Week of January 31st, 2022

Plus, a round of Half Full/Half Empty that’s totally by the book!

On today’s episode, we delve into January’s jobs report, the worker retention problem and an ambulance shortage in rural Texas.

Some stores across the country have already begun distributing the masks, made available from the national strategic stockpile.

Many older people returned to work, but the recovery isn’t as strong for people of color and women.

As companies try to hold on to the workers they have, pay and benefits are on the up and up. That may not be enough.

A Zillow analysis found that an increasing number of millennials with young children are looking to buy.

After the loss of a local provider, officials are working to make sure paramedics will still show up when people call 911.

Also today: A winter storm is gripping much of the country, as are rising heating costs. Texas’ recent experience with harsh winter blackouts is still on the mind of many of its residents. The Beijing Olympics aren’t being expected to bring in lots of money. 

The winter games will be a net loss for China — at least economically.

Child care issues and untenable work options play a role.

From the BBC World Service: After all, China is the world’s biggest energy consumer. We examine the economic links between the two countries. Also, Beijing is being cautious about how much it supports Moscow, especially when it comes to the build-up of Russian troops at Russia’s border with Ukraine. And, scientists in South Africa say they’ve produced a version of Moderna’s COVID-19 vaccine.

Also today: We look into what’s keeping people from returning to the workforce in the midst of an epic labor shortage. Scientists in South Africa say they’ve produced a COVID-19 vaccine similar to the Moderna version, which could eventually mean vaccine access in a part of the world that’s struggled to get it.

The revote comes after the National Labor Relations Board found that Amazon had illegally interfered in the initial election last year.

Standard transactions through the ACH system aren’t instantaneous — they can take several days.

Plus, we geek out on space.

Also on today’s episode: We check on Texas and its power grid as a cold front moves in and hear from a Kentucky student who’s balancing work, school and extracurriculars.

Not all parts of the job market are hot.

Despite efforts to strengthen the electric grid, Gov. Greg Abbott has said there’s no guarantee that the power will stay on.

When pandemic pivots become permanent. 

Aneesha Edwards has a full tuition scholarship but still expects to take on about $10,000 of debt every year she’s in school.

Raw material and shipping expenses have shot up. But price hikes aren’t the only way business owners can cover their costs.

Econ Extra Credit newsletter #89

Also today: The BBC’s Victoria Craig visits us to discuss some of the global confusion that comes with talk of raising interest rates. The tribal settlement with drugmakers over opioids is part of a long journey of tribal efforts to establish their legal power.

It also means they can’t always make enough to cover basic costs.

The deal marks a shift in how tribes are treated when they seek financial restitution from corporations in the courts.

Sales of gas-powered SUVs also set a record.

That’s because for certain things …customers are just willing to pay more.

Trending up, however, are the sales of electric vehicles, which doubled in 2021. And, while the costs for companies have risen, so too – somehow – have profits. One reason? People just really want some of the stuff businesses are selling, like cars.

From the BBC World Service: The European Central Bank will announce its latest interest rate decision today. Despite record Eurozone inflation we hear why it is unlikely that rates will actually rise. And as Turkey’s inflation rate hits 48%, we hear what role tourism can play in tackling some of the country’s bigger economic problems.

Potential cyberattacks from international hackers, surveillance by the Chinese government and COVID-19 tracking are all in play at the Winter Games.

Plus, economic sanctions and garlic prices on today’s Waddya Wanna Know Wednesday.

Today, we learn what paid medical leave meant for one family’s financial and mental well-being. Plus, how omicron could distort the jobs report, and what the prices of raw goods tell us about inflation.

U.S. federal law requires companies to give workers 12 weeks off a year for family medical situations — unpaid. Whether or not workers get paid leave depends on what state they live in.

The cost of commodities has gone way up, and spendy raw materials suggest more inflation in 2022.

The Bureau of Labor Statistics’ “reference week,” used to calculate employment, included Jan. 12 — when omicron was at its worst.

The online company says it will charge 15% more than manufacturers’ prices, plus a pharmacist fee.

Remote work allowed young professional Nataliea Abramowitz to sample life in eight states over about eight months.

Running a microbusiness in a pandemic economy is tough. Businesses that rely on human interaction have to be creative to survive.

“How do you set your price when you don’t know if it’s going to be $12 a pound or $37 a pound?” says Togue Brawn of Downeast Dayboat.  

