36 Burst results for "Mitchell Hartman"
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.
Fresh update on "mitchell hartman" discussed on Morning Edition
"Now than earlier in the pandemic. I'm Mitchell Hartman for Marketplace. Swinging over to the market screens here. The Dow is up 249 point 7/10 percent the S and P up 6/10 percent, the NASDAQ now up 9 10%. But more significantly, the number of people signing up for unemployment benefits fell only a bit in the last week. 411,000 is higher than analysts were expecting as recovery takes its time. Diversity in the workplace today to the British Royals, often seen as embodying the opposite of diversity. Buckingham Palace The organization has released its annual report on public funding of the monarchy with the palace, conceding it needs to do better in recruiting BIPAC staff. Here's the BBC's Jonny Dymond. 8.5% of Buckingham Palace staff are drawn from ethnic minorities. That compares to 13% of the UK's population at the time, the 2011 census and just under 40% of the population of London, where many staff are based Could do better is the palaces own verdict. We recognize we are not where we want to be, said a senior palace source, and we want to improve. Next year's target is 10%. But change may be hard to achieve. Whilst public funding has remained steady. The extra money the monarch, made from things like paid visits to the palace is fell by half of $14 million shortfall was covered by cutting back on some events like garden parties and by a recruitment freeze. Jonny Dymond, BBC there Marketplace Morning report is supported by Fidelity Wealth Management, helping clients develop a personalized.
U.S. gains 916,000 new jobs in March
"Hundred sixteen thousand new jobs in this economy in march restaurants and hotels education construction manufacturing. Honestly i could just go on naming industries. They have all added jobs. We're down to an unemployment rate of six percent even and that is with a whole bunch of people getting back into the labor force so marketplace's mitchell hartman gets us going with the goods of this very good jobs. Report positive comments were a dime. A dozen as i did. My economist calls today starting with nicole. Golden at the atlantic council definitely signs of a boom. Very happy to see it. What's michael farren at the mercatus center pumped up. Is the trajectory. Two hundred and thirty. Three thousand jobs added in january than four hundred sixty eight thousand in february and doubling again to more than nine hundred thousand in march. You think marches number is high april. And may's numbers are going to be positively eye-popping as larger and larger proportions of the population are vaccinated and more of the economy reopens the breadth of job growth. Is what impressed kurt. Long at the national association of federally insured credit unions not just hard hit bars and restaurants but retail transportation. The building trades finance. A lot of businesses are looking ahead to really strong consumer demand and they don't want to be caught flat-footed without the necessary employees. Getting everyone back to work especially unemployed. Parents will require more rebound in services for those workers says nicole golden at the atlantic council. We need childcare to come back because it employs a lot of women and in particular minority women and because the burden of care and school closures have pushed so many millions of women out of the labor force. Childcare jobs are still fifteen percent below pre pandemic
Why consumer confidence is surging
"Can confirm the facts of this story. We are tired of the pandemic and ready to shop. The technical term for this of course is consumer sentiment which determines how much we spend which makes up about two thirds of this economy and which is kind of key to our pandemic recovery while the university of michigan's consumer confidence survey shot up more than eight percent in march to its highest level in a year. that's still seven percent below what it was before the pandemic the government rescue package combined with the fourteen hundred dollar check or checks landing in many people's accounts. Well it's a pick me up marketplace's mitchell hartman gets going. It's been a week and a half. Since president biden seinfeld american rescue plan payments started going out within days. And that's been a big shot in. The arm. For consumers says john lear at morning console which polls americans everyday consumer confidence is really on a tear. They are growing more confident at a faster rate than they have fallen. The prior to stimulus packages. Lear says this time around the checks are bigger and they're going out faster plus the monies targeted to low and middle income households who were most likely to have lost work and be strapped for cash now. Rising confidence is likely to spark more consumer spending but lisa ruin that forbes adviser says it's not clear how much or how fast what we're seeing now. Is this really cautious optimism. Where people say okay. We can see signs that things are going to be getting better. But we're not quite ready to jump in headfirst. Forbes advisors latest survey finds. Roughly half of americans don't believe it's a good idea to reopen businesses one hundred percent before corona viruses fully contained and morning console finds. Well over half of americans. Still don't feel comfortable traveling or going to a restaurant. Shopping mall or sporting event. Jon lear's says moore vaccination and continued corona virus vigilance are crucial for sort of at this critical junction. Right now where. We need to keep cases down for the next three months. Let's say so that we're able to unleash. The full extent of are pinned up demand. Later in the summer he says. The money's there from the latest relief checks and surging savings. Folks just aren't feeling quite confident enough to spend up
With the COVID Relief Bill Signed Yellen Turns Focus on Unemployment
"The big relief bill is signed now begins the sales pitch. The president and vice president and various and sundry Cabinet members are traveling or otherwise making the rounds, making their case among them. Treasury Secretary Janet Yellen, which is where we come in. Yellen said on ABC over the weekend that she is hopeful will be back near full employment next year. Back near is the operative phrase there because it had been widely assumed we were at full employment. Before everything fell apart. 3.5%, if you remember was the unemployment rate in February of 2020. So with everything in the past year in this economy What you suppose full employment's gonna look like now and more to the point water policy makers at the Fed and Treasury going to do about it if and when we get there, Marketplaces Mitchell Hartman starts us off. Full employment is a perfect sweet spot for the economy. Thea unemployment rate is as low as it can get, without employers having to bid up wages through the roof to get the workers they need. Everyone who wants a job can get one and inflation doesn't soar out of control, Dean Baker at the Center for Economic and Policy Research, says. In the past, policymakers have often put the brakes on before we got to full employment. But, he says in this recovery from massive pandemic job loss, they seem to be following a more ambitious unemployment script. They really do want to press the economy to see how low we could go. That likely means getting headline unemployment down to 3.5% again. But economist Mark Paul at New College of Florida says policymakers will also try to get other measures of worker to stress and financial hardship. Down. This means looking at unemployment rates for certain groups that have traditionally been stigmatized in the labor market. Such a black workers who tend to experience unemployment rates twice that of white workers. Black unemployment is up 4% in the pandemic. For White Americans. It's up just 2.5% and many more women with kids at home have dropped out of the labor force than men. Now, job creation is accelerating, and it's likely to continue with new government stimulus. Covad cases down and vaccination up Economist Damn north at credit insurer Euler Hermes North America says the economy has a lot of ground to make up. He estimates at least 30% of small businesses have folded. New businesses are going to start up, but it will take a wild probably T O late, 2022 early 2023 to get all the jobs back. And to get back to a full employment economy. I'm Mitchell Hartman for
What full employment means in a pandemic-ravaged economy
"The bigger relief bill is signed now begins the sales pitch the president and vice president in various and sundry cabinet members are travelling or otherwise making the rounds making their case among them treasury secretary. Janet yellen which is where we come in yellen said on. Abc over the weekend that she is hopeful will be back near full employment. Next year back here is the operative phrase there because it had been widely assumed we were at full employment before everything fell apart three and a half percent. If you're a member of the unemployment rate in february of twenty twenty so with everything in the past year in this economy what are you suppose. Full employment is gonna look like now and more to the point water policy makers at the fed and treasury gonna do about it. If and when we get there marketplace's mitchell hartman starts us off. Full employment is a perfect sweet spot for the economy. The unemployment rate is as low as it can get without employers having to bid up wages through the roof to get the workers. They need everyone who wants a job can get one and inflation doesn't sore out of control dean baker at the center for economic and policy research says in the past policy makers of often put the brakes on before we got two full employment but he says in this recovery from massive pandemic job loss. They seem to be following a more ambitious on employment script. They really do want impress the economy to see how low we could go. That likely means getting headline unemployment. Down to three and a half percent again but economists mark paul at new college of florida. Says policymakers will also try to get other measures of worker to stress and financial hardship down. This means looking at unemployment rates for certain groups that have traditionally been stigmatized in the labor market. Such as black workers who tend to experience isn't rates whites that of white workers. Black unemployment is up four percent in the pandemic for white americans. It's up just two and a half percent and many more women with kids at home have dropped out of the labor force than men now. Job creation is accelerating and it's likely to continue with new stimulus covid cases down and vaccination up economists dam north at credit insurer euler hermes north america says the economy has a lot of ground to make up. He estimates at least thirty percent of small businesses have folded. New businesses are going to start up but it will take wild probably too late. Twenty twenty two early twenty twenty three to get all the jobs back and to get back to a full employment
How the pandemic is affecting states unequally
