Marketplace Morning Report
Start your day with an up-to-the-minute report on the world of business and finance with host David Brancaccio.
First up, we get a new window on jobs in America—one the Federal Reserve watches closely to measure the strength of the overall labor market. It's called JOLTS, or "Job Openings and Labor Turnover Survey." We have more on what a certain number in that report—the Quits Rate—says about the U.S. economy. And it's turning out to be a bleak autumn for factories in one pivotal global economy: Germany's. More on that. Plus, public health officials continue to track the well being of about 50 patients in Dallas who may have been exposed to the Ebola virus. To date there are no signs of infection. The labor-intensive surveillance operation is being run by local health officials and a pair of epidemiologists for the CDC. The two are officers in the CDC's Epidemic Intelligence Service. With the Ebola outbreak growing, these 'disease detectives' are taking on an increasingly important role. On todays show, a profile of people who fly into communicable disease hotspots for a living.
First up, William Dudley, president of the New York Fed, responds to criticism his team needs to be tougher on Wall Street firms. This question moved to the foreground after the public radio program This American Life--with news organization ProPublica--obtained audio recordings made secretly inside the New York Fed. The recordings were made by a then-New York Fed employee who would later sue for wrongful dismissal. Next, to Brazil, where the incumbent president Dilma Rousseff now faces a tough run-off election, after a more pro-business candidate did much better than expected in voting yesterday. The candidacy of the centrist had been practically written off at one stage in the campaign with attention focused on a third, upstart candidate, who fizzled. The Brazilian economy has weakened under the incumbent, as capital moved away from emerging markets, like Brazil. Some middle class Brazilians took to the streets in the past year to protest poor government services.
First up, JPMorgan Chase, one of the biggest of banks, has more information now on a colossal cyberattack from the summer. The bank says accounts were not cracked, but well over half the households in America had personal information taken, if you do the math. And today, government statisticians answer the question: was August's weak employment report a fluke or a worrisome trend. So, what happened with jobs in September? Forecasters--and job seekers--will be especially disappointed if job creation doesn't start with a two...as in something in the 200-thousands. Plus, as Marketplace celebrates its 25th birthday this year, we are looking at the surprising, sometimes delightful and sometimes destructive ways that prices have changed during that quarter century. Today, it's the time policymakers tinkered with the government's official measure of retail inflation, the Consumer Price Index. That's calculated by monitoring the changing prices of a pre-determined basket of goods.
First up, in the face of flagging recovery in the area that uses the Euro, the Europe Central Central Bank has already made it clear it plans to start a kind of Quantative Easing-lite: creating money to buy assets to stimulate the economy. More on that. And what can President Obama say to tout the U.S. economic picture? He has to try to explain why there’s something of a malaise among consumers (and voters) about the state of the economy. Plus, ever since Bill Gross, dubbed the King of Bonds, quit without notice from PIMCO less than a week ago, customers have withdrawn a colossal $23 billion out of PIMCO's famous Total Return Fund. That's by far a record for people taking their money and running from PIMCO. Bill Gross is now at Janus Capital. This may be a useful time for investors far and wide to reflect on their own investment strategies.
First up, we'll check in on business in Hong Hong amid the protests. Financial markets were closed there for the first of two days of planned national holidays. The time off work prompted some families to come out and view the pro-democracy demonstrations, a bet that there would be no crackdown by authorities at least for now. And now that it's October, medical charities make the big push for dollars; Down Syndrome Awareness month, Breast Cancer Awareness and more. We take a look at the business of charitable months. Plus, U.S. Military personnel get discounts on a variety of products at the commissary. But a piece of next year's spending bill would eliminate the discount for tobacco. Supporters of the change highlight the $1.6 billion that the defense department spends on tobacco-related health issues.
There's news today about which country will end the year as the top producer of petroleum. It's a statistic that is altering both the oil market and geopolitics. And with tomorrow being the first of October, one year since the roll-out of healthcare.gov, the texture of health care in America is changing. For instance, there's been disruption in the old pattern of health care providers sending bills and the insurance companies paying their portion. Now, some insurers are tying what they pay to how well the doctors, hospitals, and labs are doing their job. Plus, call it "Social and Environmental investing," call it "Impact Investing," applying our personal values to our portfolios is not a new idea. One big example in the 1980s, when college students forced their universities to sell their stakes in companies that did business with apartheid South Africa. But now a group of countries has come together and is recommending that governments help impact investing become an even more powerful force for making the world a better place.