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Updated: 43 min 15 sec ago

Apple's invented a new way to make 18-karat gold

Wed, 2015-03-11 08:51

This final note on the way out, in which we mix popular culture, high tech and metallurgy.

The folks at Slate have been poring over Apple's patent applications for that Apple Watch you may have heard so much about. It turns out, Apple's invented a new way to make 18-karat gold for it's top-of-the-line watches.

It's complicated, and I'm not a scientist, but Apple plans to use something called, "metal matrix composite." 

To put it another way, Apple is combining gold with durable materials that don't have much mass, but take up lots of space. That gives it wonderful qualities like lightness and scratch-resistance (normal gold is somewhat soft and prone to damage). And by mass, the final product is still 75 percent gold. But when it's poured into a mold to make an Apple Watch Edition's shell, the other, not-so-precious ingredients take up most of the room. Apple gets to use less gold per cubic centimeter and still call it 18-karat. It gets to stretch its gold out further than, say, Rolex would, to make a watch this size and shape.  

It's still actual 18-karat gold technically, but it lets the company — and this is a quote from its patent filing — use "as little gold as possible."

Police fees shore up budgets in many towns

Wed, 2015-03-11 08:50

Thomas Jackson, the police chief in Ferguson, Missouri, resigned Wednesday, exactly one week after a scathing report from the Department of Justice criticized the city's use of law enforcement as a revenue generation tool.

Ferguson City Manager John Shaw stepped down on Tuesday.

Last Wednesday, Attorney General Eric Holder said Ferguson officials pressured police to generate revenue through aggressive tactics and ticketing. City officials exerted "overriding pressure," Holder said, using "law enforcement not as a public service, but as a tool for raising revenue."

Beth Colgan, a law professor at UCLA who has been studying the issue of municipalities and their use of fees, says there's evidence that a lot of local governments are using law enforcement and court fines to shore up budgets.

"If you look at the criminal and civil codes in any county or state," says Colgan, "as a general matter, the use of fines, and fees, and costs, is something that's pervasive around the country."

In Chicago, for instance, red light cameras reportedly generate $70 million in fines every year. There is now debate between mayoral candidates about whether those cameras should remain, and if not, how to replace that revenue.

The tiny town of Randolph, Missouri, got into trouble a few years ago when the state learned the town's budget came almost exclusively from highway traffic fines.

Knowing whether local governments' reliance on fines has become a national problem or not is difficult, says Brian Jackson, because of a lack of empirical research examining the issue nationwide.

Jackson, who heads the safety and justice program at the Rand Corporation, says there is no question that fines and fees became prominent revenue sources for many local governments, especially after the financial crisis. 

"As a business model, funding through fine revenue does reduce the amount of taxes that have to be levied to pay for public safety, because it's another funding stream," Jackson said. 

But while many municipalities are relying on fines and fees from law enforcement, few have considered the potential implications, Jackson says. 

"The problem here is one of incentives," he said. "The question comes down to how much is too much, and at what point does that start distorting the decisions of individual officers," or their superiors. 

The bigger question, he says, is whether voters are willing to fund services their local governments provide through taxes instead of fines and fees.

How does the strong dollar affect U.S. consumers?

Wed, 2015-03-11 08:49

The ol’ dollar just isn’t what it used to be. It's actually worth quite a bit more.

The value of the dollar has been rising steadily compared to other currencies. On Wednesday, the value of a euro fell to $1.05 -- below $1.06 for the first time since 2003. Tuesday, the dollar hit its highest value against the Japanese yen in nearly eight years.

What does that mean for U.S. consumers?

For Bill Kendrick of Davis, California, it means cheaper supplies for his 1983 Atari computer. He has his eye on a cartridge that’s 20 percent cheaper than a similar one he bought several years ago, thanks to a better exchange rate.

American retailers who buy goods abroad will see a similar discount, but they might choose to pocket the savings instead of passing them along to their customers, says Dan Morris of TIAA-CREF Asset Management.

Now would also be a good time to vacation in Europe, says Boris Schlossberg at BK Asset Management. He said he has been surprised by the speed at which the dollar is rising, but he cautions that what goes up will eventually come back down. Today’s discounts won’t last forever.