"Of the characteristics of this virus economy as we have said on this program. I cannot tell you how many times is how uneven its effects have been on people black and brown and low income. Americans do in way worse in health and jobs and just getting by than whiter and wealthier populations are uncomfortable. As to how they're doing depends on what industry they're in and on states some of which have been really hit by this pandemic less revenue from income and sales taxes and higher virus expenses and some of which states that is doing all right so as the senate takes up. President biden's relief bill this week. And it's three hundred and fifty billion dollars in aid to state and local governments marketplace's mitchell hartman starts us off with a tale of several states. The pandemic recession has delta significant blow to tax collections. State revenues were down by nearly two percent from december. Last year overall. All but according to the urban brookings tax policy center tax revenues actually increased in twenty two states. This disparity has a lot to do with the mix of jobs in layoffs in a state. Says carl davis at the institute on taxation and economic policy so many lower income people have been laid off higher income. People have been much more likely to keep their jobs so tax. Revenues are down by double digits in states with lots of low-wage tourism jobs in hotels bars and restaurants florida and but states with more jobs that can be done from home at higher wages. Like in high tech and professional services are faring better. Washington's one example thinks in part to folks like darby megan of spokane he's a manager for tech startup. his wife's an accountant for an architecture firm. They're both working from home. We've maintained our salaries and that's been huge blessing. Haven't had to take a step back hours or anything. Like that with the stimulus checks. That was a nice little bonus. The couple owns a home. That's gone up in value. So they're paying more property tax but they've improved their overall balance sheet. We've been able to save significantly more right. We're not eating out as much and they made one really big purchase. A new van built into an rv. So we've sort of taken some of our vacation money that you budget and instead may domestic vacation mobile now not every high earner has come through the pandemic recession unscathed. Fiona greek at the g. P. morgan chase institute has been tracking household checking balances. There are some high income families that have seen cuts in their income cuts in their salaries but most of seeing their bank balances and assets grow and she says one reason is the booming stock market the broader trend. There's the growth and wealth. We see a lot of families transferring money into brokerage accounts to take advantage of those games but some states are missing out on taxing. Those income gains at the top. Says carl davis at the institute on taxation and economic policy. He points to nevada heavily dependent on tourism dollars revenue down about twelve percent where there is no broad based income tax. You're leaning a lot on sales taxes. Regressive taxes in general. Your revenues aren't going to do quite as well as progressive taxes at a time. Like this of just soaring income inequality contrast that with california that's opted for a more progressive mix leaning a bit more on the income tax most states do with higher top income tax rates on top earners. Especially that's staring a whole lot. Better with revenues up around two percent since the pandemic started. That's helped a good bit by silicon valley which attracted v and his family from texas. So i'm a software engineer. I was in iran for about four and a half years. And then during the pandemic My wife connor fulltime opportunity and bay area so we moved. He says silicon valley employers are hiring. Like there's no tomorrow. There were plenty of opportunities in the to offers in my hand. Some states are now considering hiking taxes on top earners to boost revenues and fund recovery from the pandemic including new york. Minnesota connecticut rhode island and
Making a career change in the middle of a pandemic
"I mean you're curious right about what it's going to be like in the economy yet to come because it's going to be different whether we're ready or not so. We begin today with two stories on that theme. The newspaper for the first of which is our regular thursday update on the state of the american labor market lousy in a word and other seven hundred ninety three thousand americans lost their jobs last week. Yes that is down a tad from the week earlier. But still as i think i say every week now stratospheric lee high and overall twenty something million people in this economy are getting some kind of government benefit so to the bigger point which is of course the theme of the top. Half of the program when it's going to be like when it's done to find new jobs when this is all over a lot of people might have to find new careers. The pew research center. Some new data out on that two thirds of people who are unemployed have considered going into a new occupation or a new field while one third have taken concrete steps to get new training or education as marketplace's mitchell hartman reports getting all the cogs in the back to work machine turning together leading can be easy in normal not pandemic times. Many rodriguez would have about twenty local men and women in the construction pre apprentice program. He runs in west chicago called revolution. Workshop recruiting from underserved communities typically talking about black brown and women. I mean the community desperately needs upskilling and a pathway into family sustaining careers. Most of the graduates go into construction jobs paying eighteen dollars an hour or more but the pandemic happened and seventy five percent of the folks that we have placed were laid off in the spring summer and fall revolution workshop. Didn't start any new cohorts of job trainees. Because there was no construction work for them. Thirty year jeremy smith of reno nevada got laid off from his job as a casino valet in march. He took his relief check and some savings and went back to community college with able to graduate with a bachelor's and why train management about two semesters early so ended up kicking me down the road a little quicker than i planned on. He's looking in his new field. But no luck so far. I'm sure it'll come roaring back. But it's a little dry right now. Meanwhile manny rodriguez at revolution workshop has a new class of construction pre apprentices. Now we are currently recruiting for our second cohort. So you know. I can put that blog out there or if you can do that for us every awesome. Consider it done website at our website. I'm mitchell hartman for marketplace gotta finish it mitchell it's marketplace dot org. Just make sure funny knows
The most important 4-letter word in this economy: jobs
"Begin with the most important four letter word in this economy it is of course j o b s jobs about which we got the january report this morning so seventeen days into a new administration thirty six days into a new year three hundred and thirty five ish days into the pandemic economy counting as we are from mid march last year. This is where things stand. Yes we added forty nine thousand jobs last month and yes. The unemployment rate is down to six point three percent but we are still nearly ten million jobs underwater from where we started and also yes. I know that was a lot of numbers. But as i believe we've mentioned a time or two and as marketplace's mitchell hartman is about to remind us numbers can tell you. Think you're too but wearing economy stance. There are a lot of numbers in monthly jobs. Report it's kind of dizzying. So i asked each of the economists. I shoot the jobs data over with today to pick just one indicator that shows where the economy is eleven months into the pandemic one number that slams you between the eyes twelve and a half million. That's kurt long. Chief economist at the national association of federally insured credit unions. And he's referring to the total number of jobs where in the whole since the pandemic hit in the jobs report. That's ten million however if we had not been going through what we've been going through the past. Nearly twelve months the economy would have kept growing and long reckons. It would have added another two and a half million jobs. Jobs needed to keep up with population growth for new high school and college. Grads immigrants new parents returning to work and a half million jobs. That's an enormous deficit of course and at the pace we're going is just not nearly fast enough to eat into that and now the number. That slams elise gould at the economic policy institute between the is three point. Nine million jobs down. That's how many jobs we are still missing in the hard hit and often poorly paid leisure and hospitality sector people who don't have an adequate safety net because their wages have been low for so long. Now let's talk about unemployment. officially that's ten million americans who don't have job and are actively looking but mark hamrick banchory says that doesn't count a lot of people who are not working because of cova danger or childcare needs. We have another thirteen million. Who are either out of the labor force and want to work or who are underemployed. Working part time. I would like to have full time work at him up. He pegs the total unemployed at about twenty three million. That's about one in seven. Americans who had a job before the pandemic started
"mitchell hartman" Discussed on WNYC 93.9 FM
"Baird difference dot com David Brancaccio, California officials say organized criminal rings and identity thieves looted billions of dollars in jobless benefits during the 2020 pandemic here, more than a Quarter of all claims in that state or cysts are suspect and other states are not immune. Marketplaces Nervous a foe has more Authorities in California have so far identified some $11 billion in fraud. Another 20 billion in suspicious claims are being investigated. The culprits are suspected interstate and international criminal groups, including from Nigeria and Russia. Nearly all the fraud identified was in the Pandemic Unemployment assistance program, which Congress set up so states can help gig workers and the self employed. The vulnerability was that the program did not require income or employment verification upfront. Nearly two dozen states, including California now contract out identity verification with a firm idea me. The company says it's blocking about a billion dollars a week in fraudulent claims across the country. I'm nervous, Awful for marketplace. The Biden administration has just appointed a new acting general counsel to lead the National Labor Relations Board Peter Song or is expected to be more open to union organizing than his Trump Administration predecessor. Has been fired after declining to resign. Marketplaces Mitchell Hartman reports. After decades of declining unionization in the middle of a pandemic. The share of the work force that's represented by a union jumped up from 11.6% to 12.1% Heidi Shierholz that the Economic Policy Institute says more than 20 million workers did lose their jobs last year union and nonunion alike. But Union workers, they lost fewer jobs than their non union counterparts. And so the unionization rate actually rose. She says. Unions successfully negotiated furlough and work share arrangements to preserve jobs. New Biden administration wants to keep this unionization trend going, says Ken Jacobs at the UC Berkeley Labor Center, changing the law to make it more friendly to workers and easier to organize and To create real penalties on employers who violate the laws. He says he expects new organizing drives in low wage service sectors like healthcare, hotels and restaurants. Any commerce I'm Mitchell Hartman for marketplace. The Dow future is up 23 points. The S and P future is down less than 1/10 percent. The NASDAQ future is down 2/10 percent on the week when many big tech companies report sales and profits. Marketplace Morning report is supported by C three dot ai c three dot ai software enables organizations to use artificial intelligence at enterprise scale solving.
