Adam Davidson

One jobs number gets all the attention: The number of jobs lost or gained in the previous month.

That number is important. But focusing too much on the net change in jobs can be misleading. It gives the impression that a job is like a widget — it's something that gets made in a factory somewhere, and that we hope exists forever.

That's not how it works. Even in good economic times ,new jobs are constantly being created and old jobs are constantly being destroyed. (Of course, you do want the number of jobs created to exceed the number of jobs destroyed.)



This is ALL THINGS CONSIDERED from NPR News . I'm Melissa Block.


And I'm Audie Cornish.

And a record close. That's what we've been hearing both today and yesterday as the Dow Jones industrial average climbs upwards.

BLOCK: That may be an ear-grabbing headline after a recession and years of unimpressive growth. But we begin this hour with a different take from Adam Davidson of NPR's Planet Money. Hey, Adam.




It's ALL THINGS CONSIDERED from NPR News. I'm Audie Cornish.


And I'm Melissa Block.

Is China an economic partner, an adversary, or both? In last night's debate we heard slightly different answers from President Obama and Mitt Romney.


MITT ROMNEY: We can be a partner with China. We don't have to be an adversary in any way, shape or form. We can work with them. We can collaborate with them, if they're willing to be responsible.

Peter Frew is one of a tiny number of people left in the United States who can — entirely on his own, using almost no machinery — make a classic bespoke suit. He can measure you, draw a pattern, cut the fabric and then hand-stitch a suit designed to fit your body perfectly.

Frew spent more than a decade as an apprentice for a remarkable tailor in his native Jamaica. He now sells his suits for about $4,000. Since New York is filled with very rich people who see their suits as an essential uniform, Frew has all the orders he can handle.

Every day at 11 a.m., a few big banks tell the British Bankers' Association what it costs them to borrow. Out of that comes LIBOR — the London Interbank Offered Rate, a dull but vital interest rate that underpins trillions of dollars of transactions globally, from home mortgages and personal credit cards to major corporate lending.