds of thousands of people without power along the gulf coast. They've had to evacuate and leave their property and their jobs behind the flooding last night along the east coast. More than twenty people killed in new york and new jersey and pennsylvania. The subway system the biggest and richest city in this country underwater literally. I'm sure you've seen the videos. The insurance claims shirley in the tens of billions of dollars the investment. That's going to be needed to manage and to adapt to the effects of climate. Change as we've seen this week. We're not ready sorting. As marketplace's amy scott reports with much of our housing stock nearly a third of homes in the us are at high risk of natural disasters. According to core logic and low income communities are especially vulnerable these homes haven't been updated haven't gotten consistent reinvestment rehabilitation retrofitting over the years khalil. Shaheed is a senior policy adviser with the natural resources defense council. He says there is federal funding. To help weather is homes by switching out single pane windows for sturdier double pane glass but shaheed says roof repair one of the most expensive and important fixes isn't eligible once the roof goes. And you know you get the wind damage and you get rain damage so it just really compounds. The severity of a storm. Like this one.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"I'm going to get a call from it now. I know it coming up teaching behind. The scenes is really hard hard in front of the scenes to bet. but first. Let's do the numbers industrials down. One hundred ninety two points today about a half percent thirty five thousand thirteen. The nasdaq dropped ninety. Six points about six tenths percent. Fourteen thousand nine forty five s and p five hundred twenty six about a half percent there as well. Forty four and seventy cloud based software companies salesforce floated up and six tenths percent today on better-than-expected second-quarter earnings and forward guidance cloud storage for net app through four point seven percent. Ibm just plain old. Ibm drifted down about seven. Tenths of one percent discount. Retailer dollar tree tumbled twelve percent today second quarter earnings beat estimates but revenue went the other way dollar general drop three and seven tenths percent day bond prices down just bit the yield on the ten year treasury note remains at one point three four percents. You're listening to marketplace this marketplace. Podcast is supported by biz. Incher finding business insurance can be long and confusing process biz. Insure has made it easier. For professionals to find and compare multiple quotes for general liability and professional liability insurance online in minutes no paperwork necessary and with competitive pricing you can be saving time and money visit biz. Insure dot com to find business insurance. That's right for you. Hey it's why we know you're going to stay on top of the day's important business and economic news. The chances are the kids in your life. Have some questions about money as well. The marketplace is here for you with our show million bazillion entering the questions. Your kids have about the financial world around them and making those important money lessons fun. Our second season just wrapped so now is the perfect time to binge. Listen to all fourteen episodes million brazilian. Wherever you get your podcasts. This is marketplace. I'm kai ryssdal there. Some data out from the census bureau this week that shows a recent decrease in both hunger and poverty for households in this economy with kids that matches up neatly with families that are getting those expanded. An advanced child tax credit payments as much as three hundred dollars per child that started in july. Remember that and they are by the way. Set to expire at the end of the year as marketplace's amanda peach reports some households have felt the difference those payments make more than others. Half the american rescue plan which passed in march expanded the child tax credit and allowed families to receive direct cash deposits and not influx of cash has been especially helpful for very low income black and latino families. Eric rodriguez is with nonprofit unidos. Us we could see significant poverty reduction in the lots unity as much. As forty percent of latino kids susannah salgado's children could be among those she and her husband work but still struggle to make ends meet for their family of four in chicago. Her husband works at a restaurant and his hours were cut recently because of the delta variant salgado put the monthly deposit toward back to school expenses on member it after sewer buying backpacks uniforms school supplies and also paying for the registration for programs that our children want to participate in that sometimes are not free and we have to pay back the benefactor white families to in denver heidi larssen as a single mom who works in the hotel industry. The credit helter pay for childcare for eight year old. It couldn't have come at a better time. Larsen hopes the cash payments and increased credit will become permanent. This child tax credit takes some of that stress. I was feeling about how mclean to do this. How am i going to keep going extending. The direct cash payments for households with kids is part of the democrats three point five trillion dollar budget. Bill making its way through congress and once people experience these kinds of benefits. They're more likely to become permanent. Says katherine mitchell. More public policy professor at the university of michigan. Once these changes happen in the tax code. They tend to stick because they tend to be fairly popular among the populations but whether the program continues depends on whether it's also popular with lawmakers on the hill. I'm.
