Marketplace Morning Report

Starting Friday, federal workers will be getting their first paychecks for smaller-than-usual amounts as a result of the government shutdown. That's likely to especially sting federal employees who still have to show up to work, including TSA agents and air traffic controllers. They've helped up the pressure to end shutdowns before. Could they do it again? Plus, we'll unpack how C-suite execs are currently feeling about tariffs and artificial intelligence.

Las Vegas is arguably the discretionary spending capital of the country, if not the entire world. This makes it a good barometer for understanding the current economy — not just of one city or state, but the entire nation. And right now, Vegas is grappling with declining tourism and a high unemployment rate. We'll visit Sin City to learn more about the slump. Plus, why is China stepping up controls on rare earth metal exports?

From the BBC World Service: Jamie Dimon, the chairman and CEO of JPMorgan Chase, told the BBC that a serious market correction could come in the next six months to two years. He also hinted that there could be an imminent deal between India and the U.S. on tariffs; India is currently suffering under 50% duties. Also, China has tightened export controls on rare earth metals, which are vital to a range of electronic devices, including military hardware.

Just two months ago, the World Trade Organization predicted global trade would grow by nearly 2% next year. Now, it's revised that forecast down to just 0.5% as the impact of the Trump administration's sweeping tariffs sinks in. We'll hear what's been propping up trade so far and what's on the road ahead. Then, "Marketplace Tech" shares tips for spotting job scams. And later, we'll hear how other countries' "gold card" visa programs fared.

When President Donald Trump slapped tariffs on Chinese goods earlier this year, China ceased crop purchases from U.S. farmers. That hurt American agriculture, so the government hopes to help those farmers out with aid using tariff revenue. Trump did this during his last trade war. Today, we'll outline how it all played out. Plus, the price of gold keeps climbing, and we check in with a tea shop owner about how tariffs are affecting business.

From the BBC World Service: Gold has breached $4,000 an ounce for the first time, following one of its strongest monthly performances and its biggest sustained rally since the 1970s. What's driving the surge? Then, British Prime Minister Keir Starmer is attending a two-day summit in India focused on trade, but he's insisting the U.K. won't issue more visas to Indian workers. Also on the show: Trump's "gold card" visas and newly minted billionaire soccer player Cristiano Ronaldo.

Health care is a major sticking point between Republicans and Democrats in the government shutdown standoff. Congressional Democrats are refusing to endorse a temporary spending bill that allows Affordable Care Act health insurance subsidies to expire. Today, we look at what an end to subsidies could mean for your insurance — even if you don't get your health care through the ACA. Also: trade talks between the U.S. and Canada, and a comparison of the AI boom and the dot-com bubble.

Later this week, we'll learn more about how the Federal Reserve decided to cut interest rates when the Federal Open Market Committee releases the minutes of its most recent meeting. The document will give us clues about what's ahead and where FOMC members' priorities lie. Also on this morning's show: the IRS will now have a CEO, renewable energy becomes the world's largest electricity source, and OPEC producers decide to expand output.

From the BBC World Service: Energy thinktank Ember says that for the first time, solar and wind met all new global electricity demand in the first half of this year. Could this be a turning point for the global energy system? Then, London police dismantled an international gang suspected of smuggling up to 40,000 stolen cell phones. And, Zimbabwe is on a quest to become Africa's blueberry capital after it signed a tariff-free export protocol with China.

Over the weekend, the White House threatened more layoffs if negotiations between Democrats and Republicans continue to go nowhere. Meanwhile, 100,000 earlier federal layoffs and buyouts finally took effect last week. But stocks hit a record on Friday. What gives? We'll discuss with Julia Coronado, founder and president of MacroPolicy Perspectives. Plus, a lack of trust in artificial intelligence is hampering its adoption among small and mid-sized businesses.

The nonprofit One Earth has been tracking $400 billion worth of private investment in climate change solutions. Thing is, the amount of money being invested in climate causes is both not enough and unevenly distributed. This morning, we'll find out what's driving the gap and what can be done about it. But first, Costco members will soon be able to buy discounted weight-loss drugs, and beer makers are struggling with tariffs and changing consumer demand.

