35 Burst results for "Mitchell Hartman"
"mitchell hartman" Discussed on WNYC 93.9 FM
"Coming up next this morning and then in ten minutes at 9 o'clock it's the BBC NewsHour or 93.9 FM let's check him in London to see what they're working on this morning London good morning Good morning WNYC I'm Paul Henley On today's NewsHour what some say a last ditch talks in Munich to avert a war in Ukraine and the unwelcome return to Africa of polio That's BBC NewsHour coming up at 9 on 93.9 FM WNYC 48 now is a temperature has been fallen just about all morning long becoming sunny heading to the mid 30s under sunshine today a chance of snow Saturday morning 41 new fuel called it an app because of the wind on Saturday and then Sunday sunny and 36 in return to the 50s on Monday and Tuesday It's 8 51 It's time for a status report on the U.S. economy which is showing new signs of strength Marketplace morning report is supported by Athena health creating technology designed to innovate healthcare one connection at a time Learn more at Athena health dot com I'm David brancaccio It has been an unsettling week for so much from geopolitics given chances for a Russian attack on Ukraine to the stock market with the Dow Jones Industrial Average falling 622 points yesterday 1.8% that's the biggest drop in a day this year but the assessments of the U.S. economy this week when you add them together and include big demerits for inflation do show strength among consumers and for hiring Retail sales covering January went up nearly 4% factory production up one and a half percent and the four week trend for people signing up for unemployment benefits is going in the right direction as coronavirus infections go down marketplaces Mitchell Hartman has a roundup The upshot is that COVID may be able to nudge the economy at the margins but unlike earlier in the pandemic successive variant waves aren't bossing the economy around anymore Job growth stayed strong in January even with millions absent from work due to COVID illness or quarantine hourly work shifts dipped last month but have now returned to pre all acron levels same dip and recover has happened with consumers willingness to eat in a restaurant Go to the mall take a vacation and get on a train a bus or a plane to get there And according to a new report from the Pew Research Center most people who are working from home now could go back to the office but have chosen to keep working remotely because it allows them to be more productive or happier or balance work in life better The percentage who aren't going into the office for fear of being exposed to COVID keeps declining I'm Mitchell Hartman for marketplace Let us do the numbers After the down day Thursday that I mentioned U.S. stock index futures are down more moderately this morning the Dow future is down a 113 points three tenths percent a similar percentage drop for S&P futures but the NASDAQ future is flat at the moment with money going into.
"mitchell hartman" Discussed on WNYC 93.9 FM
"Chances for Russian attack on Ukraine to the stock market with the Dow Jones Industrial Average falling 622 points yesterday 1.8% Now that's the biggest drop in a day this year but assessments of the U.S. economy this week when you add them up together and include big demerits for inflation show strength among consumers and for hiring Retail sales covering January went up nearly 4% factory production up one and a half percent and the four week trend for people signing up for unemployment benefits is going in the right direction as coronavirus infections go down marketplaces Mitchell Hartman has a roundup The upshot is that COVID may be able to nudge the economy at the margins but unlike earlier in the pandemic successive variant waves aren't bossing the economy around anymore Job growth stayed strong in January even with millions absent from work due to COVID illness or quarantine hourly work shifts dipped last month but have now returned to pre alcron levels same dip and recover has happened with consumers willingness to eat in a restaurant Go to the mall take a vacation and get on a train a bus or a plane to get there And according to a new report from the Pew Research Center most people who are working from home now could go back to the office but have chosen to keep working remotely because it allows them to be more productive or happier or balance work and life better The percentage who aren't going into the office for fear of being exposed to COVID keeps declining I'm Mitchell Hartman for marketplace Let's check the numbers After the down day Thursday U.S. stock index futures are up this morning the Dow future is up 115 points three tenths of a percent The S&P future is up half.
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.
