Experts are still in the early stages of understanding just how much generative AI will disrupt the labor force. A new report by MIT finds that the adoption of AI led some firms to cut back spending on jobs that were often already being outsourced — things like customer support, software engineering, and administrative tasks. We'll learn more. Also: the dollar's role as the world's "reserve currency" and a $2 billion lifeline for Intel.
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Intel secures a $2 billion investment
From the BBC World Service: Japan’s SoftBank has invested $2 billion in U.S. chipmaker Intel, which has been losing ground lately in the booming AI market. It also comes as the U.S. government weighs whether to take a direct stake in the company. And, as historic White House talks spark hopes of a Putin–Zelensky summit, the war in Ukraine grinds on, with Russia turning to North Korea to plug major labor gaps.
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It's almost time for Jackson Hole again
It’s a big week for Fed watchers. Federal Reserve Chair Jerome Powell is scheduled to speak at a research conference on Friday in Jackson Hole, Wyoming. It comes at a tricky time for the Fed — pressures are weighing on both price stability and maximum employment, and there's ire coming from President Donald Trump. We'll discuss what to expect. Plus, global demand for cassava is growing. Can Nigeria capitalize on the moment and become an export giant?
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Getting spendy to get ahead of tariffs
Consumer spending was up pretty significantly for more expensive items last month — things like cars and furniture. All that big-ticket buying comes despite a softening labor market and broader economic uncertainty. We'll parse the data a bit more. Also on the program: we'll hear what we can expect from homebuilder confidence and learn how the startup world is grappling with tariffs and the cancellation of government grants and contracts.
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Record fine for Australian airline
From the BBC World Service: A court in Australia has handed the airline Qantas a record fine — just under $59 million USD — for illegally laying off 1,800 ground staff during the COVID-19 pandemic. And later, could plans for sweeping tax cuts on consumer goods boost India’s economy in the face of U.S. tariffs? Plus, the root vegetable cassava is one of the world's most versatile crops. We'll hear more about Nigeria's cassava market.
In less than 10 minutes, we'll get you up to speed on all the news you missed overnight. Throughout the morning, Marketplace's David Brancaccio will bring you the latest business and economic stories you need to know to start your day. And before U.S. markets open, you'll get a global markets update from the BBC World Service in London.
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