In less than 10 minutes, we’ll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace’s David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you’ll get a global markets update from the BBC World Service in London.
The labor department’s job growth numbers came in at less than half of what forecasters projected, at 220,000. On the surface, that looks disappointing, but Christopher Low helps outline why it might not be quite that simple during our economic discussion. We look at how the omicron variant could determine whether or not the ski industry faces and uphill or downhill battle. The hurricane season of 2021 comes to a close, and a look back shows how historically expensive it has been.
7 min 54 sec
From the BBC World Service: Under pressure from Beijing, the company will move its shares to Hong Kong. Plus, trains have started to run on a new line between Laos and China. But can one of Asia’s poorest countries afford the cost of Chinese financing? And, a group of World Trade Organization member nations agree to a deal to slash red tape and substantially cut trade costs.
9 min 9 sec
We can do that with the help of Hannah Keyser of Yahoo Sports, who explains why the owners have locked out the players and what kind of potential far-reaching impact the lockout (not a strike) could have on the game of baseball as a whole. The Senate has evaded a government shutdown with the passing of a stopgap spending bill that serves as only a temporary solution.
8 min 10 sec
Parts of the president’s plan include the reimbursement of costs for at-home COVID tests and booster vaccinations, along with the establishment of family vaccination clinics. Diane Swonk references “Groundhog Day” during our standing markets discussion as everyone struggles to determine what omicron’s impact could actually be on the economy. There are concerns as to what hedge fund ownership could mean for many local news outlets. Grocery chain Kroger is squaring off against Publix in Florida by utilizing a delivery-only approach. Join Marketplace’s mission to make everyone smarter about the economy – Make your year-end gift today!
9 min 28 sec
From the BBC World Service: There are several options on the table for the OPEC oil-producing countries and their allies in order to help lower prices, but the omicron variant has added further uncertainty around global demand trends. Plus, why the Asian ride-hailing giant Grab is making its debut on the Nasdaq. And, Turkey’s President Erdogan abruptly replaced the country’s finance minister.
10 min 31 sec
We lead off with baseball news. Major League Baseball entered its first work stoppage in more than 25 years after the league’s collective bargaining agreement with the players expired at the stroke of midnight. All player activity as it relates to their teams has been stopped. As many people are making the decision to quit their jobs during this era of the pandemic, we hear about the experience of a stay-at-home dad who left behind his job as a teacher. Join Marketplace’s mission to make everyone smarter about the economy – Make your year-end gift today!
7 min 35 sec
Authorities are considering stricter COVID testing requirements for international travelers coming into the U.S. in an effort to curb the impact of the omicron variant. There hasn’t been an official announcement yet, but plenty of ideas are on the table. Susan Schmidt discusses how the combined forces of omicron concerns and inflation are sweeping through the markets. We also check in on the thriving status of buy now pay later services like Afterpay. Join Marketplace’s mission to make everyone smarter about the economy – Make your year-end gift today!
7 min 23 sec
Powell and Treasury Secretary Janet Yellen are slated to testify again before the Senate Banking Committee after speaking with it on Tuesday. In addition to Powell’s remarks, Yellen offered a warning about raising the nation’s debt ceiling. We hear from YouTube CEO Susan Wojcicki, who spoke at length to Kimberly Adams for Marketplace Tech. Federal money could be offer some aid to parts of the ailing construction industry. Join Marketplace’s mission to make everyone smarter about the economy – Make your year-end gift today!
7 min 44 sec
From the BBC World Service: The Organization for Economic Co-operation and Development says increasing vaccine access must be a priority to help tackle the health crisis and alleviate bottlenecks at ports, factories and borders by allowing them to re-open. And, is the EU’s new “Global Gateway” strategy designed to rival China’s global influence?