"mitchell hartman" Discussed on KQED Radio
"The bipartisan infrastructure deal appears on again after running into some trouble over the weekend wrinkle was the president Biden suggest that he wouldn't sign the $1 trillion deal unless a separate bill also comes to his desk, which Republicans don't like marketplaces. Nova Sappho is keeping track of it. The deal between Republicans and the White House's for spending on physical infrastructure like transportation projects. Republicans oppose a second spending plan covering things like eldercare and childcare. Democrats hope to pass that larger package through parliamentary maneuver that won't require Republican votes. But Biden appeared to tie the fates of the two bills together. Here's what he said after announcing the bipartisan deal. But if only one comes to me, I'm not. This is only when it comes me. I'm not signing it's in tandem. Republicans said that comment threatened to undermine their bipartisan agreement. On Saturday, Biden put out a statement walking back his comments, saying he had not intended to issue a veto threat. That appeared enough for Republican senators who told various Sunday morning talk shows that the deal on physical infrastructure was back on. I'm never saw for for marketplace. That infrastructure bill itself is also an investment in human capital marketplaces. Mitchell Hartman has that President Biden promises millions of good paying new infrastructure jobs. Columbia law professor and former Treasury official Michael Gratz says not quite as many jobs as in the president's original, more expensive proposals, but still it's a very, very large package compared to what we're used to, and it comes at a crucial moment, says Manny Rodrigues, that Revolution Workshop in Chicago. With millions of skilled blue collar workers, many of them older, white men close to retirement. There's going to be enough money for a generation worth of projects and all the different trades from laborers, the carpenters to ironworkers, slow builder, you know, heavy equipment operators. The list goes on. Rodriguez. This organization trains minority workers for construction jobs, and we've got to make sure that black brown and women have clear access to these family sustaining career pathways. He says there needs to be money for workforce, training and education in the infrastructure mix. I'm natural Hartman for Marketplace. This Friday morning is the big hiring and unemployment reports for June. The professionals are thinking there could be 700,000 more people on payrolls this month. That would be a strong increase. We'll see. Let's do the numbers. The Dow is down 4 10% 132 points. The S and P 500 is up three points. The NASDAQ composite is up 7/10 of a percent Marketplace Morning.
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.
"mitchell hartman" Discussed on KQED Radio
"Were barely part of the equation before the pandemic. I'm Mitchell Hartman for Marketplace. January. 2023 is going to be an interesting time in this country. The pandemic economy should be fingers crossed here behind us. The 2024 presidential campaign is going to be getting going for real and also and not for nothing. Donald Trump might be allowed to post stuff on Facebook again, The company said today. Its suspension of the former president is going to run at least Through the beginning of 2023 2 years from when he was deep platform after his conduct and the events of January 6th as we do when we have questions of a tech nature, we got Molly Wood on the phone. She's a host, of course of marketplace Tech. Hey, Molly. Okay. All right. So two years how come You know, I think it kicks it down the road a little bit. It gets, uh, us past. The 2022 midterm election cycle, I think is probably the primary reason it appeases conservatives, maybe who are angry about perceived censorship because it's not permanent. And it builds in some delay. I think the simplest answer is that it's a bit of a delaying tactic that also gives room for what if Trump announces that he is running in 2024. How do they deal with him as a potential candidate, as opposed to kind of a, uh, you know, angry man on Twitter on Facebook on Facebook? Yeah, because he's not coming back to Twitter. They have said that, but we'll get there in a minute. You said maybe the pieces conservatives. I think the reaction today has been that has made both sides mad, right? Yes. I mean, everybody was already mad at Facebook. Everyone still is. Which could mean that they threaded the needle a little bit. You know, I think, though the bigger takeaway, of course, is it shows the power of this social Truly necessary. Trump and conservatives feel that it is in terms of of saying whatever they want. Well, let's get back to the perceived bias thing that you mentioned a minute ago. Because if you look at actually the post on