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Changes are afoot at the Federal Reserve: President Donald Trump will name a new Fed chair in the coming year, and the central bank’s job could get complicated as the economy absorbs the full impact of new tariffs. In this episode, why Fed independence is crucial and where the federal funds rate is headed in 2026. Plus: Families weigh the cost of child care, the BLS remains behind on data releases, and state farm bureaus offer cheaper health insurance to farmers — with a catch.
Small business owners’ economic moods remain mixed. But, as is so often the case, how folks feel is different from how they act. And hard data tells us small business owners are pulling back on hiring — one ADP report shows businesses with fewer than 50 employees cut a net 120,000 jobs in November. Should we be worried? Plus: Retailers benefit from buy now, pay later offerings, import prices sans fuel rose in September, and cap-and-trade carbon emissions programs have changed since their inception.
The Federal Reserve’s quantitative approach to monetary policy decisions means its governors tend to reach consensus. But in the past few meetings, some FOMC members have disagreed on whether to prioritize jobs or inflation. In this episode, “Marketplace” host Kai Ryssdal and former FOMC member Daniel Tarullo discuss why the Fed is divided right now. Plus: Dollar stores weather an uncertain economy, companies use return-to-office policies as a workforce reduction mechanism, and electricity demand grows as data centers pop up nationwide.
The Organization of Petroleum Exporting Countries will hold oil production steady next quarter as global supply remains unusually high, driven by record output from the U.S., Brazil, Canada, and Norway. At the same time, demand is low due to a tipsy global economy and rising EV adoption. Also in this episode: What a no-immigration economy may look like, why Zillow removed climate risk information from home listings, and how food companies introduce healthy versions of staple offerings.
Holiday spending tends to drive up U.S. consumers’ credit card debt. In the past, most households were able to pay down that debt come the new year. But as wallets get squeezed, that may not be the case in 2026. Plus: Monopoly celebrates his 90th anniversary, a family moves from a farm to the city, and we visit a lab growing the chocolate of the future.
Retailers don’t seem to be looking for many temp workers this holiday season. But it’s not the only sector that hires winter workers — event venues, transportation and warehousing still have some demand. Also in this Thanksgiving episode: There’s a growing market to manage kids’ screen time, a musician combats AI scraping, and a family explores stock market investing.
Yields on government bonds can tell us how investors think the Federal Reserve will act. In this episode, we break down what falling yields on short-, medium- and long-term Treasuries tell us about where we’re headed. We also explain why people and firms across the economy bet on the Fed’s decision making. Plus: Jobs data paints a blurry picture of the labor market, PG movies dominate box office sales, and AI toys make their way to kids’ Christmas lists.
“Affordability” — it’s a hot-button issue across the political spectrum. But how does one define or quantify a subjective idea? We called up a linguist and a few economists to hear their thoughts. Plus: Flat wholesale inflation is a warning sign for higher overall inflation, September retail sales merely inched up, and the U.S. dollar is showing signs of recovery after a troubling first half of the year.
The delayed-by-the-shutdown September jobs report showed a stronger-than-expected monthly gain of 119,000 jobs, seasonally adjusted. But dig into the data, and signs point to many of those jobs being second or third jobs. In this episode, more people are working multiple gigs to get by. Plus: China’s got a different AI investment approach than the U.S., the housing market got a boost in October, and your online return probably ended up on the secondary market.
For many people gathering around the table this holiday season, things feel a little different. Maybe it’s the cost of ingredients that’s on your mind, or cuts to USDA funding that have left your food bank running low. Or maybe it’s the simple reality of a packed schedule — there’s a lot to cook, and so little time. In this special from Marketplace, we bring listeners a collection of stories on the business and economics of food. Our reporters take us across the country to farms, home kitchens, and restaurants. We visit a refugee farmer in Houston, a chocolate-making lab in California, and stop for a bite at an award-winning restaurant in Portland.