10 min 16 sec
All facets of care for people with dementia come with an avalanche of costs, and they’re going to get higher, according to a report from the National Academy of Sciences. Senior economics contributor Chris Farrell helps explain what those costs are in a discussion. We check in on the another effort to unionize for Amazon workers in Alabama, as the National Labor Relations Board has gotten involved after an earlier attempt resulted in a “no” vote. Giving Tuesday challenge: Give now to help us reach $100k in donations and unlock another $100k from the Investors Challenge Fund.
8 min 16 sec
Regulators are pressuring the insurance industry to rethink its relationship with “big data” and artificial intelligence in light of studies that show that people of color in urban areas could be charged significantly more than people in the suburbs. We discuss the effect of the omicron variant has had on the vaccine markets after warnings from Moderna’s CEO. Also, today may be Giving Tuesday, but charitable giving is expected to be down after a record year. Giving Tuesday challenge: Give now to help us reach $100k in donations and unlock another $100k from the Investors Challenge Fund.
7 min 54 sec
From the BBC World Service: The Moderna CEO Stéphane Bancel expects the number of mutations in the latest COVID-19 variant mean new vaccines will be required next year, sending ripples of nervousness through financial markets. But what do we actually know about the impact of omicron? And, a new report suggests some high food prices are unlikely to fall next year. Giving Tuesday challenge: Give now to help us reach $100k in donations and unlock another $100k from the Investors Challenge Fund.
8 min 26 sec
The reopened U.S.-Canada border has businesses on the U.S. side of things ready and anxious to receive business from the neighbors to the north, even if it’s just to pick up packages. The crowds, however, have been slow to come. The markets appear to be bouncing back after the initial flood of concern surrounding the Omicron variant. Julia Coronado helps explain the market mood shift. We also hear some details on the sales action from Black Friday and Cyber Monday.
7 min 54 sec
President Biden is slated to talk about the newly detected COVID variant later today. Meanwhile, the economic concerns are real, as Wall Street is poised to recover after taking a bit of a tumble over the weekend. Also, the World Health Organization said Omicron posed a very high risk of surging infection rates. Senior economics contributor Chris Farrell helps us discuss the role of retirees during the labor shortage. Could some of them be coming back to work?
6 min 58 sec
From the BBC World Service: That’s partly because despite a rise in infections in South Africa, they aren’t seeing an increase in COVID-19 deaths in the province hardest hit by the new variant. Plus, WHO member countries meet to discuss the global pandemic response. And, businesses in the Netherlands are worried about pandemic restrictions limiting opening hours for hospitality and cultural venues.
8 min 8 sec
A new COVID-19 variant is emerging as President Biden faces growing pressure to push for an emergency intellectual property waiver for COVID-19 vaccines. In a letter to Biden, 15 human rights and medical groups called the waiver “a moral imperative” that would help get more doses of the vaccine to low-income countries. We also look at what Small Business Saturday means for local retailers this year, and how supply chain shortages might actually work in their favor. Plus: how a South African mall is navigating the return to in-person shopping, and why some Americans are opting out of the consumer frenzy — and not just for the holidays.
8 min 33 sec
The global semiconductor shortage could continue until the second half of next year, according to a projection from chip supplier Foxconn — which could mean higher prices for goods like cars. And people’s expectations that prices will go up can lead them to ask for higher wages to afford said goods. Businesses then raise prices to compensate, leading to a continuing cycle of inflation. Are we in danger of entering that cycle? Plus, we look at what the new COVID-19 variant means for markets and the holiday travel season.
6 min 36 sec
From the BBC World Service: As countries including the U.K., Germany and Japan announce restrictions on flights from a number of southern African countries, the WHO now needs to decide if this should be labelled a variant of concern. But, the selloff in markets, coming the day after Thanksgiving, needs a bit more context. And, we hear from global supermarket giant Carrefour on what super-fast delivery adds to its bottom line.
President Biden released 50 million barrels of oil from the strategic reserve, but experts warn not to expect that to knock gas prices down during the holidays. We look into how the kinks in the supply chain could open up opportunities for gift cards. The BBC hits the streets of London to see how it does Thanksgiving.
