Every weekday, host Kai Ryssdal helps you make sense of the day’s business and economic news — no econ degree or finance background required. “Marketplace” takes you beyond the numbers, bringing you context. Our team of reporters all over the world speak with CEOs, policymakers and regular people just trying to get by.
AI-tested, artist-approved poisoning tools
To train generative artificial intelligence models, many companies use images they find online without paying the artists. We’ll hear about two tools that help creators protect their work from being scraped for data. Also in this episode: Recruiting and staffing jobs are on the rebound, streaming services struggle to turn a profit and unregulated space pollution poses a threat to Earth’s atmosphere.
2/6/2024 • 30 minutes, 6 seconds
Hiring or hunting, this job market is tough
The tight labor market means employers are competing for workers, sometimes strenuously. But it isn’t all smooth sailing for job searchers either — prolonged interviewing and companies’ recession fears mean scoring a job can be tough. In this episode, what’s worse: trying to hire or get hired? Plus, a website that uses “Seinfeld” to explain legal policy, a look at how immigration stabilizes our economy and a tour of zero-carbon homes in coastal California.
2/2/2024 • 27 minutes, 21 seconds
Silence isn’t golden if you’re a TikTok creator
Universal Music Group pulled its songs from TikTok after the video platform’s license expired Wednesday. Now, creators will have to avoid using some of today’s biggest hits. Also in this episode: what it means when the BLS says productivity is up, why it matters that wage gains are slowing down and how popular food brands are connected to prison labor.
2/1/2024 • 28 minutes, 5 seconds
Forever renters
For some Americans, buying a home feels like an impossible goal — especially in this market. Maybe that’s why more renters than ever say they’re likely to be renters for life. In this episode: Homeownership is out of reach for some and just not a priority for others. Plus, the Federal Reserve hints at when we might see interest rates cut, and AI training methods raise ethical questions about “fair use.”
2/1/2024 • 26 minutes, 40 seconds
Wait … how big is our debt?
At $34 trillion, U.S. federal debt is at a record level. And economists say we’re entering uncharted waters with a 120% debt-to-GDP ratio. So, when should we start to worry? Also in this episode: Consumer confidence reaches a two-year high, activity heats up in the corporate bond market and beef Wellington takes center stage at Shanghai restaurants.
1/31/2024 • 27 minutes, 11 seconds
The office support jobs’ sluggish comeback
Jobs in office support (think custodians, security guards) grew just 2.6% in 2023, according to a Bureau of Labor Statistics report tracking employment in different sectors. That may reflect a sluggish return to in-person work more than growth in the sector. In this episode, the office support ecosystem. Plus, Baltimore will use blockchain tech to battle vacant homes, teen employment hits a 14-year high and importers struggle with price spikes.
1/30/2024 • 28 minutes, 2 seconds
If the economy’s so good, what’s with all the layoffs?
The U.S. economy has had a sunny start to 2024 — so why is corporate America laying on the layoffs? Plus, the effects of “digital redlining” in the rural South; the Biden administration takes a closer look at liquefied natural gas exports; and apparel brands recruit the help of “mid-size” influencers to more effectively court consumers.
1/26/2024 • 26 minutes, 33 seconds
Cha-ching! Can you hear the economy growing?
The latest reading on the U.S. economy shows unexpected growth, led by spending on hotels, dining out and video games. We check in with some businesses that are feeling the consumer love. So that’s how the economy is doing. But how are people feeling about it? Split, according to a new poll that shows a growing divide between what high- and low-income earners think. Also: Profits from home sales fell but are still more than double what they were five years ago. And a doctor talks about her book on racism in medicine.
1/26/2024 • 25 minutes, 37 seconds
The New Deal’s legacy
When FDR’s administration created the New Deal, the relationship between the government and the economy changed forever. In some ways, Biden is trying to make a similar impact with more than $1 trillion authorized by legislation like the CHIPS Act and the Inflation Reduction Act. In our new series, “Breaking Ground,” we’ll be visiting communities across the country to see how the infusion of cash might change the economy. Today, we dive into what was accomplished with the New Deal and how it changed American society.
1/25/2024 • 25 minutes, 50 seconds
How much do you spend on sports?
The next big thing in streaming is undoubtedly live sports. The NFL’s first streaming-only game smashed records recently. The next big thing in sports, though? Gambling, which is becoming more accessible and more addictive. In this episode, fans spend on streaming and spend bigger on gambling platforms. Plus, New York City retail rents stay soft, organic certification comes at a price and middle managers have the worst time at work.
1/24/2024 • 28 minutes, 27 seconds
The honk-shoo-mimimi economy
Sleep aids and supplements, sleep tech and regular old mattresses make up a $100 billion global market combined. Which makes sense, since two-thirds of Americans don’t regularly get deep z’s. In this episode: How much would you pay for a good night’s sleep? Plus, Nordstrom’s challenge to straddle two retail worlds, AI might not take your job after all, and activist shareholders cause a stir at Exxon.
1/23/2024 • 27 minutes, 20 seconds
What does an “almost” government shutdown cost?
Congress narrowly avoided yet another government shutdown today, keeping thousands of federal employees in their jobs by basically extending last year’s budget for the short term. But being buzzer beaters comes at a price: Pushing back the budget deadline can cost federal departments precious time and representatives the trust of their constituents. Also in this episode, the New Deal history of Los Angeles freeways and the North American fruit you won’t find at most grocery stores.
1/20/2024 • 26 minutes, 26 seconds
“Treasury is used to doing what Treasury wants to do”
Though the IRS doesn’t collect racial data, it is significantly more likely to audit Black earned income tax credit filers than those of any other race. Dorothy Brown, a scholar of tax law and race, is part of a Treasury advisory committee on racial equity, and so far, she said, Secretary Janet Yellen hasn’t embraced the group’s recommendations as a priority. In this episode, the slow-going fight to fix racial disparities caused by the tax system. Plus, what hiring managers mean when they label candidates “overqualified.”
1/19/2024 • 26 minutes, 46 seconds
In this economy, we’re focusing on the little things
Discretionary spending has had a good run recently, and the purchases aren’t skewing practical. Furniture retailers, for example, had a lousy 2023 — splurgy shoppers were more focused on Swift tickets than sofas. And looking to 2024, consumers plan to steer clear of big-ticket items and instead buy affordable luxuries like cosmetics. In this episode: Americans are in their “joy spending” era. Plus, financial planners are wary of the new spot bitcoin exchange-traded funds and everything seems to always be on sale.
1/18/2024 • 26 minutes, 18 seconds
Does your business need a loan? Banks aren’t your only option.
Increasingly, small and medium businesses are taking out loans with hedge funds or investment firms, which can have fewer restrictions than banks and might be more flexible on loan amounts. In this episode, the pros and cons of private credit. Plus, office downsizing could ramp up this year, Kroger and Albertsons want to merge, and U.S. agricultural imports will likely exceed exports this year.
1/17/2024 • 26 minutes, 45 seconds
ACA insurance sees record sign-ups
About 20 million Americans enrolled in Affordable Care Act health insurance plans this go-round — the most since ACA marketplaces started enrolling people in 2013. Open enrollment for 2024 coverage ends tomorrow for most Americans. In this episode, the pandemic policies that boosted sign-ups. Plus, corporations are already fighting for opioid settlement money, minority small business owners face barriers to borrowing and a tiny Georgia town’s port could be the future of U.S. auto shipping.
1/15/2024 • 27 minutes, 51 seconds
Gretchen! Stop trying to make recycled IP happen!
“Mean Girls” — a movie based on a musical based on a 2003 movie — comes out today. It’s not the first or the last time Hollywood has recycled a beloved plot and characters for a “new” audience. What makes movie remakes so grool? (Great plus cool, duh.) Also in this episode: tackling the question of the NFL’s future and young voters in Taiwan are focused on inflation and fear of war with China.
1/12/2024 • 26 minutes, 38 seconds
Not so fast, CPI!
The last consumer price index came out today. In short? Prices ticked up a bit more than expected. We’ll dig into two major line items: the cost of shelter (and why it’s a lagging indicator when it comes to the CPI) and grocery prices — for that, we’ll hear from shoppers themselves. Also in this episode, restaurants may be the new frontier for dynamic pricing, and farmers lacking child care options could get some help from the next farm bill.
1/11/2024 • 26 minutes, 25 seconds
What Alan Greenspan got right and wrong at the Fed
Alan Greenspan served as chair of the Federal Reserve for 18 years, cooling inflation in the 1990s and demonstrating that the Fed was independent from politicians. But he also made mistakes that helped lead to the financial crisis of 2008. In this episode, biographer Sebastian Mallaby dives into Greenspan’s complicated legacy. Plus, why beef and other animal product prices haven’t fallen to pre-pandemic levels, and what wholesale inventory numbers signal about the economy.