Pandemic wage gains were just a fluke
"Come friday. We're going to get the latest stab shot on average hourly earnings in this economy and it is expected to show continued strong winds gains but our guy on economic statistics mitchell hartman. He says best to ignore that and focus instead on the trouble yet to come so a crazy thing happened on the way to the pandemic recession. After the economy shut down and twenty million people lost their jobs. Workers average hourly earnings went up skyrocketed. Actually up eight percent year over year but what got was was not signal. Joseph bruce willis is chief economist at rsm consulting. He'll be our guide through this thicket of wage data and when he says noise not signal he means fast. Rising wages have been a statistical anomaly of the pandemic economy high paid professionals kept working from home and mostly held onto their paychecks but millions of mostly low paid service workers lost their jobs. When you've got forty percent of households making forty thousand or less seen a job loss or loss in wages. That explains that head. Fake if you will on wages forty year old cinnamon deutsche is. An example of what bruce willis is talking about. She was teaching at a childcare center in asheville beulah ohio when it closed and she got laid off in march her three hundred and fifty dollars a week. Paycheck disappeared from the average earnings calculation. But she got unemployment which included six hundred dollars a week in extra federal pandemic pay until she was hired back three months later. I made twice as much on unemployment with the extra six hundred dollars. As i do now but i am glad to be back to work. I mean i like going to work so like many americans do inches. Income actually went up for a while because of additional unemployment benefits and relief checks but those temporary effects are fading. And just says we're in for a rude awakening. What i think we're going to see is a very bifurcated. Wage market this idea that k shaped economy separation between the hadgem. The have notch bruce willis says the haves those who work in what he calls. These zoom economy will have made goes at the upper end. Those who are already thriving. There's going to be competition for those workers. you know. Premium place their wages but for lower wage says workers even as the economy reopened and employers. Start staffing up again. Those in the middle to the lower end of the market where the damage occurred. They're not going to see a lot of wage growth. That's due in part to supply and demand. Lots of unemployed workers looking for jobs not enough job openings to give them leverage to demand higher pay. then there's something. Economists call downward nominal wage rigidity firms during hard times ten not reduce. The wages of the employee said they keep on the books but when the times get better wage gains core restrained. That is pretty much what cinnamon joy is seeing in her job. She's back at work fulltime at her previous salary of three hundred and fifty dollars a week. The extra unemployment income she banked back in the spring has run out. My credit card is back up to you. Know almost max out trying to pay five or ten bucks extra so that i can pay that down. I make enough money to pay my bills and have mcdonald's once in a while but you know if my car breaks down or have an emergency am just outta luck i i have to borrow from. Somebody doesn't expect chill get a raise until she hits ten years of service in twenty twenty
How those $600 checks are likely to be spent
"Three months. Most of the money stayed in the bank people spent about a third of their tax. Hilas says there are two reasons. A lot of people didn't spend all the money right away. I those who still have their jobs and income didn't need the money to pay their bills and with pandemic shutdowns. It was hard to shop and travel the money away. Meanwhile americans who had lost jobs and income tried to stash away. Whatever stimulus money they could people had expectations. That crisis would be very long in. Their income. Might be disrupted for a long period of time. This time around you know us thinks that even with vaccination underway. There's still so much economic uncertainty that most people will try to save some of the money again but that may be harder with this second round of stimulus checks nine months into the pandemic. Millions of americans are still out of work and unemployment benefits dwindling. John lear is an economist at morning. Consult lower middle income. Americans who really have very little savings have gradually had to eat into their savings because they don't have the income to cover their expenses each month. They're likely to spend their stimulus right away on. Necessities food rent utility bills and car payments. I'm mitchell hartman for marketplace. The relief package also includes several types of aid for small businesses including a new paycheck protection program. And it's different from the last round. In a few ways. For example this time business owners can claim tax deductions for payroll and other expenses. Their p p p money covered small business advocates welcomed the change but as marketplace's justin ho reports owners. Still face a lot of uncertainty when it comes to their tax bills before the new relief package was signed into law new york city cocktail bar owner ushwyn day schmo just wasn't sure when he should apply for forgiveness on his. Ppp loan and how that would impact his bill even wait to do the forgiveness application until next year. It's just a waiting game. The new round of
Even with another relief package, economic recovery is gonna take awhile
"It is possible we know to hold two or more contradictory facts in your mind at the same time. for instance. it is a fact that altogether almost a million and a half people made new claims for unemployment benefits last week. It is also a fact that the day after christmas millions more people will lose federal pandemic jobless benefits and it is further fact the congress which is to say senate republicans for months have not been able to agree that more government help for this economy is necessary now the back against the wall though. It seems likely some kind of relief package might pass probably something just under a trillion dollars but as marketplace's mitchell hartman reports there is still a real an increasing risk that the recovery from this recession is going to be slower and longer and more painful than it had to be covid surging. Lay-offs arising consumers are hunkering down. Not a great place to be heading into twenty twenty one mark zandi at moody's analytics says the nine hundred billion dollars. Congress considering spending to get the economy moving in the right direction is only a down payment on recovery. This relief package is about avoiding going deeper into the economic col- without it. I do think we will go back into recession. So this is about avoiding that. It's not really about jump. Starting the economy and without more stimulus spending especially to shore up state and local government budgets. Heidi sheer holtz at the economic policy institute says the economy is backsliding. We've already seen more than a million jobs. Lost in state and local government when you have teachers and firefighters whose job so they no longer have income. They aren't spending money in the private sector and more people lose their jobs. Zandi hope is by the middle of next year as vaccinations spreads and the consumer economy starts to reopen on a post pandemic footing. The congress will pass a much bigger more robust stimulus bill. If a structure spending would generate lots of jobs for all of folks have lost their jobs permanently and try to get the economy back to full employment more quickly if that doesn't happen well we've seen this movie before. Heidi shield says after the great recession. Congress pulled back on stimulus spending too much too early. What they're doing now way better than nothing that it's not enough and i do worry about. We really setting this up to be another long slow recovery. That recovery to full employment took seven to eight
The recovery is slowing down so much soon it could be going backwards
"Can still be alarming. The problem is improvement in the job. Market is slowing way down. We were adding jobs twice as fast just a month earlier in october. Economists joseph bruce willis at our sim consulting. Explains this with and warn you some complex math math that i almost flunked in college. What we call a first riveted. Second derivative problem first of look strong the two hundred and forty five thousand jobs we added in november but the second derivative that's the rate of change of the rate of change is actually cloyne continues. You'll end up with an outright loss of jobs on a monthly basis. So he's saying if employment growth keeps decelerating. We could be losing jobs by next month and even if we keep up with november's pace full recovery is going to take a very long time says daniel jau at jobsite glass door because we're nine point. Eight million jobs short pre-crisis levels at this month's pace take us until twenty twenty four to return to those pre-crisis levels that we'd had and digging out of this unemployment hole is about to get harder says lisa rohan at forbes advisor she points to rising covid cases and government shutdown orders mounting business failures and government relief about to expire. A majority of people are feeling less comfortable than they did. Six months ago to make regular household purchases and a vast majority of people are holding off on those major purchases like a home or a car the latest forbes adviser ipsos poll finds half of american workers are now afraid they or someone they know. We'll lose their job in the next six months. I'm mitchell hartman for marketplace. This being a friday it is time for a look back at what the heck happened jobs. And otherwise neil. Richardson is here. She's at adp. David gura is back as well. Hey to so neil. Let me go to you as the trained economist on the panel David if you've ever took calculus. I never did and i surely would fail. I don't i don't even know bonilla To the point that mitchell was making and job as well as well this idea that labor market gains are slowing that seems to me to be perilous. It is and i was a math major said well