Facebook that do well, they are overwhelmingly like nine out of the top 10. Uh And when I say do well, that means, you know, get interacted with and repeated and all that jazz. They're overwhelmingly conservative and and far right conservative. Yeah, There is no evidence that conservative speeches being by as being specifically centered or stifled. Other than times when it spreads disinformation or is dangerous, And I would say that to associate that with conservative speech specifically raises its own kinds of questions. But that is what these platforms have said They're targeting disinformation, hate speech and speech that causes violence. Right? Okay, So let's talk other platforms, right? He's off Twitter limited now on Facebook for another two years. And it has been remarkably quiet, deep platform. It has been so deplatforming works in a sense, deplatforming definitely works, and I think this really does point to this kind of central factor about social media. It's that you know, it's not just that it's speech. It is reach. As we said the other day on the podcast. It's the ability to get a message out and have it be amplified either with an algorithm or this network effect because billions of people use these in the case of Facebook used that platform, hundreds of millions of people are on social media, and so there is no doubt that it takes away a megaphone. And that is what makes these decisions. Such a big deal. Molly Wood, She's the host of Marketplace Tech also with me a podcast we do in the afternoons called Make Me smart. I'll see you there in a little while. Miss Wood. It's beer time. It has a period time it's Friday. Come on by Take care.
"mitchell hartman" Discussed on WNYC 93.9 FM
"As of today, New York, New Jersey, Connecticut Tri State region, and they've decided to run the New York City Marathon. After the cancelation last year November 7th smaller 33,000 runners instead of 50,000 staggered Start times. This is about lifting spirits and about money years. Marketplaces Mitchell Hartman when the 2019 New York Marathon on your mark Was replaced in 2020 by silence on city streets. More was lost than 26 miles of sweat and strain for the runners. The economic impact is quite significant. Scott Rossner direct sports management at Columbia University, and he's run this race, he says, for big cities, marathon spring entry fees and charity fundraising plus All the visitors. Hotel occupancy rates are high, You know street vendors, especially on the race route. Sports economist Andrew Zimbalist at Smith College, says this kind of event will likely bring in tens of millions of dollars for New York and more symbolically significant because for coming back and with the marathon and sports generally it's a community reestablishing itself. He says the big money for cities still depends on fully restoring pro sports like baseball, football, basketball and hockey. I'm Mitchell Hartman for Marketplace. The S and P futures down 8/10 percent, the NASDAQ future Down 1.2%. There is news sales were up 23% to target last quarter and the chains thinking this spring will be strong as well. The stock is up 3.7% in pre market trading. Banks have to lend to economically disadvantaged areas in which they operate. The Trump Administration made those rules easier on banks, but no more marketplaces. Nervous. A foe is here with details. The rule of issue has to do with the Community Reinvestment Act, which was passed in the 19 seventies. And yes, that act requires banks to, for example, issue mortgages in low income neighborhoods where they have branches. And one of the things banks have to do is pass tests that gauge how well they're complying with that law. The Trump Administration revised rules last year to make it easier to pass those tests. And what the Biden administration is now saying David is never mind Banks. You don't have to worry about complying with those changes. We're going to start over. And how are banks Responding? Wilbanks had asked the office of the Comptroller of the currency, which is the agency we're talking about here tow either start over, or at least delay when the trump era changes would take effect, And that's because it would be costly to comply with the changes, especially if the Biden administration just revised the rules again, So industry groups are pleased about the latest developments. Thanks. Do want regulations modernized, though, to reflect online banking practices, and the office of the Comptroller of the Currency says it will now revisit the rules. We consider what needs to change. No, Soph. Oh, thank you. Marketplace Morning reporters supported by Genesis, Ah global company providing organizations and their contact centers with the tools they need by working to ensure their customers are remembered, heard and understood. On the Web genesis com slash superhuman..