6 min 24 sec
The U.S. Department of Agriculture recently announced partnerships with tribal leaders and food producers in an effort to promote Indigenous food sovereignty. As the Macy’s Thanksgiving Day parade returns in full force, we look into the company’s announcement to cover tuition for its employees. Other companies have made the same pledges, but do those programs work? The BBC reports on a fresh wave of COVID cases that has hit Germany, right as the new incoming government begins to take over.
6 min 31 sec
From the BBC World Service: With COVID-19 infection rates across Europe, Germany’s incoming coalition government has to deal with pandemic challenges as well as supply-chain kinks and fresh data showing slower economic growth than expected. And, it’s harder than usual for Americans abroad to find some of their favorite Thanksgiving food.
6 min 24 sec
When the first commercial typewriters were introduced in 1874, offices were men’s domain. But soon the majority of clerical workers were women, and that remains true today — and the typewriter is a crucial part of that revolution. We also look at President Biden’s nomination of Shalanda Young to head the Office of Management and Budget, who would be the first Black woman in the role permanently. Plus, what do today’s economic indicators tell us about the holiday shopping season?
9 min 44 sec
For the first time, a jury has found major pharmacy chains liable for the opioid addiction crisis. Two Ohio counties sued CVS, Walgreens and Walmart over the epidemic of addictions that’s claimed half a million lives in this country. Plus, two days before Black Friday, we take a moment to consider the junk we can’t seem to get rid of.
7 min 38 sec
From the BBC World Service: After plunging 15% on Monday, the lira has recovered some of its early losses. But there are reports supermarkets are beginning to ration flour and sugar and prices for goods and services are rising. Plus, Germany’s incoming government is set to unveil its coalition deal, giving an idea of the direction for Europe’s largest economy. And, how so-called ‘scambaiters’ are trying to get revenge against scammers.
9 min 53 sec
However, the reason for the dip in Christmas tree supply has to do with climate change. A dome of heat earlier in the covered the Pacific Northwest, wreaking havoc on tree farms and putting a dent in the overall inventory of trees that would have been on the market. Inflation has eaten into the increased benefits for SNAP recipients. We discuss the markets with Gus Faucher of PNC Financial Services Group.
8 min 39 sec
Flames and explosions forced the shutdown of Greenberg Smoked Turkeys in Tyler, Texas last year. The company sold hundreds of thousands of turkeys every holiday season. Now, one year later, business appears to be booming, according to owner Sam Greenberg. President Biden announced today that the U.S. is releasing crude from the Strategic Petroleum Reserve. We have more details on what this means.
7 min 39 sec
From the BBC World Service: The Red Cross says policies designed to withhold funds from the Taliban are depriving ordinary Afghan people of the means of survival. The Taliban blames the west for the worsening humanitarian crisis. Plus, Beijing issues another warning to Taiwanese firms and those who finance them. And, the U.S. trade representative, Katherine Tai, is in India for talks about deepening trade ties and easing tensions.
9 min 51 sec
Elizabeth Holmes, the former CEO of tech company Theranos, took the stand over the weekend during her fraud trial and will do so again. For a recap, we turn to Adam Lashinsky of Business Insider. With news that President Biden has tabbed Jerome Powell for another tour as Fed Chair, we discuss the economic picture with Julia Coronado.
7 min 48 sec
Recruiting data shows that within the mass of people quitting their jobs at record rates, you’re going to find more than a few CEOs. It’s a culmination of a trend that’s been picking up momentum in recent years. The airline industry remains short on staff as the busiest travel days of the year approach. A program in Oregon has opened up motels and hotels to help shelter the homeless.
8 min 18 sec
From the BBC World Service: The World Health Organization’s director for Europe warned half a million more people might die this winter unless regional restrictions are tightened. But some European cities have seen a weekend of anti-lockdown protests. Plus, Australia is opening its border to more fully vaccinated travelers. And, the economic challenges for oil-rich Venezuela as President Maduro’s party sweeps to victory in regional elections.
