The Ice is Finning, economically speaking.

From Marketplace, I'm Sabrie Benashore in for David Brancaccio.

Finning Ice in a moment.

First, Nordstrom's department stores could go private if a bid by the founding family the company goes through.

The bid comes as department stores have struggled to compete in the changing retail landscape

as Marketplace's Henry Up reports.

The great-grandson's founder are offering $23 a share for control of their family's company.

That's a far cry from the $50 a share bid they made back in 2018, which the company's board rejected.

And the department store sector has changed a lot since then.

High inflation and high interest rates, coupled with the rise in online shopping, driven some customers away and that's pushed

some chains to consolidate. Macy's plans to close 150 stores and put its focus on its luxury

brands. The owner of Sachs Fifth Avenue agreed to buy Neiman Marcus for over

two and a half billion dollars this summer. Nordstrom sales have been a bit stronger

than some rivals but its stock price is down about 25% over the last five years.

I'm Henry App for Marketplace.

Private payroll company ADP reports 99,000 jobs were added to the economy in August that is less than the

111,000 added in July and yesterday the Bureau of Labor Statistics reported that the

number of people leaving their jobs by quitting or being laid off or fired or retiring that number number

in August. So let's figure out what this all means with Diane Swank, chief economist, the audit tax and advisory firm KPMG.

Good morning. good morning.

Good morning.

So let's start with the ADP report 99,000 new jobs in August.

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