From the BBC World Service: The Nikkei 225 stock index in Japan rose sharply on the first day of trading after Sanae Takaichi won the contest to lead the country's ruling Liberal Democratic Party. Then, Jaguar Land Rover plans to resume vehicle production in the U.K. today, six weeks after a cyberattack forced a production pause. And, although the artificial intelligence industry is worth close to $250 billion, some businesses are rejecting its use altogether. We'll hear from them.

The September hiring and unemployment data won't be released today due to the ongoing government shutdown. These reports are typically among the five most closely watched economic indicators each month. Economist Julia Coronado of Macropolicy Perspectives joins us to discuss. Also on the show: the shutdown's impact on health care — from canceled online doctor's appointments to reduced home health services for seniors. And later, Marketplace's David Brancaccio speaks with a former high school guidance counselor in Sheboygan, WI about how students are preparing to enter the labor market.

The partial government shutdown now means two of the top five most important readouts on the economy will not be released on Friday, as scheduled. It's the newest count of the number of people on payrolls and the separate unemployment rate. Later, David speaks with "Marketplace" senior economics contributor Chris Farrell about new research suggesting there may be even more entrepreneurs in the U.S. than current data suggests.

From the BBC World Service: Japan's ruling Liberal Democratic Party will choose a new leader on Saturday, and he or she will become the country's next prime minister. Germany's Munich Airport closed temporarily overnight due to drone sightings, making it the latest European airport forced to halt operations because of unexplained drone flights. And the French government has launched a campaign against what the Minister of Work calls “the last discrimination”: ageism.

Federal worker layoffs are near, according to Trump administration officials. Earlier this week, the president said he would use the government shutdown to target "Democrat things." And a shutdown with layoffs may have more serious economic consequences than your average shutdown. For more on that we turn to Diane Swonk, chief economist at KPMG. Also on today's show: China launches a new visa to attract more international STEM talent.

Unemployment remains relatively low, but the labor market is slowing down. Private payroll company ADP estimates the private sector lost 32,000 jobs last month. Hiring has slowed, and it's taking longer for jobseekers to find work. And where there are people with anxiety and fear, there are scammers to prey on them. The Federal Trade Commission says reports of job scams tripled over the past four years. But first, why the Trump administration is sending memos to universities and what Democrats are demanding to reopen the government.

From the BBC World Service: Some European Union countries have backed plans for the new defense system to keep out unmanned aircraft from Russia. But how will it work, and what's the price tag? In France hundreds of thousands of workers have walked out over looming budget cuts and pension reforms. Today marks the 75th anniversary of The Turing Test, to tell the difference between a human and a machine. And we hear how Chilean businesses are adapting — or not — to an ageing workforce.

Markets are having to digest a lot right now. There's the government shutdown, plus new private payroll data showing the economy lost jobs in September. Susan Schmidt, portfolio manager at Exchange Capital Resources, joins us to break it down. Also on the show: the FAFSA portal is open. We look at what's different with this year's federal student aid applications and how the government shutdown could impact the process. Then, Marketplace's Sabri Ben-Achour continues his conversation with Susan M. Collins, head of the Federal Reserve Bank of Boston.

The slow-moving train wreck we've been watching unfold for a week, has indeed wrecked: the government officially shutdown at midnight. Hundreds of thousands of federal workers will be furloughed, and the Trump administration is threatening to fire others. Later in the show, Marketplace's Sabri Ben-Achour sits down with Susan M. Collins, president and CEO of the Federal Reserve Bank of Boston. They'll discuss tariffs, a cooling labor market and how the central bank is affected by a government shutdown.

From the BBC World Service: Eighteen sunscreen products have been pulled from shelves in Australia because of safety concerns; testing showed they did not offer the SPF protection claimed. As the U.S. tightens its H-1B visa scheme, China hopes it will gain from the launch of a new program to attract foreign talent. And can the United Arab Emirates become an AI superpower?