Japan struggles to build a new electricity network

Wed, 2015-03-11 08:48

Four years after the earthquake and nuclear plant meltdown, Japan has gone cold turkey on nuclear energy. For now, zero reactors are currently in operation.

Solar energy has sought to fill some of that void. Thanks to subsidies and affordable, efficient solar panels, Japan’s solar market has grown tenfold in the last two years. Then, utilities controlling the grid pushed back, and refused to take additional solar energy.

There are technical trade-offs, says engineering professor Massoud Amin at the University of Minnesota, that can cause brownouts and blackouts.

There are fixes, a complex assortment of solutions often referred to as a smart grid. But that requires an enormous investment, that Paul Scalise of the University of Duisberg-Essen in Germany says raises a fundamental question: Who pays for it?

This is a clean-energy issue that doesn’t just face Japan. Germany, Spain, Australia and California all confront questions of grid reliability and upgrade. While it may be in the interests of some utilities to resist change — and hold off direct competitors in the power generation space — inaction in the case of Japan comes with its own trade-off: the environment. Without nuclear energy, the country increasingly relies on imported fossil fuels.

Why sales of packaged or processed foods are declining

Wed, 2015-03-11 08:00

Packaged food manufacturers are grappling with some big shifts in consumption trends. Sales of some of the top brands at General Mills, Kraft and the Campbell Soup Company have been slumping. 

As Campbell’s chief executive Denise Morrison recently acknowledged at a conference, many Americans are turning away from foods whose ingredients aren't "fresh" or "natural."

“And along with this, as all of you know, comes a mounting distrust of so-called “Big Food”, the large food companies and legacy brands that millions of consumers have relied on for so long,” she told a room full of food industry analysts.

One of the people presenting a challenge for food companies is 23 year-old Nick Neylon. He says the pejorative phrase “Big Food” is part of his vocabulary.

“I would also use a term like evil and the devil and Lucifer,” he says.

I found Neylon stirring a pot of homemade polenta at a Minneapolis event called "Eat for Equity." People raise money for charities while sharing a big, healthy meal. A mushroom and fennel ragout filled the air with a rich, tomatoey scent. Neylon says that's his kind of grub. He avoids packaged and fast foods.

Nick Neylon dresses a salad at a Minneapolis event called “Eat for Equity.” 

Annie Baxter/Marketplace

“If someone else made it, don't eat it,” he says. “Generally you'll be happier if you cook all your food from scratch.”

Neylon's age may have something to do with his eating habits. Food and beverage analyst Darren Seifer with the NPD Group says the millennial generation is making a shift towards fresh fruits, vegetables, and meats. Seifer traces the change to the Great Recession — young people ate out less often because they were broke. And instead of cracking open, say, a can of Chef Boyardee, some learned how to cook.

“A lot of it has to do with how millennials got used to their kitchens sooner than we expected them to,” he says.

Food analyst Alexia Howard at Bernstein says women are playing a big role, too.

“Over the last several decades, really since the Second World War, heavily processed or packaged foods — more convenient foods — were embraced by moms-at-home and women wanting to get into the workforce,” she says.

But Howard says a few years ago, sales of products like Jell-O and TV dinners declined noticeably. Her theory: Moms were spending more time on the internet reading about what goes into food and got turned off by additives and preservatives.

Heidi Stark, who's 37, is a case in point.

“When you start reading what's actually in the packages, no one wants it,” she says.

Stark says gut problems prompted her to start eating super healthy over the past year. Now she plans out her menu and buys lots of fresh fruits, veggies and meat. On a recent trip to Lakewinds Food Co-op in Minneapolis, she bought the ingredients for a recipe involving pork chops, apples and shallots.

“That sounds gross!” her seven year-old son Anderson complained.

But his mom says he’ll eat it anyway.

Packaged food companies are trying to woo back consumers like Heidi Stark with some fresh products — like baby carrots from the Campbell Soup Company or protein-packed items, like a Kraft snack pack with meat, cheese and nuts. Some are also appealing to the growing interest in simple, organic ingredients — think General Mills' acquisition of Annie's, which makes organic macaroni and cheese.