First-Time Jobless Claims for Week Lowest Since Beginning of Pandemic
"We got first time claims for unemployment benefits. Today they went up. Just bid three hundred fifty. Three thousand still really low though compared to where we were but this professor marinescu points out is where the virus is still kind of in charge of this economy than certainty associated with delta. Is going to put a damper on employers willingness to add moma workers. If think about places like restaurants people might be less willing to go out and that then lowers business and lowers
U.S. Jobless Claims Fell to Pandemic Low of 348,000 Last Week
"'cause it's thursday it's first time jobless claims the trend to be clear over the past month or so has been really good last week. The number of people filing for unemployment benefits for the first time fell to three hundred and forty eight thousand the lowest since the middle of march a year ago and total claims in all government jobless programs is down to eleven point seven million but again from the desk of maximum peril. Mitchell tells us there is a potentially nasty shock lurking inside that number you can see. The latest jobless claims numbers as a glass half full mark hamrick at bank rate says unlike earlier in the pandemic when millions were getting laid off every week. Layoffs have not really been the overarching concern with respect to the economy but there is a big concern looming. Emergency federal pandemic benefits are about to expire says analysts go-getter at the brookings institution on labor. Day anyone who normally wouldn't qualify for their state unemployment which is quite a lot of people that were impacted by the pandemic lose their benefits. That's nearly five million people right now including anyone. Who's a gig worker. Contract worker self-employed navy worked part time and didn't earn enough to qualify another four million or so long term unemployed are getting federal benefits because they ran out of state benefits and everyone on unemployment right now gets an extra three hundred dollars a week from the feds all told that's more than six billion dollars in weekly federal benefits that vanish in two. And a half weeks.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Coming up. It's a golden rule. You're always open seven days a week and not so golden right now turns out but first let's do the numbers dow industrial's down one forty nine day about four tenths percent closed at thirty four thousand nine. Thirty five nasdaq down. One hundred five point seven tenths percent. Fourteen thousand six seven two s and p five hundred. Shed twenty three points about a half percent forty-three in ninety five for the five days. Gone by the dow gave back three tenths percent. The nasdaq slipped one and a tenth percent the s. p. five hundred off three tenths percent amazon dropped seven and a half percent today because late yesterday the online retailer posted worse than expected quarterly revenue for the first time in three years also issued week guidance for the third quarter bond prices went up the yield on the ten year treasury. Note down to one point two two percent. Why don't we keep hammering the tenure keep hammering the tenure. Because that's where the economy's going right this out worried about inflation worried about growth people. You're listening to marketplace this marketplace. Podcast is supported by modern finance are. Nf ts here for the long haul. Which crypto currencies a fad. How does decentralized finance work modern finance podcast hosted by kevin. Rose looks to answer these questions. And many more about the investment marketplace. Modern finance is the crypto show for the novice and expert alike created to demystify crypto without dumbing. It down true venture's partner. Kevin rose interviews top tech experts and entrepreneurs to help understand crypto. Nf nfc's and even traditional finance hacks. The financial landscape is harder than ever to navigate. But you don't have to do it alone. Download and subscribe to modern finance. Wherever you listen to podcasts. I am hollywood host of marketplace tech. A show that helps you understand the digital economy. How a more of the country get access to better internet. What new jobs will artificial intelligence create or destroy and what tools will help us. Survive are already changing climate. We tell the stories behind the technology in our lives and every weekday. Our podcast brings you insight. You won't hear on the radio checkout marketplace tech. Wherever you get your podcasts. This is marketplace. I'm kai ryssdal has been as i've been harping on all week. A week of measurements in this economy and those measurements can give us some really good insights into the inner workings of this economy. The report on durable goods. The other day is a great example. The number of unfilled orders for durable goods was up in june for the fifth month in a statistical manifestation of all the port congestion and supply chain delays. You have been hearing about but maybe things are loosening up gretchen. Blau is our customs broker friend at logistics plus. She is in erie pennsylvania. We're seeing a lot. More shipments going into ports that we haven't used much in the past. We're seeing a lot in Vancouver and portland New york is always been busy and it still continues to be busy. It's not it's not a it's not as as la. Our ceo sent us an email with picture outside the porta belli On monday morning the basically had thirty one ships stocked up ready to unload. It's not only the ships trying to get in. It's the unloading. It's the chassis. It's the it's the truckers. There's just isn't enough manpower or to get the containers unloaded. Once they're here and then move them out of the poor and efficient manner trucking's kind of at a premium where it you know. We're we're paying above goral prices to actually get the trucks to go into the port if there is availability the companies here in the us that import different goods. They all understand. Oh yeah did supply chains all messed up right now. It's kind of roll your eyes and just deal with it type of thing. At this point the section three thousand tariffs are still around. And everyone's just kind of accepted that fact for a little while. No one likes them. But you know it's it's something that's being accepted and people are definitely going through everything with a fine toothcomb like what part of my my shipment is dutiable. At what rate is it. Dutiable in some cases still looking for different sourcing solutions so that they can avoid the china tariffs. So there's still a lot a lot of explanation involved We are smaller brokerage. That's the main way we try to have an advantage. So that people get a better understanding of all all of those aspects of importing. I like staying busy. Because i you know i. I don't want to sit around. You know looking for something to do. I've never had to do that here. And it's just gotten busier..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Think about my kids and my house and my husband when i leave the bar. I'm home and i'm off. Norman bartender at the abbey singer in atlanta georgia. Tell us your story what you can do it at marketplace dot org slash mike. This final note on the way out today more insights from the american time use survey. We talked about it a little bit last week. It's a census bureau report on how we spend our time anyway this tidbit on pre verses during pandemic behavior that the new york times pulled out is what caught my eye today. Childcare obviously took up more appearance on this past year what with remote school and all here's the actual data. Men spent sixteen more minutes caring for children while working last year than they did in two thousand nineteen women and again. This is while working. Women's spent forty eight minutes more taking care of children last year than they did in two thousand nineteen think about that. All right. we're going. Here's your moment of economic context comes through us from ups which reported earnings today. The company said shipping volume packages shipped in other words fell almost three percent last quarter as we stopped buying so much online. Here's the thing though. Last quarter is by definition a lagging indicator pre delta think about that are digital and on bad teams carry barbara chevron brett and janet win among many others sitar. Kiev is is our executive director of on demand. I'm kai ryssdal. We will see you tomorrow everybody. This is apn..
Businesses Are Reopening Across the U.S., Especially Where Vaccine Rates Are Higher
"It's pretty clear. The bigger businesses in this economy are doing alright. Earning season has been proof enough of that but consumers feeling good as we are and having cash as we do and being vaccinated as many but not enough of us are is especially good news for small and medium sized businesses. That got hammered last year and a lot of them are coming back. That's according to new data from yelp. The company reports the second quarter of the year april through june had the fastest paced of business reopening since last spring. Lead as you might imagine by restaurants and retailers with home improvement and auto repair not far behind then also as marketplace's mitchell hartman reports a record number of new businesses opening up something like fifteen to twenty percent of small businesses likely didn't survive the pandemic but those that did are reopening at a frenetic pace says justin norman head of data science at yelp over sixty thousand businesses reopened which is the highest volume reopenings in the last year. And yelp find something interesting about where the business buzz. Strongest distinct correlation between the vaccination rate and vaccination completion in an area and the number reopenings and consumer interest so more yelp searches and pictures and reviews of stores and restaurants in places like maine vermont. Connecticut. new york where there's less vaccination. There's less consumer interest so places like tennessee alabama mississippi but also some places in the west such as arizona. Vaccination rates are unfortunately low.