The Trump administration's new $100,000 fee on new H-1B visas for foreign workers threatens to upend hiring in tech. But the fee goes far beyond just that industry. Higher education also uses the H-1B visa, and that fee could be a big problem there. Brendan Cantwell, a professor at Michigan State University, unpacks what these changes mean for universities. But first, Dr. David Kelly, chief global strategist at J.P. Morgan Funds joins us to discuss President Trump's latest tariffs.

The Trump administration is set to impose new tariffs on foreign soft timber and wood products, citing national security concerns. The White House also released more details on a string of new tariffs the president announced in social media posts last week. Also on the show: why the median price of an existing home is now higher than that of a new one, and what a potential government shutdown means for the Friday jobs report.

From the BBC World Service: A Chinese national in London has pleaded guilty to illegally acquiring and possessing bitcoin in what's thought to be the world's biggest bitcoin seizure case. Brewing giant Asahi has suspended orders and shipping operations after its 30 domestic plants were hit by a massive cyber attack. And a trade deal that's been the cornerstone of U.S.-Africa economic relations for 25 years is set to expire on Tuesday.

President Trump and congressional leaders are meeting at the White House on Monday to try and avoid a government shutdown. But both sides are digging their heels in. This brinksmanship is happening the same week we are set to get some pretty important government data. Julia Coronado, founder and president of MacroPolicy Perspectives, and a professor at the University of Texas-Austin, joins us to talk about it. Plus, has Canada lost its trade dispute with the U.S.?

Texas oil and gas firms are feeling pessimistic about the upcoming year. In the latest Dallas Fed survey, energy firms reported lower production, increased costs and heightened uncertainty. Oil is a good chunk of the Texas economy, and the Texas economy is a good chunk of the U.S. economy — around 9%. Also on the show: auto parts manufacturer First Brands files for Chapter 11 bankruptcy and the USDA revives its farm-to-school grant program.

From the BBC World Service: The decision at Toyota in Brazil comes after intense storms halted production at its factories in the state of Sao Paulo, and many of the workers will be paid in full during the closed period. Hackers have attempted to recruit the BBC's cyber correspondent into helping them infiltrate the broadcaster's systems. And has Canada lost in the trade war with the U.S.? Over the past month, it's removed billions of dollars in retaliatory tariffs on American goods.

President Donald Trump signed an executive order yesterday that paves the way for TikTok to be controlled by U.S. interests, avoiding a Congressional ban. TikTok's owner, ByteDance, has not acknowledged that this transaction is taking place. We'll parse the details we know of the plan, including who's purchasing, what it means for the app's algorithm, and more. And later, we'll learn why so much foreign investment is still flowing to the U.S.

Earlier this month, a company called Tricolor abruptly filed for bankruptcy. The Texas-based firm offered auto loans to buyers with poor (or no) credit ratings. That so-called “subprime” auto market has grown to $80 billion. But Tricolor's collapse could make it harder for some buyers to get car loans. We hear more. Plus, President Donald Trump unveils a new batch of tariffs, and D.C. braces for more economic pain ahead of a looming shutdown.

From the BBC World Service: President Donald Trump has announced new tariffs, including a 100% levy on branded or patented drug imports from Oct. 1 onward — unless a company is building a factory in the United States. Which countries will be most affected? Then, Ethiopia has opened a controversial megadam built on the Nile River after 14 years of construction. It's at the center of a diplomatic spat with countries that fear their water supplies could be affected.

A lunch out may give you sticker shock, but a popping boba won't pop the budget, right? While some consumers are trying to be more money-conscious, many are still spending big on eating and drinking out. Chains like Chick-fil-A, Taco Bell, and McDonald's are all trying to cash in — in part by offering fancier, pricier, non-alcoholic drinks. Also on the program, we'll check in on New England's economy.

The Office of Management and Budget sent out a memo with stark instructions for heads of federal agencies: They should consider layoff notices for all employees in programs that haven't been funded yet for the government's 2026 fiscal year, which starts Oct. 1. Also on the show: The U.S. is in negotiations to lend $20 billion to Argentina's central bank, and climate change is treatening New Mexico's centuries-old irrigation system.

