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How Trump Got His Fortune

Oct 6, 2018

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The jobs news this week continues to be good: at 3.7 percent, the jobless rate is the lowest it's been since late 1969. But the number doesn't tell the whole story about the state of employment in America today.

Today on the Indicator, we steal from our econ pals to look at the jobs numbers through a few separate lenses. We look at the average number of jobs created over the last six months, which industries are hiring the fastest — and which are shedding jobs the fastest. Plus we look at the unemployment rates for certain demographics.

Toyota has announced a safety recall of some 807,000 Prius and Prius V cars in the U.S., saying that the company needs to fix a problem that could cause the vehicles to lose power and stall "in rare situations." The recall covers Prius vehicles from the 2010-2014 model years and Prius V cars from the 2012-2014 model years.

"While power steering and braking would remain operational," Toyota says, "a vehicle stall while driving at higher speeds could increase the risk of a crash."

Updated at 10:21 a.m. ET

The U.S. jobless rate dropped to 3.7 percent in September — the lowest since 1969, though the economy added a lower-than-expected 134,000 jobs, the Bureau of Labor Statistics said. The jobless rate fell from August's 3.9 percent.

Average earnings rose 8 cents, to $27.24 per hour last month. But wage growth slowed, with average hourly earnings up 2.8 percent from a year earlier, compared with a 2.9 percent increase in August.

The economy has now added jobs for nearly eight straight years.

The Department of Transportation has announced new federal voluntary guidance on the development and use of automated vehicles — with the goal of "removing unnecessary barriers" to innovation.

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What do you remember about this week, 25 years ago? October 1993. Many of us were watching Seinfeld and the first Roseanne or listening to a Mariah Carey cassette on our Walkman. And one of the top movies that year starred Bill Murray as a TV weatherman, who relives the same day, Groundhog Day, over and over and over again.

"Bill Murray's character [is] getting caught in a time loop," says Carl Davis, research director for the non-partisan Institute on Taxation and Economic Policy.

The New York Attorney General's Office is urging a state court not to dismiss its lawsuit against President Trump's charitable foundation, saying the foundation has repeatedly violated state and federal laws.

Attorney General Barbara Underwood said the Donald J. Trump Foundation "was a shell corporation that functioned as a checkbook from which the business entity known as the Trump Organization made payments."

Block by block, the place you were born and raised, can determine how far you get ahead in life.

A new online tool shows that geography plays an outsized role in a child's destiny.

Called the Opportunity Atlas, it was developed by Harvard economist Raj Chetty and his colleagues. It's a map that uses tax and U.S. Census data to track people's incomes from one generation to the next.

Team Indicator shares its reactions to the new NAFTA, now known as the USMCA. The deal probably does not represent a huge change to the way these countries trade with each other, but it could have intriguing consequences for America's approach to trade with China.

Music by Drop Electric. Find us: Twitter/ Facebook.

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Last week, Facebook announced the most serious security breach in its history, in which unknown hackers were able to log onto the accounts of nearly 50 million Facebook users.

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Good morning, I'm Rachel Martin. A discount airline ticket has risks. But what's the worst that can happen - no leg room, bad snacks? Turns out, the worst that can happen is that the airline folds and doesn't tell you.

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Air travelers frustrated by having very little legroom and narrow seats might finally see some relief under legislation passed Wednesday by the U.S. Senate. A bill reauthorizing the Federal Aviation Administration, which passed on a vote of 93-6, includes a provision requiring the FAA to set a minimum size for commercial airplane seats, including a minimum pitch, or distance between seats.

Airlines have been shrinking that distance in recent years in order to cram more seats and passengers onto planes and squeeze more revenue out of each flight.

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Donald Trump has described himself for decades as a self-made billionaire, claiming that he built his fortune using a onetime loan from his father.

(SOUNDBITE OF ARCHIVED RECORDING)

For almost a century, General Electric was a powerhouse of the American economy, a byword for progress, innovation, and excellence.

GE did everything, from light bulbs to jet engines to medical devices to banking. And it was that last little venture that turned out to be a bridge too far. GE got into the business just ahead of the financial crisis, and once the dust from that debacle had settled, GE found itself more than a little dinged up. A decade later, the company still hasn't recovered. Today on The Indicator, we find out what brought GE to its knees.

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For decades, the label "Made in Germany" has stood for quality and a guarantee of expensive, precision engineering. Conversely, "Made in China" has long been a marker of substandard, cheap, knockoff products. But this is changing.

Beijing's "Made in China 2025" policy aims to transform its manufacturing sector into an excellence-driven, global leader in high-end technology. While Germany still has the edge in engineering expertise, a steady increase in the number of Chinese firms buying up key German tech firms has triggered angst in Berlin.

Cow Dung Soap Is Cleaning Up In India

Oct 3, 2018

The shelves in Umesh Soni's little store in downtown Mumbai are neatly stacked with soaps. There are handmade translucent bars, brightly colored circular soaps in tropical variants and square black bathing bars. It looks like any other soap shop.

Except all the soaps include cow dung and cow urine as ingredients.

Why make soap from this stuff?

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In the desert scrubland of Morocco's Tangier region, a donkey laden with water bottles trots down a pebble lane chased by two small children. A farmer herds his cows in the near distance. Crickets leap in the dry grass.

It's within these gently undulating hills, just inland from the coast, that China plans to build an entire city that will stand in monument to its expansion into a North African nation on Europe's doorstep.

Updated 11:00 p.m. ET

Chocolate cupcake, creme, mango, tutti frutti, "blue" — sugary-sounding flavors familiar to teenage e-cigarette users are facing more crackdowns from the Food and Drug Administration.

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