1/11/2024 • 26 minutes, 34 seconds
What are we gonna do with all this empty space?
Nearly 20% of office spaces across the U.S. are vacant, new data shows. Many companies solidified their back-to-office policies in the past year, so why are buildings emptier than ever? And in Shanghai, retail vacancies remain higher than pre-pandemic levels — yet small-business owners are struggling to find affordable storefronts to lease. Also in this episode: The Biden administration passed a new rule that could classify millions more gig workers as employees, and economists aren’t concerned about the U.S. trade deficit.
1/10/2024 • 26 minutes, 36 seconds
According to my Magic 8 Ball …
It’s a new year, and that means experts — and nonexperts — have lots of guesses about what 2024 may hold. In this episode, we’ll talk about some of those predictions. Will inflation hit to 3%? Will consumer credit keep ticking up? Will gas prices drop below $3 a gallon? Signs point to yes. Plus, Houston has been nationally recognized for its successful Housing First approach to homelessness. But keeping up those programs will mean more funding, especially as housing costs rise.
1/9/2024 • 27 minutes, 51 seconds
In? Ice cream. Out? Cookies.
In/out lists are, like, so “in” right now. On social media, they’re a way to forecast what trends people will and won’t be fans of in the new year. So for this episode, we asked economists to predict what will be in and out for the 2024 economy. Plus, some sweet stories: an ice cream entrepreneur settles into a long-needed production facility, and Google Chrome begins phasing out third-party cookies. (But that doesn’t mean no more targeted ads.)
1/5/2024 • 26 minutes, 26 seconds
This isn’t the old normal
Nearly four years since the pandemic began, the labor market seems to be returning to pre-COVID trends. But just because the numbers look similar doesn’t mean the landscape of work hasn’t evolved. In this episode, how and where Americans work now. Plus, mobile shopping surpassed other online shopping modes this holiday season, firms might have shifted the timing of layoffs to protect their brands and Microsoft updated its desktop keyboard for the first time in 30 years.
1/4/2024 • 26 minutes, 31 seconds
After incarceration, inclusion matters
Nearly half of all Americans have a family member who’s spent time in jail or prison — the economic effects of which are far-reaching. In this episode, we’ll hear from sociologist Reuben Jonathan Miller, who studies what he calls the “afterlife” of incarceration, about how we can better support formerly incarcerated individuals and why he’s focusing on those charged with violent crimes. Plus, it’s getting harder to identify ghost jobs, and “little change” is good news for the job market.
1/3/2024 • 26 minutes, 52 seconds
How will the markets fare in 2024?
2023 was full of uncertainty. What will 2024 bring? We asked some experts how the year could go, economically speaking. Spoiler alert: There wasn’t much consensus. In this episode, how geopolitical tension may affect financial markets in the new year. Plus, artificial intelligence tools give people with disabilities new avenues for communication, manufacturers weigh borrowing decisions ahead of potential rate cuts and a decline in temporary employment spells good news for the labor market.
1/3/2024 • 26 minutes, 47 seconds
New year, new minimum wage
Almost 10 million Americans just got a raise. More than 20 states are ringing in the new year with a higher minimum wage than they left 2023 with. In this episode, who will benefit most and how far we still have to go for a living wage to be the norm. Plus, the Permian Basin region attracts resource-rich oil investors, and landlords report rent payments to credit bureaus with mixed consequences for tenants.
1/1/2024 • 26 minutes, 44 seconds
Medicare’s New Year’s resolution? Bring down drug prices.
One in seven Medicare beneficiaries surveyed reported not filling a prescription due to high cost. The Inflation Reduction Act was meant to change this by allowing Medicare to negotiate the prices of 10 medications beginning in 2024. It’ll be a balancing act — bring prices down enough that they’re affordable, but not so low that drug companies exit the Medicare market. Also in this episode: French wineries suffer as red wine consumption drops, and new OSHA rules bring more transparency to on-the-job accidents at 50,000 workplaces.
12/29/2023 • 27 minutes, 29 seconds
The very hungry web crawler
The New York Times has sued OpenAI and Microsoft for allegedly using the newspaper’s content to train ChatGPT, the artificial intelligence chatbot. The outcome may answer some pressing questions about copyright law and the fair use doctrine. In this episode, we’ll break down data scraping — the content-copying practice at the heart of lawsuits like this one. Plus, credit unions profit big time from overdraft fees, Black Americans move south in a reverse Great Migration to flee pollution, and student loan borrowers aren’t back in the swing of things months after repayment restarted.
12/28/2023 • 27 minutes, 4 seconds
The 2024 election cycle is gonna be a pricey one
A new report predicts that the 2023-24 U.S. election cycle will be the most expensive ever, with more than $10 billion spent across platforms. We’ll dig into who’s providing those funds and how the financial race might unfold. Plus, a word of caution for retailers that hope to extend the holiday shopping season and New Year’s predictions for streaming services. Plus, will the housing market get slightly less terrible in 2024?
12/27/2023 • 28 minutes, 23 seconds
The inflation blame game
After the past couple of inflationary years, some consumers have come to accept that things cost more these days. But now that the inflation rate has come down, when will everything stop being inflation’s fault? In this episode, how still-high prices affect consumers psychologically. Plus, China’s property market impacts iron ore prices globally, families drown in toy clutter and next year, the car market could just chill out.
12/26/2023 • 27 minutes, 12 seconds
Eating out is gonna cost you
Though overall food inflation has slowed, the latest consumer price index shows the inflation rate for food away from home is higher than that of purchases from the grocery store. What mainly accounts for the gap is the cost of staff. We’ll talk to restaurant owners about rising wages and how they find a middle ground between bumping up prices and keeping customers happy. Also in this episode, more food stories: How the myth of the American diner came to be, who designs restaurant menus and why your candy canes might have cost more this year.
12/25/2023 • 29 minutes, 33 seconds
Extra to spend, extra to save
Some good news out of today’s personal consumption expenditures report, which tracked consumer spending in November. Disposable personal income rose, as did the personal savings rate. And some prices fell for the first time since spring 2020. Will consumer sentiment finally catch up to the improving inflation situation? Also in this episode: the wild ride NFTs have taken over the past few years and a debate between affordable housing and wetland restoration in one San Francisco Bay Area town.
12/22/2023 • 27 minutes, 5 seconds
All I want for Christmas is same-day shipping
With Christmas Day falling on a Monday, online shoppers are cutting it close if they haven’t ordered all their gifts yet. As consumers grow accustomed to same-day or next-day shipping from Amazon, Target and Walmart are trying to catch up. But a nationwide network of fulfillment centers isn’t built in a day. Also in this episode, the state of hunger in the U.S., the rise and fall of rentable e-scooters, and Buc-ee’s: an embodiment of American excess and efficiency.
12/21/2023 • 27 minutes, 3 seconds
All aboard the Marketplace time machine
The beleaguered housing market is showing signs of improvement, but how will things look in 2024? We decided to step into the Marketplace time machine with a few industry experts and report back from this time next year to see how the housing market is shaping up. Plus, McDonald’s takes on the beverage market, inflation comes for holiday tamale makers, Apple watches and the long history of U.S. patent wars, and political campaigns base their pitches on your personal data.
12/20/2023 • 27 minutes, 56 seconds
Sending money home
When workers send money to their home countries, it can have a huge impact on local and national economies. Remittances to low and middle-income countries were up this year, and the U.S. was the biggest source. In this episode, we’ll get into why migrants and immigrants have been able to send more cash than they used to. Plus, alternative investments take a wild ride during the pandemic, Canada breaks into EV battery production and 2022 unemployment hit a record low, new data shows.
12/19/2023 • 27 minutes, 30 seconds
Allow us to explain
When it comes to economic talk, inflation is a major topic these days. But the word for “getting inflation to slow down a bit” isn’t as well known. In this episode, we’ll talk to economists who tell us what the difference is between “disinflation” and “deflation” and why the Federal Reserve is aiming for the former. Plus, we’ll explain why stock indexes just shuffled their membership, how board games raise money and what the deal is with movie franchises flopping in theaters.
12/18/2023 • 27 minutes, 22 seconds
On the road to 2%, stay “patient, cautious and resolute”
As 2023 comes to a close, some economists would say we’re ending the year in a better place than they would have predicted in January — inflation has come down quite a bit and the economy is chugging along. But getting all the way back to 2% annual inflation will take persistence. In this episode, Raphael Bostic, president of the Atlanta Federal Reserve Bank, reflects on the economic year we’ve had. Plus, the psychology behind incremental mortgage rate drops and why the online gift guide business has exploded.
12/16/2023 • 27 minutes, 45 seconds
Can we ever get good news?