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
"mitchell hartman" Discussed on WNYC 93.9 FM
"It is Thursday. Today, the very first day of April. It is always to have you along everybody the theme of the American economy the next 24 hours or so. And I'm talking the entire economy here, not just this program. Is gonna be jobs. The unemployment report for March is going to be out first thing Friday morning, and honestly, it is expected to be pretty good. A whole bunch of jobs probably got added to this economy last month. However comma there is also this as this is a Thursday, we got the weekly unemployment claims report this morning where the news Well, was not so promising. Those first time claims rose last week back over 700,000 people asking for jobless benefits, and they're in Lies. The labor market conundrum. Jobs being added, but people losing jobs by the hundreds of thousands, all the same. Marketplaces Mitchell Hartman gets is going today with what to believe about where the jobs market Isse. It's definitely not a good sign that first time jobless claims her back above 700,000, says Robert Frick at Navy Federal Credit Union. But we fixate on it too much Given how in exactly members are jobless claims are volatile week to week, their waves of fraud and whether effects The thing you need to look at is the overall trend in the overall trend ounce down the four week moving average hasn't been this low since the pandemic started. Frick predicts jobless claims will fall over time as the weather warms up and vaccination accelerates. Airline reservations, restaurant reservations, Google tracking People's movies, All that stuff is moving in the right direction, and you can translate that into job growth. That's what Manny Rodriguez is seeing in Chicago, where he runs Revolution Workshop, a training program for the construction trades, so we're absolutely seeing Arise in demand. He's got 21 student apprentices now, and he's confident they'll find good paying construction jobs as infrastructure spending ramps up. You have all these projects kicking off. You have vast amount of people, especially in the minority communities here in Chicago. They have been adversely affected from Cove it nationally. There's plenty of evidence the economy is picking up. A number of hourly work shifts rose strongly in March, especially in manufacturing, says Dave Gilbertson. Payroll processor U K G, a current marketplace underwriter. Manufacturing is usually a leading indicator of retail on hospitality and even healthcare to some degree, another sign of economic acceleration job postings. As of last Friday, job postings were up 13.5% above pre pen that Elizabeth Kunkel is an economist at the indeed hiring lab. But number sounds absolutely fantastic, but we really need job posting to stay above their pre pandemic baseline for awhile in order to put millions of people who have become unemployed in the pandemic back to work. I'm Mitchell Hartman for Marketplace. The Centers for Disease Control says almost 40% of American adults have now gotten at least one shot of a vaccine and as more of us get vaccinated, more companies that have been mostly or entirely remote for much of the last year. I'm starting to think things over whether and when and how often they want people back in the office. Amazon and Google both said this week. They do plan to require most employees to come back at least some of the time by this fall, Amazon said. In fact, It's an office centric culture is its baseline. But what if you don't want to go back marketplaces him at the fields looked into the flexibility right now about being flexible about work. Lisa Fried and lend works at the Society for Human Resource Management, and over the last month or so she's been getting a lot of calls from people at different companies asking the same question. What do I tell employees when we want them to come back? And they don't want to because they feel comfortable working from home? In the old days frightened, Lin says it was easy and common for employers to shoot down work from home requests without much explanation now, because the world is literally demonstrated the ability to do so it is going to really be on the employer to demonstrate why not For a lot of companies. There are reasons not to go fully remote forever, says Daniel Jiau, an economist at Glass Door. There is a lot of value and having people co located where they can talk to each other and have these spontaneous conversations that actually drives a lot of innovation that drives deeper connections between employees. But a lot of times that can happen when people are only in the office sometimes, says Nicholas Bloom, an economics professor at Stanford University. And that seems to be the direction a lot of companies and organizations are heading in that huge majority of cos I've talked to you, probably 102 100 by now are saying pretty much the same thing, which is some days in the office and some days at home. Is the future off work, And that also seems to be what most employees who have been lucky enough to be able to work from home in the last year want, which means, Bloom says if any fucks out there are thinking about cooling people back into the office five days a week, there have to be aware they're gonna face much higher quit rates because, he says, there will be plenty of other companies out there that will be flexible. I'm Samantha Fields for marketplace, OPEC said today it's going to start pumping more crude starting in May as it backs off some of the production cuts it put into place earlier in this pandemic traders Did not much care what OPEC said. Benchmark West Texas Intermediate closed up almost 4% today $61.45 a barrel equities. Oh, just fine. Thanks. We'll have the details when we do the numbers..
