Economy & Business

The Two-Way
8:29 am
Fri December 6, 2013

Eyes Turn To The Fed As Unemployment Rate Falls To 5-Year Low

Originally published on Fri December 6, 2013 10:41 am

(This post was updated at 10:15 a.m. ET)

The nation's unemployment rate dropped to 7 percent — the lowest mark in five years — and employers added 203,000 jobs to payrolls last month, the Bureau of Labor Statistics reported Friday.

The latest data could build anticipation that the Federal Reserve might taper its stimulus program.

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Business
4:30 am
Fri December 6, 2013

Value In Brazil's State Oil Company Drops

Originally published on Fri December 6, 2013 9:49 am

Transcript

RENEE MONTAGNE, HOST:

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.

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Economy
4:28 am
Fri December 6, 2013

November's 7 Percent Jobless Rate Beats Expectations

Originally published on Fri December 6, 2013 9:49 am

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.

Business
4:16 am
Fri December 6, 2013

Nelson Mandela Helps Madiba Shirts To Become Popular

Originally published on Fri December 6, 2013 9:49 am

Transcript

STEVE INSKEEP, HOST:

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.

RENEE MONTAGNE, HOST:

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Economy
6:47 pm
Thu December 5, 2013

Meet The Humble Container That Moves The Global Economy

The container carrying the Planet Money women's T-shirts is loaded onto a ship in Cartagena, Colombia.
Eric Helton for NPR

Originally published on Fri December 6, 2013 1:49 pm

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.

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Around the Nation
6:47 pm
Thu December 5, 2013

Fast Food Workers Rally Across Country For Better Pay

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.

Politics
6:47 pm
Thu December 5, 2013

Add This To The Fiscal Cliff: Congress Faces A 'Milk Cliff' Too

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.

Politics
6:00 pm
Thu December 5, 2013

To Fix Social Security, Some Democrats Want To Lift Wage Cap

Sen. Elizabeth Warren, D- Mass., listens to testimony during a Banking Committee hearing on Nov. 12. In a Senate floor speech on Social Security last month, Warren said, "With some modest adjustments, we can keep the system solvent for many more years, and we could even increase benefits."
Jacquelyn Martin AP

Originally published on Thu December 5, 2013 6:39 pm

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.

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Planet Money
2:51 pm
Thu December 5, 2013

The Job Market Is Still Awful, In 3 Graphs

Quoctrung Bui / NPR

Originally published on Fri December 6, 2013 9:05 am

Update: The jobs report is out. The U.S. added 203,000 jobs last month, and the unemployment rate fell to 7 percent. The job market is improving, but it's still very bad.

When the big jobs report comes out Friday morning, we'll hear a lot about what happened in November in the job market.

But whatever happened last month, it won't change this fact: The job market is still terrible.

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Parallels
1:59 pm
Thu December 5, 2013

The World's Largest Vessel Enters The Water In South Korea

A rendering of the world's largest vessel, the Shell Prelude, which comes in at just over 1,600 feet. It has just left its dry dock in South Korea, where it is being built. It will eventually head toward Australia, where it will be anchored off the coast and used as a liquefied natural gas facility.
Shell

Originally published on Thu December 5, 2013 3:24 pm

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