Marketplace
926 episodes - English - Latest episode: 1 day ago - ★★★★★ - 7.7K ratingsEvery 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.
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Episodes
Happy birthday, ChatGPT!
November 21, 2023 23:38 - 26 minutes - 11.8 MBNext 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.
What’s next for the artificial intelligence industry?
November 20, 2023 23:45 - 29 minutes - 11.8 MBOpenAI, 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.
Capitol Hill doesn’t love this crop insurance program. Some farmers say they need it.
November 18, 2023 00:43 - 29 minutes - 11.8 MBThere 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 pa...
The calm after the employment storm
November 16, 2023 23:45 - 27 minutes - 11.8 MBAt 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.
Milton Friedman’s impact
November 15, 2023 23:51 - 29 minutes - 11.8 MBLike 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.
Climate change could heat up long-term inflation
November 14, 2023 23:37 - 27 minutes - 11.8 MBClimate 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.
Once again, a shutdown looms
November 13, 2023 23:34 - 29 minutes - 11.8 MBCongress 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 groundwate...
Consumers are feeling Scrooge-y about the economy. Will they spend less for the holidays?
November 10, 2023 23:32 - 27 minutes - 11.8 MBConsumer 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-t...
More Americans than ever are enrolled in ACA coverage
November 09, 2023 23:45 - 30 minutes - 11.8 MBMore 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.
A “laddered” continuing resolution, explained
November 08, 2023 23:32 - 27 minutes - 11.8 MBHouse 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 collectio...
Why China may be selling its U.S. debt
November 08, 2023 00:13 - 27 minutes - 11.8 MBChina 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.
Undergrad workers unionize
November 06, 2023 23:44 - 29 minutes - 11.8 MBFrom 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.
Does the Fed control the economy?
November 03, 2023 22:50 - 29 minutes - 11.8 MBWhen 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 billin...
Is there a downside to economic resilience?
November 02, 2023 22:21 - 27 minutes - 11.8 MBIn 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.
No change at the Fed, but what about the bond market?
November 01, 2023 22:20 - 29 minutes - 11.8 MBThe 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.
Why the Federal Reserve fears wage spikes
October 31, 2023 22:34 - 29 minutes - 11.8 MBRecent 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 benef...
Americans are giving the economy mixed reviews
October 30, 2023 22:11 - 26 minutes - 11.8 MBIn 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 i...
Examining health care inflation
October 27, 2023 23:02 - 26 minutes - 11.8 MBHealth 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 finance...
Hear that boom? It’s the economy.
October 26, 2023 22:52 - 29 minutes - 11.8 MBGross 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.
Is there a cure for the nurse shortage?
October 25, 2023 23:49 - 27 minutes - 11.8 MBAs 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.
Part of the deficit: Federal Reserve interest costs
October 24, 2023 23:07 - 27 minutes - 11.8 MBAs 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 ...
Why do we stick to the default option?
October 23, 2023 22:51 - 27 minutes - 11.8 MBDo 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.
Maybe night work isn’t looking so bad
October 20, 2023 23:03 - 26 minutes - 11.8 MBIn 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?
A closer look at unemployment and wealth gap data
October 19, 2023 23:44 - 27 minutes - 11.8 MBInitial 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 r...
How water moves — or stalls — the economy
October 18, 2023 22:47 - 28 minutes - 11.8 MBA 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.
As COVID vigilance dwindles, medical companies ail
October 17, 2023 23:09 - 26 minutes - 11.8 MBMany 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.
What does global trade policy have to do with the climate crisis?
October 16, 2023 22:49 - 27 minutes - 11.8 MBHigh 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?
A $7 billion boost for the clean hydrogen effort
October 13, 2023 22:44 - 28 minutes - 11.8 MBThe 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.
The endless hamster wheel of inflation
October 12, 2023 22:57 - 27 minutes - 11.8 MBAccording 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.
EV subsidies are about to get simpler
October 11, 2023 23:40 - 27 minutes - 11.8 MBThinking 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.
Maybe don’t take a stand
October 10, 2023 22:54 - 27 minutes - 11.8 MBThe 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 fixin...
How much is your paycheck really worth?
October 09, 2023 23:20 - 29 minutes - 11.8 MBReal 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...
What’s up with falling gas prices?
October 06, 2023 23:06 - 29 minutes - 11.8 MBLast 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.
Buying a home is a bleak quest right now
October 05, 2023 22:52 - 29 minutes - 11.8 MBThe 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.
Movin’ out
October 04, 2023 22:49 - 29 minutes - 11.8 MBNearly 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.
A high T-note yield could affect your wallet
October 03, 2023 22:26 - 28 minutes - 11.8 MBThe 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.
Millions owe student loan payments, again
October 02, 2023 22:39 - 26 minutes - 11.8 MBAfter 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.
Companies go on a borrowing spree
May 19, 2023 23:07 - 27 minutes - 11.8 MBIt’s been a busy month in the corporate bond market. And while you may think companies would hold off on borrowing right now given how much interest rates have risen, big mergers and the looming debt ceiling deadline could be among the reasons. Plus, an examination of the welfare-to-temp-work pipeline and a move by ESPN that could shake up cable.