The European Union set a goal of being climate neutral by 2050, but the criteria for what is “green” raises questions. With remote work becoming normalized, some developers plan on turning empty office buildings into apartments. 

As the climate shifts, the rise in flood risk will disproportionately affect Black communities.

As the number of vaccinated people increases, so does movement in the economy.

Competition is heating up in the fledgling space.

In Los Angeles, where there’s a housing crisis, the pandemic has some looking at the “adaptive reuse” of under-used office buildings.

Also today: COVID-19 vaccines for children under the age of five could soon become available. Facebook parent company Meta reports its earnings this morning, and we take another look as business possibilities that could exist within the “metaverse.” 

From the BBC World Service: The European Union will allow gas and nuclear power to qualify for classification as climate-friendly investment projects. But it’s a move that’s been met with controversy and protests in Brussels. Plus, what’s behind Sony’s unexpected soaring profits? And, the cost of South Africa’s crumbling rail infrastructure.

The United States is still in the early stages of weighing a digital currency. Countries like China and the Bahamas have already embraced them.

American Indians and Alaska Natives aren’t included in the monthly report, so they are often left out of discussions on economic well-being in the U.S.

And where it might be headed next

The threat undermines “Ukraine’s position on international markets” said the Atlantic Council’s Peter Dickinson. “Companies can’t finance themselves.”

Plus, how businesses are grappling with inventory surpluses and what the deployment of Russian troops means for Ukraine’s economy.

Part of the problem is our old friend, the congested supply chain.

Corporations bought a record share of homes last year and can make it hard for regular homebuyers to compete.

26 million people quit their jobs over the past six months. In December, employers had about as many jobs open as they ever have.

Boris Johnson’s government may scrap the national license fee that’s funded the UK broadcaster for generations.

As the cost of human workers has risen, the cost of automation has fallen.

Also today: Metlife’s Drew Matus joins us for our markets discussion. The workplace is becoming more and more automated, especially during the pandemic. Does that mean the robots are coming for all of our jobs? We spoke to Charlotte Howard, the U.S. business editor and New York bureau chief for The Economist, about the implications of automated work.

Approximately 30% of teachers leave within their first five years in the classroom.

The rental vacancy rate is just under 6%, the lowest it’s been since the 1980s. And that’s driving prices up.

From the BBC World Service: India unveils a sweeping new budget. But can it help the country recover from its COVID-induced economic losses? Plus: Myanmar marks a year since a military coup with silent protests across the country. And, legal protections are enacted in Belgium for workers who want to disconnect from work after hours. 

Also today, we take a look at how there are many more people renting these days, driving down vacancies and giving way to higher rent overall.

Majora Carter’s new book, “Reclaiming Your Community,” pursues a “better way” to revitalize cities.

Roughly 95% of global telecommunications travel along undersea cables.

Just a reminder, folks.

We also find out how inflation is forcing restaurants to get creative and why setting OSHA guidelines takes so long.

It all depends on how much inflation the central bank sees in the economy.

But they could take months or even years to go into effect.

School districts have until September 2024 to spend the money. In a letter to Secretary of Education Miguel Cardona, they say they need more time.

Housing supply has been an issue for years. Could Americans’ love for old homes be part of the problem?

The rising cost of food is hitting restaurants — and they can only raise prices so much before customers balk.

Just 10.3% of Americans belonged to unions in 2021, and the rate for private-sector employees was 6.1%.

A recent working paper took a deep dive into where PPP funds ended up. Marketplace’s senior economics contributor Chris Farrell argues the results highlight a much bigger challenge for policymakers.

Julia Coronado highlights consumer sentiment, raises and the specter of inflation during our markets discussion. Congress returns to session with a variety of economic items on the agenda. 

Talk of a Supreme Court nomination is on everyone’s lips these days, but Congress has an economic laundry list to address.

Higher wages and low unemployment are good news to people. Inflation isn’t.

From the BBC World Service: A snap election gives Portuguese Prime Minister Antonio Costa’s party a new public mandate to oversee the country’s post-pandemic economic recovery. Plus, how a Chinese crackdown on capital outflows is hitting the world’s biggest gambling hub. 

Also today: Spotify says it’s working to add content advisories before podcast episodes which discuss COVID-19.

Subtle coercion tactics make trafficking hard to detect online, says Alyssa Currier Wheeler of the Human Trafficking Institute.