U.S. stock market falls on plunging retail sales
"One of the things we do on this program so that you don't have to is keep an eye on the incremental changes in this economy and then once a trend reveals itself put that into big picture context thus mitchell hartman starts us off today with this morning's report on retail sales up just attach three tenths percent last month less than expected and way less than september. Seeing how the consumer goes is how this economy goes. Here's mitchell with that promise to big picture context if you have anything to do with the retail business. Something you don't wanna see. Is this kind of fall off. In sales growth. In the fall october's report is actually a bad omen for the holiday season retail analyst committee on a chef ski at. Cf are a research predicts. This'll be the first year since two thousand eight that annual holiday sales. Don't go up john lear. At morning console says lack of new fiscal stimulus from congress is dampening consumers appetite to spend so is the pandemic when you see the number of new cases spiking as it is currently we see consumer confidence in the us decrease. This is not an equal opportunity retail slowdown. Though says analyst nick shields at third bridge main street retail is weaker than big box retail. He says smaller retailers have a harder time dealing with covid restrictions and transitioning to online shopping. Shield says if more of them shut down it'll hurt. The entire economy. Big brands will have fewer consumer outlets and commercial landlords. We'll take a hit. They do serve a lot of massive retailers like the department stores like walmart target but they also have small business and medium size retailers shield. Says we probably won't know until early next year. After the holiday shopping results are in how many smaller retailers are going to throw in the towel and shut down for good.
Still struggling to find work
"Start the program today with our favorite four letter word. J o b s jobs. Unemployment is down as we learned last friday. That's good and people are coming. Back into the workforce after being let go or having given up earlier in the pandemic but what those people might find once they get to. The workforce is kind of not so welcoming because finding a job is not getting any easier. There's a monthly report. The labor department puts out. It's called jolts job. Openings and labor turnover summary just like it sounds what openings there are out there and the good news is that they were up a bit those openings last month from september but still there were a lot fewer openings than this time last year so marketplace's mitchell hartman gets us going by checking in with some of the job seekers. He knows to see how they're doing the key stat right now when it comes to finding a new job there are nearly twice as many job seekers as job openings. That's what twenty nine year old. Dana marlin is up against. She's been looking for a new job in sales since she got laid off back in march from a company outside chicago that puts on marketing events. As the weeks went by. I started seeing people who were my own managers people who had a lot more experience than me. Posted on linked in their teams were being laid off day themselves or being laid off so beautiful people. I'm competing against marlin. Says she's had lots of interviews but no offers that's also how twenty six year old bailey trips hunt for a new digital marketing job is going in suburban saint louis and she says cove is a concern if she does get an offer. I've had interviews. They've made it very clear about as a neil employee. I'm expected to be in office For a time. That's made me uncomfortable. But i have to balance you know finding a job and accepting versus my own safety and slogging it out in this pandemic afflicted job. Market isn't for everybody. Amy wilson is thirty eight and lives in longmont colorado. She's worked as an office and operations manager. She and her husband were both laid off in early spring and she launched her job. Search as the economy started reopening in may but just was not having much luck. hiring was depressed. I wasn't getting the call backs for jobs that i wanted. So yeah kind of just made this decision to go back to school instead. She's taking classes aiming to have her associate's degree in communications. By this time next year. I'm mitchell hartman for
The $20 billion missing from this economy
"Los Angeles I'm Carl Rozelle Thursday I believe the twenty second of October has always to have you along everybody. We're going to start today with a story about something in this economy that is not there that isn't happening and what that means. We're going to set it up by noting that seven hundred, Eighty, seven, thousand people lost their jobs last week and made first time claims for unemployment benefits less than the week. Prior, it should be said, and also that the Labor Department adjusted downward is numbers for the previous couple of weeks. And that's good. It really is but the number of people on government assistance because they have lost their jobs is still stratospheric. Lee High millions of them are running out of benefits and as you know, those extra six, hundred dollars a week went away in August. And that to get back to the thing that's missing is sucking billions of dollars out of this economy compared to earlier in the pandemic how many billions? Marketplace's Mitchell Hartman gets the lead story today. The answer is. Twenty billion dollars a week. That's how much is not getting into out of work Americans, pockets since a bunch of federal assistance programs for the unemployed started running out in midsummer Andrew Statler at the Century Foundation says based on Treasury data, they were getting twenty six, billion a week that as come crashing down to just six billion dollars, it's much less support to. Families and to the economy than we had six hundred a week in federal pandemic payments expired at the end of July the President's partial replacement program ran out of money last month also folks laid off back in March and April are now running out of their twenty six weeks of state jobless benefits some but not all are getting a thirteen week federal extension. Unemployment benefits now average three twenty a week across the country. It's even less for gig workers on pandemic on employment assistance and that has made a huge dent in the purchasing power of households suffering unemployment says Mark Hamrick. Dot Com, they are really having to scrape to get by these days just for basic needs such as pay for shelter, pay the bills to put food on the table and forget about luxuries. That's exactly what Brooke Wetzel has seen play out in her florist business in La when the economy started to open up late spring sales picked up but since August things have gotten pretty slow people might have that you know extra fifty to seventy five dollars per fire arrangement. So woetzel's working part time now spending the. Rest with her homeschooling kids I'm Mitchell Hartman for
Delaying COVID-19 relief could do lasting damage
"We are not going to hazard a guess here about what is going to happen with negotiations on an economic relief bill the negotiations that the president shutdown yesterday afternoon, and then tried to restart piecemeal. Last night what we are going to do is deal the facts as we have them now, which is that there are no negotiations and as far as anybody knows, there is no help coming for this economy till after the election and maybe longer. So that being case two stories today on that topic, and then a political insight marketplace's Mitchell Hartman gets going with story number one the. Big Picture. Back, in March Washington sent three trillion dollars coursing through the economy's veins. One of the biggest infusions was six hundred dollars a week in extra unemployment payments to more than twenty million jobless Americans that expired midsummer and George Washington University economist J Shamba says the amount of cash going out to laid off workers cratered it fell from one hundred, ten, July two, thirty, four, million dollars in September. So there's this massive drop off to the economy and also to the most vulnerable households those twelve hundred dollar relief checks from the spring have been spent with most of the federal pandemic relief now gone. Slowing retail sales and personal spending Joseph Bruce. RSM Consulting says. A quarter of small businesses have closed. He predicts without more federal support including lending to small businesses more will fail and state and local governments won't be able to keep teachers and other essential workers on the payroll says Michael. `grats. At Columbia Law School. The loss of civil service jobs will disproportionately affect minority because they've been hired into those jobs. Bottom Line says Dan North at credit insurer, Euler Hermes, North America. Okay. Let's say we don't have a stimulus package. The economy gets pretty severely damaged in the short term probably for five years to get back on. The burden falling to families that are running out of time and money says Columbia's Michael `grats people are facing eviction. Difficulty paying for food and lodging. This is a desperate situation. One that the chaos in Washington isn't making any