Call 2023 the year of bankruptcies
May 18, 2023 23:15 - 26 minutes - 11.8 MB2023 is on track to be the biggest year for Chapter 11 bankruptcy filings in over a decade. Some churn is always normal, but what’s behind this year’s bankruptcy boom? Also on the show, we look at how a debt default would play out in Texas, how social media ads get us to click “buy,” and how climate change is hitting one pistachio farm.
Your next home might just be a new home
May 17, 2023 22:07 - 28 minutes - 11.8 MBHousing starts have ticked up recently. New homes have also been gobbling up an increasing share of the overall market, as current homeowners opt to stick with their low mortgage rates. Today, we examine the demand for new homes. We’ll also explore the expansion of retailer discounts, a new measurement of the U.K.’s debt and a roommate-matching site for aging boomers.
Maybe reconsider those “normal” economic indicators
May 16, 2023 22:30 - 28 minutes - 11.8 MBApril retail sales numbers are making an already confusing economy even more confusing. Folks are putting off purchasing big-ticket items, yet are still splurging on services. The economy hasn’t returned to normal, but maybe “normal” is different now. We’ll also look at whether Congress can regulate artificial intelligence and who gets a leg up from welfare reform and work requirements, courtesy of Marketplace’s podcast “The Uncertain Hour.”
Disappointed this tax season? So is the federal government.
May 15, 2023 22:36 - 28 minutes - 11.8 MBSo far this fiscal year, the IRS has brought in about $2.7 trillion in tax revenue — $250 billion less than anticipated. That shortfall is part of what makes this week’s debt limit talks so urgent. Today, we sort through the tax receipts. Plus, why clawing back unspent COVID funds will hardly dent the deficit and why the banking bust may fuel the rise of “shadow banks.”
The FDIC is asking big banks to pay up
May 12, 2023 22:41 - 27 minutes - 11.8 MBWhen the Federal Deposit Insurance Corp. stepped in to make depositors whole after recent bank failures, the agency’s insurance fund took a $15.8 billion hit. So who’s on the hook to replenish it? If the FDIC has its way, it’ll be the nation’s largest banks. Also on the program: smaller tax refunds, an alternative solution to bank runs and a potential boon to private prisons.
When a strong economy fuels strong migration
May 11, 2023 22:55 - 27 minutes - 11.8 MBAs the pandemic-era border policy Title 42 draws to a close today, an increasing number of migrants have arrived at the U.S.-Mexico border. Whatever their reasons for leaving their home countries, immigrants are drawn in part to the United States because of the strong economy. Also on the program: what producer prices can tell us about where consumer prices are headed, and what to make of rising jobless claims.
The death of revenge spending
May 10, 2023 23:11 - 26 minutes - 11.8 MBInflation is wearing consumers down, and it’s starting to show. We’re saving less, putting more on plastic and seeking out discounts. On today’s show, we dissect consumer fatigue. Then, we’ll hear what it’s like working at a rural hospital during a health care staffing shortage and examine how lenders that serve Native Americans are responding to proposed federal certification updates.
When are markets gonna react to the debt limit drama?
May 09, 2023 22:28 - 27 minutes - 11.8 MBUnless officials in Washington strike an agreement to raise the limit, the U.S. could default on its debt as soon as June 1. Wall Street has been taking all this in stride, but will that change, and when? Also on the program: regional variations in inflation, a wet winter in the Corn Belt and the staying power of remote mental health care.
“I worry that people don’t think it can happen here”
May 08, 2023 22:50 - 28 minutes - 11.8 MBLast year, Marketplace met families of transgender children in Texas who were weighing their options when the state moved to restrict gender-affirming care. As more states target LGBTQ rights, we check back in with two families — one who moved and one who stayed — and tally the costs of both. Also, airlines go on hiring sprees, shipping companies reroute goods and high interest rates squeeze smaller hospitals.
Meet the folks prepping for an AI economic revolution
May 05, 2023 22:27 - 27 minutes - 11.8 MBSome aren’t saving for retirement, while others aren’t saving for or staying in college. Today we’ll hear from a handful of artificial intelligence true believers who think a revolution is inevitable and are preparing for a future — and economy — that looks radically different than the one we now live in. We’ll also examine why the U.S. has so many banks and why insurers are going on hiring sprees.
Rough time to be a regional bank, amirite?
May 04, 2023 22:42 - 26 minutes - 11.8 MBThe shares of multiple regional banks slid today amid new tremors in the industry following the collapse of First Republic. But bank failures and consolidation are actually somewhat normal. So what’s a regional bank to do? And what are investors and depositors to make of all this? Then, how JPMorgan CEO Jamie Dimon became a banking industry heavyweight and why a bump in Federal Deposit Insurance Corp. coverage seems unlikely right now.
Why 2008 financial crisis rules didn’t stop recent bank failures
May 03, 2023 23:38 - 26 minutes - 11.8 MBSo many regulations came out of the 2008 financial crisis, and for a good while they seemed to work. Yet here we are with three bank failures in less than two months. What gives? Plus, we unpack what Federal Reserve Chair Jerome Powell did (and didn’t) say about today’s rate hike and find out what happens to all the things people throw into recycle bins.