In the last week, we’ve seen some solid labor and retail data. Unemployment is low, job availability is high and consumers are spending more than they did last year. But in an economy that’s hyperfocused on tamping down inflation, what’s good for workers might not be good for prices. In this episode, what news is good news right now? Plus, flood history disclosure laws catch on, online shopping drives retail growth and developing countries can’t keep up with their debt.
12/15/2023 • 27 minutes, 19 seconds
What’s the Fed’s word of the year?
The Oxford English Dictionary’s word of 2023 is “rizz” — as in charming, skilled at wooing, cha-rizz-matic. Not a concept most people would apply to monetary policy. In this episode, economists weigh in on how the past 12 months have gone for the Federal Reserve’s mission, in just one word. Plus, car insurance costs more than it used to, solar and wind power may surpass the use of coal in the U.S. next year and a California startup fixes EV charging stations.
12/13/2023 • 26 minutes, 50 seconds
How’s everyone feeling?
Tracking how folks feel about the economy is always tricky. Recently, consumer sentiment hasn’t lined up with the mostly positive data on inflation. And while small-business owners are anxious about sales, they’re spending on equipment anyway. In this episode, we’ll look at where those mixed signals might be coming from. Plus, a small-town newspaper makes a big-time change, major retailers pull back on self-checkout and the real estate sales commission model could get thrown out in court.
12/12/2023 • 27 minutes, 35 seconds
Climate-friendly food is a global issue
Food chain resiliency is a central topic at COP28 — the U.N.’s global climate conference. So far, countries have pledged $3 billion to address the issue. In this episode, why agricultural sustainability is in the spotlight and what makes it, in some ways, more complicated than energy decarbonization. Plus, Amazon packages incite chaos in a rural post office, Wyoming has an EV charging station problem and we do some holiday retail check-ins.
12/11/2023 • 28 minutes, 6 seconds
Choo-choo!
The Biden administration announced it’s putting $8 billion toward expanding the U.S. rail system. Travel by train is climate-friendlier than flying or driving, and in parts of Europe and Asia, it’s commonplace. So why has the U.S. been slower to build high-speed rail? Also in this episode: Amazon Fresh delivery tries out subscriptions, part-time workers find full-time employment and it’s tricky to predict labor demand for the holiday season.
12/8/2023 • 28 minutes, 4 seconds
Higher ed got its credit report card, and it’s not straight A’s
Fitch Ratings issued a warning this week that U.S. colleges and universities are likely to encounter economic headwinds — bond investors beware. Declining enrollment, higher wages for faculty and staff and 2008 recession-era debt are all at play. In this episode, why some colleges may be affected more than others. Plus, artificial intelligence is already behind the scenes in Hollywood, rent-free housing comes with a cost and an electronic music store bides its time.
12/7/2023 • 27 minutes, 28 seconds
How the podcast bubble burst
Podcasting took off in a big way in 2015. But just eight years later, waves of layoffs and cancellations have made the future of the medium uncertain. In this episode, we’ll explore why podcasts are tricky to monetize, what the future of the industry could look like and how public radio fits into the whole thing — with help from “On the Media” correspondent Micah Loewinger. Plus, restaurants shed jobs, the gender gap in science and tech persists and supply chain logistics are stabilizing.
12/6/2023 • 29 minutes, 27 seconds
The ghosts of debt ceilings past
Despite all the angst over the national debt limit, extensions and last-minute compromises aren’t unusual — since 1960, Congress has fought over the debt ceiling 78 times. Although the U.S. has never defaulted, there have been consequences. In this episode, why debt ceiling battles haunt the nation’s credit rating. Plus, the financial strain on regional theaters across the country, as told by Danny Feldman, head of the Pasadena Playhouse.
12/5/2023 • 28 minutes, 44 seconds
Whaddya mean capital got “more expensive”?
Seventeen percent of Spotify employees were laid off today in the company’s third round of layoffs this year. CEO Daniel Ek says a major reason for staff cuts is that capital has “become more expensive.” But how can money suddenly cost more? In this episode, why companies that grew by borrowing a bunch are scaling back in a high-interest-rate environment. Plus, gold isn’t the stable investment some think it is, 3D-printed houses could aid the affordable housing crisis and going splitsies on dinner is now en vogue.
12/4/2023 • 29 minutes, 32 seconds
Just keep it
Over half of major retailers now have a “return-less” refund policy — aka, they’ll pay you to keep not-quite-right items — according to a goTRG report. Returns cost retailers a lot, so why take stuff back? In this episode, big-box stores are adopting this practice (but not necessarily advertising it). Plus, the “endless shrimp” offer tanks Red Lobster profit, farmers try to monetize carbon-trapping agricultural methods and the manufacturing sector shrinks.
12/1/2023 • 28 minutes, 16 seconds
The urban-rural wage gap
People in cities have, on average, made more money than people in rural parts of America for decades. Now, that disparity seems to be widening. In 2023, urban dwellers are making 23% more than rural ones, compared to 20% more before the pandemic. In this episode, why inflation, telework and higher education all play into the urban-rural wage gap. Plus, more older Americans are still paying off their mortgages, ESG investing goes under the microscope and global markets don’t quite believe OPEC+.
11/30/2023 • 29 minutes, 44 seconds
An oil exec hosting COP28? Surprise!
The United Nations’ climate change conference kicks off tomorrow in Dubai, United Arab Emirates, where tens of thousands of global leaders, experts and activists will discuss how to reduce greenhouse gas emissions. However, the host country’s main export is fossil fuels and the host of the event is CEO of the Abu Dhabi National Oil Co. In this episode, could conflicting interests stall progress in the transition to renewable energy? Plus, hybrid and electric vehicle sales ramped up while overall consumer spending slowed down in Q3.
11/29/2023 • 29 minutes, 2 seconds
Are we there yet? How about now?
We’ve been talking about making an economic “soft landing” for over a year — but how will the Federal Reserve know we’re there? In this episode, Chicago Fed President Austan Goolsbee tells us what indicators he looks at to gauge inflation trends and why cooling the economy is sorta like cooking a turkey. Plus, we’ll answer some business world questions: How is the chemicals sector doing after a pandemic boom? Why are corporate profits trending down? What does a board of directors do?
11/28/2023 • 28 minutes, 50 seconds
Global trade may be back on track
After a yearlong slump, the World Trade Organization said the volume of global trade in goods is set to rebound in the coming year. Leading the charge will be auto parts and electronic components, the WTO said, particularly because demand for electric vehicles is high. In this episode, what it’ll take for global trade to return to pre-pandemic levels. Plus, retailers need those holiday discounts to draw customers, utility companies test out geothermal networks and newly built homes drive the homebuying market.
11/27/2023 • 30 minutes, 28 seconds
Shoppers love easy returns. But retailers aren’t sold on ’em.
Americans will drop $37 billion online this long holiday shopping weekend, according to Adobe Analytics. A lot of those consumers are counting on free, easy returns if their items don’t work out, but retailers are unhappy with how much that process costs. In this Black Friday episode, whether stores will ever shrink that return window or go back to charging you for changing your mind. Plus, noisy workplaces, the cookie decoration business and Queen Nefertiti, the original beauty influencer.
11/24/2023 • 27 minutes, 23 seconds
It’s all about that holiday spending
It’s not just you: The holiday shopping season really did start sooner this year. Retailers are competing for consumer dollars with sales and discounts, early and often. Plus, tomorrow is one of retailers’ favorite holidays: Black Friday. But the lines between in-store and online shopping are blurring. Later, we hear about post-breakup splurges and healthier habits for night shift workers.
11/23/2023 • 27 minutes, 49 seconds
Grocery prices are a little less stuffed this Thanksgiving
The Farm Bureau says Thanksgiving meals will cost a bit less than they did in 2022. But everyone experiences the economy differently. So we talked to last-minute grocery shoppers in Houston about the prices of holiday essentials, from turkey wings to mac and cheese ingredients. Also in this episode: Google makes a business out of CAPTCHA puzzle data, the FCC wants to ban cable cord-cutting fees and OPEC+ delays a key meeting.
11/22/2023 • 28 minutes, 2 seconds
Happy birthday, ChatGPT!
Next week marks one year since ChatGPT debuted, kicking off a surge in generative artificial intelligence products. In just a year, AI has gone from a futuristic concept to a tool tons of companies have incorporated into their workflows. In this episode, the growth in AI use and why some people still don’t trust it. Plus, homebuyers are getting older, migrants who lack work permits are desperate to find jobs and more Americans are pulling cash out of their retirement accounts.
11/21/2023 • 26 minutes, 50 seconds
What’s next for the artificial intelligence industry?