Stock analyst Alexia Howard says even if these products sell well, they're still a small part of the companies' overall business.

“The margins on these new products are a lot lower,” she says. “The growth in these new products, rapid though it is, they're starting from a much smaller base than the bigger, established brands.”

While these big food companies struggle to meet the needs of millennials and moms who want fresher foods, Howard says we could see more cost-cutting — and even consolidation.

Quiz: How effective are Teach for America teachers?

Wed, 2015-03-11 07:45

Mathematica Policy Research examined the effectiveness of Teach for America teachers after the nonprofit received a $50 million federal grant in 2010 to put more of its teachers in classrooms.

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PODCAST: Farm bill comes up short

Wed, 2015-03-11 07:27

The dollar is on a 12-year high driven by the potential for high interest rates, but what does that mean for the markets? We check in with Payden & Rygel chief economist Jeffrey Cleveland. Next, GM announced this week it’ll give shareholders $5 billion in dividends and a $5 billion stock buyback. That’s good news for investors, and for GM, which managed to avoid a major clash with hedge fund interests on the board. But when the company opens negotiations with the United Autoworkers Union this summer, it could be tough to argue for keeping a lid on wages. Finally, Washington lobbyists and think tank-types are tearing apart the Farm Bill, trying to figure out how far Congress was off in budgeting for the subsidies that were ushered in by the subsidies it ushered in.

Big change to farm subsidies

Wed, 2015-03-11 06:41

Washington lobbyists and think tank-types are tearing apart the Farm Bill, trying to figure out how far Congress was off in budgeting for the subsidies the new bill ushered in.

“For major crops like corn we would expect payments to be double what they expected: $6.5 billion" says Vince Smith, an economist at the American Enterprise Institute and Montana State University.   

Farmers used to get the same, direct payment every year. Now they’re offered a choice of two subsidies. One kicks in when their revenues per acre drop, the other is tied to crop prices. If the price of, say, corn, falls below a target the government makes up the difference. 

But critics like say the targets were set too high. They say prices are falling more than Congress expected, and don’t have to fall much, for the subsidies to kick in.

“They look like a safety net even though they’re more like a trampoline, when you really stop and think about it,” says Scott Faber of the Environmental Working Group, or EWG.

Plenty of people in Washington have been thinking about it.  But the nation's capital can be something of a bubble.  I wanted to break through the bubble, and hear from someone who’s actually living with the new subsidies I head to Robb Ewoldt’s farm, in Eastern Iowa. 

I meet him in his repair shop.

“We grow corn and soy beans.  We grow alfalfa grass, alfalfa hay and kids,” he says, laughing. (Ewoldt is a father of two.)

He thinks taxpayers will actually save money under the new subsidy system. Before, he got a government payment even if he was selling his corn at record prices. 

“I think this will be a little bit more fair for the taxpayer because the money’s going to come when we are in pretty tough shape," he says. "When we need it.”

Ewoldt says most farmers are independent. They don’t like taking the subsidies, but they need them to get through the tough times, he says.

Drones have still got a long way to go

Wed, 2015-03-11 05:30

Could drones solve some of Africa’s infrastructure problems? Afrotech, a Swiss company, seems to think so.

Transporting smaller cargo through the skies via drones, for instance, could be cheaper than investing in railways or roads right away.  So starting next year the company will test cargo drones that can carry small packages across 50 miles.

The idea isn’t that unusual, says Matthew Wall, a technology and business reporter for BBC who's covering Afrotech. “There are already these quadcopter drones ... These are these helicopter-style drones which can carry small packages.”

They can also be programmed to pick up small packages, he added.

But, it would take a while for this to happen over long distances. For one, we don’t have the battery technology to power drones for more than 50 miles. And the drones themselves aren’t strong or light enough to transport most cargo.

“That’s going to take some ten years at least I think before we see these things across the skies,” said Wall.

Banks prepare for round two of stress tests

Wed, 2015-03-11 03:01

Each year, the Federal Reserve puts the nation’s biggest banks through stress tests. It wants to make sure they can keep lending even in scenarios where home prices plummet and unemployment spikes. Thirty-one banks passed a round of tests last week. 

