And Brazil's state oil company, Petrobras, lost 15 percent of its market value this week - that's some $10 billion. NPR's Lourdes Garcia-Navarro reports from Sao Paulo on why oil analysts predict more trouble ahead for the oil giant.
The Labor Department on Friday said the nation's unemployment rate fell to 7 percent, a five-year low, as U.S. employers added 203,000 jobs to payrolls in November. In October, the unemployment rate was 7.3 percent.
And today's last word in business is: Madiba Shirts.
We've been remembering this morning that many impacts that Nelson Mandela had on the world in politics and race and reconciliation. He died yesterday in South Africa at the age of 95. But we cannot leave without mentioning his impact on fashion.
NPR's Planet Money team is manufacturing its own T-shirt. After the women's shirt was assembled in Colombia, they voyaged by container ship to Miami. The container, a big standardized box that moves easily from truck to ship to train, is the unsung hero of the global economy. It was invented in the 1950s and dramatically reduced shipping costs, ushering in a new era vastly different than the world retired stevedores remember.
Workers rallied in 100 cities on Thursday to raise awareness for increasing pressure to raise wages. The push comes as 19 cities and states already raised minimum wages. A report from Berkeley economists finds the low-wage fast food jobs are costing taxpayer billions of dollars in public assistance — everything from food stamps to Medicaid.
Congress still has a long to-do list and not much time left. The House hopes to wrap it up next week — just as the Senate returns from a Thanksgiving break. On many lawmakers' lists are efforts to complete a farm bill before milk prices go off the "dairy cliff." That on top of tough budget negotiations.
For the past three years, there's been a shortfall in the payroll taxes collected for Social Security. And as more baby boomers join the ranks of the 57 million people already receiving benefits, that deficit is bound to keep growing.
At the same time, the overall share of wages being taxed for Social Security is shrinking as the higher wages that are exempt have soared. The Social Security Board of Trustees predicts a nearly $3 trillion trust fund built up over decades will vanish within 20 years.