7 min 52 sec
Democrats passed the second part of President Biden’s domestic agenda today. However, there’s one element of the bill that Canada would like to go away. Canada says the bill would undermine its own efforts to build up an electric vehicle industry. Christopher Low joins us for today’s discussion about the markets. In New York City, the scars from the flooding of basement apartments illustrate the collision of housing and climate crises.
8 min 15 sec
CVS plans to close hundreds of its stores over the next three years, signaling a shift toward health services and primary care many people say has been building for quite some time. We look into how the costs of COVID testing has affected shoppers near the border between U.S. and Canada. The FTC is cracking down on companies that make cancelling subscriptions too difficult, which could affect a lot of media companies.
8 min 34 sec
From the BBC World Service: The Japanese government has announced nearly half a trillion dollars to provide further economic support from the coronavirus pandemic. Meanwhile, Austria announces a full national lockdown starting Monday, while Germany won’t rule out a similar move. And, after a year’s long protest by hundreds of thousands of farmers in India, the government vows to repeal controversial farm laws.
7 min 24 sec
Diane Swonk talks with us about the data showing that the abundance of job postings amid the labor shortage is starting to pivot toward higher-wage employment. President Biden is asking the Federal Trade Commission to look into whether sharply rising gas prices at the retail level are due to some kind of illegal conduct. Sticking with the theme of natural gas, Andy Uhler’s exploration of the natural gas industry and its impact took him to the town of Hackberry in Louisiana, a shale oil and fracking territory near Shreveport. He checks in with us from there.
10 min 24 sec
Apple will start allowing customers to self-repair their Apple devices using tools and parts from the company. It’s a big policy shift, and a victory for the “right to repair” movement. Home builders have enough supply challenges, but data suggests yet another one: A shortage of land. We also look into how HBCUs also have an extensive history of being underfunded.
8 min 20 sec
From the BBC World Service: As Turkey’s central bank further slashes a key interest rate, we hear how President Recep Tayyip Erdogan believes unorthodoxly that high interest rates cause prices to rise. And, with inflation so high, what is life like for the average person in Turkey? Plus, the Chinese blockbuster that’s causing consternation in Hollywood.
8 min 47 sec
Upbeat numbers from some of the nation’s big retailers seems to counter some of the panic that’s been fueled by supply chain woes and inflation. Julia Coronado discusses the role of demand in all this during our markets overview. Postmaster General Louis DeJoy breaks down his plan for the embattled U.S. Postal Service as the holidays arrive. We ask for the thoughts of small businesses about paid family leave.
9 min 21 sec
The U.S. Postal Service had a rough holiday season in 2020. To help avoid a repeat, Postmaster General Louis DeJoy is enacting a series of cost-cutting measures that are part of his 10-year plan to help bring the USPS out of its financial funk. We spoke to DeJoy at length about his plan and how the Postal Service will handle the holiday rush. A recent Bankrate survey notes how some Americans aren’t confident about their ability to save up for retirement.
8 min 14 sec
From the BBC World Service: Speaking at a summit in Singapore, Commerce Secretary Gina Raimondo said that at the start of 2022, the Biden administration is likely to start building out an economic framework for the Indo-Pacific region. And, a BBC investigation found two of the world’s most wanted cyber-crime suspects appear to be living luxurious lifestyles in Russia, despite the Kremlin’s claims it doesn’t shelter hackers.
9 min 12 sec
The spike in natural gas prices has spurred many companies to make sure they’re set up to reap the benefits. We check in with Marketplace’s Andy Uhler, who’s reporting from Bossier City in Louisiana, an area that became a nexus of fracking more than a decade ago. We discuss how that area can illustrate the activity around the rise of energy prices. Drew Matus of MetLife Investment Management helps us interpret the retail numbers from the Department of Commerce. An Ohio public employee pension fund is suing Meta, the parent company of Facebook. The fund claims Meta misled the public about the potential harmful effects of Facebook and Instagram.