OpenAI, the company behind ChatGPT, ousted its CEO Sam Altman last week. Chaos ensued. Now, although Altman has already scored a job at Microsoft, most of OpenAI’s employees are threatening to quit if he isn’t reinstated. In this episode, we’ll talk about what could be next, from an employment shakeup to more regulations. Plus, SNAP approval in some states takes months, Argentina’s president-elect wants to swap the peso for the U.S. dollar, and applications to borrow money are down.
11/20/2023 • 29 minutes, 48 seconds
Capitol Hill doesn’t love this crop insurance program. Some farmers say they need it.
There is a provision in the newly passed farm bill extension has enemies across the political spectrum: the Federal Crop Insurance Program. Left-leaning groups believe it doesn’t reach a breadth of farmers, and conservative ones think it encourages unnecessary risk. But some farmers rely on the program and say without it, food prices would skyrocket. Also in this episode, Apple plans to make it easier for iPhone and Android users to connect, and Utah is on top when it comes to labor force participation.
11/18/2023 • 29 minutes
The calm after the employment storm
At last, the labor market is showing signs that it’s finding a happy medium: New unemployment claims are inching up while overall unemployment is still at a historic low. While this isn’t the gangbusters labor market of summer 2022, it’s also not the COVID shutdown, with sky-high furloughs and layoffs. In this episode, why slowed hiring is a good sign. Also, retail stories, big and small: big-box stores cut costs where they can, street vendors scrape by and Toyota sticks to hybrids.
11/16/2023 • 27 minutes, 35 seconds
Milton Friedman’s impact
Like it or not, economist Milton Friedman had lots of ideas that still affect economic policy and programs. In her new book, “Milton Friedman: The Last Conservative,” Jennifer Burns writes about Friedman’s complicated position as a contrarian among economists of his time and as an adviser to members of the Republican Party. We’ll hear from her about Friedman’s life and economic beliefs. Also in this episode: international student enrollment and discretionary spending.
11/15/2023 • 29 minutes, 48 seconds
Climate change could heat up long-term inflation
Climate change may have us spending more on food, health care, home repairs and more, according to the Fifth National Climate Assessment, published by the federal government. The fact is, climate change is already impacting many aspects of our daily lives. In this episode, we’ll talk about how it’ll also impact our wallets. Plus, ESPN launches its sports betting platform, travel should be a little cheaper this holiday season and a leading U.S. port gets updated infrastructure.
11/14/2023 • 27 minutes, 30 seconds
Once again, a shutdown looms
Congress is facing yet another government shutdown deadline at the end of this week. If a deal isn’t reached by Friday at midnight, hundreds of thousands of federal workers will stop getting paid, which may have broader economic ramifications. In this episode, we look at what might happen in the event of a shutdown, from airports to the nation’s global reputation. Plus, a shift in how medical spending is calculated for the CPI, a monetary vs. fiscal policy refresher and a war over groundwater in the Southwest.
11/13/2023 • 29 minutes, 40 seconds
Consumers are feeling Scrooge-y about the economy. Will they spend less for the holidays?
Consumer sentiment just dropped to a new six-month low, according to the University of Michigan’s consumer survey. But in this post-2020 world, how folks feel about the economy doesn’t always line up with how they spend. In this episode, we’ll dig into that disconnect and how it might affect holiday retail outcomes. Plus, the farm bill expires soon, community college students have trouble transferring credits to four-year institutions and not even the Federal Reserve knows exactly why long-term bond yields are so high.
11/10/2023 • 27 minutes, 40 seconds
More Americans than ever are enrolled in ACA coverage
More than 16 million people signed up for health care coverage last year through federal or state marketplaces, which were made possible by the Affordable Care Act. One reason that number is so high? Subsidies for ACA plans were more generous in 2021 as part of a pandemic relief program. In this episode, we’ll check in on the program’s success. Plus, the creator economy goes untracked by the U.S. government, Albuquerque makes free public transit permanent, and “hot desking” irks workers.
11/9/2023 • 30 minutes, 5 seconds
A “laddered” continuing resolution, explained
House Republicans are floating a new idea for staving off a government shutdown: staggered funding deadlines for different parts of the government, or, as they’re calling it, a laddered continuing resolution. In this episode, we’ll talk to political experts about what this type of CR could look like and if it would work. Plus, small businesses crank out content, commercial airlines offer experienced pilots huge bonuses and while more Americans are behind on their debt, fewer are in collections.
11/8/2023 • 27 minutes, 36 seconds
Why China may be selling its U.S. debt
China is the second-biggest foreign holder of U.S. debt, but its total holdings recently hit a low not seen since 2009. In this episode, we’ll talk through a few theories on why China appears to be offloading U.S. Treasurys. Could it be trying to pump up the value of the yuan? Or has China just hidden a bunch of Treasurys? Plus, big-box retailers renovate to draw in shoppers, the repossession industry faces a repo man shortage, and corporate earnings reports go better than expected.
11/8/2023 • 27 minutes, 13 seconds
Undergrad workers unionize
From Harvard to the University of Oregon, a growing number of undergraduate students are forming labor unions. In this episode, we’ll talk to students involved in labor organizing efforts and hear what they’re hoping to accomplish. Plus, we’ll check in on loan delinquencies, bust the myth of the Great Wealth Transfer and assess whether the latest nationwide job numbers point to a coming recession.
11/6/2023 • 29 minutes, 35 seconds
Does the Fed control the economy?
When it comes to the Federal Reserve’s powers, raising or lowering interest rates is pretty cool. But there are a ton of economic factors the Fed doesn’t get a say in — gas price fluctuation, stock market trends, long-term bond yields, to name a few. Sure, the Fed might love to totally control financial conditions — but reality often gets in the way. Also in this episode, wage growth slows, schools turn to tech in response to bus driver shortages and paper companies adapt to paperless billing.
11/3/2023 • 29 minutes, 10 seconds
Is there a downside to economic resilience?
In his statement after the Federal Reserve’s rate-setting meeting yesterday, Chair Jerome Powell said, basically, that a too-resilient economy could put inflation-cooling measures at risk. But isn’t resilience a good thing? In this episode, economists get into what the Fed chief’s comment means and whether it’s a sign of more interest rate hikes to come. Plus, pharmacists walk out of their jobs, citing burnout and understaffing, and California consumers have issues with electric vehicles.
11/2/2023 • 27 minutes, 33 seconds
No change at the Fed, but what about the bond market?
The Federal Reserve opted to keep interest rates unchanged at its policymaking meeting today, but there’s Treasury news that has interest rate implications. In this episode, we’ll get into the Treasury market and why the Fed isn’t buying bonds but hedge funds are. Plus, tribal nations are fighting for a role in river management decisions, WeWork is on the brink of filing for bankruptcy and remote workers are at their wits’ end with digital communication tools.
11/1/2023 • 29 minutes, 58 seconds
Why the Federal Reserve fears wage spikes
Recent data shows that while labor costs are still rising, they aren’t growing crazy fast. That’s good news for the Federal Reserve, which wouldn’t want to see a wage-price spiral nightmare this Halloween. In this episode, we’ll look at why the Fed is spooked by too-fast wage growth and where labor costs might be headed. Plus, an Iowa corn and soybean farmer reports a record harvest, Japan eases up on its bond yield controls and California child care workers unionize for better pay and benefits.
10/31/2023 • 29 minutes, 17 seconds
Americans are giving the economy mixed reviews
In a recent Harris poll, 44% of respondents said they’re stressed economically. But in the same poll, 34% said they’re optimistic. What gives? In this episode, how the American middle class is experiencing the current economy. Higher costs and lower personal savings are two big components affecting that economic vibe. Plus, how is New York City dealing with subway flooding, which parts of artificial intelligence can the Biden administration regulate and what the heck is the employment cost index?
10/30/2023 • 26 minutes, 53 seconds
Examining health care inflation
Health care costs contributed big to September’s inflation reading, though the sector’s price increases have lagged other industries for most of the last year. But lately, consumers and insurers are shelling out more for medication, nursing homes and hospitals. In this episode, we’ll diagnose the root cause of high health care spending, which is expected to make up a fifth of the U.S. economy by 2030. Plus, why the cost of corporate debt is on the rise and haunted houses’ frightening finances.
10/27/2023 • 26 minutes, 10 seconds
Hear that boom? It’s the economy.
Gross domestic product expanded at a 4.9% rate in the third quarter, driven by a consumer who couldn’t pass up high-priced concert tickets and big-ticket durable goods. But is that torrid pace sustainable? We’ll also examine why companies are holding on tight to their workers and how Buy American rules can complicate infrastructure buildouts.
10/26/2023 • 29 minutes, 41 seconds
Is there a cure for the nurse shortage?