Long-term unemployment is looming
"Everybody, we are going to do a little labor market one, two, three by way of getting going to de. Item One this morning, the private payroll processor ADP gave us. It's guests is dominy jobs. The economy added last month four, hundred, twenty, eight, thousand, which is a nice hefty number but well, short of what everybody had been guessing, which was closer to a million speaking of million that gets us to labor market marker to the weekly report on new unemployment claims that will come tomorrow it'll be at or near a million people freshly out of work as it's been every week for five plus months. And speaking of months Friday morning, we'll bring the August jobs report. That's item three. We probably added jobs and the unemployment rate probably went down there end if the predictions. But there's a common thread that's running through the American labor market right now once you get past all the data and the indicators. As marketplace's Mitchell Hartman reports millions of Americans are facing the prospect of long-term unemployment. covid nineteen has not been good to the Life Events Business Rock Concerts and festivals pretty much shut down on a dime in early spring. That's when Jason George of Benton Harbor Michigan got laid off like many of my co workers in the industry we've been furlough for very long time initially, George was on temporary layoff from his job managing shows for a big event promoter. He got on unemployment his employer paying his benefits and he waited for a callback but summer still no concerts or call backs, and as of yesterday Georgia's employer has made his temporary layoff permanent benefits stopped at the end of the month it does feel different because there's not that safety-net. Could possibly go back sooner rather than later. So does feel official election we're kind of on our own to figure things out for ourselves. A lot more workers are likely to end up like Jason, George in coming months. It's very unlikely that if you've been furloughed for this length of time that you're going to go back, Daniel Sternberg is a data scientist at Gusto, an HR platform for small businesses he says. Furloughed back in March there was a thirty percent chance. You'd be called back by April because your company received funds or was able to reopen in some capacity. But then if we go out into future months smaller and smaller percentage is portraying tour and by July, a majority of furloughed workers were still waiting to be called back. And people laid off early in the pandemic are now approaching the Labor Department defines US long term unemployment more than twenty six weeks without a job jobless benefits start to run out people go through their savings to pay the bills and long-term unemployment decreases workers, chances of getting reemployed. Harvard economist Gabriel Chorro Reich and a colleague at the Fed have been projecting this out in our baseline stimulation in early twenty, twenty, one four and a half million people unemployed for more than twenty six weeks. More pessimistic scenario that number rises to one in five million that would still be fewer than the peak of six and a half million caused by the great recession. Recent polls have found that only a third of laid off workers think they'll be able to return to their jobs and a quarter of those who are still working worry. They'll lose their jobs as the pandemic drags on I'm Mitchell Hartman for marketplace.
What would a payroll tax holiday look like?
"Begin this work week with business owners and accountants and economists and people who are working in this economy trying to figure out what exactly president trump did to this economy this weekend. You some things one executive order and three memoranda after negotiations on another. Plan on Capitol Hill collapsed that much. You know whether the president can actually do most of what he did depends on who you talk to. So rather than engage in that particular back and forth, we'll focus today here on the thing he did that he can do deferring collection of payroll taxes specifically putting on hold the collection of taxes on the employee portion of social security taxes six point two percent per paycheck if you're curious. Starts September. The first ends at New Year's only for people making less than about one hundred, thousand dollars a year that much is what we know. Now. What's IT GONNA mean. Here's marketplace's Mitchell Hartman. The committee for a Responsible Federal Budget Wades through complicated tax proposals and regulations all the time but President Miami McGuinness says the White House's memorandum on deferring payroll tax obligations leaves her with West Mark Mar starting with this one happens come January when employee payroll taxes that weren't collected come do nobody knows how the repayment part will have to restructure it's going to. Complicate the life of employers. Tremendously. If they have to be responsible for making sure that money gets paid back and small business tax advisor Barbara Weltman says this payroll tax holiday could change. So right now we're talking about deferral meaning you don't pay now you pay later the president has instructed the Treasury. Secretary to explore options including legislation to forgive those payroll taxes altogether. Pete Iceberg at payroll processor ADP says, it's going to be really complicated for employers to alter payroll tax collection media year for only some employees based on a salary threshold cramming changes of this magnitude normally require like six months to do. So it can be done sort of an emergency basis but maybe problematic he says employers could be liable for not withholding enough tax and underpaying the Treasury Randy dellwo owns a business that makes scientific instruments in Bend Oregon he talked to his ten employees at Zoom meeting this morning and. The consensus among our employees is that everyone would rather not defer their payroll taxes. For one thing, they would need to save the money so that they'd have it available to pay back at the end of the year the committee for a responsible federal budget estimates temporary payroll tax deferment could leave us workers with as much as one hundred, billion dollars of extra pay through December. But if a lot of businesses and employees followed the lead of Randy Woes Company, the impact will be more muted.
"mitchell hartman" Discussed on Marketplace with Kai Ryssdal
"Marketplace. I'm Kai Rozelle. Housing is where we go next and street to the bottom line too because we get housing numbers all the time right usually of these sales variety new or used home sales were up or down by such and such percent last month today though the number that arguably really matters from the National Association of Realtors this line item the median price nationwide of an existing home in this economy hit its highest level ever in June two hundred eighty five thousand seven hundred dollars and it's up a bit more than four percent from June a year ago marketplace's Mitchell Hartman explains what's going on home. Prices have been shooting up for the past several years much faster than the inflation rate and that's led to an affordability crunch especially in coastal cities cities and hot urban markets U._S._C. Public Policy Professor Jerry Painter says after the housing crash a decade ago builders stopped building the population has grown faster than the building and simple supply and demand predicts predicts prices would go up faster than people's incomes. If that's the case look at Nevada's major cities for example young people keep flocking to Vegas and Reno for jobs in hotels ECOMMERCE and high end manufacturing which drives up demand but says Brian Bonifant at the University of Nevada was a lot of constraints on the builder to build inventory expensive land really hard getting construction labor force you know the banks are still squeamish on overbuilding residential home home. Prices aren't going up as fast as they were a year ago. Meanwhile wages have been rising and mortgage rates falling says Joel Con at the Mortgage Bankers Association that working to help you affordability challenges in many parts of the country okay now keep in mind that median home price means half of houses are more expensive and half are less expensive all over the country but prices vary allot according to Adam data solutions. The median home price in Cleveland is one hundred forty five thousand dollars. It's five hundred seventy five thousand in San.