8 min 12 sec
Holiday shopping is expected to be up overall, but many lower-income households are holding up on spending money on gifts for holidays. Instead, they’ll be spending on essentials. The impact of inflation has reached food banks and pantries, which have had to alter their inventories as well as how they distribute to people. We look at how the labor market is interacting with the growing movement to salary transparency.
7 min 24 sec
From the BBC World Service: Presidents Biden and Xi spoke for more than three hours in frank and direct discussions, which yielded some progress, though no specific breakthroughs. Plus, unemployment in the U.K. fell more than expected in October, while job vacancies hit a fresh record high. And, a diamond mining project in India has set off a debate about conservation and jobs for local people.
6 min 52 sec
You’ve probably already started to hear the cacophony of holiday-oriented jingles and marketable themes from advertisers, but perhaps not has much as a couple of years ago. That’s because analytics say TV advertising for several product categories is down. This is especially true for automakers, as the auto industry is suffering from global supply chain issues. We learn about how small businesses have been forced to adapt in the chaotic nature of the Great Resignation, where workers can just disappear with little notice given to their (former) employers. The BBC checks in with news about the stock exchange in Beijing as well as pollution in India.
7 min 6 sec
The pandemic helped usher in an era of people leaving their jobs, and one area that’s been hit particularly hard has been health care. Tens of thousands of workers have left their professions behind, resulting in a substantial labor shortage. We examine what President Biden’s infrastructure bill could mean for rural America, and Democrats are hoping to pass Biden’s second spending bill proposal, with a sticking point being – once again – paid family leave.
7 min 32 sec
From the BBC World Service: Foreign ministers from across the European Union are widening the criteria the bloc uses to impose sanctions on Belarus as thousands of migrants remain trapped in freezing conditions at the border with Poland. Also, the Beijing Stock Exchange officially opens for business. Plus, Austria introduces lockdown restrictions for unvaccinated citizens. And, India considers pollution lockdown measures in Delhi amid worsening air quality levels.
9 min 27 sec
The health care giant has announced that it is splitting into two companies – one focused on consumer products, and the other focused on pharmaceuticals and medical devices. The split is expected to complete in 18 to 24 months. We talk to our own Kimberly Adams about Marketplace Tech’s series of stories about tech regulation. Christopher Low joins us for our discussion about the markets.
9 min 1 sec
From the BBC World Service: Turkey is stopping citizens from Iraq, Syria and Yemen from flying out of the country to Belarus because of what it called the problem of “illegal border crossings” into the European Union. Many migrants face sub-zero temperatures close to the border. Plus, the Japanese industrial conglomerate Toshiba will split itself into three publicly-listed companies focused on infrastructure, devices, and memory chips. And, Cape Town’s unusual ways to cope with severe water shortages.
9 min 43 sec
U.S. intelligence officials have been warning American companies in five industries – artificial intelligence, quantum information systems, biotechnology, semiconductors and autonomous systems – of possible foreign threats in business dealings with other countries. We spoke to Michael Orlando, acting director of the National Counterintelligence and Security Center, about it. We also discuss the further effects of recent inflation, especially when it comes to how consumers feel about their spending as holiday shopping continues.
7 min 53 sec
Whether you call it the Big Quit or the Great Resignation, the nationwide trend of people quitting their jobs has also hit health care. Nurses everywhere are quitting in record numbers. We spoke to a former ICU nurse who agreed to talk about his conflicted decision to go. Inflation has caused the IRS to make some tax adjustments. Diane Swonk helps us examine some of the aspects of the labor shortage in today’s discussion about the markets.
8 min 43 sec
From the BBC World Service: There’s no live tracker of Alibaba’s sales data, or live audiences for the company’s annual gala this year. But predictions suggest that spending on beauty, health and electronic goods from Alibaba and their competitors will outperform Singles Day last year. And, as Germany grapples with a fourth wave of COVID-19, the public and businesses are becoming fiercely divided on the need for another round of restrictions.
6 min 21 sec