hi everyone, welcome to "on the money. on this labor day weekend, we look at the jobs of the fight chore, what they are, who will get them and what jobs will go away. what warren says our conversation with the oracle of omaha and hurricane harvey. concerns about korea and whether presidential politics affects investing. i lived under 15 presidents believe it or not and i bought stocks under 14 of the 15. >> a financial cleanup from the credit card to the bank account. how to get the most from your money. >> if buying a car fills you with dread, there's an app for "on the money" starts right now.

this is on the money, your money your life your future. now becky quick. we begin with jobs of the future this labor day weekend. how will americans work in 5, 10 or 15 years? some of the jobs will be in fields you have never heard of and some here right now. kate rogers looks at blockchain, which some compare to the earl days of the internet it sounds confusing that is the cover story today. >> what is blockchain? in essence it's a record of transactions, a transparent and tamperproof digital ledger that can be updated in realtime think of a massive series of google docs all linked together. it allows government agencies or companies to set up a spread sheet to share information quickly freely and without fear it could be altered without users detected. >> it makes the data in our processes permanent and increases the level of confidence in that data. >> the technology was first developed as part of the digital

currency bitcoin, but now its use is expanding to insurance, retail logistics and other industries companies big and small are looking for ways to use blockchain, investing more than $1.0 billion in this technology last year. ibm is one of the front runners helping the companies simplify complex business processes they partnered with wal-mart to use blockchain to quickly trace contaminated products to the source and the result is nothing short of remarkable. >> getting, let's say, a mango from the farm to the fork, and in working with them and using blockchain, this trace and trackability capability, used to take almost six days and another 20 plus hours. was reduced to 13 seconds. >> to work in blockchain, prior experience in coding and computer science is helpful but not necessary. ibm has some 1500 plus workers in the blockchain services around the globe and is looking to hire an additional 150

they're also hiring what they call new collar workers who might not had previous experience in technology they're training them for those positions, chi thi positions, which i think is neat they could be veterans people coming in department have the computer science background and they have good people skills and ibm shows them the ropes. >> sounds incredibly promising thank you very much, kate. >> so as jobs evolve and become increasingly more technical. the labor force has to evolve. how will we keep up? joining us know to talk about that is lee rainie from the pew research center. thank you for being here >> happy labor day. >> happy labor day to you and to all of you out there lee i want to make sure the workers actually have the right skills and are properly trained. >> well there is a tremendous amount of communication in all places related to that question it starts with companies doing a lot of work to retrain and

upscale workers. colleges, community colleges, and even high schools now are also thinking about training programs that not only give people the foundational skills for the new workplace but also are essentially teaching people how to be lifelong learners, because that's a widespread expectation about how people are going to live in the workplace in the future. >> yeah, it seems like things are changing so quickly you have to be constantly learning to keep up. you know we talk all the time about how robots are taking over the world, rise of the machines that workers should be fearing about a robot taking over their job any day now. are there jobs out there that aren't threatened by something like this. >> well a lot of high-touch jobs are not in danger of being outsourced to robots anything that involves dealing directly with people and taking care of them, either their needs in health or their needs in other places it's not likely that hair stylists or physicians or even folks who are tending to the needs of people in nursing homes will be replaced by robots any time soon. >> that's true i don't want robots after my kids any time soon what do you think are the jobs

of the future that we haven't thought of. >> analysts talk about two kinds of trends. one is at the high end of the market, where s.t.e.m. jobs, science, technology engineering and math kills are more precious and highly rewarding. they talk about changes at the lesser end of the spectrum where just literally taking care of people is going to be a high growth set of industries of course the rise of the internet of things where all the devices are connected, and all the data has to be analyzes there will be jobs for people writing algorithms researching the impact of algorithms, negotiating the challenges of reputational risk that lie out there, as well as threats to privacy >> if we think workers are going to have to change in their viewpoints and constant learning, and we think jobs will be constantly changing, my guess is you must think that higher education is going to have to change to keep up too. >> yeah, the business model of higher education is one of the ones that's now being deeply

disrupted. many colleges feel they're under pressure to produce graduates who are attuned to the new workplace. and they are inventing all sorts of new programs starting with online learning or hybrid courses that is involve classroom work as well as online work together. they're also doubling down on the relationship with alumni one of the things colleges promise students is that we'll stick with you as changes evolve in the work life. >> what does the future hold for manual labor, somebody without advanced education degree? >> it's a job that's going to keep evolving with more pressure put on people having critical thinking skills or deeply analytical skills or even highly sophisticated communication skills machines will take over functions now that are highly

rutanized and repetitive manual workers will be under pressure to master machinery to help in jobs and essentially live with the machines at their side. that's bad news for any technophobes like me >> lee rainie thank you. >> now here's a look at what's making news as we head into the new week on the money. the economy added 156 new jobs last month but that was below expectations the unemployment rate edged up to 4.4%. average hourly wages increased.19% and there was strength in the manufacturing and construction the do you moved to 22,000 during the week shaking off concerns about hurricane harvey and missiles coming from north korea. the nasdaq and the snp 500 were strong with the nasdaq setting a new record on thursday stocks climbed once again on friday the american economy grew at a faster pace. the gross domestic product which is the broadest measure of the size and scope of the economy increased at 3% last quarter the best since the first quarter of 2015. consumer spending and business investment were strong

