Week of May 13th, 2024

Friendship may not be immune to inflation.

The Dow closed above 40,000 for the first time. Plus, competition for small business spending heats up.

In this week’s Uncomfortable Book Club, the “Finance for the People” author shares some practical tips for taking control of your finances.

The Dow hit 40,000, which doesn’t necessarily mean the economy is doing well. But it can speak to how certain people think and feel about the economy.

Plus, we do the numbers on ATM codes and hurricane season in this week’s Make Me Smart newsletter.

The CBO data show purchasing power rising across all income groups, but the numbers reflect averages, and individuals’ experiences vary.

Stocks close mixed; UAW’s unionization efforts have been mixed; Conference Board points to weak consumer outlooks, factory orders; index of current economy improved in April.

Small business spending has been fairly slow recently, according to American Express. But credit card companies see a lot of potential in the market.

EVs, hybrids and plug-in hybrids made up 18% of new vehicle sales in the U.S. in the first quarter of this year. But that share was down slightly from the previous quarter.

As the Israel-Hamas conflict continues, students are calling for their universities to cut financial and institutional ties with Israel.

The Conference Board’s forward-looking index falls; Reddit reaches a deal with OpenAI; China puts out a housing market rescue plan; Chevy Bolt owners are in line for settlement money.

We’ll take the pulse of ad spending as streaming continues to outshine traditional broadcast television.

Media companies are leaning more into digital assets like streaming as advertisers continue to shy away from investing in broadcast television.

More than a quarter of Americans used a credit card to buy groceries last year and did not pay off the balance when it was due.

Pro-Palestinian protests have disrupted campus life at colleges and universities in the United States. What have they looked like in Europe?

From the BBC World Service: The Chinese government will buy millions of unsold homes to try to avert a crisis in the property market.

Anita Ramaswamy, columnist at The Information, joins Marketplace’s Lily Jamali to discuss the week’s biggest tech stories.

It’s time to answer listener questions.

Today, three businesses — selling very different products — that adapted to changing customer demand.

Many consumers are more comfortable buying furnishings in person. Several online-native brands have recently expanded into physical retail.

The “currency carry trade” is one way investors chase returns by moving their money from one country to another, and it can move currency markets. It’s emblematic of the power of interest rates to slosh money around the globe, and it may be growing. 

Recent data indicates some cooling of the job market, but the real number of people laid off may be higher.

“I’m not embarrassed to say I bought something from Walmart anymore,” says one such shopper.

Some are looking for new uses for fleeces while others shift to breeds that don’t produce much wool at all.

Stocks fall; monthly increase biggest since March 2022; housing starts rise; initial jobless claims fall.

Scientists were ringing alarm bells about colony collapse disorder a decade ago. Brian Walsh of Vox explains what happened.

Housing starts rise; manufacturing output falls; initial jobless claims decline; Netflix buys the rights to Christmas Day NFL games.

JPMorgan Chase, Citibank, Wells Fargo and Bank of America are among the top financiers of fossil fuel companies.

Banks have invested trillions of dollars since the Paris Agreement went into effect.

Lots of people in this country don’t have access to good mental health care — and that’s expensive for society.

New polling data reveals that voters generally support tariffs more when they target China.

All three major stock indexes in the U.S. rose to record highs on the back of yesterday’s inflation report

From the BBC World Service: China’s leader Xi Jinping rolled out the red carpet for Russian President Vladimir Putin.

Undersea cable repair crews help keep global communications running. Josh Dzieza of The Verge explains why recruiting workers is difficult.

Plus, send us your cicada stories.

What’s behind the surge in women workers? And will the numbers keep climbing?

Retail sales were flat and some food prices even fell in April. But the housing market isn’t following suit.

Consumers tend to be very sensitive to food costs. Fresh edibles like fruit, vegetables and meat saw substantial declines.

Stocks rise; inflation remains above Federal Reserve’s target; retail sales flat in April; homebuilder sentiment declines.

The latest figures, for April, suggest that rising prices, high interest rates and depleted pandemic savings may finally be weighing on spending.

Chicago Fed President Austan Goolsbee talks the latest CPI release and what it means for the Fed’s continued fight against inflation.

Consumer prices rose at an annual rate of 3.4%, a small decrease from March; retail sales were flat in April, as bargain-hunting shoppers held back; Justice Department says Boeing has breached deferred prosecution agreement; IEA trims global oil demand growth forecast.

Necoclí, Colombia, is a key stop on the migratory route to the U.S. Traditionally dependent on tourism, its economy has shifted to serve migrants.

Setting aside food and fuels costs, the consumer price index increase over 12 months was the lowest in three years.

Loans are a big cost, but they would muddle the data in the CPI. Fed rate hikes would essentially create inflation, despite their intention.

School districts across the country have relied on a combined $190 billion in federal money for more than three years. But time’s up: the funds have to be accounted for by Sept. 30.