As America gets older, its people need nursing homes, and nursing homes need nurses. There’s not enough of them, and even government mandates may not fix the problem. We delve into the gap. Also, GM slows down its electric vehicle program, and Microsoft has the momentum in its long rivalry with Google.
10/25/2023 • 27 minutes, 24 seconds
Part of the deficit: Federal Reserve interest costs
As the federal budget deficit widens, we’ll take a look at one contributing factor: the Federal Reserve’s obligation to pay interest to banks. It’s outpacing income the Fed makes from the securities it bought as part of its quantitative easing strategy. Also in this episode, women who’ve started their own businesses weigh in on the pros and cons compared to traditional jobs. Hydropower dams struggle in the face of changing weather patterns, and the H-1B visa application process may get some updates.
10/24/2023 • 27 minutes, 45 seconds
Why do we stick to the default option?
Do users actually like Google’s search engine best, or does its role as default option seal the deal? That’s the question at the center of the Justice Department’s antitrust trial against Google — whose parent company, Alphabet, spends billions to be the default on all sorts of devices. In this episode, we examine the psychology of defaults and why they wield serious power. Plus, we’ll investigate the revenue side of the budget deficit and get your bond yield questions answered.
10/23/2023 • 27 minutes, 35 seconds
Maybe night work isn’t looking so bad
In the most recent Beige Book, the Philadelphia Fed reported a staffing firm said it’s having an easier time filling night and weekend shifts. Could this mean the labor market is loosening up? We’ll talk to some folks around the country who are picking up jobs at odd hours. Also in this episode: rental car agencies pile on fees, China restricts graphite exports, and class barriers break down at … Applebee’s?
10/20/2023 • 26 minutes, 29 seconds
A closer look at unemployment and wealth gap data
Initial jobless claims dropped last week, according to the Labor Department, but continuing claims ticked up. That could mean companies are hanging on to employees, but aren’t hiring new ones, an economist told us. We’ll talk about that at the top of the show. Later, Black and Hispanic household wealth grew faster than other households from 2019 to 2022. But that growth is a bit of an illusion. In this episode, two data stories with lots of nuance. Plus, the U.S.-to-Mexico gun pipeline and revenge spending.
10/19/2023 • 27 minutes, 46 seconds
How water moves — or stalls — the economy
A fast-growing city in the Arizona desert wants to spend millions buying extra land just to access the water beneath it. Drought in the Panama Canal is causing headaches for a Pennsylvania customs broker. And in Texas, a shrinking water management workforce means utilities companies are recruiting high schoolers to join the trade. In this episode, we’ll dive into why water matters in this economy. Plus, small businesses navigate growing insurance premiums and teens try out LinkedIn.
10/18/2023 • 28 minutes, 38 seconds
As COVID vigilance dwindles, medical companies ail
Many medical businesses thrived early in the pandemic. But now, domestic producers of personal protective equipment are struggling, COVID test makers have shuttered and vaccine developer Pfizer cut its revenue forecast for the year by $9 billion. In this episode, what might be next for the COVID economy. Plus, we’ll meet a writer who followed a meal literally from farm to table and visit two states that offer very different opportunities for remote work.
10/17/2023 • 26 minutes, 5 seconds
What does global trade policy have to do with the climate crisis?
High tariffs usually mean high prices, which can do bad things to economies and consumers. But what if tariffs were strategically used to encourage climate-friendly purchases? Take steel, for example. In this episode, we examine how trade policies could incentivize the use of recycled steel over steel made from scratch. Plus, why Rite Aid filed for bankruptcy, how natural gas prices could keep heating bills low this winter and what’s driving Tesla’s price-cutting strategy?
10/16/2023 • 27 minutes, 46 seconds
A $7 billion boost for the clean hydrogen effort
The Biden administration allocated $7 billion to hydrogen hubs across the country to boost production of low-cost, clean hydrogen. It’s part of a focus on clean energy and limiting greenhouse gas emissions. We’ll get into what Biden hopes the hydrogen hubs will accomplish and some of the scientific challenges they might face. Also in this episode: Big banks thrive while regional banks remain on the mend, and Microsoft closes its deal with Activision.
10/13/2023 • 28 minutes, 16 seconds
The endless hamster wheel of inflation
According to the most recent consumer price index, inflation didn’t go up in September. But it also didn’t go down. To fight inflation, does the economy have to run in place, like a hamster on a wheel? We’ll ask a few economists. Also in this episode, Exxon shells out $60 billion to expand operations in West Texas, used car prices go down but remain out of reach for some buyers, and demand for “premium economy” seats drives up airline earnings.
10/12/2023 • 27 minutes, 7 seconds
EV subsidies are about to get simpler
Thinking about buying an electric vehicle? If you can wait till January, you can apply the $7,500 EV tax credit upfront to a car purchase. In this episode, more about why getting that cash at the dealership — rather than from the IRS — could get more EVs on the road. Plus, we’ll dig into what defines Native American art, hear about employers that remain resistant to pay transparency laws and try on the Birkenstock IPO for size.
10/11/2023 • 27 minutes, 54 seconds
Maybe don’t take a stand
The number of Americans who want brands to take a stance on political issues is trending down, according to a Bentley-Gallup poll. While a company’s public position on current events may have been on point over the last few years, consumers may see such statements as a ploy to make a buck. Still, there are some issues Americans want companies to speak up about, like climate change and labor conditions. Also in this episode: optimism ahead of corporate earnings reports, the problem with fixing AI bias, and a visit to a mushroom farm.
10/10/2023 • 27 minutes, 19 seconds
How much is your paycheck really worth?
Real wages — what’s left in your paycheck after accounting for inflation — have been rising for the last several months. So how does the “what’s coming in” column in your finances spreadsheet compare to the “what’s going out” column? In this episode, we get into the nitty gritty of spending power and what it means for the economy. Plus, the green energy transition needs more workers, the lending business is sour thanks to high interest rates, and the Nobel Prize in economics goes to a gender wage gap expert.
10/9/2023 • 29 minutes, 5 seconds
What’s up with falling gas prices?
Last month, OPEC+ said it would cut oil production to raise prices. Simple economics, right? It worked for a few weeks, but now the price of oil is falling fast. In this episode, we’ll talk about why the oil cartel’s plan isn’t working out — it has a lot to do with low demand for gas across the globe. Plus, how the climate crisis shapes consumer demand and why the WTO lowered its 2023 global trade growth forecast.
10/6/2023 • 29 minutes, 52 seconds
Buying a home is a bleak quest right now
The average monthly payment on new mortgages rose 46% in 2022, according to a new report from the Consumer Financial Protection Bureau. Combine steep home prices with climbing mortgage rates, and it’s a rough time to be a buyer. We’ll dig into how we got here and when things might cool off. Also in this episode, why demand for temp workers might not be the strongest economic indicator and how the recovery is going for Texas cities’ downtown cores.
10/5/2023 • 29 minutes, 3 seconds
Movin’ out
Nearly half of young adults in the U.S. are living with family — the highest rate since the 1940s, according to a Bloomberg survey. In this episode, we’ll talk to some of them about the hurdles they’re facing, from high rents to cutthroat competition. Plus, Americans are spending less at restaurants and the EU is investigating China’s electric vehicle subsidies. We’ll also hear from Politico’s Sudeep Reddy about whether the bond market could jeopardize the chances for a soft landing.
10/4/2023 • 29 minutes, 3 seconds
A high T-note yield could affect your wallet
The yield on 10-year Treasury notes hit the highest level since 2007 — not the best era to bring back, economically speaking. This is bad news for the government’s ability to borrow money, and it’s also not great for everyday Americans who plan to take out a mortgage or pay off their car. We’ll dig into why. Plus, attendance climbs at MLB games, the latest federal JOLTS report shows unexpected strength in the labor market and former Yellow truck drivers struggle to find jobs.
10/3/2023 • 28 minutes, 6 seconds
Millions owe student loan payments, again
After a three-year pause, student loan payments are resuming and interest is accruing. That means millions of Americans must once again put hundreds of dollars a month toward loan debt — money they’ve been spending freely since March 2020. We’ll ask a few experts about the effect this could have on the economy. Plus, SCOTUS will hear a case about the role federal agencies play in clarifying laws, and supply chains are looking scary this Halloween.
10/2/2023 • 26 minutes, 53 seconds
Plunging U.S. crop exports, explained
The latest Commerce Department report is kind of a yawn, except for the fact that U.S. food exports — mostly soybeans, corn and wheat — plunged 20% compared to August last year. In this episode, why we’re selling fewer grains. (Hint: It has to do with rain and Ukraine.) Plus, the apprenticeship comeback, industrial-scale ticket scalpers and streaming viewership data.