TJX, the parent company of off-price retailers T.J. Maxx, Marshalls, and HomeGoods, posted excellent earnings this week, while Target cut its sales forecast. “Off-price” means TJX sells excess inventory at a discount, which may be more attractive to increasingly stressed shoppers hunting for deals. Also in this episode: Political affiliation colors consumer sentiment, USDA cuts end a major revenue stream for small-scale farmers, and supply chains are unusually slow this holiday season.
China's purchase of 1 million tons of U.S. soybeans ends a trade war freeze. And while it's better than nothing, it's still far below typical November numbers. With no confirmation of more big shipments, and cheaper suppliers like Brazil and Argentina ready to fill in, how are U.S. farmers reacting? Plus: What to expect in September's jobs report, how the rise of gambling might change political media, and why tech giants are issuing debt to fuel expansion.
The White House’s $100,000 fee on new H-1B visa applications is adding extra pressure to health care systems in rural and low-income areas. Historically, the visa has been a critical pipeline for skilled health workers in hard-to-staff settings. Affected hospitals are already feeling the added strain. Also in this episode: A bitcoin downturn won’t just hurt crypto bros, Panera announces an overhaul amid floundering fast-casual sales, and the EV market soldiers on, despite sunsetted tax subsidies and emissions regulations.
A few big box retailers report earnings soon, including Target, Walmart and Lowe’s. That could give some clarity on the state of the American consumer as we head into the holiday shopping season. Though of course Nvidia, the top-performing tech firm on Wall Street, will be the most exciting earnings call of the week. We’ll explain what all the hype’s about. Also in this episode: the NAR predicts homes sales will jump 14% next year and a former coal mining town pivots to nuclear.
The latest in President Donald Trump’s trade war waffling? Tariff exemptions aimed at lowering Americans’ grocery bills. Affected products could include supermarket staples, like coffee and bananas from Ecuador, Argentina, El Salvador and Guatemala. In this episode, how long it could take for shoppers and businesses to see lower prices. Plus: Work permit rollbacks fuel a janitorial workforce crunch in Texas, moviegoers shell out for IMAX screenings, and we check in with a Pennsylvania customs broker.
With the government shutdown officially over, the Bureau of Labor Statistics is back at work after a 43-day hiatus. But all that missed data can’t be recreated — and catching up while understaffed will be difficult. In this episode: What reports will BLS prioritize and what’ll be left behind? Plus: Solar projects rush to finish before a tax credit deadline, Disney stops reporting its streaming subscriber numbers, and businesses strategize for a world without pennies.
Consumers may have revved up their spending in October, but spending more doesn’t mean getting more — prices are also up this holiday season. In this episode, why most shoppers feel like they're doing less with more. Plus: Auto loan delinquencies rise, mortgage applications heat up during an often-chilly season, and Kai explains the price-earnings ratio of the S&P 500, which is at a decades-high.
Business owners aren’t too optimistic about the labor market, according to an NFIB survey. About a third are struggling to fill an open position, and around a quarter said labor quality was their most pressing issue. In this episode, we scrape together a picture of today’s labor market, sans government data. Plus: Cities issue bonds at a record pace, we explain the consequences of Trump’s proposal to back 50-year mortgages and one report shows real wage growth has slowed to 2%.
Despite expectations surrounding President Donald Trump’s tariffs, inflation doesn’t seem to be speeding up — though it’s hard to say for sure without all that reliable federal data. You can thank cooling services inflation (where most consumer spending goes) and a softer labor market, which has reduced some companies’ ability to raise prices. Also in this episode: Corporate earnings look bright and sunny, Visa and Mastercard reach an agreement with merchants over credit card fees, and retailers revive physical holiday catalogs.
Consumer sentiment — as in, how everyday people feel about the economy — fell to a low not seen since 2022, according to the University of Michigan’s Surveys of Consumers. The decline was consistent across demographics, except among the wealthiest Americans (as measured by volume of stock market holdings). In other words, economic mood just became another k-shaped indicator. Also in this episode: Colleges shutter satellite campuses to cut costs and small and midsize businesses shrink their headcounts.
