Stocks close higher; services prices drive 12-month increases; consumer spending up in March; consumer sentiment flat so far this year.

Inflation picks up in March

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Increasingly popular buy now, pay later services allow shoppers to split their purchases into smaller, recurring payments. We’ll get into why these loans are blurring economists’ understanding of today’s consumer debt landscape. We’ll also discuss President Joe Biden’s climate and infrastructure spending spree, and the knock-on effects of parents dying from drug overdoses. Plus, singer Tyla’s sandy Met Gala look, and forgotten 100-year-old love letters make us smile.
 
Here’s everything we talked about today:
 



“More than 320000 U.S. children lost a parent to drug overdose from 2011-2021” from Axios



 



“Playbook: Biden’s race to Trump-proof his legacy” from Politico



 



“Biden’s biggest challenge: How do you even spend $1.6 trillion?” from Politico



 



“‘Buy Now, Pay Later’ Has Americans Racking Up Phantom Debt” from Bloomberg



 



“Video: See moment Tyla is carried up Met Gala steps” from CNN



 



“Tyla’s sand-covered Met Gala 2024 gown was chopped in half after the red carpet” from Page Six



 



“When to use buy now, pay later services” from Marketplace



 



“Hidden love letters spark historical mystery in Baltimore” from The Baltimore Banner




 
We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.


A phantom debt menace

Over the past five years, rents in nearly every major U.S. city have risen faster than wages. In New York City, rent surged seven times faster than wages last year. But this spike isn’t confined to the Big Apple. Later in this episode: GE’s three-way split is the end of an era. Also: the WNBA pay gap, and the rebranding of an iconic Midwestern frozen-food delivery service.

Rents outpace wages in big cities across the U.S.

Stocks close mixed; inventories higher than this time last year; rent growth outpaced wage growth since 2019; Uber, Lyft bookings rise.

Wholesale inventories tick down

Uber loses $654 million in the first quarter; Reuters reports the Justice Department is looking into whether Tesla committed wire and securities fraud; independent law firm says big changes needed at the FDIC to address widespread allegations of sexual harassment and discrimination; FTX reorganization plan that would give small investors all their money back.

Uber underdelivers

A new report from an independent law firm says that big changes are needed at the Federal Deposit Insurance Corporation to address widespread allegations of sexual harassment and discrimination and that FDIC’s management’s response has been “insufficient.” We’ll discuss. Plus, there was a big slowdown of consumer credit growth in March. And can the “Las Vegas of the East” move away from gambling revenue to entertainment?

Inflation picks up in March

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