9/29/2023 • 29 minutes, 48 seconds
$2 trillion in savings, spent
Americans saved a lot during the first few years of the pandemic. But some economists say those excess savings are running low or even have been entirely depleted. Where did all the extra cash go? Also in this episode: Unemployment falls to fantastic lows in three states, a government shutdown would bring financial stress to Native nations and the majority of millennials now own homes.
9/28/2023 • 28 minutes, 5 seconds
Feeling the oil-flation?
Oil keeps the gears of the American economy running, from transportation to manufacturing. But the cost is creeping up — crude may well reach $100 a barrel soon. In this episode, we’ll trace how high oil prices ripple through our lives. Plus, college cost transparency, aircraft order volatility and federal firefighter pay cuts.
9/27/2023 • 27 minutes, 19 seconds
Housing market role play
The July Case-Shiller home price index came out today, and it hit an all-time high. But mortgage rates, at 7%, are also high. We’ll demonstrate what this unusual pairing means for the housing market with some buyer-seller role play. Also in this episode: Staving off climate change will cost trillions, the pumpkin spice latte turns 20 and gas prices fuel consumer sentiment.
9/26/2023 • 27 minutes, 6 seconds
The business of getting offices back in business
How do I make non-Zoom eye contact? What should I share about my personal life? Is my lunch stinky? Work etiquette experts are helping companies ease the back-to-office transition. Also in this episode: UAW strike strategies, the economics of recycling plastic, a hops farm check-in and domestic worker contracts.
9/25/2023 • 28 minutes, 14 seconds
The early bird gets the worm
Diners are digging in earlier than ever across the U.S. It’s an adjustment for the restaurant industry, but it might be better for workers and eaters alike. Plus, a flood of new apartment buildings should ease rent inflation, but it won’t solve the housing crisis. We’ll also analyze the week’s economic happenings with The New York Times’ Jeanna Smialek and Politico’s Sudeep Reddy.
9/22/2023 • 26 minutes, 56 seconds
50 years after the oil embargo, the U.S. is playing catch-up
The idea of energy “conservation” was new to Americans in 1973. Experiencing a first-of-its-kind gasoline shortage, the U.S. began to encourage fuel efficiency in cars and homes. If President Ronald Reagan hadn’t reversed such commitments, would renewable energy be ubiquitous today? Plus, doing without: manufacturing without temp workers, the Fed without government economic data and NYC without Airbnb.
9/21/2023 • 28 minutes, 39 seconds
Do you advertise en Español?
About three-quarters of Latinos in the U.S. speak at least some Spanish. Marketing experts have caught on. We’ll talk to a few about how they strike an English-Spanish balance in ads geared toward the growing demographic. Plus, Amazon is already aggressively hiring for the holidays, Japan might prop up the yen again, and the Federal Reserve didn’t raise rates — this time.
9/20/2023 • 27 minutes, 18 seconds
The facial recognition software cops are raving about
Clearview AI, widely used by U.S. law enforcement, can find a face anywhere on the internet thanks to a database of billions of scraped photos. Journalist Kashmir Hill, who recently published a book about Clearview, will tell us what it was like to investigate a company that’s always watching. Plus, the viability of a four-day workweek for blue-collar jobs and an electrical transformer shortage.
9/19/2023 • 26 minutes, 17 seconds
Would you take a job that might make you work for free?
With government shutdowns becoming more frequent — we could have another one at the end of the month — taking a government job isn’t all that appealing. Why worry about the uncertainty of a furlough when plenty of other companies are hiring? We’ll also tackle the environmental impacts of barge shipping, hard-to-find auto parts in the U.S. and members-only shopping in China.
9/18/2023 • 27 minutes, 56 seconds
Is it time to question the economic vibe?
Consumer spending is key to this economy, but Americans are running through their cash just as student loan repayments are coming due. Could that be the straw that breaks the consumer’s back? We’ll discuss it on the Weekly Wrap. Plus, how car dealers are reacting to the UAW strike, why immigration is important to the AI race and why gross domestic product and gross domestic income often don’t match up, even though they should.
9/15/2023 • 26 minutes, 1 second
How to price an IPO so it “pops”
9/15/2023 • 25 minutes, 45 seconds
What will inflation look like in 6 months?
Though inflation ticked up a bit in August, it looks like price increases are losing steam. Today, we ask what inflation could look like next year and what wild cards might be in play. We also investigate where all the G-rated movies went and why fish tacos are still about a buck at a San Diego restaurant chain.
9/13/2023 • 26 minutes, 41 seconds
Poverty rose last year. Inflation’s only part of the story.
New data released by the U.S. Census Bureau shows that median income fell last year while poverty spiked, as pandemic-era government benefits ended. Today, we do the numbers and discuss who’s been most affected. We also explore the impact of tech regulation in the European Union and look at why businesses are so glum. Plus: You’ve probably infringed several patents today.
9/12/2023 • 27 minutes, 8 seconds
When a 10-day strike could cost $5 billion
Members of the United Auto Workers union could go on strike this week if contracts aren’t signed with Ford, GM and Stellantis. If no deal is struck, the Upper Midwest in particular could suffer major losses. Today, we’ll chart the potential impacts. We’ll also look at consumer expectations, fear of automation and the panic over retail theft.
9/11/2023 • 29 minutes, 40 seconds
What rising corporate bankruptcies tell us about the economy
Corporate bankruptcies have been on the rise for more than a year now, and the trend can have wide-ranging ripple effects. We dig into it. We also unpack the cooling labor market in the Weekly Wrap and look at the future of sustainable energy from the American home of oil and gas.
9/8/2023 • 26 minutes, 47 seconds
The Chicago Fed president on the path forward for interest rates
The Federal Reserve’s Open Market Committee meets in two weeks to determine if interest rates should change. Today, we hear from Chicago Fed CEO Austan Goolsbee on the odds of a soft landing for the economy and the data used to guide rate decisions. Plus, the inverted yield curve is an indicator of a coming recession. Could it be wrong this time? And later: Speed-dating makes a comeback.
9/7/2023 • 28 minutes, 22 seconds
A strong dollar spells trouble for other economies
Ever since the Federal Reserve began hiking interest rates, the value of the U.S. dollar has surged. For many other countries, that means debt has become costlier and it can be harder to prevent capital flight. So what are the options for central banks abroad? We also take the pulse of community banking six months after SVB’s failure and examine the fan fiction economy.
9/6/2023 • 26 minutes, 14 seconds
Why oil prices jumped today
Saudi Arabia and Russia said they’ll stick with oil production cuts through the end of the year. The two countries are trying to prop up prices for their lucrative resource, and those prices surged after the announcement. We dig into the decision. Plus: More than 800,000 people are benefiting from student loan forgiveness. Then, the rise of “girl math” and other ways people justify their enthusiastic spending.
9/5/2023 • 25 minutes, 47 seconds
Tracing the roots of Labor Day
This has been a hot summer for labor organizing, and strikes — along with narrowly averted ones — have made headlines. This Labor Day, we chart the holiday’s history and examine the parallels between worker activism of more than a century ago and worker activism today. We’ll also do the numbers on labor, including women’s workforce participation and how hotels are hiring in a tight market. Later: the big business of wacky holidays.
9/4/2023 • 25 minutes, 34 seconds
GDP doesn’t care how you feel
Gross domestic product has been a global standard for measuring economic growth since 1944. But there’s a new push to measure economic welfare and well-being. Today, we’ll explore the history of GDP, all the things it can measure and all the things it can’t. We’ll also take a closer look at rebounding labor force participation and hear how small businesses are grappling with hiring hurdles.
9/1/2023 • 27 minutes, 49 seconds
Get used to these labor shortages
The pandemic accelerated baby boomer retirement, and multiple sectors are struggling to find enough workers. Those challenges may persist for years to come. Today, we take a closer look at what some are calling an economywide labor shortage and what can be done to remedy it. We also hear from a White House economist who wants businesses to “step up and make investments” in the United States.
8/31/2023 • 28 minutes, 8 seconds
Give yourself a pat on the back
While U.S. gross domestic product didn’t grow as fast in the second quarter as initially thought, there are underlying signs of strength in the economy. And a lot of it is due to the American consumer, who keeps on spending. Good job! Plus, a view of China’s tourism recovery from the vantage point of a seafood market. Then, would you pay $500 a month for bigger, better Tinder?
8/30/2023 • 28 minutes, 20 seconds
A labor market that’s cooling, but not cool
Today, we learned that job openings fell in July. While it’s an indication that supply and demand in the job market are balancing out, there’s still a ways to go before that sought-after “soft landing” is achieved. Then, we turn to the housing market, looking at some homeowners who bypass high mortgage rates and others who bypass insurance. Later: the return of awkward business lunches.