Walmart Unveils Low-Cost Insulin for Diabetes Patients
"Walmart says it's launched. Its own private brand of insulin. It says can offer lower cost option for people with diabetes. The company says its products will save consumers up the seventy five percent off the cash price of other brands. walmart still fell about a half percent. it's brands mind. By the way are going to be manufactured by novo nordisk. Shut up about a half
CDC Extends Eviction Moratorium Through July
"Centers for disease control has extended for one last time it says the federal eviction moratorium that gives them millions of tenants out there who can't make the rent a little bit of breathing. Room end of july is the new deadline. There is federal rent relief money to be had. But it's not getting to everybody who needs it. So what do you suppose happens when the federal eviction protections go away in just over a month. Marketplace's nancy marshall ganz on that one the one month extension we'll give state and local governments more time to distribute twenty five billion dollars in federal pandemic rental assistance. Some have been slow to get the money out. Matt losec heads the montgomery county maryland renters. Alliance he says they're afraid of fraud and a lot of municipalities are not used to handling crisis operations losec says six million renters nationwide are facing eviction. Tenants like laura who didn't want her last name us for fear of losing her job. She applied for rental assistance. Two months ago. I'm just honestly very frustrated. Right now laura works in a nursing home. She was afraid of getting covert so took a month off from work unpaid now. She's thirty two hundred dollars behind on her rent. she worries she'll be evicted. It's a very dehumanizing process. Who wants to have any notice slapped on their front door for everybody. Who lives on your florida's see laura is working and paying rent again. She just needs the federal aid to pay her background policy. No is with the national multi family housing council. We've seen data's that suggests that a resonance are feeling that they are in a better place about meeting those rental agreements but sinoe says long-term the section eight federal housing program should be expanded it issues brent vouchers for low income tenants. Alicia missouri is at the center on budget and policy priorities. She says even before the pandemic there was a long section eight waitlist just one in four eligible families get rental assistance and so many more people are in need
Consumers Aren't Worried About Inflation Yet
"Has been tough. We know to have heard. Oh so very much about inflation. These past couple of months here there and everywhere. The economic news is about prices going up. What j. powell has to say about it. And whether it's gonna last or be to vote or lustrous fed chair transitory much though in all of this you and what you're thinking about and expecting since inflation expectations are a big part of whether inflation actually shows up. Here's marketplace's mitchell hartman to get us going. Go to the gas station. The price at the pump is more than fifty percent higher than last spring. Used cars up three percent major appliances up twelve percent of claudius som- who spent a decade as an economist at the fed says price spike. So far are mostly concentrated in things like vehicles and appliances and travel tied to the reopening of the economy and frankly over decades. We have seen a very moderate pace of inflation and the federal reserve is convinced that it is going to come back down. And that's what most consumers think too. According to a new survey data for morning console says economist. John lear consumers believe the prices of certain goods and pandemic hit sectors are likely to more rapidly than other goods so right now consumers expect trips and vacations and cars and home repairs to go way up in price but not items like furniture or groceries or rent.
The Psychological Toll of Long-Term Unemployment
"Spent every single month since the start of this pandemic picking apart jobs numbers and unemployment claims. But there's a lot happening in the labor force that doesn't get captured in that data. Right like the toll that long term unemployment during a once in a lifetime pandemic can take and how that long term unemployment is creating less predictable back to work economy. Marketplace's kristen schwab has that one be. Lieberman's daughter has an auto immune disease so in the virginia. High school where she teaches computers and coding mandated. That teachers come back to work last august. she quit. I really thought i could find something. Even if it was part time employment. She applied to software companies that work with schools but she has no sales experience. She applied to teach spanish which she's taught before no bites job. That have nothing to do with computers or teaching like an hourly position at the dmv helped. You just have so much time with just your thoughts and it eats you up. Losing a job is already isolating says art goldsmith economist at washington and lee university and now there's the isolation of the pandemic itself that has created a lot of poor mental health more so in this recession and in previous recessions long-term unemployment changes how people feel about their worth is workers sarah damascus associate at penn state before the pandemic she followed people who lost their jobs by the twelve month mark they were describing themselves as having fewer and fewer john's that they felt that they were qualified for this can create a pattern. Someone gets job. Low their skill level or one. That has nothing to do with their skills. They're unhappy and leave or let go because they were never a good fit and then they're back out there searching. It's devastating for their career in the long run each time they scramble and find something in fail. They fall further and further
U.S. Economy Added 559,000 Jobs in May
"It has been a week of jobs here on this program because their jobs. And that's basically the whole smash right now as you know. The economy added five hundred fifty nine thousand of them in may and that as i'm sure you'll be shocked to here is where we will begin the next six and a half minutes of our day katherine pels at the washington post k davidson wall street journal. Hey do okay so let me start with you And what i said in the open. Their expectations chm expectations. Even though i probably said that wrong Here's the deal all right fine. Five hundred fifty. Nine thousand jobs is a lot of but a lot of the coverage this morning and through the day has been ono we missed. It's not as many as we thought. And i just want to push back on that for a minute because let's be honest. This is a lot of jobs. It's a lot of jobs and look the forecasts. Were all over the place. There's a lot of uncertainty right now. Some people were expecting a million jobs. Some people were expecting three hundred thousand jobs. Right smack in the middle. Was this six hundred. Seventy thousand number that get cited as the consensus but consensus implies a lot more unanimity Than there actually was so there was a lot of uncertainty year right. I will say that it wasn't that long ago. That economists were forecasting in the neighborhood. More or economists. I should say we're forecasting the neighborhood of a million jobs and like last month last month and expectations have been ratcheted down and so in that sense. I guess it is a little disappointing. But look where. We are clearly recovering. And it's gonna take a while before we get back to where we were.