Business

9:10am

Thu October 10, 2013
The Two-Way

Weekly Unemployment Claims Spike; Shutdown Gets Some Blame

Originally published on Thu October 10, 2013 1:36 pm

First-time claims for unemployment insurance were up sharply to 374,000 from 308,000 the week before, the Employment and Training Administration reported Thursday.

The increase for the week ending Oct. 5 is a departure from a trend in recent weeks that was lower than at any time since the spring of 2007, before the onset of the recession.

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8:19am

Thu October 10, 2013

4:44am

Thu October 10, 2013
Business

Man Mows Lawn Around Lincoln Memorial During Shutdown

Originally published on Thu October 10, 2013 7:39 am

Because of the partial government shutdown, most of the monumental core in Washington, D.C. is not being maintained. But on Wednesday, Chris Cox of South Carolina bought an old lawn mower and a leaf blower and got to work.

4:44am

Thu October 10, 2013
Business

Fidelity Sells Short-Term U.S. Government Debt

Originally published on Thu October 10, 2013 7:39 am

Transcript

STEVE INSKEEP, HOST:

NPR's business news starts with worry about American debt.

(SOUNDBITE OF MUSIC)

INSKEEP: Fidelity Investments has sold all of its short-term U.S. government debt. That limits losses for the country's largest manager of money market funds in case the U.S. Treasury run out of money on October 17th and Congress does not do something about the federal debt limit.

Fidelity's president said this move was precautionary. Transcript provided by NPR, Copyright NPR.

4:44am

Thu October 10, 2013
Politics

Some Republicans Say Debt Limit Fuss Is A Lot Of Hype

Originally published on Thu October 10, 2013 5:51 pm

Rep. Phil Gingrey, R-Ga., says it's "absolutely not true" to suggest that the U.S. can't pay its debts without raising the debt ceiling.
David Goldman AP

For weeks, economists and bankers have been warning that there will be catastrophic consequences if Congress fails raise the nation's borrowing limit.

They say it will mean the nation will default on its debt, which could rock U.S. and global markets. The Treasury has warned that it will exhaust the "extraordinary measures" it has been using to keep paying the nation's bills by Oct. 17.

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4:44am

Thu October 10, 2013
Politics

Shutdown Hits Usually Stable Business: Government Contractors

Originally published on Thu October 10, 2013 7:39 am

Transcript

STEVE INSKEEP, HOST:

More than 400,000 federal workers remain on furlough. That's the situation even after many Defense Department workers were called back to the office. And then there are federal contractors. These are private American business owners and workers who've taken over more and more government functions in recent years and who are now feeling the pain of a shutdown.

NPR's Yuki Noguchi reports.

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4:44am

Thu October 10, 2013
Business

Ad Dollars Follow Consumer Eyeballs To Smartphones, Tablets

Originally published on Thu October 10, 2013 7:39 am

Transcript

DAVID GREENE, HOST:

OK. You might already know this if you spend some time on the Internet, but revenue for online advertising is way up - reaching more than $20 billion in the first half of 2013 - that's an almost 20 percent hike from the same period last year, according to a report from the Interactive Advertising Bureau.

As NPR's Laura Sydell reports, ads on mobile devices are growing the fastest.

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4:44am

Thu October 10, 2013
Politics

10 Days Into Shutdown, 'We've Got To Do Better Than This'

Originally published on Thu October 10, 2013 7:39 am

Transcript

STEVE INSKEEP, HOST:

Now, the partial shutdown prompted angry debate across the country. But at the center of that debate, we found quiet yesterday. We dropped by a Senate office building where the halls were empty. Papers taped on doors read: We regret that due to the government shutdown our office is closed. *

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3:00am

Thu October 10, 2013
Planet Money

What A U.S. Default Would Mean For Pensions, China And Social Security

Originally published on Thu October 10, 2013 12:38 pm

iStockphoto.com

What would happen if Congress doesn't raise the debt ceiling and the U.S. defaults on its debt later this month? The broad economic implications are unpredictable, but a default could cause huge trouble for the global economy.

But whatever happens to the global economy, one thing is clear: People all over the world who have loaned the U.S. government money won't get paid on time.

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2:56am

Thu October 10, 2013
Business

When It Comes To Jobs, Not All Small Businesses Make It Big

Originally published on Wed October 16, 2013 4:38 pm

Sweetgreen co-founders Nathaniel Ru (from left), Jonathan Neman and Nicolas Jammet at the opening of a Virginia location last year.
Courtesy of Sweetgreen

Part of a series about small businesses in America

When it comes to job creation, politicians talk about small businesses as the engines of the U.S. economy. It's been a familiar refrain among politicians from both major parties for years.

But it obscures the economic reality. It makes a nice slogan, but it's not really accurate to say that small businesses produce most of the nation's new jobs, says John Haltiwanger, an economics professor at the University of Maryland.

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