Unemployment claims hit pandemic low; GM and Ford halt production at several plants; Walmart raises hourly wages by $1

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The Labor Department reports 340,000 people filed initial jobless claims last week; The outplacement firm Challenger Gray and Christmas says layoffs fell last month to the lowest level since 1997; new orders for manufactured goods were up four tenths percent last month; the U-S trade deficit fell slightly in July

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Torrential rains from Hurricane Ida are causing flooding and road closures; a federal judge gives conditional approval to a bankruptcy settlement to resolve thousands of opioid lawsuits; Ford says it’ll again cut production of trucks because of the computer chip shortage - September 2, 2021

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Payroll processor ADP said firms added 374,000 jobs in August. . . construction spending rose in July . . . OPEC won’t increase production to moderate rising energy prices

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The payroll processor says private companies added 374,000 new jobs in August; the Institute for Supply Management’s manufacturing index for August came in a bit better than expected; some gas stations in Louisiana are running out of gas; Walmart plans to hire 20-thousand supply chain workers

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That’s below the record $65 billion in losses from Hurricane Katrina; OPEC is forecasting increased demand for oil; the Biden administration is expected to announce a plan today to create and sell 100,000 affordable homes - September 1, 2021

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Episode Summary: Social Security reserved running out faster than previous estimate; CDC director says unvaccinated shouldn’t travel for Labor Daygoo; Google pushes back return to office again

:02

This is the Marketplace Minute. I’m Meghan McCarty Carino.

STORY 1

Stocks barely moved Tuesday … but were up for the month.

The Dow and S&P dropped about a tenth of a percent.

And the NASDAQ stayed pretty much flat.

STORY 2

Social Security reserve funds have been “significantly affected” by the pandemic according to a new federal report. The economic downturn coupled with the retirement of millions of baby boomers … mean the reserve is now forecast to run out in 2034 - one year earlier than previous estimates … That could result in cuts to benefits.

STORY 3

CDC director Rochelle Walensky says unvaccinated people SHOULD NOT travel over the Labor Day weekend… as the delta variant continues to surge in many parts of the country. She said those who are fully vaccinated and wear masks are ok to travel.

STORY 4 *** CUT THIS FOR PUBRADIO VERSION ***

… And Google has again pushed back its date for returning to offices … until early next year. After January 10th, offices can decide based on local conditions whether to require workers back on site … where all employees must be vaccinated.

***CLOSE

I’m Meghan McCarty Carino with the Marketplace Minute.

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DECK The Case-Shiller Index rose 18.6% in June; consumer confidence has fallen to the lowest level since February; Jury selection in the trial of Theranos founder Elizabeth Holmes starts; South Korean lawmakers have passed a bill forcing Google and Apple to allow alternate payment systems in their app stores

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Flooding has hampered efforts to assess the damage to oil and gas production facilities; An advisory panel for the Centers for Disease Control and Prevention is still studying the effectiveness of COVID vaccine booster shots; Apple may be developing an iPhone that can use satellite networks - August 31, 2021

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Damage assessment begins for oil, gas and chemical facilities shut down before hurricane hit. . . Stocks are mixed on Wall Street. . . EU recommends new restrictions on travel to Europe by unvaccinated Americans.

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