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Known on the way out which comes as the white house announced a bunch of new ways to get getting the needed easier today and is our bush had this morning. It's going to buy twenty one and america. A round of beer wants the biden. Administration's goal of seventy percent vaccination is reached about which two things first of all beer question mark from anheuser busch. But maybe that's just me more to the point you read the fine print and you see the company is going to get your data. It's going to get your pictures and oh by the way it's really just a five dollar virtual debit card to the first two hundred thousand people who respond all right. We gotta go. Here is your moments of economic context though staying consistent with the theme of jobs today research out of the new school and economists teresa ghilarducci who we've had on the program she among others. It shows an extra that is unexpected. One point seven million workers over the age of fifty five retired of the pandemic. Jeff retired in particular. The research shows black workers without a college degree which is to say some of the most vulnerable people in this economy just retired because they couldn't get jobs are digital and on-demand team include foot memento lou over oxman. Erica phillips brian. Rana handing tony. Wagner's turn you have is is our executive director of on demand. I'm kai ryssdal. We'll see marbot this. Apm this marketplace. Podcast is supported by geico. Do you own your home. Sure you do. And i bet it can be hard work you know what's easy bundling policies with geico geico makes it easy to bundle your homeowner's or renter's insurance along with your auto policy. It's a good thing too because you already have so much to do around your home. Go to geico dot com. Get a quote and see how much you could save. Its gyco easy visit. Geico dot com. Today that's geico dot com..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Coming up. I was like this. This isn't adding up. you know. Sometimes it never does first though. Let's do the numbers dow industrial's up twenty five points today just under a tenth percent. Thirty four thousand. Six hundred nasdaq up. Nineteen points tenth percent. Thirteen thousand seven fifty six s and p five hundred found six points also about a tenth percent forty-two and eight two hundred billion dollars is a number we are looking at today. How much corporations have committed to racial equity and social justice since may of twenty twenty that's the calculation from the kinsey institute for black economic mobility which has much of that money is ended affordable housing and support of small and medium-sized businesses. Sabrina was telling us about employees. Prefer to work remotely even in a post pandemic world companies that outfit offices are catering to the work from home customer. Odp corporation. They own office depot. And max up half percent. Herman miller he of the chairs down seven tenths percent. Hp inc down two tenths percent. You're listening to marketplace from all of us at marketplace. Thank you for. Your support has year whether you just gave for the first time or have been a loyal donor for years. Your generosity makes our work possible marketplace investors. Keep this public service going strong. If you're not an investor yet there is still time to become one give anytime at marketplace.org/donate and again thanks. This marketplace podcast is supported. By cyber reason. If you're defender fighting to protect your organization from cyber attackers you must be successful ending attacks every single time. They only need to be successful. Once cyber reverses the attackers advantage their future ready attack platform gives defenders the wisdom to uncover understand and piece together multiple threats and the precision focused and cyber attacks instantly together. We are the defenders cyber reason and cyber attacks from endpoints everywhere learn more at cyber reason dot com slash marketplace. This is marketplace. i'm kai ryssdal. We talked work and the changes. Come into it as we got going today and while there is still a whole lot. We don't know about what work is going to be like in the long term. I will bet you a paycheck. There's going to be a bunch of video conferencing involved and as the risks from the virus. Fade we're probably not gonna throw it our ring lights all of a sudden but how we use video technology is probably going to change. Marketplaces megan mccarthy carino. Has that one. That's like that fifty pound sack of flour. You bought at the beginning of lockdown. Videoconferencing has gotten kinda stale over the last fourteen months. I'm on zumra about eight. Am in the morning sometimes until seven or eight pm. at night. i felt like i was living in a screen. Kyle arteaga runs a pr firm that used to have offices in san francisco nashville and dc. He's mostly gotten rid of them and transformed into a remote first workplace. He hopes will rely a little less on video conferencing soon. We're just gonna have to make rules and set parameters over when it makes sense. The technology is going from a substitute for social interactions. To just a tool says erik. Gordon a business professor at the university of michigan. I think we all learned something about the value of physical presence. People who irritated me in my office. I can't wait to see them again but it doesn't have to replace face to face to be useful says. Sit all neely a business professor at harvard. It's additive compliments even for people who might be called located. There's convenience to say hey let's get on zoom for fifteen minutes. A figure something out video chatting has become a reflex. We won't just drop but we'll use it. More sparingly says brian crop head of hr research at gartner. What are the tasks and activities and moments where we really need you to be in the office. And what are the ones where you don't need to be video. Works for one on one meetings or presentations but jerry shen new introductions are sharing a birthday cake probably better in person..
Biden’s Budget Sees Low Inflation, Rising Debt and Slow Economic Growth
"Lots happening this week and lots happening in the next couple of weeks and months. Ed so let us discussing the. Richardson is at adp. Linette lopez is at business insider. Everybody everybody is really just the three of us Okay so look. Neil let me start with you and i know preface the question by observing that. The white house today as expected dropped. The president's budget request For the coming fiscal year six trillion dollars. A lot of money will get into that. I wanna talk though about His projections the white house. Economists projections really for economic growth. In the out years two percent which is not as robust as say the prior administration had been thinking the economy would grow. Why do you think they're being conservative like that. Because it's the truth. Actually it's revocation. And all i know i know truth but it is the gravitational pull of the economy. Look let's set aside the post pandemic recovery. 'cause that's a story in itself. Ten years of expansion before the pandemic was at an average pace of two point three percent the power of that longest expansion in us history had been. It's slow growth. Low inflation characteristics once we get through this recovery. That's exactly right back to where we're going. Slow growth in the out years around two percent and even further out maybe one and a half percent that is the trajectory unless we make some interesting investments that will pay off long term.