"mitchell hartman" Discussed on WNYC 93.9 FM
"To foreign buyers in the year ending in March sales of existing US homes to international buyers reached seventy eight billion dollars that is down thirty six percent from the year before market place's Amy Scott reports for years foreign buyers many from China poured money into houses in southern California Miami New Jersey and New York whether to live or park their cash what's changed Lawrence you chief economist of the national association of realtors points of a slowing global economy the strong U. S. dollar in Chinese restrictions on investments abroad but the large magnitude in the decline is quite surprising so one has to attribute something beyond the normal economic factors like the trade war if that maybe scaring off fires he says Danielle hailed chief economist of realtor dot com says the decline is taking some of the pressure off home prices and while that may be bad news for sellers the fact that we have some buyers leaving the market or not coming in create opportunities for the buyers that remain namely domestic buyers especially at the higher end of the market foreign buyers tend to buy more expensive houses and pay cash my name is Scott for market place the house of representatives is expected to vote today on a bill to raise the federal minimum wage for the first time in a decade it's seven twenty five an hour we go to fifteen by the year twenty twenty five and Democrats strongly support the bill but it's unlikely that Republicans who control the Senate will take it up anytime soon market place's Mitchell Hartman takes us through some key numbers seven twenty five an hour buys about fifteen percent or less today than it did back in two thousand nine after adjusting for inflation more than half the states have now adopted minimum wages higher than the federal standard university of Oklahoma economist Gary Hoover says we're neighboring states have different minimum wages it might be advantageous for the employer to go for one border to the other relocating to find cheaper workers in theory workers can move from lower to a higher minimum wage states Letitia II born supports her nine year old son working for seven twenty five an hour at a Burger King in Durham North Carolina that would be a blessing to move to another state that higher with the minimum wage but you got to have money I can't save enough right now to just pack up and leave California Washington and Massachusetts have a twelve dollar an hour minimum wage now while Washington DC tops out at fourteen dollars an hour I'm Mitchell Hartman for market place let's do the numbers the footsie in London is down five tenths percent Dow S. and P. and nasdaq futures here our mixed the S. and P. future is little changed at last check.
"mitchell hartman" Discussed on KCRW
"Foreign buyers in the year ending in March sales of existing US homes to international buyers reached seventy eight billion dollars that is down thirty six percent from the year before market place's Amy Scott reports for years foreign buyers many from China poured money into houses in southern California Miami New Jersey and New York whether to live or park their cash what's changed Lawrence you chief economist of the national association of realtors points of a slowing global economy the strong U. S. dollar in Chinese restrictions on investments abroad but the large magnitude in the decline is quite supplies and so one has to attribute something beyond the normal economic factors like the trade war if that maybe scaring off fires he says Danielle hailed chief economist of realtor dot com says the decline is taking some of the pressure off home prices and while that may be bad news for sellers the fact that we have some buyers leaving the market or not coming in create opportunities for the buyers that remain namely domestic buyers especially at the higher end of the market foreign buyers tend to buy more expensive houses and pay cash my name is Scott for market place the house of representatives is expected to vote today on a bill to raise the federal minimum wage for the first time in a decade it's seven twenty five an hour we go to fifteen by the year twenty twenty five and Democrats strongly support the bill but it's unlikely that Republicans who control the Senate will take it up anytime soon market place's Mitchell Hartman takes us through some key numbers seven twenty five an hour buys about fifteen percent or less today than it did back in two thousand nine after adjusting for inflation more than half the states have now adopted minimum wages higher than the federal standard university of Oklahoma economist Gary Hoover says we're neighboring states have different minimum wages it might be a better way to school with employer go for one border to the other relocating to find cheaper workers in theory workers can move from lower to a higher minimum wage states Letitia II born supports her nine year old son working for seven twenty five an hour at a Burger King in Durham North Carolina that would be a blessing to move to another state that higher with the minimal wage but you got to have money I can't save enough right now to just pack up leave California Washington and Massachusetts have a twelve dollar an hour minimum wage now while Washington DC tops out at fourteen dollars an hour I'm Mitchell Hartman for market place let's do the numbers the footsie in London is down five tenths percent Dow S. and P. and nasdaq futures here our mixed the S. and P. future is little changed at last check.
"mitchell hartman" Discussed on KCRW
"Data itself I'm Mitchell Hartman for market place tell us what you always wonder head on over to market place well it's still a little early to call yet seeing as how his tour is still under way but the musician set to have the top grossing concert tour of all time wanted ends next month this out is just because then he would beat you to record on inflation address as well a word here about what is officially called the secondary market but everybody knows as scalpers sure does something interesting there as well right people are doing different things to address this issue ads strategy is kind of unconventional for a superstar of his level he literally is using software to try to identify what is probably bought by a bot or a scalper canceling the ticket putting the ticket back on sale and then helping the consumers that bought the scalp tickets try to get a refund when it when I talk to people of people find that pretty a strong response yeah and it goes to his you know persona right of just being some regular guy who plays guitar it does it it fits in you know the dominant thing is that he's playing more shows and bring more people however in subtle ways some of these strategies could yield bigger numbers for him if ed charges less for a concert ticket I'm a family can come people of different age groups can come people of different income groups can come and they can come again because they didn't blow up at five hundred dollars right on a couple of tickets immediately which explains how ed Sheeran is going to set the record.
"mitchell hartman" Discussed on KCRW
"It's Thursday, June the six good to have you with us here in Washington officials from the US and Mexico continued immigration and trade talks today. Trying to avoid new American tariffs on Mexican products. The Trump administration wants Mexico to slow the flow of migrants across the southern border unless a deal is reached and President Trump agrees to it. The US is set to impose a five percent tax on all Mexican imports on Monday. That's pretty short notice and the prospect of these tariffs has the people who actually work in the import export trade really worried. Marketplace's Mitchell Hartman reports when President Trump threatened to impose a five percent tariff on all Mexican imports. He threw a wrench into the works. Everybody in the supply chain right now is reeling. We're so unprepared for. It. Amy Magnus is president of the national customs brokers, and folders association of America. She points out this border has been essentially duty free since NAFTA twenty five years ago with no tariffs paid by US importers. And now all of a sudden the brokers along the southern border have figure out ways to collect that duty. She says it's not even clear. What products border officials would tax everything coming from Mexico. Does that mean country of origin Mexico or country of export Mexico? What about US goods returning from Mexico? We don't know there's already been significant snarling in that cross-border trade says economist, rape, Perryman in Waco, Texas, put a lot of people don't recognize is many goods. Go back and forth across the border five or six times a semi takes place in one area shipped back to the work other parts added. So would another five percent tariff be added. Every time that happens. Nhs? Now, the bureaucratic mechanics of customs officials actually collecting, new tariff that might not be such a big deal says Gary Hufbauer at the Peterson institute. Of course, we've had a lot of care of joining me Trump administration. So I expect the wheels are well greased in chronic, as they can do a pretty quickly. But he says it still could be a real problem for US importers to figure out how much to budget for a new tariff. And how much of that to pass onto the rest of us down the supply chain? I Mitchell Hartman for marketplace. Starting next month..
"mitchell hartman" Discussed on Marketplace with Kai Ryssdal
"I'm mitchell. Hartman for marketplace. We've talked a lot the best week or ten days or so about the Chinese technology company. Hallway, its troubles with the American government. It's looming supply chain issues. The impact of the global walls closing in from Washington. Marketplace's contact reports on what could be while ways last-gasp while way, which is deemed to security risk in the US took a huge hit when Google said it will not sell software to the Chinese company. Now comes the British ship, firm arm and arm. His actually more important than Google analyst. Tom king is with counterpoint research reports, say arm is halting business with Weiwei ourselves blue. Sprints for making chips, a critical link in the chain. They provide basic framework, where you can build your own chip set. The chipset company for hallway uses arm design one hundred percent and in Japan to wireless. Carrier said they will not cell phones. Joining a pair of UK carriers. Mark Anderson publishes, the SNS global report on tech and writes frequently on hallway, the number one source of revenues now is phones. And I'm sure they had big plans to go global more and more. And for the idea to suddenly occurs, that's not going to happen for them as earth shaking while he calls the moves politically motivated, and says it can survive this, but poultry all at the Eurasia group thinks it will be forced to negotiate with Washington. They'll probably will be an attempt by hallway to come to some agreement with the Commerce Department. The companies by ability here is is at stake, and they're well aware their own dependents here. What might? He'll be last year. The Chinese telecom firms E T was in a similar spot. It paid a billion dollar fine and agreed to US monitoring on Scott Tong for marketplace. If this is Thursday that must mean the trade war is bad, right? Wall street. Sure thought, so we'll have the details when we do the numbers..
