hi, everyone. welcome to on the money. i'm becky quick. on this labor day weekend we look at the jobs of the future, what they are, who will get them and what jobs will go away. what warren said. 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. >> a financial cleanup from the credit card to the bank account. how to get the most. if buying a kau fill you with dread, there's an app for "on the money" starts right this is on the money, your money your life your future. now becky quick. we begin with j

future this labor day weekend. how will americans work in five, 10 or 15 years? some of the jobs will be in fields you have never heard of and some here right now. kay rogers looks at block chain which some compare to the early days of the internet it sounds confusing that is the cover story today. >> what is block chain? 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 linked tokt. it allows government agencies or companies to set aup 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 abilitily increases the level of confidence in that data. >> the technology was first developed as part of the digital currency bit skoun but now you the use is expandsing to insurance retail

other industries. big and small looking for ways to use block chain, investing more than $1.0 billion in this technology last year. ibm is one of the front runners helping the companies simplify complex business. . they partnered with wal-mart to use block chain 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 block chain, this trace and track ability capability, used to take almost six days and another 20 plus hours. was reduced to 13 seconds. >> to work in block chain prior experience in coding and computer science is helpful but not necessary. ibm has some 1500 plus workers in the block chain services around the globe. and is looking to hire an additional 150. they're also hiring what they call new collar workers who might

experience in technology. it's 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. >> sounding promising thank you so much. >> so as jobs evolve and become increasingly more technical. the labor force has to evolve. how will we keep up? lee rainie joins us director of internet and technology research at 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 kmurn 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 becaus

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 wsh workers should be fearing about a robot taking over 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 the 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 trends.

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 all the data has to be analyzes there will be jobs for people writing algorithms be, 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 viewpoint 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 a as they're under pressure to

workplace. and they are inventing all sorts of new programs starting with online learning or hybrid course that is involve classroom work as well together. they're also doubling down on the relationship with alumni. one of the things colleges promise is we'll stick with you as changes evolve in the work life. >> what does the future hold for manual labor, somebody without advanced skraegs degree? >> it's a job that's going to keep evolving with more pressure put on people having critical thinking skills or deeply analytical schools or sophisticated communication skills. machines will take over function that is are route evenized and represent ettive. 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 tech know foebs

>> lee rainie thank you. >> mere 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 dow moved down during the week shaking up concerns about hurricane harvey and missiles coming from north korea. the nasdaq and the snp 500 were strong with the nasdaq set agnew record thursday. stocks climbs once again and friday. america 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 dom knees future a self-driving one. ford and

self-driving pizza delivery trucks. the vehicles at least initially will have a human onboard. the images and stories this week from from texas with tragic. estimated more than 20 trillion gallons of rain fell in houston alone sus just 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. fwu 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 m

special was obviously the flooding. we had big flooding in katarina. but that was largely caused by the levee breach. and that was why it was so destructive there. but the important take away 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. >> part of that impact has to do with the refineries havrery 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 products makes other products. jet fuel, petroleum products like

overall you're looking at higher prices across the board. gas in general up 25 to 30 cents or so. at least that's what futures are saying. 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. that's what we have to be completely focused on over the next -- 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 on the money. warren buffett company geico insuring half a million cars in texas. trying to help drafrs 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

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irchlts 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 pl after lunch i asked the oracle of omaha for his assessment of damage done in houston by harvey. >> in the case of our particular company, we write about ten% 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 thousds

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 is doing the right job. >> let's talk about gdp because we got a second quarter read on the second georgia quarter gdp 3% 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. and it's been harkably 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

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 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 kook at apple, the ceo there, he has been fairly outspoken recently about some disagreements with the trump dprgs and some of the actions of donald trump, the president. you have been uncharacteristically silent. in the past you've been outspoken about the

silent 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 birthday was past wednesday turned 87 years old happy birthday to him. and in case you wondered no i didn't get any cake. up next

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the labor day weekend marks the unofficial end

meaning back to school for kid. 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. it'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. >> if your spending was out of control 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 hard to keep the financial goals if you're up against the interest. >> it's probably a good idea to check out different cards, figure out which one is the best which rewards program

there. >> there's never been a better time to be a consumer in terms of reward cards. there is the chase sapphire, reserve card, chase sapphire preferred. amex platinum process if you're someone paying the balance in full the cards have high aprs and planning to do holiday 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 bone us. >> what about interest on savings accounts. it was so easy to shop around and get 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 the good news is that as you switch to online savings accounts

rates. >> they don't have the overhead. >> they do 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. allied, discover, to o twokind of reputable ones. >> thank you for the tips emily. >> no problem. thank you. >> up next, a look at the news for the week ahead and the smartphone app that can find the car and the financing to get you behin

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here are the stories coming up that may impact money this we can. on monday the markets are closed for the labor day holiday. on tuesday we'll be getting factory order for durable and nondurable goods for july. wednesday the institute of supply management releases on the nonmanufacturing index. a good read on the overall strepg of kbhee and it's national read a book day so do it. the thursday is the kickoff por the nfl season. friday you we get the consumer credit roert that measuring 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

antedy behind ricks 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 a.m. and 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 lien orr loan orin 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 are you step foot in the darrellship autogravity sets you up with the money. you know how much you can qualify for. that allows you to

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 the great price but make up for it on the if financing. if if i railro have the financing and they can't maneuver that does that mean they won't offer me as low a price. >> autogravity is all about a fair deal. we're working with the same lenders the dealers work with. the consumer on one hound 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 ready willing buy are and they can afford this transaction. >> how do you make money on this? >> we make money based on success. it's a -- if the transaction happens we get a small commission turbthe lending partners and dealer partnering

consumers in a free app with no strings attached. you can try it without any -- any commitment. >> who is doing in? which consumers? i'm guessing millennials who are used to doing everything on phones. >> millennials represent two thirds of the platform. in the first year we had half a million users use it. and we had financing requests approaching $1.0 billion. >> thank you very much. >> thank you. >> thank you all that is 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 classroom. we're "on the money" have a great holiday labor day weekend. we will see you next weeke

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that's not how this works... the labor day sale is on now at havertys. life looks good good morning, america. breaking overnight, h-bomb fear. north korea's latest nuclear test. kim jong-un claiming he's got a hydrogen bomb that can be loaded on a long-range missile. the underground test setting off an earthquake. the world reaction this morning. and what it could all mean for our national security. we have team coverage this morning. the comforter in chief. president trump paying a second visit to texas after hurricane harvey. saying texas will recover and rebuild. >> they say two years, three years. i think because this is texas, you'll probably do it in six months. i have a feeling, right? >> evidence of the massive cleanup lining the streets. and the challenge for damaged schools.