“The results last week were purely quantitative. How the banks do under each of the scenarios,” says Karen Petrou, managing director with Federal Financial Analytics.

The next round takes a more qualitative look at the individual banks and their capital planning—how they plan to distribute capital to shareholders through, say, dividends, and whether that leaves them with enough of a capital buffer to cover potential losses.

Petrou says some banks might fail this time.

“The Fed looks at the bank and says no, your mortgage loans are a lot riskier than other bank mortgage loans and you should know that,” Petrou says.

The Fed could tell those banks to keep more capital on hand. Duke University law professor Lawrence Baxter says that could mean share buybacks and dividends are forbidden. Stock repurchases benefit stockholders, because they increase the value of an individual share, but they cut into capital.

“The view is that if they don't maintain sufficient capital to deal with these adverse circumstances, the rest of us are exposed,” he says.

Social and emotional learning emerges at SXSWedu

Wed, 2015-03-11 02:08

Marketplace reporter Adriene Hill has been in Austin this week, covering SXSWedu with the LearningCurve team. She spoke with Tech's Ben Johnson about the emergence of social and emotional learning as a trend at this year’s event.

Hunter Gehlbach, associate professor at Harvard Graduate School of Education, says "human skills" are a trending topic at SXSWedu because, “at our core, we are fundamentally social creatures," he says.

"So if students are preoccupied with this fundamental need that they don’t feel like they belong, that they’re being bullied, those kinds of things, there’s no way that they’re going to pay attention to what’s going on in the classroom," Gehlbach says.

More research is finding that strengthening social and emotional skills can help kids learn. The focus stems from digital citizenship, and a desire to encourage kids to take a step back from their constantly connected, tech-infused, app-filled world.

Mindfulness instructor and former teacher Erin Sharaf says social and emotional learning can look different depending on how students learn best:

“It might look like students sitting on the floor doing postures that look like yoga; it might look like a bell ringing and their task right now is just to listen to the bell. It might look like eating a raisin, and really being fully present with that raisin, and actually noticing what it tastes like instead of thinking about the math lesson that they have to do next or the fight that they had at home before they came into the classroom,” she says.

Erin Sharef / Hunter Gehlbach

But there are applications of technology in this social and emotional space as well. Gelhbach brings up a virtual reality project in the works that allows kids to experience multiple perspectives of a bullying situation, and says tech is helping researchers like him get better data — and use it in better ways — to help show these social skills can improve learning.

The tricky business behind fake Hollywood money

Tue, 2015-03-10 09:32

Greg Bilson Jr. runs a company called Independent Studio Services or ISS. They make props for pretty much every movie and television show you’ve seen in the last 40 years, including 90210, CSI, and Indiana Jones.

One of ISS’s specialties? Prop money.

That made ISS the ideal company to work on Rush Hour 2. The premise of the movie is that two police offices, played by Jackie Chan and Chris Tucker, chase a counterfeiter known for producing high grade counterfeit money. To prepare for the climax of the film, ISS created a billion dollars of fake money.

Bilson says, “it was fourteen pallet loads of $100 bills, stacked four feet high, solid.” That’s a lot of money, all of which was to be blown up in a casino.

The scene went well but as thousands of these fake bills rained down, many extras grabbed a few of these bills and kept them as souvenirs. Some of those extras tried to spend the money.

The federal authorities weren't too pleased about this. Secret service agents swarmed the set, shut down production, confiscated all the bills that were left, and then they paid Bilson a visit at ISS. He was essentially blamed for counterfeiting.

“Most people would look at this bill and kind of laugh” says Bilson. “It is a very bad picture of Ben Franklin, who we named ‘Franken,’ it says, ‘Motion picture use only’ on 15 different places, it [says], ‘In dog we trust.’ There are many many things that are different from the real bill, but it’s still not within the parameters of legal.”

Bilson has to operate under the counterfeit detection act of 1992. Essentially what this law says is that bills must be either 75% smaller than or 150% larger than the size of a real bill and one color, one side.

And that puts Greg Bilson and other prop builders in Hollywood in a tough spot. They have to skirt the line between these strict counterfeiting laws and producers' demands for this incredibly realistic money. And sometimes, these prop builders have trouble finding that sweet spot in the middle.