"mitchell hartman" Discussed on KCRW
"A new report says the world economy is not growing as quickly as it was the Paris-based organization for economic cooperation and development predicts less growth than last year from China to Europe to North America. Marketplace's Mitchell Hartman reports the OECD has just downgraded its growth forecast for twenty nineteen to three point three percent OECD. Chief economist Laurence Boone says. The uncertain outcome of Brexit and China's economic downshifting are key factors in the global slowdown. Then there's the U S China trade war Boone says, even if the country's reach a deal. Tensions could flare up between Washington in India Turkey, or the EU all this uncertainty around the future of trade is weighing on business investment. Whether they locate sweaty employ people, this is a slowing aging recovery. Jacob Kirkuk guard at the Peterson institute for international economics. We shouldn't expect the advanced economies Japan, the US and Europe to grow much faster than they are right now. There are some bright spots India's on track to grow more than seven percent this year Indonesian more than five percents. I'm mitchell. Hartman for marketplace. For decades, the federal rule was that large employers to report job titles listed by the gender and race. Of the worker in an effort to combat discrimination, then under President Obama. The government said companies also have to report race gender job title, along with how much people the how much money the various groups are being paid this pay part was blocked by the Trump administration. But there's been a development. Here's marketplace's Erica barris. This week. A federal judge ruled that the White House's Office of management and budget didn't do enough to show that this new disclosure of wage data based on gender and race would be a substantial burden that was the criticism from industry groups, like the US chamber of commerce that set the cost to companies wouldn't have an quote accompanying benefit reinstating. This rule may help the Equal Employment Opportunity commission, better identify pay discrimination problems within companies and industries, if the White House doesn't appeal. The new rule would affect about sixty thousand companies and sixty three million workers the national women's Law Center, which had sued the Trump administration in twenty seventeen for blocking the ruling in a statement called the decision a quote victory for equal pay. Erica barris reporting there. Checking numbers the one hundred share index in London.
"mitchell hartman" Discussed on KQED Radio
"A new report says the world economy is not growing as quickly as it was the Paris-based organization for economic cooperation and development predicts less growth than last year from China to Europe to North America. Marketplace's Mitchell Hartman reports the OECD has just downgraded its growth forecast for thousand nineteen to three point three percent OECD. Chief economist Laurence Boone says the. Uncertain outcome of Brexit and China's economic downshifting are key factors in the global slowdown. Then there's the U S China trade war Boone says, even if the country's reach a deal. Tensions could flare up between Washington. In India Turkey, or the EU all this uncertainty around the future of trade is weighing on business investment weather, locate sweat employ people this is a slowing aging recovery. Jacob Kirkegaard at the Peterson institute for international economics. We shouldn't expect the advanced economies Japan, the US and Europe to grow much faster than they are right now. There are some bright spots India's on track to grow more than seven percent this year, you know, nesia more than five percents. I'm Mitchell Hartman for marketplace. For decades, the federal rule was that large employers had to report job titles listed by the gender and race of the work. Ker in an effort to combat discrimination, then under President Obama. The government said companies also have to report race gender job title, along with how much people the how much money the various groups are being paid this pay part was blocked by the Trump administration. But there's been a development. Here's marketplace's Eric embarrass. This week. A federal judge ruled that the White House office of management and budget didn't do enough to show that this new disclosure of wage data based on gender and race would be as ubstantially burden that was the criticism from industry groups, like the US chamber of commerce that had set the cost to companies wouldn't have an quote accompanying benefit reinstating. This rule may help the Equal Employment Opportunity commission, better identify pay discrimination problems within companies in industries, if the White House doesn't appeal. The new rule would affect about sixty thousand companies and sixty three million workers the national women's Law Center, which had sued the Trump administration in two thousand seventeen for blocking the ruling in a statement called the decision a quote victory for equal pay. Erica barris reporting there. Checking numbers the one.
"mitchell hartman" Discussed on WNYC 93.9 FM
"Price from their website. If you ask I'm Mitchell Hartman for marketplace. One factor in the sinking stock market could be as Justin mentioned all the tariff battles. The Trump administration is fighting battles big and small earlier this year, the US department of commerce announced tariffs on Spanish olives. A market worth more than sixty five million dollars. The US made the case that the industry is being propped up by the European Union since then Spanish all of imports have plummeted the BBC's. She Sharma took a visit to one of the regions most affected by the tariffs. Another tractor rolls up to the weighing bay loaded with all lives. I am processing factory in village called are how just outside the city of Seville in the south of Spain. The might all the villages economy and social life is knitted together by small farms, the tool grow olives. And that's a rain lashes down lines of yellow and green tractors wait patiently to dump their load before heading back to collect more or less. But inside the factory farmers Lucon with worried expressions that mood is dark in tinged with anger these olives are destined for the United States, but recent US tariffs placed on the import of table. Olives. From Spain has left the market in crisis exports have fallen by nearly a half and for farmers like Jose Maria. The future is as gloomy as the rain lashing outside. Eighty percents of the owners that we gather a full the American market. So this is going to really hurt us and the industry, especially the pharmacy grow olives. We just don't know what's going to happen next year. But it's a really big problem is stop growing olives because they can't cover the cost of producing and harvesting than what I'm just entering a wonderful little cafe here in Seville, which is just around the corner from the offices of the organization which protects the right of all of the export is our table olives. The organization is called SMS and Antonio Mora is the chief executive taking some time out talk to me. Attorney can you explain a little bit about what is the problem right now that the farmers are facing? We have lost about forty five percent. The market on the we are a working with the European.
"mitchell hartman" Discussed on KCRW
"Numbers. The Dow fell two percent yesterday four hundred sixty four points amid concern about higher interest rates and a looming partial government shutdown there, the Dow future this morning is down three tenths percent S and P future down four tenths percent today. We'll get an update on the standard measure of the US economy gross domestic product summer to fall. It's not expected to be much of if any revision of the strong three and a half percent annual growth rate. I calculated as marketplace's Mitchell Hartman reports he's got this. Enjoy it while you can story as twenty eighteen. Includes unemployment's a fifty year, low wages are rising and consumers are spending it up, but that won't last much into two thousand nineteen the Federal Reserve just revised its twenty nineteen GDP prediction down to two point three percent. Hoover points out. One dampening force is the fed itself. Trying to cool the economy to prevent wage and price inflation. Economists Scott Anderson at Bank of the west points to other headwinds global economy slowing down trade tensions. We don't see any bubbles anywhere. But there's certainly high levels of corporate and global debt Anderson estimates long term sustainable GDP growth for the US economy is between one point six and one point eight percent. I'm Mitchell Hartman for marketplace. You know, a couple of weeks ago, some prominent economists working with the organization for economic cooperation in Paris. Said that to better see the next economic crisis coming countries will have to develop new measures of how we're doing presumably beyond gross domestic product, economic, insecurity, social, mobility, inequality. The always CDs secretary-general said it is essential to try to establish the truth of people's lives, rather than the truth that we find most practical to study, unquote..
"mitchell hartman" Discussed on WNYC 93.9 FM
"I'm David Brancaccio in New York, we're continuing to follow the news from General Motors yesterday. The automaker plans to shut down production at five plants in North America. Cancel production of several models. Mainly sedans that aren't selling well and announced its intention of laying off about fourteen thousand management and union workers GM is making good money right now, but car buying may have reached a peak economies. Don't expand. Forever and tariffs. Marketplace's Mitchell Hartman reports you won't find tariffs mentioned in GM's downsizing announcement. But Syracuse, economists, Mary lovely says Trump administration trade policies are weighing on the company steel and aluminum tariffs have raised his cost by about one billion dollars and lovely says higher prices on imported auto components make the cost of plants that are producing unpopular models harder to carry. But there are other reasons for GM to streamline its model lineup and factory footprint. Economists is in helper at Case Western reserve says the company faces a host of questions starting with the vehicles themselves are the electric are. They hydrogen are they fuel so and then who owns them so is GM's customer people like you and me or a ridesharing company or what helper says restructuring now could help the company remained. Profitable and relevant. As the automotive future becomes more clear. I'm Mitchell Hartman for marketplace ahead of a group of twenty summit on Friday where the US and Chinese presidents will meet President Trump says he's expecting to move ahead with higher tariffs on China. In an interview with the Wall Street Journal, Trump said it is highly unlikely he will back off do the numbers. The footsie in London is down.
