Amid rising interest rates and falling GDP, July’s jobs report shattered expectations and brought employment back to pre-pandemic levels. On today’s show, we’ll talk with a bunch of experts about what to make of the news and where the economy is headed. Plus: Amazon is buying Roomba maker iRobot and Claire’s is going public.

The job market is back at pre-pandemic levels

During the height of the pandemic, state-run unemployment systems struggled to support applicants. Though states are investing in upgrades, benefits vary widely and the technology remains outdated. Now, as the job market cools and jobless claims rise, labor economists worry whether the unemployment system is equipped for another onslaught. Plus, Instagram’s shift to video challenges art entrepreneurs and FX’s “The Bear” aces the drama of restaurant work.

Is the unemployment system prepared for a recession?

OPEC+ recently pledged to boost oil production by 100,000 barrels a day. Though it sounds like a lot, it likely won’t temper high oil prices much and may indicate that the oil cartel expects a dip in demand and a potential recession. Plus, credit card debt is on the rise, a new era of TV centers on Native people and Germany’s reliance on Russian oil stokes economic anxieties.

What is OPEC thinking right now?

The shipping industry has enjoyed buoyant profitability lately. But today’s supply chain looks a lot like last year’s. That is to say … not great. In today’s show, we’ll find out why history is repeating itself. Plus, refiners are doing well despite the slide in gasoline prices, and we take a trip to HP’s ink cartridge recycling plant.

Supply chain déjà vu

We probably don’t need to tell you groceries are more expensive lately. As the first shipment of grain leaves Ukraine since Russia invaded, we’ll take stock of the global factors driving costs at the store. Plus, how Taiwan became the center of semiconductor manufacturing and why oil companies aren’t drilling on those 9,000 new leases.

The global factors behind your grocery bill

Less than a year ago, the Supreme Court overturned a nationwide eviction moratorium. Now, with inflation at a multidecade high and rents rising, eviction filings have reached pre-pandemic levels. Today we explore the impact on the hardest-hit communities and the government’s role in addressing the crisis. Plus, Congress gets into the fight against inflation, and inflation enters salary negotiations.

Evictions climb to pre-pandemic levels

We’ve said it before, and we’ll say it again: Two consecutive quarters of shrinking gross domestic product do not necessarily spell recession. Today, we’ll take a big-picture view of what the GDP report does and doesn’t tell us about the strength of the American consumer and the overall economy. Also on today’s show: a potential electric vehicle tax credit and a pay increase for job switchers.

Don’t sound the recession alarms yet

If it feels like everyone’s out of office right now, it’s because a lot are on vacation or out with COVID-19. The absences are forcing businesses to scramble and serve as a reminder that workers are rethinking work-life balance and that the pandemic still runs this economy. Plus, unpacking that interest rate hike, looking at slowing ad spending and checking in on a cooling housing market.

America is out of office

As the Fed eyes another rate hike, two economic indicators look as though they might be teetering. The labor market remains strong but is slowing and unemployment is ticking up. Meanwhile, consumers are still buying plenty of stuff, but slipping confidence could hint at a pullback in spending. Also on today’s program: Hearst’s CEO talks about the surprising publications that buoyed the company, and we look into Kindle and Airbnb’s exit from China.

Strong but stressed

We’re going to be getting gross domestic product and a slew of other economic data this week. While GDP numbers may show that the economy is contracting, a broader range of measures determine whether we’re in a recession. Today, we’ll dig in. Plus, supply chain issues refuse to let up, and bans complicate access to abortion care training.

Take GDP data with a grain of salt

Extreme heat is driving up the price of natural gas in the U.S., but energy woes are hitting across the pond too. The European Union is asking everyone from factories to families to cut back on natural gas use, but cross-country cooperation is proving difficult. We’ll talk about both stories today. First, a recap of the economic week that was.

Man, it’s a hot one

The new subvariant and President Biden’s diagnosis show that COVID-19 isn’t done with us yet, even if a lot of things feel “back to normal.” Are we on our way out of the pandemic, or is this the new normal? We asked a few experts. Also in this episode, a transportation trifecta: corporate air travel makes a comeback, freight rail faces complications and used cars are (hopefully) returning to pre-pandemic prices.

Planes, trains and automobiles

While a deadly heat wave bakes Europe, the continent faces multiple economic predicaments as well. It’s prepping for a potential natural gas cutoff as tensions with Russia remain high. Inflation is also running rampant and expected interest rate hikes are stoking fears of another debt crisis. Plus, the party’s over for some companies that reaped pandemic profits, and regulators look to reimburse victims of money-transfer app scams.

Europe’s concurrent crises

If you’re a prospective homebuyer, you know that the housing market is — in a word — brutal. Though the market is showing signs of cooling, fewer homes are being built and rising mortgage rates continue to push ownership out of reach for many. Also in this episode, China reduces its U.S. debt holdings, small businesses still feel supply chain pinches and grocery stores market their way around rising prices.

It’s brutal out here

We have a few stories about economics and water for you to ponder today. First, we’ll look at schools trying to rebuild on higher ground after deadly flooding. Then, case studies in California show how desalination can fight off another major drought. Plus: What bank earnings tell us about the state of the economy and why homebuilders are feeling down right now.

Floods and droughts

Starting Saturday, anyone in the United States undergoing a mental health crisis can seek help by dialing 988. But mental health advocates are already overwhelmed, and they’re now concerned that the crisis line is being launched before it has enough funding or counselors. Plus, CPI sorrows in the Weekly Wrap, a consumer spending spree and the unionization boom.
If you or someone you know is struggling with suicidal thoughts, anxiety or depression, call the National Suicide Prevention Lifeline at 1-800-273-8255 or text the Crisis Text Line at 741741. Here’s how to find help outside the U.S.

New crisis hotline, same old problems

When companies have extra cash, they may use it to build facilities, hire employees or purchase their own stock. But JPMorgan reported disappointing financial results today and said it would suspend its stock buybacks, which some economists interpret as a Wall Street behemoth prepping for an impending recession. Plus, higher interest rates hit homebuilders, Shanghai businesses tally the COVID lockdown’s costs and schools get creative to address hiring headaches.

Why you should care when a major bank stops buying its own stock

Odds are you’ve seen the eye-popping figure by now: Year-over-year inflation clocked in at 9.1% in June. Those price increases are pretty much everywhere you turn in this economy. Today, we’ll take a look at where prices head from here and what it all means for the Federal Reserve. Plus, the hurdles in the way of a Russian oil price cap and why the role of college rankings may be changing.

Where is “broad-based” inflation headed?

We’ve seen hints that the Federal Reserve’s interest rate hikes may be cooling the housing market. But rent prices are still climbing across the country, and higher interest rates may not rein in rent costs for more than a year. And later, war in Ukraine fuels global hunger, inflation comes for Hollywood productions and some try to beat confusing credit score algorithms.

Rising interest rates don’t spell relief for renters

PepsiCo and JPMorgan, among other large companies, are releasing their quarterly results this week. Inflation may not have flattened bubbly soda sales, but analysts will be listening to what bank executives say about a possible economic slowdown. Also: expanding the baby formula market, gasoline inflation reaches remote Alaska, and what’s up with the Texas power grid?

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