First-Time Unemployment Claims Hit a New Pandemic Low
"First time. Claims number four hundred and six thousand as i said the lowest since the pandemic started a pretty solid sign. The labor market is working. It's way back but a we are nowhere near labor market normal and be that first time. Claims number is a look back. What already happened and with two dozen republican governors having said they are cutting off extra federal unemployment benefits some as soon as next week marketplace would megan mccarthy carino looks at the labor market yet to come. It's not just that extra three hundred dollars a week. In federal unemployment payments. Most of these states are ending. It's also benefits for gig. Workers freelancers and the long-term unemployed like marcellus row in dunwoody georgia where federal benefits will end june twenty six. I will be receiving nothing. Unfortunately i have no idea Going through live they buy day row lost his job at a public transportation agency last year and says he hasn't found work to match his previous pay- of sixteen dollars. An hour and all album is just not going to cut it as economies reopen and the dangers of the virus recede michael strain at the american enterprise institute says the additional benefits are doing more harm than good. I see in your market. Where employers clearly want to hire workers but there are not enough workers there to be hired he says scaling back benefits could incentivize more people to return to work but andrew staedtler at the century foundation says. It's not so simple we to believe that we can just turn the lights back on But that's not really how it works. Industries like tourism and entertainment have been slower to bounce and some people face. Health challenges were childcare issues caused by the pandemic that prevent them from finding work. Those are the ones on the federal programs. Those people that have the greatest barriers to work rising vaccination rates might make it feel like. We're done with cove ed. But he says covid isn't done with the
A Tiny Fund Scores Historic Win in Battle Against ExxonMobil
"Energy leads the way kinda surprising. News out of exxonmobil's annual shareholder meeting today ticker symbol x. Oh by the way turns out a hedge fund a relatively small a hedge fund called number one which holds a very small slice of exxon mobil. Stock has convinced some other much bigger shareholders that they should put a couple of engine number one's candidates on that company's board of directors candidates that would and this is the important part force exxon to cut back on its fossil fuel strategy and investments. And do more about climate change. It sounds insanitary. I suppose a little bit of corporate governance but it is a very big
Why Black Entrepreneurship Surged During the Pandemic
"Is of course the one year anniversary of the murder of floyd in a year of protests and reckoning there have been signs of hope even during a pandemic that hit black americans particularly hard and closed many black owned businesses new data suggests that people in black communities started new businesses over the last year in cities like new york and atlanta the study from the national bureau of economic research says. Black americans were more likely than white americans to take steps toward entrepreneurship. during the pandemic marketplace's euler has more on. Why so the study found that. After a relief package is passed last year. There was a big surge in registered business formations in the following weeks. Catherine facia teaches business at boston university and helped write the study. She says that's despite the cares. Act not directly infusing. Any money into new businesses are passed not to pat is a lot of start up formation so it was very interesting for us to see that cares out had that ripple of fat another reason for the surgeon. Black entrepreneurship could be the americans. Now have a better understanding of historic inequality or he goes. Mom is an assistant professor of management at columbia university and a co author of the study. There's being clear intends in banks and government to make sure all the financial reports out this year. Which is wachner hurts. And andre perry says that speaks to a bigger lesson to be learned from this study about access to capital. He's a senior fellow at the brookings institution. If you really want to see the economy grow figure out two ways to invest in the under appreciated assets in our community in that happens to be black and brown communities it happens to be black and brown entrepreneurs he says black people represent about fourteen percent of the population in the us but only two percent of all businesses with more than one employee this investment and black businesses. He says shouldn't be a pandemic induced
The Federal Reserve Is Thinking About a Digital Dollar
"Maybe it's just me. I don't know but it kind of feels like the news center of gravity shifting back to the political and away from the economic so we are going to set that street right now. Genus new york times said he brady is at politico. Hey you do so gina. Let me start with you. If i could and the minutes of the federal reserve's most recent meeting which were out this week in which They said that they are ready to start talking. About talking about withdrawing support for this economy. I need you to help folks understand why that matters. What the effect might be right. So one important detail here is that it was a number of fed officials saying that they were thinking that if we saw rapid progress in the economy in the coming weeks and months that it would be appropriate to start a conversation about pulling back on by and so i think that the things synthesize are. It's a number. It's not all of them until we're not sure how. Widespread this agreement is and it seems like it. Probably doesn't include. Jay powell the fed chair. That's been important caveat. That said it's clear that there is some portion of the committee and substantial portion of the committee given the qualification number That is kind of getting ready to sort of dial back these bond purchase and that's really important because they have not only helping the economy but really been propping up asset prices and helping the stock market and so i think when you see that conversation start that it's very attuned to sort of hinting. It's coming hinting. It's coming and getting people really ready for it again. So that the bottom doesn't fall out from under market like we saw in the paper trim episode after the global financial crisis when benn banenky kind of intensity. We're going to talk about. They bring and markets went nuts. Basically trying to avoid a repeat
Chip Crisis in 'Danger Zone' as Wait Times Reach New Record
"Our lead story today is one of demand and supply in that order. The commodity in question is semiconductors. The demand as we'll explain is nearly universal the supply well it's lagging and more so every day bloomberg got its hands on some data from the susquehanna financial group that says if you order a chip today the aforementioned semiconductors you're going to have to wait seventeen weeks for it to be delivered. Four plus months that is to put it mildly no way to run a supply chain. And as marketplace's samantha field reports. It is doing damage to way more than cars or computers or smartphones. These days almost everything has a chip whether we think of it as high tech or not. If it has a plug or battery probably has chips in it glenn. O'donnell research director at forrester says that includes refrigerators video. Doorbells and light bulbs you can turn on with your phone and even lower tech things like kids toys because all the toys gotta talk now and they got to react and they have little motors right. Now there's a shortage of all kinds of chips. Even the most basic ones says china vasan an analyst at bloomberg intelligence for. It doesn't matter if it's one hundred dollars or fifty cent part. There's just not enough capacity at factories around the world to meet the demand from all of the industries. That need chips because there's such a shortage. The semiconductor industry is having to pick and choose what to prioritize says. Mario morales at market research company. Idc it's for prioritizes. The large scale lear is like computing. Mobile phones is the largest market so though supply chains are always going to get priority and other companies especially smaller are going to have to wait longer for chips so shrine of austin at bloomberg says if you need something like a new appliance anytime soon even if you don't care about it being smart all of those products will be in. Short supplies are investigating line and shrim- boston says the shortage is likely to get worse before it gets better