The firm Challenger, Gray & Christmas counted over 153,000 job cuts in this country last month — the most October layoffs since 2003. Are companies pivoting to save money in light of over hiring and AI, or we are we moving toward a more serious slowdown? Also in this episode: A training center in China narrows the gap between tech manufacturing labor supply and demand, the FAA orders flight cuts, and “green” data centers face expensive challenges.
With no government jobs data available during the shutdown, analysts have turned to private reports for clues about the labor market. In the latest round, ADP said private companies added jobs in October, despite job openings hitting their lowest level since early 2021. Experts say the labor market is stalled but stable, though risks of a downturn are growing. Also in this episode: the K-shaped economy comes for the housing market, global food systems face challenges with limited land, and Southwest cuts accommodations for larger-bodied flyers.
The U.S. Supreme Court will hear arguments on Wednesday for and against the legality of President Trump’s signature economic policy: tariffs. In this episode, a lawyer walks us through what’s at stake and how the major questions doctrine may come into play. We also consider whether it’s possible to repay the $90 billion accumulated in tariff revenue should SCOTUS rule against the president, and scrutinize potential ‘plan B’ tariff policies.
The Trump administration has been court ordered to partially fund this month’s SNAP benefits, after refusing to step in during the shutdown. Emergency USDA funds will cover about half of the $8 billion spent each month on the food assistance program. But it’s unclear how long households could wait for the partial benefits to kick in. Also in this episode: The manufacturing sector appears to be “meh,” OPEC ups production despite global oil glut, and the U.S. races to catch up on rare earth elements.
The U.S. economy is increasingly “K-shaped.” That means the gap between the wealthiest companies and consumers, and ... everyone else, is growing. Big Tech companies rake it in while smaller firms struggle. Similarly, the economy is increasingly dependent on the wealthiest consumers as everyone else pinches pennies. Economists warn these imbalances make the economy more fragile. Also in this episode: Farmers experiment with agrivoltaics, a Chicago tour guide showcases the city’s architectural history, and we recap the week's economic headlines.
With the government shutdown delaying the Bureau of Economic Analysis' third quarter GDP estimate, economists turn to Fed models and private analysts. The verdict? The estimates vary but generally indicate that growth was positive, crediting business investment and consumer spending. Also in this episode: What private sector data says about the job market, why homebuyers are still waiting on the sidelines, and how banks are managing commercial real estate amid high office vacancy.
Nvidia's market valuation surged to $5 trillion Wednesday, breaking records. The chipmaker is on fire, and it’s using its glut of resources to invest in other tech firms that need those chips. But if companies are using Nvidia money to buy Nvidia chips … should investors fret about a bubble? Also in this episode: We unpack Trump’s trade agreements with Japan and South Korea, more families skip paid child care altogether, and the Fed cuts rates for the second time this year.
Amazon and Chegg both announced layoffs this week; Chegg says AI competition was a factor, and Amazon’s CEO alluded to AI-related job cuts earlier this year. History tells us when a new technology comes along and totally overhauls society (think, the steam engine), we end up with new, better jobs. So … why have we only heard about AI-related job elimination? Later in the episode: Wayfair bucks home goods trends, consumer confidence stays sorta glum, and schools struggle without pandemic-era universal free lunch funds.
The shutdown has delayed October's durable goods report. But fear not! Michigan-based appliance manufacturer Whirlpool reported earnings today, and they were pretty tepid. What does that tell us about Trump's tariffs, or the housing market? In this episode, corporate earnings act as a stand-in for missing federal data. Plus: There are winners and losers during a period of high beef prices, small business owners scrutinize their staffing strategies, and regional banks consolidate to compete with fintech.
Consumers everywhere are trying to stretch their dollars to compensate for economic uncertainty and inflation. However, there’s a divide between higher and lower earners. In this episode, we look at how people across the economic spectrum are trying to get more bang for their buck. Plus, one recent college graduate’s decision to leave the U.S. for job prospects abroad, commodity shortages mean less chocolate in your Halloween candy, and a weekly wrap-up of the latest economic headlines.