From the BBC World Service: Apple has called for the European Union's antitrust watchdogs to scrap some of its tech regulations, which it says lead to a worse experience for users. It's not the first time Apple has voiced its opposition to Europe's Digital Markets Act. We hear more. Plus, China has — for the first time — set a target for reducing carbon emissions. And, a Dutch village famous for its windmills is planning to charge visitors to see them.

Every fall for about three decades, the U.S. Department of Agriculture comes out with a report assessing food security across the country. We'll get the latest in a month, but it will be the last. The USDA is terminating the annual report, saying it was “politicized.” Researchers, however, say it was vital. Also on the show: no sure thing on the future of interest rates and the costs for Chinese adoptees to search for their birth family.

After being pulled by ABC, Jimmy Kimmel's late-night show returned to TV last night. Thing is, station groups Nexstar and Sinclair — which control ABC affiliates that reach about 20% of the country — opted out. Nexstar is working on a $6 billion merger with Tegna, awaiting Trump administration approval. All of this highlights a widening gap between big TV networks and local station owners. And later: If Republicans and Democrats on Capitol Hill can't reach a deal, many federal agencies will close a week from today.

From the BBC World Service: After nearly a decade of negotiations, the European Union and Indonesia have agreed to a trade deal, in part to offset some of the effects of Trump's tariffs. Then, Nigeria has cut interest rates for the first time in five years. Plus, India has reduced taxes on everyday items to counteract the effects of U.S. tariffs, and the UK government says it saved around $600 million last year using artificial intelligence to combat fraud.

Economist Stephen Miran is now temporarily on the Federal Reserve's Board of Governors. Miran wants steeper rate cuts, arguing that stricter controls at the borders and deportations will free up housing, make it less expensive, and keep a lid on inflation at a time of tariffs. We'll discuss what the data says about his claims. Also: growing threats to undersea data cables and an update on the cyberattack affecting Jaguar and Land Rover production.

The newest member of the Federal Reserve Board of Governors — close ally of President Donald Trump, Stephen Miran — made his case for more (and larger) interest rate cuts in a speech yesterday at the Economic Club of New York. He argued that the president's policies will push prices down, so the Fed doesn't have to worry that lowering interest rates will spark inflation. Plus, entrepreneurship could suffer following the Trump administration's new $100,000 fee for H-1B visas.

From the BBC World Service: Hong Kong International Airport is halting flights on Tuesday as the Asian financial hub braces for one of the strongest super typhoons it's seen in years. Then, would you move back to your hometown for a 25% tax cut? Cyprus is hoping this proposal will tempt some of its diaspora to return. And later, Singaporean shipping company X-Press Feeders refused to pay damages for causing the worst environmental disaster in Sri Lankan history.

The Trump administration is working to tamp down alarm over a new, $100,000 visa fee it announced on Friday. Technology, finance, and other major companies that depend on employees holding H-1B visas had initially thought the fee would be applied to existing visa holders, and those with H-1B workers who were temporarily abroad panicked. The fee only applies to new visa applicants, though, the White House later clarified. Also: an AI industry political action network and dark clouds for Broadway productions.

Stocks are on a winning streak. The Dow, S&P 500, and Nasdaq indexes all closed at record highs on Friday. Now, everything that goes up can go down, but there are some reasons to think the bulls may stick around for a while. We'll hear more. And later, Health Secretary Robert F. Kennedy Jr. is pushing for stricter regulations on drug advertising. What could change?

From the BBC World Service: In his first broadcast interview since taking office, South Korean President Lee Jae Myung talked about the potential impact of the expulsion of Korean workers from a U.S. battery plant. Also on today's show: more disruption is expected at airports in Europe following a cyberattack; we do the numbers on costs associated with Europe's spate of wildfires this summer; and London's Oxford Street, one of the world's busiest shopping areas, went car-free for a day.