Borrowing costs for things like car loans and mortgages aren’t included in the consumer price index. Why?

From the BBC World Service: Businesses in a beach town have shifted their focus to cater to the new arrivals.

Major networks like ABC, NBC and CBS are touting their shows this week in hopes of securing advertisers’ dollars for a year. But Reuters’ Sheila Dang says more of those dollars are flowing to digital platforms.

Workers clearing Key Bridge debris include members of the Coast Guard, Army Corps of Engineers, Navy and civilian salvagers.

Targeted imports include EVs, semiconductors and steel. Plus, the new rule encouraging more long-distance power lines.

Both used tariffs to support American jobs and industries. But the Biden administration’s have been higher and more targeted.

We’ll need the lines to connect solar and wind power to new data centers, electric cars, heat pumps and so on.

Shortsellers have now lost more than $2.2 billion as the company’s shares have risen.

When tariffs increase, costs often go up for business owners, who often then pass some of those increased costs along to consumers.

Stocks rise; services prices push up Producer Price Index; Biden Administration announces new tariffs on certain Chinese imports; new tariffs could put pressure on prices.

With pharmaceutical mergers more common, the FTC is taking a hard look at pharmacy benefit managers and antitrust concerns.

Many callers hoping to get referrals have moderate incomes but still struggle, explains Rachel Wolfe of The Wall Street Journal.

David Brancaccio on the parallels between Super Meat Boy and Picasso’s masterpieces.

What kids (and you) should know about unions.

Financial regulators are worried about derivatives markets — especially ones regarding elections.

The producer price index rose 0.5% in April; Stellantis forms joint venture with China’s Leapmotor; U.S. regulators launch probe of Waymo vehicles; Home Depot sales fall.

According to new data from the Research and Action Institute at the Association of American Medical Colleges, OB/GYN, internal medicine, and emergency medicine programs saw the biggest drops — around 7% or 8%.

What’s behind the latest surging meme stock? We’ll discuss.

Most U.S. hospitals aggressively pursue patients for unpaid bills. One New York hospital system decided to work with them instead.

Rescues and shelters are taking “proactive” action to keep pets that have a home in their home.

Superstar rookies Caitlin Clark, Angel Reese and Kamila Cardoso bring a new wave of fans and media attention to the professional game — and now the WNBA’s challenge is making it last.

At Rochester Regional Health in New York, aggressive collection activities on medical debts are barred. We hear more about the uncommon practice.

From the BBC World Service: In the Eastern European nation of Georgia, a proposed foreign funding law has ignited protests.

Marketplace China correspondent Jennifer Pak explains what’s behind this latest trend of AI-generated deepfakes in China.

You’ve got money questions, we’ve got money answers!

Where do you spend time when you’re not at home or work?

Americans are feeling worse about the economy, partly because of fears about lasting inflation. Plus, lower demand for second homes.

Consumers forecast inflation at 3.3% this time next year and are less confident that their earnings will rise as much as they had expected.

Softer demand for second homes has led to greater inventory in some markets, but overall, the climate is still competitive for buyers.

Nearly 50 million people in the U.S. have a substance use disorder, and most are in the workforce. Could employers take a bigger role in recovery?

McDonalds, KFC and Pizza Hut have reported soft sales as customers reject inflated prices. That means franchises have to get creative.

Stocks close mixed; people’s spending and income expectations pick up; Kraft Heinz reportedly thinking about selling off Oscar Meyer; inflation data due this week.

It’s largely about the chemistry of the oil and the mechanics of the refineries. In many cases, importing foreign crude is cheaper.

The illegal game has similarities with a state lottery. For many Black residents of Detroit, it represented an opportunity.

McDonald’s announced that it would phase out its self-service machines by the end of 2032. More restaurants may follow suit.

Home builders are making new homes smaller to keep prices down. In Southern California, where land is scarce and housing is expensive, buyers are turning to small pre-war homes or ADUs.

Massachusetts is suing asking for workers to be classified as employees; Johnson & Johnson selling off remaining stake in consumer business; TV ‘upfronts’ begin to lure advertisers; Mercedes-Benz workers in Alabama begin unionization vote.

Adobe Analytics projects that buy now, pay later loans could drive as much as $84 billion in spending in 2024. But the debt shoppers are racking up is basically hidden from credit bureaus, lenders and economists.

Even as the value of the stock market grows, the number of firms traded on the market is shrinking

When fewer companies are public, it limits our understanding of what’s happening in the economy.

Starting Monday, around 5,200 workers at a Mercedes-Benz assembly-and-battery complex near Tuscaloosa, Alabama, will begin voting on whether to join the UAW.

A unionization vote at an Alabama Mercedes-Benz plant this week will put the UAW’s organizing efforts to the test.

From the BBC World Service: The South Korea government plans to invest more than $7 billion in its advanced chip industry.

Austin was a red-hot destination for tech companies fleeing Silicon Valley, but its allure may be cooling.