“Movie producers and films and TV shows are kind of wanting us to break the law all the time. So we have to keep within those parameters, or do it in a manner that is legal.”

Like other prop masters, Bilson isn't trying to dupe the public. He’s just doing his job.

Read the full story on Pricenomics.

Janet Yellen needs to work on her brand

Tue, 2015-03-10 09:29

According to an NBC News/Wall Street Journal poll that came out on Monday, just 14 percent of Americans know who Janet Yellen is and have an opinion about her, good or bad.

The rest of us don't know, or aren't sure, whether she's the most powerful person in the global economy.

So ... I quit.

(Just kidding.)

The cost of inefficient Social Security record keeping

Tue, 2015-03-10 09:29

The Social Security Administration keeps track of deaths in the U.S. with a death master file. The Inspector General at Social Security decided to give it an audit, after getting a call from a bank that went something like this: "Hey, a young guy just opened an account with us. But his Social Security Number says he was born in 1886."

“How do you have people who were supposedly born those dates, and yet there’s no death on the death master file?” asks Rona Lawson, Deputy Assistant Inspector General for Audit in the Inspector General’s office. 

Lawson says banks use the "death master file" to make sure dead people's Social Security numbers aren't being used fraudulently. The E-Verify program uses it to find undocumented workers. Lawson says 4,000 of those 112-year-olds were put through E-verify.

"I don’t know whether those 4,000 people got the jobs or not,” she says, tongue-in-cheek.

At least eight federal agencies use the "death master file," including the Department of Veterans Affairs and the IRS. Since the file isn’t 100 percent accurate, they could be paying out refunds and pensions to dead people. The Social Security Administration did respond to the audit, and says it doesn’t have the money or manpower to correct the "death master file."

One problem is shrinking budget appropriations from Congress, says Dean Baker, co-director of the Center for Economic and Policy Research.

“It’s a little hypocritical to insist on cutting the funding and then blame the program for not adequately dealing with recording people’s deaths,” Baker says.

Social Security says it’ll look into problems and report back to the Inspector General by the end of September.

Correction: An earlier version of this story misspelled the name of Rona Lawson. The text has been corrected.


Why the stock market just dropped

Tue, 2015-03-10 09:29

On Tuesday, the US stock market opened by plummeting, with the S&P 500 dropping into negative territory for the year.


Scott Wren, senior global equity strategist at the Wells Fargo Investment Institute, points to two main factors: A rapidly strengthening dollar and fears that the Federal Reserve will raise interest rates sooner than expected, stoked by comments by outgoing Dallas Fed president Richard Fisher.  

But Steven Englander, global head of G10 foreign exchange strategy at Citigroup, is less certain. He points out that interest rate fears have been significant since late February, when Fed vice chair Stanley Fischer told CNBC a rate hike this year was highly probable. "We've gotten used to thinking of a zero interest rate as normal," Fischer said. "It's far from normal."

As for the dollar, it did rapidly strengthen overnight, but the initiating event is a bit of a mystery. "Why this sort of realization hit the market at around 8 p.m. New York time or 8 a.m. Asia time is a bit of a puzzle," says Englander. "Because I've checked with colleagues and there's no real news." 

An article in Bloomberg suggested a slump in the Euro and Yen was prompted by a sell-off the New Zealand dollar, or "kiwi," after threatening letters were sent to dairy producers there. 

"The little kiwi that roared?" asks Englander. "I don't think so."

But when it comes to the origin of a market move, it's hard to definitively rule any explanation out.

For returnees to Mexico, English is a lucrative skill

Tue, 2015-03-10 08:31

For almost ten years now, more people have been leaving the U.S. for Mexico than immigrating here. Whether they’re leaving voluntarily or not, some experts estimate that over a decade, half a million young adults between 18 and 35 have returned to Mexico after living in America for five years or more. Returning home isn’t always easy, but it has created some opportunities for bilingual employees and the businesses that hire them.

When you walk down Padre Mier, one of the main drags in downtown Monterrey, you’d be hard pressed to avoid hearing someone speaking English.  It turns out those English speakers are increasingly working in one particular industry: call centers. There are at least nine on this particular street.