8/29/2023 • 29 minutes, 13 seconds
A brake tap on wage gains
It’s a big week for job data, including reports on the quits rate, private payrolls, layoff announcements and employment numbers. The Federal Reserve will be keeping a close eye on wage growth, and today we see indications that pay gains might be cooling. Then, the Texas power grid is strained by rising temps and growing cities, and companies invest in passenger rail.
8/28/2023 • 29 minutes, 9 seconds
Remember the $5 footlong? Thank behavioral economics.
How much should a sandwich cost? How about a fast food drink? A gallon of gas? Turns out, behavioral economics shapes how much we think something should cost and explains why it’s hard to adjust those prices for inflation. We also dissect Fed Chair Jerome Powell’s Jackson Hole Symposium speech and hear why squashing the last bit of inflation is so tricky.
8/25/2023 • 28 minutes, 57 seconds
Manufacturing is down in the dumps, but things may be looking up
Nearly every business had to pivot during the pandemic. But domestic manufacturing has been weak for a while now. On today’s show, we hear how businesses in the sector are looking to pivot yet again. Plus: the challenges faced by schools as pandemic funding ends, and the risks around chipmaker Nvidia’s dominance of a very concentrated market. Later: Wordle, but make it global trade.
8/24/2023 • 28 minutes, 43 seconds
The things that keep economists up at night
The theme of this year’s Federal Reserve symposium in Jackson Hole, Wyoming, is “Structural Shifts in the Global Economy.” Today, we ask a handful of economists who aren’t sitting around the campfire with Jay Powell to weigh in. Then: Just half of CEOs see climate change as a threat to their business. And later: Could teaching more women poker narrow the boardroom gender gap?
8/23/2023 • 27 minutes, 11 seconds
Real wages rebound, while low-income earners play catch-up
Inflation is cooling and real wages are improving, which is good news. But after losing ground to rising prices for so long, low-income households are struggling to catch up financially, leaving them vulnerable to an economic slowdown. Plus, the U.S. dollar weakens as other countries hike interest rates, and the real estate refrain “you can always refinance” stages a comeback.
8/22/2023 • 27 minutes, 3 seconds
A barometer for the AI economy
Wall Street is zooming in on Nvidia, which reports quarterly earnings this week. The chipmaker’s components power many of the generative artificial intelligence models that have surged in popularity, and its financial results will provide clues about the strength of the industry that runs on its technology. Also on the show: diminishing appetite for U.S. bonds, life in a fire lookout tower and vanishing tattoo ink.
8/21/2023 • 27 minutes, 13 seconds
Houston’s heat wave is taking its toll
It’s been a summer of record-breaking heat. Today, we’ll head to Houston to hear how a sizzling heat wave is impacting the health of its most vulnerable workers. Also on the show: The 10-year Treasury yield is climbing, as are 401(k) balances. Plus, are American tourists ready for a museum about the economy?
8/18/2023 • 28 minutes, 17 seconds
The most predicted recession … if it happens at all
Leading economic indicators are stubbornly pointing to a recession that hasn’t shown up. They’re normally a strong signal that a downturn is on the horizon. Could they be wrong this time around? Then, why child care is likely to get even more expensive, how AI summaries could transform product reviews and how subsidized employment programs could fight racial inequity.
8/17/2023 • 28 minutes, 1 second
Say we achieve a soft landing. Then what?
If the Federal Reserve chills inflation without tipping the economy into a recession — known as the elusive “soft landing” — what will that look like and what happens when we get there? We dig into the ideal outcomes. We also take a bite out of three slices of our economy: retail inventories, Fed decision-making and investors’ aversion to risk.
8/16/2023 • 27 minutes, 50 seconds
When will the Federal Reserve start cutting interest rates?
Economists at Goldman Sachs predict that the Federal Reserve could begin to pare back interest rates by the middle of next year. So what kind of economic conditions would warrant such a change after a historic series of hikes? We’ll examine. We also look at the state of the restaurant biz and what happens when you can’t afford to own a car but can’t afford not to.
8/15/2023 • 27 minutes, 40 seconds
Life’s bananas. Let’s buy something!
American consumers keep on spending month after month — even as inflation and rising interest rates chip away at family finances and credit card debt mounts. But after several years of hardship and unpredictability, there’s still a lot to stress about. And it’s got us feeling spendy. Then, how Gen Z and millennials feel about investing and how waste plants pick through unsorted recyclables.
8/14/2023 • 28 minutes, 37 seconds
Don’t lose sleep over the uptick in producer prices
The cost of services helped push up the producer price index in July. But that increase likely isn’t a lasting one. Today, we’ll unpack the uptick. We’ll also dig into new home sales and oil demand. Plus, in the Weekly Wrap, what will it take to get consumers to feel better about the economy?
8/11/2023 • 27 minutes, 15 seconds
Would you trust AI for financial advice?
Many finance-focused artificial intelligence tools seem designed to make the jobs of human financial advisers easier, not replace them. At least for now. Today, we’ll map out how likely it is that AI will manage our money and pick our stocks. We’ll also dig deeper into inflation data for shelter and gas, then examine how aging populations could shake up the global economy.
8/10/2023 • 27 minutes, 3 seconds
Political economics, zero-COVID and China’s slowing recovery
China’s economic miracle isn’t going so well. Exports fell in July, and there are now fears of deflation. Could China’s political economy and the implementation of its zero-COVID policies be to blame for its current woes? We’ll also look at what WeWork’s continuing downward spiral means for co-working companies, and what it might take to convert office spaces to affordable housing.
8/10/2023 • 27 minutes, 34 seconds
The “slow burn” phase of the banking crisis
It’s been nearly five months since the collapses of Silicon Valley Bank and Signature Bank sparked upheaval in the banking industry. But this week, Moody’s cut the credit ratings of several regional banks, citing problems related to rising interest rates and troubled loan portfolios. We’ll dive in. Plus, California trucking companies go electric, and a decline in China’s exports hints at a global spending slowdown.
8/8/2023 • 27 minutes, 19 seconds
Why China’s economic rebound has fallen short of expectations
After China lifted its zero-COVID policy, economists expected the economy to come roaring back. That hasn’t quite happened. Today, we zoom in on the reasons, including a pullback in consumer spending after a burst housing bubble. Then, why the UAW is asking for a 40% raise, why Black farmers feel left behind by the Agriculture Department and why car repairs are so darn expensive these days.
8/7/2023 • 26 minutes, 39 seconds
Can we let the economic good news be good news?
Is that a productivity boom we see on the horizon? It’s too early to tell if that’s the case, but the economic mood has clearly improved. Our Weekly Wrap panel parses the changes. Also, labor shortages in home health care, a dip in domestic travel and the cultural and economic impact of hip-hop.
8/4/2023 • 28 minutes, 6 seconds
Bitcoin, election anxiety and second passports
Instead of buying another Porsche, some of the mega-rich are dropping $100,000 on new citizenship. These citizenship by investment programs have gained popularity since the 2020 election and pandemic, especially among bitcoin investors. Today, we delve into “the ultimate hedge” for wealthy Americans. Plus, why an uptick in productivity is good news for the inflation fight, and what to make of a slowdown in manufacturing.
8/3/2023 • 27 minutes, 39 seconds
An economic vibe shift?
The economy seems pretty strong right now: Inflation is moderating and consumer sentiment is up. In other words, the vibes are good. So is it possible we’ve skirted a recession? Or that the “vibecession” is over? Also on today’s program: claims of a superconductor breakthrough, AI’s impact on voice assistants and calls to end “scholarship displacement.”
8/2/2023 • 27 minutes, 50 seconds
Is the current job market music to the Fed’s ears?
According to the Job Openings and Labor Turnover survey for June, fewer workers are quitting their jobs and employers are hiring less. But is it all rock ‘n’ roll for the Federal Reserve’s inflation fight, or will it just end up rocky, with a recession? Turns out, the economic anthem of the moment depends on how you read the data. Then: freight shipping woes, Uber’s first-time profit and a blame game over Britain’s cost-of-living crisis.
8/1/2023 • 27 minutes, 13 seconds
The country’s newest test case for nuclear power
While extreme heat bakes much of the country, the first new nuclear reactor to be built from scratch in decades just came online in Georgia. But the project took much longer and cost much more than planned. As the planet continues to scorch, will nuclear power catch on? Then, the perks of being a legacy student and a boom in spam texts.
7/31/2023 • 28 minutes, 26 seconds
Inside the Deadhead economy
It’s the final tour of Dead & Company, the Grateful Dead’s offshoot band. But what’s to come of the vendors and Deadheads who’ve followed the band for decades? Today, we hear about what a long, strange trip it’s been and what happens now that the show’s over. We’ll also examine the double-edged sword of consumer spending and unpack whether inflation might threaten brand loyalty.
7/28/2023 • 28 minutes, 43 seconds
What’s behind those annoying customer service hold times?