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"This is marketplace. I'm Kai Ryssdal. It has faded from the headlines here anyway given trade and impeachment but Britain's going to leave the European Union at the end of the month January thirty first is officially now Brexit Day. which really is when the hard work is going to start specifically typically the UK making a fresh trade deal with the European Union? The E. U. warned this week that any deal though is going to depend on reaching agreement overfishing right who gets to take how many fish and from where the BBC's political correspondent Ross Hawkins went to south west England to see how the fishermen are feeling turned up. DONC and seen some lighten trawler. was there boy that Tommy retold free pulse away. It's just the source of tale that drove some to embrace brexit brexit. In the first place on his boat skipper. Jay Gilbert tells me how a French trolla wrecked his crab fishing gear in British waters. Martyn the boat's owner. He's his dad. And that costs that cost you much over. Twenty thousand pound twenty thousand pounds of a loss of crap gear plus the loss of the crab so bring on brexit except their brexit demand. Checkout all foreign fishing boats from waters near the British coast. Geez three years in Fishing Nuke Luke and we've out a deal or a lot across the country lowestoft in East Anglia. They say this the potential to take seven times the amount of fish the quota. They're allowed to cash now in their seats. Peach rolls the local conservative. MP their sevenfold seven-fold increase of what of quota stocks those fish fishing stocks that are subject to quota to actually be caught by UK vessels in the southern North Sea and the British government thinks for some fish in some sees that is a realistic aim. One source tells me the. UK's expected to argue gives gives away half a billion pounds of fishing opportunities every year at the moment with continental boats dependent on UK sees and to demand an entirely new system possibly based on Norway's fish deal with the UK they insist they have the majority and the mandate to do this. If you start negotiations with a a huge expectation you may not get expedition say fulfilled but the US fishing lobby has its own expectations and likes the current arrangements. I asked Jared Van Bowl's full chair of the European Fisheries Alliance if he simply demanding. His boats are allowed to take aching future. No less percentage of the available catch. That's allowed than you do at the moment. That's our objective. Yes yes and do you think that's realistic yet. I think that's realistic. Yes of course. And The you knowing that fishermen light Martin so much of their crab catch on the continent is expected to try to tie fishing to the wider. Brexit trade talks Barry Dis of the national federation of Fishermen's organisations. What we have our from polar positions really we have the UK saying that radical changes required and the EU wants to for vested interests on due to stay as close to Status Coz as possible using trade as the leverage and if British vested interest one out could French bench fishermen blockade ports as day? Full is night. They've done it for much less reasons on the WAIROA change me on February first. That's all it's going to. The first of every Brexit is not going to happen. Is it straightaway Martinez. Fishing's rules won't change on Brexit Day at the end of the month. They'll have to wait till next year. But the fate of this small iconic industry could dictate where the Brexit seems a success or failure in the short term. It would be a brave politician who dashed these great expectations in Yuki comb on the BBC's Ross Hawkins for marketplace.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles. I'm Kai Ryssdal. It is Monday the thirteenth of January. Good as always to have long everybody everybody a very quick data point as we get going today. One point zero two trillion that is denominated in dollars and is the federal budget deficit for the calendar. Year just ended the first time since two thousand twelve at the annual gap between what the government takes in and what it spends has had so many zeroes. Attached to it. Deficit financing is of course macro economic principle at play here. It has been boosting a lot of the growth almost all of it Franklin Economy the past couple of years the other Cacao economic principle at play in this economy the past couple of years as we know has been tariffs were promised that phase one China sounding on Wednesday. So what we're GONNA do today. Okay and tomorrow in particular is go back to some of the people we've been talking to you about what things have been like for them. I up Sam Kyw. He's a VP. At arin medals in South Plainfield. Fueled New Jersey Samson heavy back on. Thank you very much. How are you sir? I'm well thanks So tell me since we last spoke which was a while ago has business at Ram Medals in South Plainfield New Jersey Business has been tough. been working more and getting being less results due to all the uncertainty out the country. Have you been able to Handle these taras past eighteen months. I mean you're you're in the metals business business Steel and aluminum the first real sets of tariffs the president put on That affected so many people. Would I mean how did you adapt. I think you've you've seen the trends Adaptation was very tough. Our sales are down. We expect less sales even in two thousand twenty and at adaptation meaning. We're trying to acquire new business in different markets but that's also been bigger because the manufacturing sector has been his down We've been an selling more product to Canada and Mexico than ever before and that trend seems to be growing every year to domestic companies. Are Not buying your your stuff. Not as much definitely a lot less than they in in the past more product is going to Canada and Mexico for manufacturing. Are Your customers actually calling you before they don't take your business. I mean I mean are they saying. Hey Sam listen I can get what I need elsewhere. Yes that has happened many times. Sometimes they just stay. We can't do this anymore. Because the tariffs are not letting US manufacturer in the states. Can you spit ball it for me. Sam How much this trade war has cost you Millions of dollars all right. I'll take that so of domestic companies aren't buying your stuff. Where are they getting what they need? I mean you supply metals for appliances and heavier industries. Where are they getting what they need? What I think is going on is the oral? Demand for manufacturing down so the these companies knees are producing parts and whatnot in these other countries and bringing them back into the states and so therefore raw material is being shipped shipped to Canada and Mexico greater than ever before because there is no tariffs on them. How much time are you spending looking for new business? Fifty percent of my time really forty to fifty percent and look for new business forty percent of the time is keep at what I'm doing currently Try to grow that and then ten percent administrative work. Are you laying people off. Sam I mean is it costing you that we are not laying people off but we may not be hiring anybody who decides heights elite so if business had been tough for the past year and a half. What's the mood In the company I mean like at the lunch room or or wherever water. What are your emplacing mood? Is uncertainty out there and We try to keep employees motivated and focused on what's at hand and and we try to find new ideas and try to find new business that we can try to acquire so as we sit here on a Monday. We don't know what's going to be in this deal that we're told is going to be signed on Wednesday. Are you hopeful that is going to address your needs or are you just kind of waiting to see what happens. I would like to see what happens. I hope hope it addresses our needs and push everybody else out there to grow as a in the manufacturing sector. If you were a betting man would you bet money on that you know Sam Kyw Vice President At our medals we got him in South Plainfield New Jersey and has offices there Sam. Thanks a lot I appreciate your time. Thank you daycare. You Wall Street today. Here is another number of note although not as Big Tesla shares five hundred twenty four dollars a piece at the close today that is up. Eighty eighty five percent in the past three months record highs on two of three major indices. This Monday we'll have the 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