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 KCRW
"More than a quarter of all claims in the state 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 in our state 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 is just appointed a new acting general counsel to leave the National Labor Relations Board Peter Song, or is expected to be more open to union organizing than his Trump Administration predecessor who's been fired after declining to resign. Marketplaces Mitchell Hartmann has that 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. Union successfully negotiated furlough and work share arrangements to preserve jobs. The 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. Stock index futures are little mixed about a half hour here before the formal market opened. The Dow future is up 62 points about 2/10 percent. The NASDAQ future has just turned flat. Marketplace Morning report.
"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
"mitchell hartman" Discussed on KCRW
"When will people start getting the $600 per person of covert relief money quite soon. Here's marketplaces Mitchell Hartman. Getting checks out to Americans who are already in the I R s is System should be quick this time around, says Kyle Pomerleau at the American Enterprise Institute. The advantage of a second time is that you've learned all your lessons. You have all the infrastructure in place, especially for those that have already received one round because the information is already there. Treasury Secretary Steven Mnuchin says payments could start hitting Americans bank accounts as early as next week. That will be crucial to keep the recovery going since John Lear at morning consul, he points out as the economy was tanking last spring, the arrival of relief checks revived consumer confidence. I would expect a similar phenomenon. This time around. People are losing paying income, so it's impossible to overstate just how important it is to have this stimulus money hitting the economy right now. Palmer Low predicts more than eight in 10 American households could get a check. I'm Mitchell Hartman for marketplace. The spending bill also addresses a healthcare issue not specifically tied to pandemic. It would stop many of the surprise medical bills that can come as a shock when, for instance, an unsuspecting person's been in the hospital. And a health care professional gets put on the case Who wasn't on the health plan. Marketplaces. Nova Saw foe has that Surprise medical.
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
"mitchell hartman" Discussed on KQED Radio
"A thought, and it's not first time we've said this on this program, but the easy part of this recovery is done. Right. We're going to dig into that. Now, with the jobs report that I touched on briefly with Sudeep and Catherine. It was good. As I said, 638,000 new jobs. The unemployment rate came down a full percentage 0.6 point 9%. Even as people came back into the labor force, those are all good things. But the gains in employment have been slowing. Since things first started bouncing back from this spring virus cases are rising. There is no relief in sight from Washington, hence. The easy part is done so marketplaces Mitchell Hartman looks at the clouds on the economic horizon. In some sectors of the economy. Most jobs have comeback manufacturing, construction, financial services, warehousing and transportation. But jobs in some face to face services, bars and restaurants, arts and entertainment child care are still down 15 to 30%. So the easiest part of the economic recovery is behind us. Jason Furman at the Peterson Institute for International Economics Points out 17 million people went on temporary layoff when the pandemic hit. Many have now been called back. Most of that has happened already now is another eight million people who don't have an old job to return to That's going to be harder about a third of jobless Americans air now long term unemployed without a job and actively looking for more than six months, says Elise schooled at the Economic Policy Institute. That is a devastating number. As this drags on, I expect those numbers to reach the kinds of levels that we saw in the great recession. Back then nearly half of the jobless were long term unemployed. Restoring full employment will be hard in part because we're losing employers at a dizzying pace. Dave Gilbertson tracks this at work force management firm, Ultimate Kronos Group, which is a current marketplace underwriter right now about 10% of companies with fewer than 100 employees. That we're operating in March are not operating anymore. That's the job recovery that I think is going to take a long time is you've got to get to a place where people are confident enough to reopen businesses. Analysts say. It may take years before the US economy looks something like pre pandemic normal again. I'm mental Hartmann for marketplace. As we sit here at or maybe near anyway, the.