and there may be a ford in dominos future a self-driving one, in fact. ford and dominos will be testing self-driving pizza delivery trucks later this month. the vehicles at least initially will have a human onboard. the images and stories this week from texas are tragic it's estimated more than 20 trillion gallons of rain fell in houston alone zjust since the storm made landfall. that is enough to supply new york city water needs for over 50 years as many as 13 million people in five states directly are impacted by the storm. but it may end up having an effect on all of us. joining us right now in dan leonard. senior meteorologist with the weather company. dan, it's good to see you by trying to get our arms around this is something else

you know the damage estimates are north of $150 billion. nobody is sure what to think but how is the storm different from other hurricanes in the past like katarina >> right, so obviously we have had some big hurricanes in the past that hit the gulf, we had katarina and rita in 2005. and what really made this one special was obviously the flooding we had big flooding in katrina, because it was largely caused by that levee breach. and that was why it was so destructive in new orleans but the important takeaway here is even though with had more death toll in new orleans this flood hit a bigger economic center of the u.s. that's really what we will feel as far as repercussions go when i take to traders every day giving forecasts they're really really concerned about another potential hit into the texas or louisiana region going forward i think that's really what we got to focus on over the next week to week and a half or so. >> part of that impact has to do with the refineries harvey shuttered more than 20% of the u.s. oil refining capacity what does that mean for the price at the gas pump? >> we're obviously paying more not just at the gas pump but

remember the refining process makes other products, it makes jet fuel, petroleum products like plastics. overall you're looking at higher prices across the board. not just at the gas pumps, but gas in general probably up 25 cents to 30 cents or so. at least that's what futures are saying as we get into october. now what's important to remember is that going forward is if we get another system in the area that could further intensify the problem. i think that's what we have to be completely focused on over the next -- going into the rest of the hurricane season. and there is another storm out in the atlantic we've been talking about a lot, irma, a category 3 storm right now and if that happens to get in the gulf of mexico -- it's unlikely but if it does we'll look at significant problems next week and beyond. >> thank you so much for your time today. up next we're "on the money. warren buffett's company geico insuring half a million cars in texas.

trying to help drivers there get your financial house in order as the summer comes to a close. we help you get your savings strategy back on track let's look at how the stock market ended the week.

how much would you pay for lunch with warren buffett? this year's winning bid was $2.68 million in the annual auction that goes to benefit glide a san francisco charity for the homeless after the lunc i asked the oracle of omaha for his assessment of damage done in houston by hurricane harvey. >> in the case of our particular company, we write about 10% of the auto insurance in texas. we probably have 500,000 or so cars insured in that area. >> through geico. >> for geico i wouldn't be surprised if we had 50,000 losses and most total

losses we have to get tens of thousands of cars in there because a person has enough trouble with the house and everything else. they need a car. and it's how you perform at a time like this this really defines whether your insurance company is doing the right job >> let's talk about gdp. we did get a second quarter read on the second quarter gdp, which was 3% better than people thought does this feel like a 3% gdp economy to you >> no it's been about 2% a year now since the fall of 2009 eight years. it's been remarkably close to that most of the time. i would guess we're in about a 2% growth economy now. but 2% is not bad incidentally. >> warren, let me ask you about north korea. because i know that this is an area that you've had a lot of concerns about how concerned are you about the situation right now given the missile launch that went over japan this week. >> i've been concerned since 1945 when the first atomic bomb

was used we have developed over these 72 years the ability to almost destroy civilization and you have people around the world -- you have individuals, groups and you have maybe a few nations that would like to inflict enormous damage. north korea is a classic example. i mean, they -- here is a relatively poor country spending a lot of their funds on developing an icbm maybe that can hit the united states well that's -- you know that doesn't make any sense if they're doing it just because they like to play with tinker toys or something. and the more people that have that ability, it's the more dangerous world obviously as more people get the weapons. >> tim cook, the ceo at apple there, he has been fairl outspoken recently about some disagreements with the trump

administration and some of the actions of donald trump, the president. you have been uncharacteristically silent. in the past you've been outspoken about politics why silence now? >> i am not in the business of aching any president nor do i think i should be. i've lived under 15 presidents and i bought stocks under 14 out of 15. so i -- this country will move forward. but it is important the government functions well. i'll take a position in the 2020 campaign the 2018 for that matter but i won't say if my candidate doesn't win. and probably half the time they haven't over the years that i'm taking my ball and go home. >> you know you mentioned the 15 presidents you lived under that's because you're 87 years old today and we want to wish you a happy birthday. >> too bad there is not enough there for you. again warren buffett's birthday was this past

wednesday, he turned 87 years old. happy birthday to him. and in case you wondered, no, i didn't get any of that cake. up next "on the money. say goodbye to summer, everybody and hello to savings we'll help you get finances back on track just in time for the holidays later if you want a new car and don't want to go to the car dealer -- yeah, that's me -- a new app can get you in the driver's seat from rigyour phone thanks for loading, sweetie.