Now, Monterrey’s a big city — Mexico’s second-largest, but it’s still surprising to learn there are more than 30 call centers here. Big American companies outsource to Mexico to provide billing, technical and sometimes even direct sales support.

Juan Jose Cruz says his first job in Mexico was at Hispanic Teleservices. He spent most of his teenage years as an undocumented immigrant in Virginia. He’s now 26 and decided to move back to Mexico about five years ago. Cruz is from Guadalajara, but like many Mexicans that return home, he landed in Monterrey and started looking for a job.

“I was like, ‘OK, I can speak English and nobody speaks English down there.’ But I was completely wrong, you know?”

It turned out that there were lots of English speakers in Monterrey. And there was also lots of work in the call centers.

Omar Solis also returned to go back to college. He says he was pleasantly surprised with this particular job market, too.

"It tends to pay more than any other typical Mexican job without having any sort of formal qualifications," Solis says. "Any sort of diplomas or formal education. However, where I think there was a bit of a difference there, was just the way I speak."

Bill Colton, the President and co-founder of Global Telesourcing, says that’s exactly it. His company has had a call center in Monterrey for about eight years. He says about 95 percent of the people they hire spent their formative years in the U.S. and you can tell when you’re on the phone with them.

“Our employees speak English not just well, but they speak it natively,” Colton says

Mexicans who have lived in the U.S. can give better service because they’re essentially Americans and understand the way American consumers think, Colton says, therefore they’re worth paying a little more.

Juan Jose Cruz says there’s not a lot of glory working in a call center – it’s the pay that attracted him.

“They were like, ‘Oh, do you want to come work for us? We offer this salary.’ It was like, whoa that’s a big salary for Mexico. They were paying like 20,000 pesos.”

That’s 20,000 pesos a month or about $17,000 a year. That’s significantly more than the $13,000 most Mexicans earn annually.

Colton says the biggest reason employees in Monterrey quit is not because they don’t like the work or aren’t happy with the salary. It’s because they’re going back the U.S.

“Based on what their life situation is and where they think they can best achieve their next objective, they’re very comfortable picking up and moving across the border one way or the other because they’re truly bicultural and comfortable in both countries,” Colton says.

For some, it’s a little more complicated than that. Undocumented immigrants still can’t legally work in the US. So, as long as there’s a market for these returnees in Monterrey, there could be more Mexicans returning home for work than coming up to America. And as long as that’s the case, the call center business in Mexico will continue to grow.

Quiz: Why lawmakers may not feel your pain over student debt

Tue, 2015-03-10 07:49

Open Secrets examined financial disclosures of members of Congress and found 47 who listed student loan debt.

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In world of health data, enemies may become friends

Tue, 2015-03-10 07:27

Sharing patient information is a key to improving patient health. That’s a mantra in health care these days, but it is much harder to pull off than you might think.

U.S. Health and Human Services Secretary Sylvia Burwell’s recent announcement ushering in paying doctors and hospitals based more on quality than quantity makes exchanging this data more valuable by the day from a business perspective.

And while there’s money to be made and customer satisfaction to be gained, many doctors say still say they aren’t getting the information they need to help their patients.

Dr. Neal Weinberg says sharing that data is essential to helping a person be well.

“Not having immediate, accurate information in one chart can lead to complications for the patient, they could die, they could be pretty sick and end up back in the hospital with other problems,” he says.

That seriousness helps explain why doctors and hospitals around the country have begun to share information. For example, the Penn Medical System uses 600 servers to exchange patient data with surrounding providers including some competitors.

But Chief Medical Information Officer Dr. Bill Hanson explains there are real world limitations that cap Penn’s ability to share more than they do.

“There’s sort of a yin/yang of the desire to exchange information and protect information. There are also the politics of working with competitors,” he says.

We’ve been hearing about these issues — technical kinks, patient privacy and collaborating with competitors — for a while now. New data shows more than half the groups who are trying to better manage care — through what are called Accountable Care Organizations — say they can’t get timely patient data. And if those folks, who have every economic incentive to get that information, can’t, there’s a serious problem.

