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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.
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New research shows that not only are back-to-the-office mandates unpopular with employees, they lead to more turnover and chase away the employees with the most skills. We’ll delve into the findings. Plus: when a job is quite literally a balancing act. As part of our ongoing “What’s That Like?” series exploring odd jobs, we hear from a Cirque du Soleil high wire performer.
Here in the United States, a partial government shutdown looms after the House of Representatives voted down a Trump-backed temporary spending package. We’ll parse some of the practical implications. Then, we’ll hear about some of the economic headwinds Germany is facing after Chancellor Olaf Scholz lost a vote of confidence and the German government collapsed. Also on the show: A strike at a number of Amazon locations is entering day two.
From the BBC World Service: An investigation has exposed how Vietnamese migrants in the United Kingdom are working illegally in nail bars to avoid detection. The U.K. government says it’s ramped up raids since July, with fines for employers reaching $75,000 for repeat offenses. But that’s not stopping everyone. Plus, nearly 80 million Christmas trees are sold each year in Europe. We’ll take a look at what goes in to growing them all.
Stock and bond markets took unnerving tumbles yesterday when the Federal Reserve Chair suggested there won’t be as many interest rate cuts next year. The S&P fell 3% and the Dow fell more than 1,100 points. We could also get a partial federal government shutdown by the end of the week. We’ll discuss the latest economic headlines. Plus, some Amazon workers go on strike today, and we’ll hear more about the merch economy.
From the BBC World Service: A new report from the European Central Bank and the European Union’s insurance regulator calls for a big shake-up in Europe’s climate insurance system. It’s planning for a new EU-wide insurance plan that would help protect businesses and homeowners from extreme weather and uses reinsurance, which pools risks, to make sure people are actually covered. Also: Concert merch, once a reliable profit source for performers, is becoming squeezed.
A deal to keep the government funded through the holidays and into the new administration has run into opposition. President-elect Donald Trump and advisor Elon Musk are urging Republicans in Congress to vote down a government funding extension. We’ll hear more. Plus, stock futures are pointing to a small rebound after stock prices dropped sharply on warnings that higher interest rates could linger. And later: What’s it like to work at the circus?
Something a tad nontraditional on the wishlist of more children this year? Skin care products. This $180 billion industry has caught the attention of young people born 2010 onward (even if they already have a naturally youthful look). Now, dermatologists are warning families that some of these products can cause long-term damage if used too young. But first, a droopy stock index is getting attention this morning.
Even though inflation has come down from its pandemic highs, some of it is still sticking. Yet average pay has been keeping up with — and even outpacing — rising prices. Turns out, low- and middle-income workers have been making up some ground. We dig in. Plus: a closer look at AI’s growing role in processing health insurance claims and talks of a potentially tectonic shift in the global auto industry.
From the BBC World Service: A potential merger of two of Japan’s largest carmakers could be in the cards; Nissan and Honda have said they’re “exploring various possibilities for future collaboration.” Also on the show: The global skincare market is worth billions of dollars, but it’s not just adults who are spending big — kids are also making more purchases than ever, and dermatologists are warning unsuitable products could damage their skin.
President-elect Donald Trump confirmed at a news conference on Monday that he is “looking at” the idea of privatizing the U.S. Postal Service. That comes as the USPS ended its last fiscal year with a net loss of $9.5 billion. On this morning’s program, we’ll unpack the finances of the postal service. Also: the fine print of November retail sales and the resurgence of the supper club.
Most people like their health insurance. That may come as a surprise after jokes and vitriol over the American health care system flooded social media in the wake of the UnitedHealthcare CEO’s killing. But those who don’t like their insurance are often the ones forced to use it most. We’ll dig into what the research says. Plus, the Senate is expected to take up the Social Security Fairness Act this week.
From the BBC World Service: The rebels running Syria are assuring the country’s business community that they will embrace a free market economy and push to reconnect with global markets. A judge in Brazil has ordered Adele’s record labels to stop distributing the song “Million Years Ago” because of similarities to a Brazilian song by Martinho da Vila. And, we hear how Valencia, Spain is starting to rebuild after October’s disastrous floods.
A fresh poll of academic economists finds more think interest rates will stay higher for longer, given the resilient job market and some of the policies promised by president-elect Donald Trump. Economist Julia Coronado’s team at Macropolicy Perspectives has also been asking experts similar questions. We’re joined by Coronado to discuss what she’s been hearing. We also hear about the challenges of decarbonizing Sweden’s economy.
New data from the real estate firm CBRE shows that the average monthly mortgage payment for those buying a home today is about 75% higher than in 2019. Nationally, new monthly mortgage payments are now about 35% more than renting. We’ll hear more. But first: A clash is shaping up over whether California can set strict vehicle emissions and efficiency standards. Plus, who’s ahead in the AI arms race — Microsoft? Google? Meta?