"mitchell hartman" Discussed on WNYC 93.9 FM
"Period on the proposed rule. I Mitchell Hartman for marketplace. Coming up. He said to me if they can't figure out something in the next hour. They're going to file for bankruptcy last one out of Lehman Brothers, turn off the lights will. Yeah. But first, let's do the numbers. Does is up eight points today. Basically, you know, flat percentage wise closed at twenty six thousand one fifty four. Nasdaq also basically flat eight thousand ten s and p five hundred twenty four for the week. The Dow up nine tenths percent the S and P five hundred picked up one and two tenths percent. Nasdaq route one point four percent companies do a lot of business with China felt the chill after Bloomberg reported. The President Trump wants to go ahead as we mentioned with those terrorists on two hundred billion dollars worth of Chinese imports apple one and a tenth percent. Starbucks ground down two tenths percent. Boeing though, lifting one and two tenths percent today. Utility company need source dropped eleven and seven tenths percent today. Fire investigators suspect that firms Columbia gas unit maybe involved with the series of gas explosions in the suburbs of Boston yesterday. Maybe saw those other utility struggled as well. Duke Energy off about a half percent today. Dominion shrank four tenths percent bond. Prices fell yield on the ten year treasury note, rose two point nine nine percents. You're listening. Marketplace. Marketplace is supported by C three IOT the software platform for digital transformation using artificial intelligence, and I o t to solve previously unsolvable business problems. Learn more at C three IOT dot. By hand by Sony Pictures, classics, presenting the wife, a new film starring Glenn Close as a woman whose marriage is challenged. When her husband receives the Nobel prize for his work now playing and biologic Craig bourbon handcrafted in small batches for full flavored sipping experience forty-seven percent alcohol by volume Elisha, Craig Kentucky, straight bourbon, whiskey Bardstown Kentucky. Thank wisely. Drink wisely. WNYC.
"mitchell hartman" Discussed on Marketplace All-in-One
"Titans the irs decision leaves some optimistic that congress will offer a legislative fix in the months ahead at the same time ex pats are expected to continue lobbying that they should pay their taxes based on where they live not their citizenship dan thank you airlines are getting a bit of sticker shock when they fill their planes with jet fuel crude oils up close to fifty percent over the past year and planes use a lot of fossil fuel you'll pay for this marketplace's mitchell hartman reports for the past five years most airlines have been profitable says jim corridor at cr fm research now comes a big price spike for aviation fuel fuel cost mix up about one third of all costs with the airline industry so we're seeing a large increase it's going to hurt profits a little bit but it's also going to lead to some capacity cutting to allow for air fare increases the international air transport association predicts a three percent rise in fares this year there could be additional fees for checked bags and michelle zo at air insight research says the airlines have other ways of squeezing out more profit in the face of higher oil prices we're going to be a little bit more crushed some planes on some routes more of the slimline seats just to get capacity to grow with the same equipment trolley inservice miller says major airlines or exceleron plans to buy new fuel efficient jets from boeing and airbus but that'll take years to implement i'm mitchell hartman for marketplace do the numbers the footsie in london is down six tenths of a percent dow s and p futures are up a tenth percentage starbucks stock is down about three quarters of a percent in premarket trading after chairman howard schultz announced he's stepping down to try other things now the question is will scholtz run for political office of some kind a year and a half ago when she was leaving his ceo post i asked him about this given his work promoting military veterans higher ed for employees and his highlighting of other social issues now here's a clip.
"mitchell hartman" Discussed on KQED Radio
"College she hopes to find a better paying job to make ends meet and she might just be in lock entry level wages are rising fast payroll processor adp reports that sixteen to twenty four year olds just entering the workforce are earning on average about five percent more than last year wages for workers overall are only about half as much one reason a lot of young people work low wage jobs when they start out and a host of cities and states have raised their minimum wages recently says the economists michael strain at the american enterprise institute you know in a lot of cases firms raised workers who aren't earning the minimum wage earning close to the minimum wage and so there's kind of a ripple effect plus some jobs that young people go for are in high demand says andrew chamberlain at jobsite glass door we see pretty fast wage growth for low skilled roles like retail cashiers security officers and baristas workers hardly ever moved between cities for those roles that means it's easy for there to be labor shortages in one particular area the wage story is different for college graduates they're average starting salary this year is about the same as it was in two thousand nine after adjusting for inflation just over fifty thousand dollars says marianne morris at hr firm korn ferry they're still a lot of people graduating from college says still fierce competition to land a job organizations have their pick who they want to hire even so young workers with a college degree typically earn a lot more than those with only a high school diploma mitchell hartman for marketplace marketplace morning report is supported by carbonite offering data protection solutions for businesses including automatic backup for servers endpoint protection high availability and disaster recovery and data.
"mitchell hartman" Discussed on Marketplace All-in-One
"For the economic longterm marketplace's mitchell hartman has that one this morning president trump tweeted china has agreed to buy massive amounts of additional farm agricultural products would be one of the best things to happen to our farmers in many years cornell economist esau persad is not impressed with what some characterize as a short term win for old konami agriculture unresolved is china's push to dominate new economy technology all the us is gordon is thrown this is the china would buy more agricultural products and energy and that it will continue to discuss consensus of the us has about its protection of intellectual property rights access to its markets but china importing more food and fuel would at least reduce the us china trade deficit there's no upside in just reducing the trade deficit derrick scissors is a trade expert at the american enterprise institute so the president sees it as an imbalance where we're losing money i don't the chinese are taking our money and we're getting what they make so i don't think a reduction in the trade deficit even if it were to come out of this deal would be a great accomplishment but that's what the president promise so politically it does matter scissors predicts the trade deficit will rise again in a few years if deeper problems aren't addressed specifically china's push to grow it's high tech and other advanced sectors using government subsidies and foreign technology jeffrey shot at the peterson institute sees at least one silver lining while it didn't resolve any immediate problems it did prevent the problems from getting bigger shot says hundreds of billions in retaliatory tariffs would hurt both economies i'm mitchell hartman for marketplace there was a line in the white house statement this weekend about the current state of our trading relationship with beijing that caught our eye both sides it said agreed to encourage two way investments that's interesting because both congress and the white house have been making noises about how to limit chinese investment in key parts of the.
"mitchell hartman" Discussed on Marketplace All-in-One
"Or even a specific year like you to from the nineteen eighties you can even find music for a range of activities like pop music for cleaning if you're playing a song you enjoyed you want to hear more like it simply say alexa play more like this engaging with music has never been more natural simple or fun new customers start your thirty day free trial at amazon music dot com that's amazon music dot com to start your thirty day trial free renews automatically cancels anytime this is marketplace i'm kai rozelle whatever you might be watching on tv or on your screen of choice next week you can be sure media company executives and add buyers are going to be tuning into something called the up fronts that's the big to do every year that major tv networks have to show off their new lineups and not coincidentally to sell the ads that will pay for them the hollywood reporter says the broadcasters are hoping to net about nine billion dollars in ad commitments which would be nice for them but also a very tough sell because streaming marketplace's mitchell hartman explains if this high stakes competition for viewers eyeballs and advertisers dollars were been jabbour tv drama the cliffhanger at the end of each episode would be something like can network xl enough adds to broadcast another day analysts jack myers at media village the overarching narrative is declining traditional ratings on real time schedule ewing and the continuing increase in you were watching on platforms like hulu netflix myer says those companies mostly pay for programming by charging subscription viewers are getting used to less advertising and ad prices are down fox and nbc are moving to run fewer shorter adds to cut down on clutter and try to bring advertisers back says analyst brad at gate we're bombarded with ads the marat's that you see the less you're gonna remember them the broadcasters pitched advertisers less is worth more so they're going to want advertise.