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.
"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 KCRW
"Controls while the truck drives itself. I'm mitchell. Hartman for marketplace. So here's a deceptively simple idea for a business from way way back that has become a whole way of life here in the modern age strap a couple of pieces of wood to your feet fiberglass. Now, I guess and point yourself down a snowy mountain used to be you went to a ski place. You bought a lift ticket, and you skied your heart out for the day. Now, though, there's a whole new thing multi mountain passes from a couple of big ski conglomerates because that's real thing. Now big ski cosstalk wrote about the business realities of the skiing industry in the late two thousand teens recently for Bloomberg to have you on thanks for having. So gimme the business model motivation behind this because we ought to stipulate here skiing is tough and in the past couple of years things have changed. Yeah. Basically for the longest time people own ski resorts were either families who had a lot of money that could weather some bad winters and private equity or real estate investors who were in it to kind of sell condos or hotel rooms. And then Vail resorts came. Mhm along it was bought out of bankruptcy and their approach was kinda different starting in mid nineties. They they basically said, hey, we can make money because the skiing if we do it, right? And doing it right means what it basically means know size matters. They realized there was some benefits to scale specifically resorts in different parts of the world. They could kinda hedge winter hedge their snow risk if you will. So if they weren't getting snow in Vermont, you know, maybe the resorts in Colorado are getting in California. And then there's this kind of network effect that they got in grouping these mountains together, which they do with this season pass. And it's been a stock market, darling. For almost a decade. Now, there's another company out there that we we ought to mention because there's these two big ones. Right. It's failed. And then this company called altera run by a guy who used to run mammoth up here in California. Yeah. And this is kind of the new kid on the block. So basically this guy that ran mammoth rusty, Gregory, super good. Areas guy knows everyone in the business talk to some of his buddies and got a big private equity firm called KSL together and just rolled up twelve of these resorts overnight into one big company company. Yeah. So that's the corporate level. Let me take this down to the individual skier level. So one of these passes from either of these companies runs me six hundred eight hundred bucks, plus or minus, right? And if I'm an all in here, that's a great deal. But if what they're trying to do is get new people onto the mountains, which I think you kind of have to do to keep things going and a lift pass. I mean, I don't know how much it is now. But it's it's certainly not less than one hundred twenty five hundred thirty bucks, which is which is a big whack if you're taking the family up there. Yeah. And the tricky thing is, you know, they really want to sell these passes. So both these companies at these resorts are taking up the price of daily lift ticket to kind of nudge people into buying the season long. All you can eat the which is great if you ski a lot. But if you're just trying to pick this up. You're looking at two hundred dollars two hundred nine dollars. Vail, just to go out and try it for a day, right and get cold and frustrated so not. They're sort of catering to the core and kind of leaving behind. What may be the future of this sport or the growth of the sport? Right. Let me make the Amazon analogy here. Right. You've got these giant companies what happens to the mountains that say they want to stay independent can they survive. I there's not a lot left. Honestly, what Altair's done is. They've partnered rather than purchased a lot of these places. You know, if these business models bear out, these companies can get some synergy with their technology with their purchasing with their financing, and they're able to pour more money back into the mountain and build better lifts Bill. Better restaurants, built lodges and then gradually over time. Theoretically, some of these places get to be much more of a draw than the scrappy local mom and pop mountain cosstalk senior correspondent at Bloomberg right about skiing. You ski would you would you buy one of these passes? I do I I was on the fence this year. I probably should have to tell. Tell you the truth. Did you do you ski back east because that's not the same skin, man. Yeah. A little bit of both. I was Justin Jackson Hole for we all day. All the locals are extra irritated this year. Because the mountains are swamped they say it looks like because the economy because of a lot of really good, snow everywhere. And because these new passes that allow? Of these resorts are getting kind of deluge.
"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.