University of Michigan Professor Julia Adler-Milstein says she’s focused on finding ways to cut through the challenges. There’s too much at stake, she says.

“You need complete information to ensure that care is safe,” she says. “You need complete information to ensure that care is effective. You need complete information to ensure that care is efficient and not wasteful.”

Given the potential to improve health and lower spending, Adler-Milstein says we must learn which challenges are really blocking up the data. One problem, she says, is that electronic health record companies are making it difficult to connect with other health record companies.

“We don’t have good empirical data on that but you just can sort of hear the chorus of complaints from anyone you talk to about how hard it is,” she says.

Adler-Milstein says one solution is to create a consumers’ report of sorts for doctors and hospitals to show which electronic records companies make sharing easier.

Dr. Ira Nash, an executive with North Shore LIJ Health System on Long Island, says change the idea that doctors are in charge of all this stuff.

“You want the patients in the middle. They are the consumer. We exist to serve their needs. Why should we own the data,” he says.

By its nature much of medicine is guesswork. But when it comes to patient data, Michigan’s Adler-Milstein says, some of the guesswork goes away.

PODCAST: Party for parity

Tue, 2015-03-10 03:00

Is it time to party for parity between the European single currency and the U.S. dollar? Plus, tomorrow could be a big day for Goldman Sachs.The bank was among 31 U.S.-based holding companies undergoing the annual Federal Reserve stress test, and Goldman could have done better. Analysts and investors are watching to see if this means Goldman Sachs is forced to shift away from one its favorite financial strategies. And there's word this morning that small business optimism is up because of or despite tight labor market conditions. A survey of more than 700 small busienss found 29 percent were having trouble finding talent to fill open positions. A separate survey says signing bonuses for college grads are up. We check in with some companies that are trying to recruit new employees in what is hands-down the hottest field right now: high-tech.

2015 the best job market in years for tech grads

Tue, 2015-03-10 02:00

Companies that deal in software, mobile apps, social media, and network infrastructure really never had an employment crash, even at the height of the financial crisis. Hiring slacked off, but it was still hard to recruit and retain the best-qualified engineers and computer-science graduates, especially in technology hubs like Silicon Valley, Seattle, and New York.

Now, the job market for tech workers is heating up even more. Recruitment at colleges will be up more than 50 percent this year, according to a survey by Michigan State University; the average increase in recruitment across all employment sectors is 16 percent. Engineering graduates will earn by far the most money on average in their first jobs: $63,000, according to the National Association of Colleges and Employers (NACE); petroleum engineers will be the highest-paid engineers, at $80,600. And according to the recruitment website Jobvite, the position that is hardest to fill right now is software engineer in the New York and Detroit markets, at 364 days.

At several high-tech startups we visited in Portland, Oregon, perks on offer to employees included the typical creature comforts at these firms: ping pong tables and old-school video games; free food and gourmet DIY coffee; board games and a cozy cubbie for napping.

But companies are also competing more fiercely for new talent on salary, benefits and career opportunities now than at any time since the Great Recession, says Curt LaCount of Jacobs Engineering, a 70,000-employee company that builds massive infrastructure, including oil and gas facilities, all over the world. LaCount was at a standing-room-only recruitment fair recently at the University of Portland.

“This is probably the best market for new grads in five or six years,” says LaCount. “I wouldn’t say it’s a frenzy. But companies are getting a lot more aggressive.” He says the pickup in recruitment and hiring has two causes: companies held back on hiring during and after the recession, and many older engineers are now retiring.

Dallas-based is also competing hard for new employees now, says human resources manager Lisa Nelson. She says that while having online-dating experience with one of the company’s products (the parent company also operates OkCupid and Tinder) isn’t a requirement of employment, “we have many employees that found their significant other or spouse using a Match product and they will tell their story to anyone who will listen.”

Nelson says the company is now vying for software and mobile engineering talent not only with other dot-coms, but also with companies in retail, real estate, and finance, too.

Dan Finnigan runs the recruitment site Jobvite. He says bargaining power is shifting to the potential employee in many fields. He says the companies that will be most successful at recruiting “are the ones who have redesigned their career website to be quite appealing, you can apply on your mobile device. They are targeting high-demand people the way marketers do to sell their products.”