From the BBC World Service: The $4.5 billion takeover of the 500-year-old British institution by Daniel Kretinsky’s EP Group has been given the go-ahead. We dig in to the latest. Plus, German Chancellor Olaf Scholz faces a crucial vote of confidence today; the collapse of his coalition government has left policymaking in Europe’s largest economy at a standstill. And there’s a crisis at one of Sweden’s most successful green tech start-ups.
Following last week’s killing of the CEO of UnitedHealthcare, UnitedHealth Group’s insurance arm, the head of UnitedHealth Group has written an opinion piece acknowledging the flaws of — and need to fix — present American health care. We’ll unpack the details of the op-ed. We’ll also discuss the Federal Reserve’s thinking as its Board of Governors gathers next week and hear a history lesson that informs challenges for today’s auto industry.
This week, another 1,000 Amazon workers decided to join the International Brotherhood of Teamsters at an air freight operation in San Bernardino, California. But Amazon does not readily come to the bargaining table and works hard to resist collective bargaining. We hear the latest. Also on this morning’s show: why there suddenly seems to be fewer shopping baskets at supermarkets and how teens are spending their time online these days.
From the BBC World Service: Mark Rutte, the head of the Western military alliance NATO, has said member countries must spend more on defense and shouldn’t underestimate the capabilities of Vladimir Putin. Then, labor unions in South Korea are ramping up strikes, demanding the resignation of President Yoon Suk Yeol. And we hear how a town in England fared when a major car manufacturer closed its plant, leaving thousands without jobs.
Prescriptions for Wegovy have doubled and prescriptions for Zepbound have tripled in the past year, according to a recent report from GoodRx, a company that searches for deals on medicines. Weight loss drugs are pricey though, and insurance plans often don’t cover them if they’re used for weight loss. We’ll hear about some of the wins for those in the business of losing. Also on this morning’s show: Australia’s news tax and France’s disarrayed economy.
New proposed legislation would make it illegal for one company to own both a pharmacy and a pharmacy-benefit management company. A PBM helps health insurers manage their prescription drug benefits and negotiates prices and rebates; CVS has both pharmacies and a benefit management division, as does Cigna and UnitedHealth. But some federal lawmakers see a conflict of interest. Also: the eco-friendliness of small SUVs and the future of Nasdaq board diversity rules.
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lack of imported labor raises labor costs, read opening the border and cheap labor pours in, the lower end workers make less money. How does that help the poor? Cesar Chavez was against the inflow border crossing cheap labor because it lowers the incomes of all but the corporations. Ask your Democrat politician why Biden hates labor. While you are at it, ask Nancy Polosi why she too hates having to pay the higher amount for local labor and insists on open labor borders.
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We don't need a Gavin Newsom to crash the United States of America like he is crashing California.
Have all the women kill simutaneously all the Talban men. Then go to university.
Being a Democrat is self harm.
Just have the most successful money launderer help with the cover-up, call Biden.
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Humanitarian aid to Gaza so they can repeat?
If I spent , borrowed, then dumped that borrowed money into the market, as much as the Federal government does, the inflation would grow exponentially. The key is that the inflation is based on the difference between taxes income and money spent. If government borrowing covers the over spending each borrowed dollar lowers the value of each dollar already in the market, since the tax income doesn't change. Ergo inflation. Consumer spending increases the market value by the exchanging of dollars.
Why not improve public schools rather than drag Private Schools down.
Using Biden style overseeing. See no Evil, Hear no Evil, Say nothing about the Evil, such as Biden's control over the FBI and the CIA. Nancy Pelosi must be proud of the use of child labour as she promoted border crossing of all the children to do various kinds of work. Can you list all the things children can do? I knew you could. Such a good neighbor.
Nothing like semi- slavery to save on labor costs. Elites develope vaccines to have low wage autistic laborers for duties that would have cost more for non-autistic labor. You missed a table.
Take the money and run, sounds like a Leftist. I didn't know Biden was an artist.
Hitler thought a war and Holocaust was worth getting art.
Downtowns anywhere in California are exposed to the security that is not provided by the Democrat political powers in California and the fear of Downtown attacks prevents wise businesses from operating in downtown areas.
Human trafficking is dangerous since you would be competing with the Biden administration directly as they are flying in and bussing in migrants themselves.
People, some of the 7,000,000 that left Venezuela, can tell Democrats why changing the USA to Socialism/Communism is so dangerous. Not the change they want but have been herded into.
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I don't think there's anything wrong with gambling as long as it's approached responsibly. I'm planning to develop a gambling platform myself, and I'll definitely note the importance of responsible gambling.
inflation comes from government spending. Tell your National Government administration to quit spending on any extra expenses. It is the debt spending, spending more than what is brought in through taxes, any person with a 💳 credit card understands how it works.