Call a customer service line and odds are you’ll hear that “unusually high call volume” is making you wait. But automated messages and long wait times seem to have become the norm. We won’t put you on hold to find out why. Plus, the economy just keeps on growing and businesses stock up on inventory again.
7/27/2023 • 27 minutes, 45 seconds
Interest rates are high, but consumer confidence is up
Sure, today the Federal Reserve hiked its key interest rate to the highest level since 2001. But consumers are feeling much rosier about the economy lately, thanks to cooling inflation and a strong labor market. Plus, higher interest rates spell trouble for businesses, and a lack of investment in women’s soccer has debilitating physical consequences.
7/26/2023 • 27 minutes, 43 seconds
A view of the post-peak housing market
The CoreLogic Case-Shiller index of existing home prices, which came out today, shows that values are down from the year before, but the price trends vary across the country. Today, we trace their rise and fall. Then, what’s a fair price for artificial intelligence? And what Milton Friedman’s “long and variable lag” means in 2023.
7/25/2023 • 28 minutes, 17 seconds
The origin story of Friedman’s “long and variable lag”
Popularized by Milton Friedman in the 1960s, the phrase “long and variable lag” refers to the idea that it takes time for monetary policy to be felt in the economy, and the Federal Reserve uses it a lot. How did it go from concept to conventional wisdom? Today, part one of our answer. We’ll also outline a big week ahead for the world’s central banks and the ripple effects of a potential UPS strike.
7/24/2023 • 27 minutes, 4 seconds
Your move, Federal Reserve
We got retail sales and housing data this week, and there’s some optimistic news. Are these signs of a “soft landing”? The Federal Reserve hasn’t said — nobody wants to jinx it. We’ll examine the data and what it means for a potential Fed rate hike next week. Also on the program: a trip to a winery in southwest Germany and a famous pony ranch on Virginia’s Chincoteague Island.
7/21/2023 • 28 minutes, 24 seconds
Fragmented medical records are a danger to our health
Accessing medical records isn’t always easy for doctors, and the gaps and disorganization that result can pose serious risks for patients. Today, we hear what fragmentation means for our health care and what we can do to fix it. We’ll also examine whether the monthly Leading Economic Index is still a good recession predictor, and do the numbers on the Women’s World Cup.
7/20/2023 • 27 minutes, 49 seconds
Stay cool out there
Air conditioners are cranked and grids are straining as much of the country grapples with a heat wave. This is also the first summer Americans are eligible for expanded home weatherization tax credits, and we’ve got everything you need to know. Later, we’ll learn why Chipotle is expanding to small-town America and what worries legal pros about the spread of AI-powered tools.
7/19/2023 • 25 minutes, 58 seconds
Confused by the economy right now? So are economists.
We talk with experts every day about this chaotic economy, up to and including today’s new retail sales data. But years of mixed signals mean economists are sometimes just as confused as we are. On today’s show, we’ll get a bit meta and talk with them about it. Plus: What those retail sales numbers and a recent surge in loan rejections mean (or don’t?) for the economy at large. Later, we’ll talk with economics BA, former teen idol and new author Ben McKenzie about why Hollywood fell hard for crypto.
7/18/2023 • 25 minutes, 33 seconds
How China does the numbers
The world’s second-largest economy missed expectations this quarter. China’s gross domestic product grew 6.3% from the same quarter last year, and an anemic 0.8% since Q1. But what’s the right way to measure China’s economy? Today our Shanghai correspondent looks into it. But first, we’ll look at uneven inflation around the world and how Federal Reserve officials craft their public statements between market-moving meetings. Later, a check-in on the electric vehicle market as Ford slashes $10,000 off the price of an F-150 Lightning.
7/17/2023 • 26 minutes, 57 seconds
Regulate crypto? Sure. But how?
Yesterday’s landmark Ripple Labs ruling has both regulators and crypto boosters declaring victory. On today’s show, we’ll untangle the case and what it means for the government’s crypto crackdown. But first, is the soft landing finally here? We’ll recap a big week in economic news with our panel. Later, the culture wars holding up defense funding and a visit to Kai Ryssdal’s favorite Beijing vegetable stand.
7/14/2023 • 27 minutes, 59 seconds
Why you should pay attention to bank earnings
Big banks start reporting earnings tomorrow, covering the first full quarter since the wave of failures in the spring. These reports can help you take the economy’s temperature, and we’ll tell you what to look for. Plus: After a year of disinflation, which price hikes were transitory and which are proving stubborn? Later, we’ll examine the modest debut of Major League Cricket and talk with a yacht broker about how much money she makes. (It’s less than you think.)
7/13/2023 • 27 minutes, 24 seconds
Wages are outpacing inflation again, but don’t get too excited
The consumer price index beat expectations for June, with prices rising just 3% annually. We’ll look at how the Federal Reserve will make its push for 2%. Then: Wage growth beat inflation in May and June for the first time in years, but economists say two months do not a trend make. Later, we’ll take stock of the recent seismic changes in markets and dig into a new food trend.
7/12/2023 • 25 minutes, 53 seconds
Meet the employees secretly “working from home” overseas
Remote work policies give employees flexibility to get the job done anywhere — usually anywhere within U.S. borders. Some workers are risking secret moves abroad to make their dollars go further — we’ll talk to a few, including one who got fired when his IT department caught on. But first, we’ll check in with small business owners and the ongoing accountant shortage. Plus: Have Major League Baseball’s new rules bolstered the brand?
7/11/2023 • 26 minutes, 27 seconds
Janet Yellen recaps a “constructive” trip to China
“I believe there is a desire on both sides to stabilize the relationship” between the U.S. and China, Treasury Secretary Janet Yellen told us at the end of her first trip to Beijing. Kai Ryssdal sat down with Yellen at the American embassy to recap the trip, discuss the balance between national security and economic concerns, and examine her new role as economist-turned-diplomat. Later, we’ll meet up with China correspondent Jennifer Pak about how the country has changed in the past few years, and why state media frames America as in decline.
7/10/2023 • 26 minutes, 27 seconds
On the ground with Janet Yellen in China
Treasury Secretary Janet Yellen met with the Chinese premier today. Kai Ryssdal is traveling alongside Yellen and gave us the view from Beijing. But first, we’ll talk with our panel of experts about this morning’s jobs numbers and examine the cyclical market for semiconductors.
7/7/2023 • 27 minutes, 57 seconds
How to read all the new jobs data coming in
A lot of people are anxiously waiting for tomorrow’s June jobs report. Especially the Federal Reserve. But today we got a lot of confounding, contradictory indicators moving up and down and all around this tight labor market. We’ll tell you everything you need to know. Plus: A look at the state of the car market, and a conversation with an artist who took a job in the Alberta oil sands to pay off her student debt fast.
7/6/2023 • 28 minutes, 16 seconds
Man, it’s a hot one!
Global temperatures were the highest ever recorded Monday … until yesterday, which was even hotter. More “hottest days ever” are coming, so today we’ll look at their economic impact. But first, we’ll examine the warning signs in commercial real estate and manufacturing. Plus: Meta’s audience gives its rival to Twitter an edge over the rest of the pack.
7/5/2023 • 28 minutes, 23 seconds
Happy 247th birthday, USA! How’s that economy holding up?
We know it sounds strange, but the Federal Reserve wants to see higher unemployment in Friday’s jobs report to show that its fight against inflation is working. Then, climate change isn’t making hurricanes more frequent, but it is making them more severe. What to expect from this year’s season. Plus, how a formerly enslaved man helped Black families build generational wealth. And later, feral cats for hire!
7/4/2023 • 28 minutes, 18 seconds
Becoming an American citizen is expensive
Thousands will become U.S. citizens tomorrow at special celebrations across the country. But high application fees make naturalized citizenship unattainable for some of the more than 9 million immigrants who are eligible. Plus, what to expect from Treasury Secretary Janet Yellen’s trip to China and this fall’s student loan repayment restart. Later: Christmas shopping? Already?
7/3/2023 • 27 minutes, 56 seconds
A pulse check of inflation across the globe
While the pace of price increases is slowing at home, today we’ll map out where inflation is fading, where it still hurts and where it’s actually welcome news. Also on the show: wading into the economic impact of the recent Supreme Court decisions in the Weekly Wrap and examining the FAA’s funding ahead of Fourth of July travels.
6/30/2023 • 28 minutes, 39 seconds
The business impact of today’s affirmative action ruling
The Supreme Court decision to strike down race-based college admissions didn’t come as a surprise to many. Today, we examine the economic ripple effects the decision could have, shrinking the talent pipeline for businesses and making U.S. companies less competitive internationally. Plus, the Federal Reserve could use an infrastructure upgrade and what the Barbie Dreamhouse reveals about American culture and real estate.