"This is marketplace, I'm KAI Ryssdal. Artificial intelligence, whether we realize it or not is in our daily lives, and it is here to stay. And we that is humans are not entirely sanguine about what it's going to be in for us. That's the upshot of a new study out from Oxford University captured by two wrote about it for vox Kelsey. It's good to have you on thanks so much. So we are going to I'm gonna let you interpret this study for us because you look at this stuff. And and you you report on it a widely. I I do want to start though on a somewhat hesitant note. And that is the point out that one of these researchers don't you that people that they talk doing this survey are not convinced that, hey, I advanced artificial intelligence is going to be to the benefit of humanity. That's slightly troubling. Yeah. I do think that slightly troubling one thing that's going on. There is a lot of skepticism about the systems we have now and whether they're helping and then separately from that. A lot of skepticism. About what is going to look like in ten years. So let's talk about what we have. Now. Are we talking like like Siri and short of the semi-autonomous car stuff that we've got going on is that what you're talking about. So hey, I today I think people want to Siri they point to the translation services that have gotten a lot better over the last couple years to semi autonomous vehicles also to the algorithm that Amazon briefly debuted to identify good hires that they found was actually using gender in order to decide who is likely to be good software engineer, also the algorithms that send you notifications on Twitter and Facebook that have been criticized for being addictive and encouraging people to spend more time on their phones than they. Okay. So that's what we've got now with all of those problems. And I confess I had not heard about the the gender thing. An Amazon are we are we counting on AI to get smarter by itself, or we can improve the inputs to the algorithms as we move toward advanced a I I think there's certainly a lot of experts who are sort of warning us here that yeah, if AI safety research is moving slower than capabilities research, then we're gonna have extremely powerful systems that still aren't doing what we actually want them to do and are sort of executing on their badly specified goals in ways that can be tremendously destructive. Okay. Wait. Let's be clear about this. The people working on a safety will call. It are not the same people working on making a is smarter. So there are definitely people whose work involves both. But there's a there. There's a lot of people who are working on making a is smarter who are not working on making a is safer and the more conservative. People. I know working on is safety tend to actually say we don't think we would be making is smarter right now, we think we need to sort of work on transparency and interpret ability. That's understanding what are doing. We need to get that stuff right before we do more capabilities research. There is an economic reality to a right, which is this entire idea of technological unemployment. And the fact that wants machines can do it better than people whatever that task is up to an including speaking, your native tongue into a microphone people are gonna lose their jobs. Right. And there will be economic disruption. Yeah. I think that was definitely one of the concerns that a lot of the public mentioned in the survey in the past technological development has just meant creating different jobs. And a lot of AI experts have said that we'll see more people in caring professions, teaching things where working with another human being is just powerful. But there are some people saying this one could happen so fast and be so disruptive. As to sort of change the game there, and we need to be thinking about, you know, in a world where we don't need to work. Are we going to have society structured so that everybody has enough and can choose how to spend their time. Or are we going to have a society where most people live in poverty kills me piper at vox writing about artificial intelligence and the future of it kills you. Thanks a lot. Preach, tom. Thank you so much..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"This is marketplace, I'm KAI Ryssdal. Having a baby and then going back to work can be hard. Yes. For dead shore. But harden a whole different way for moms, especially women who choose to nurse their babies Nedeli kitchen with from the New York Times where she covers the economy has been writing extensively the past couple of months about pregnancy and the American workplace and just the other day a big story about breastfeeding and working Nedeli. It's good to talk to you. Nice to be here. So give us the opening anecdote of this story at it. It's a prison in Virginia. Right. Yeah. We start with Shuzhen invents on who is a nurse at the prison. Who leaves the medical department walks through eight locked doors and one security checkpoint to her car finds a breast pump stuff the piece of it into her bra and breezes past the security guard on our way back into the prison. And this is part of a plot to bring her manual breast pump into the prison where she works because the places she's been offered. She finds unacceptable. One of them was the men's restroom outside of the security checkpoint. The not just she finds unacceptable, which are frankly ridiculous. And that's kind of the moral of the story. Right. It's it's women working in nontraditional workspaces prisons, you've talked to an airline pilot a police officer who are in in violation of the law in some cases, not being provided a place to express their breast milk. That's right. Obamacare made. it illegal for employers to deny hourly workers, a private place to pump and the time to do. So that didn't cover salaried workers. So when you look at state laws and federal law that leaves five million women without the right to pump at work. So in some cases, you have a whole slew of American women who you know, are going to great lengths to be able to pump at work because the law doesn't give them that guarantee. There are a lot of social policy issues wrapped up with this story. Not just workplace. Right. But but the the biggest one really is the lack of places to express his breast milk leading to lower breastfeeding rates because of these workplace restriction mean the big picture is that the US also happens to be the only industrialised nation that does not guarantee paid maternity. Leave. So you have a situation where women are returning to work in America while they're trying to breastfeed and when they get their their employers. Make it nearly impossible in many cases for them to do. So this is the latest in a in a long series of of kind of remarkable stories that you've been doing on pregnancy and the workplace in in this economy, and and I guess the Anna going back, I don't know six eight months, right? And I guess the question is, you know, you you never do this coverage. You never do. This journalism expecting the things will change. But do you sense that there's receptiveness now to some of these issues as you go out and report, I do sense that there's a lot of conversation on women at various different rungs of the economic ladder. So women on Wall Street and women in WalMart about the price that American women pay when they choose to have a baby and they try to keep at the same pace in there. Career. There have been the number of investigations following our reporting those, you know, at the congressional and the state level. There's obviously a lot on the plate right now nationally badly covers the economy for the New York Times Nellie. Thanks a lot. Really good talking to you..