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it means back to school for kids, and it should mean back to business when it comes to finances emily bary is a financial reporter at barron's next. thanks for being here. >> thank you becky. >> back to the fall, back to school there's so many things you got going on why is this the right time to think about financial health too. >> right so maybe it's not just logical, spring cleaning or new year's resolution but a good option to hit the reset button process. maybe you are careless over the summer. >> it candaunting if your spending was out of control, you took a summer vacation maybe a little loose in the spending what do you do when the bills come in how do you face it. >> the top priority should be getting rid of credit card balance, putting yourself on a path to do that whether you had a balance sometime now or maybe you racked up spending from vacation or eating out a lot it's going to be hard to achieve financial goals if you're up against those interests. >> it's probably a good idea to check out different cards, figure out which one is the best which rewards program works. what are the best ones out

there? >> there's never been a better time to be a consumer in search for rewards cards. there is the chase sapphire, reserve card, chase sapphire preferred. amex platinum. if you're someone who pays your balance in full on time, these cards have high aprs, and you're planning on doing holida spending, vacation spending for winter trips, you might consider signing up for one of these cards. you can meet the minimum spending requirements to get the sign-up bonus. you should never spend just to get a sign-up bonus. >> what about in terms of interest rates on savings accounts i remember when it was so easy to shop around and get great savings account interest rates, but now everybody is about at zero >> interest rates in general are rising but with savings accounts they aren't and there is still stubbornly low. and the good news for consumers is that if you switch to an online savings accounts, you can

get good interest rates. >> they don't have the overhead. >> they don't have the rent, they don't have employees. >> yes. >> you can get maybe five times the interest that you would a traditional bank. >> like approaching 1%. >> or upwards of 1.2 ally and discover are two reputable ones that consumers can check out. >> thank you for the tips. >> no problem. thank you. >> up next, a look at the news for the week ahead and the smartphone app that can help you find the car and the financing to get you behind the wheel.

here are the stories coming up that may impact your money this week. on monday the markets are closed for the labor day holiday. on tuesday we'll be getting factory orders for durable and nondurable goods for july. wednesday the institute of supply management releases its nonmanufacturing index, that's a good read on the overall strength of the economy. and on thursday, it's national read a book day so do it thursday is the kickoff for the nfl season friday you we get the consumer credit record that measures consumer debt for july by now you know you can use for phone to get uber. that's just a ride you can now use your phone to buy a car and keep it. autogravity finds you a car and

financing all on the smartphone. andy hinrichs is the ceo thank you for being here today >> good morning thanks for having me. >> how does it work? >> we create add simple process where you can download a free app for apple or android select the car any make or model, find a dealer near you scan the driver's license and answer questions within a few minutes you receive up to four offers for a loan for the new car. >> that's great exciting process. about you it sounds like you're only part of the way there i can pick the things, get the financing setup for all this but i still have to go into a dealer haggle over price and be able to walk away. >> virtually all car buyers in united states require a lease or loan to buy the car. before you set foot in dealership, auto gravity equips you with the money you need. you know the monthly payment, how much money you can qualify for. that allows you to negotiate the right price with the dealer when you engage the dealership. >> here is my thing.

i'm under the impression when i walk into the dealer they may offer me a great price but they'll try to make up for it on the financing. if i walk in and i already have the financing, they can't maneuver or massage that, does that mean they're not going offer me as low of a price for the sticker price itself >> autogravity is all about a fair deal. we're working with the same lenders the dealers work with. the consumer on one hand gets the transparency and the empowerment to know what they qualify for. on the other hand for the dealer it's a highly efficient process. by the time the customer sets foot in the dealership, the dealer knows this customer is a willing, ready buyer and the can afford this transaction. >> how do you make money on this >> we make money based on success. if a transaction happens, we get a small commission from our lending partners and dealer partners but most important for the consumer, this is a free app

with no strings attached you can try it without any commitment >> who is doing this which consumers? i'm guessing millennials who are used to doing everything on their phones >> millennials represent two thirds of the platform in the first year we had half a million users use auto gravity we had financing requests approaching $1 billion on the platform >> thank you for your time today. >> thank you very much >> thank all of you today. that's our show. i'm becky quick. thank you for joining us next week as school is under way we'll show you how khan academy is part of many classrooms we're "on the money" have a great holiday labor day weekend. we will see you next weekend my friend susie cracks me up. but one laugh, and hello sensitive bladder. ring a bell? then you have to try always discreet. i didn't think protection this thin could work. but the super absorbent core turns liquid to gel.

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hey there, we're live at the nasdaq market site on the eve of this long weekend. before you take out thos hamburgers and hot dogs, here's what's coming up ♪ ♪ have you driven a ford lately ♪ >> investors have and shares surge. but if you're tempted to take them for a spin, don't there's something in charts that looks troubling. we'll explain. plus -- >> money will always be paper. but gold will always be gold >> gold's doing something it hasn't done since 2011 and it could spell more gains ahead.