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"Month two months on after breach is a great study in market pricing. It's insane. It's it it's really an industry. Right. I mean, there's a business model. There are many business models here. Right. But but certainly it works, and it's an active in viable marketplace. Absolutely. Is very much a multi level crime. So there are people who build a markets. There are other people who go out, and they steal the information. That is sold there. They create the malicious. Code that this old there or in the case of other illegal goods drugs. They get the drug somehow, so they are actually companies right? I mean, it's just you using that there are people who create the coat, of course, there's some computer programmer out there who works for. I'm just going to pick one of these, you know, celery dis your bitcoin fraud or right? And so bitcoin fodder employs some coder to write the ransomware code that. He can then turn around and sell on dark web. Yes. It's a jobs machine. You're correct. That's absolutely, right. Yeah. And then working up level. The the the platform itself dream, marketer, whichever one of these dark web sites. You go to that too is an enterprise there are people there who hire coders and do I don't know of quality assurance is thing in crime, but one imagines that they do some kind of quality assurance on on the products to get listed. So you don't get out of business for through a bad reputation all of that stuff. And in fact, there's a whole advertising side to it as well. So if you ever want to. Pursue this line. Of inquiry of of employment. That's very colorful part of the market because banner ads for credit card theft tend to be quite extreme, man. All right, Steven, I gotta go well, sir. Thanks very much for this. I appreciate it. Just be sure to wipe you computer. I should tell you that the IT guy standing right here about to take it out of my little hand. Thanks. That was great. There is a whole lot on the dark web. We can't show you on a family friendly homepage like ours, but we do have some screen shots, including some of those banner ads that Stephen was talking about. It's all at marketplace dot org. I don't own on the way out today, which comes from congressman Ralph Norman Republicans, South Carolina, the twenty seventh amendment to the constitution, the United States that in case, you don't remember is the one that says in here I quote, no law varying the compensation for the services of the senators and representatives shall take effect until an election of representatives shell have intervened. So no congressional pay increases or cuts until there's been a congressional election. Congressman Norman, however, has pose an amendment that would qualify that restriction. It would be number twenty eight by the way, where it ever see the light of day, which probably won't quote, a Representative or Senator may not receive compensation with respect to any period during which a government shutdown is in effect and of quote, I mean it sounds fair. Right. And I should point out here that Senator Mitch McConnell leader. Republicans in the Senate said today, the shutdown could go weeks. Are we gotta go down up eighteen today less than ten percent? Nasdaq added thirty that's four tenths percent isn't P five hundred found three points. One tenth of one percent. Sarah air, Jake Gorski, drew justed, Jeff Peters, Dan Powell, Daniel Ramirez, Charlton Thorpe, and Ben tolliday engineered the broadcast for us. I'm KAI Ryssdal. We will see Marvan. This is APN.
"kai ryssdal" Discussed on Marketplace with Kai Ryssdal
"In Los Angeles. I'm KAI Ryssdal. It is Wednesday today. The second of January good to have you along on this first business day of the year everybody and to that end. In fact, a couple of reminders here about the macro economic state of play as we get back going after the holidays. First of all volatility. It is still here with a vengeance down dust. Swung three five hundred point range today before finishing basically where it started number two and three are kind of a pair. Adam to the global economy is still well, soft is a good word. I'd number three the US China trade war end its discontents. Put those in that order because when you roll them together, you get this data out of Beijing today that the Chinese manufacturing sector is actually contracting. New orders have fallen for the first time in two and a half years. There's lots going on in the Chinese economy, of course. But given that countries big and growing place in the global economy. It is worth asking whether the people running China's managed economy can manage their way out of this one. Marketplace's Scott Tong once upon a time. Our former bureau chief in Shanghai looked into it. Economists in China's say the manufacturing shrinkage there is due to slow orders domestically and overseas. The trade war which began in July with US tariffs on Chinese goods as Americans buying less from mainland, China and more from other countries like Vietnam, so says supply chain manager Rosemary Coates at blue silk consulting in the past twenty years. I've never seen a slowdown like this. I don't think there's been any kind of mass exodus. Like, we're seeing now factory blues are contributing to a broader economic funk in China growth has slowed from nine percent to six or so the past decade at times like this aging often intervenes in what some call. It's state capitalism model how Yasha. Quang teaches business at MIT. There's no secret to it. It's basically that the t the government has this massive ability to mobilize debt competences support pet projects as in highways airports, condos Chinese policymakers could do that again this time, but to Hong that's a short term sugar high consultant Daniel Rosen at the rhodium group says a government heavy model worked when China was poor. Now, it's middle income. It's no longer suitable to have government come along with a big infrastructure investment plan and expect that that's going to carry things through. It's on the backs of nearly one point four billion Chinese now. In other words, China needs consumers to drive its economy rather than government planning, but that transformation will take time and for now Chinese factories waiting for that are struggling on Scott Tong for marketplace. Here's that him number four in the things to keep your eye on list..