The economic recovery is showing up in a big way: GDP is nearly back to pre-pandemic levels, and consumer confidence is improving as more Americans are vaccinated. There’s been a surge in consumer spending, driven by record-setting personal income — pumped by relief checks and more Americans getting back to work. About that “getting back to work” part. We’ll see the April jobs report next week, and it’s expected to be very strong. Still, the number of jobs in the U.S. economy is nowhere near pre-pandemic levels, and it could take a while to get there. Also on today’s show: how New York businesses are getting ready to reopen, more companies are incentivizing vaccination and how the U.S. is trying to reclaim its rare-earth mantle.

It could take quite a while for the labor market to recover from COVID

Every 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.

Business

Investing

Careers

Management & Marketing

Business News

Shopping

News

Today, President Joe Biden called for tariffs to be tripled on certain Chinese steel and aluminum products. These tariffs, first implemented by then-President Donald Trump in 2018, are now the latest move in the ongoing U.S.-China trade war. Plus, sky-high car insurance premiums, the government’s latest energy-efficiency standards and China’s shrinking wine market. 

Steel tariffs déjà vu

The International Monetary Fund reported today that the global economy has shown “remarkable resilience” and that growth is expected to hold steady at 3.2% this year. But that’s low by historical standards. Plus, why there’s weaker demand for Treasurys, how restaurant chains scout locations and why Warner Bros. is shelving “Coyote vs. Acme.” Beep beep!

Slow and steady global growth

The economy has historically been a major factor in election forecasting. But right now, the economy is kinda all over the place. In this episode, how some experts are adjusting their models to account for increased polarization and others are throwing in the towel. Plus, more guessing games: Will BYD crush Tesla? Should firms make big deals before inflation cools? And wait — when am I scheduled to work?

Playing an economic guessing game

As more cities and states debate abolishing subminimum wages for tipped workers, we’re keeping an eye on Washington, D.C., where the tip credit system is being phased out. Though food service staff shrunk last year, some current servers say their paychecks are much more stable. Plus, corporate defaults climb and the cost of Asian imports falls as the cost of goods from Mexico increases.

The subminimum wage for tipped workers is on the table

Like a choreographed dance, central banks usually move together in managing interest rates. But with a high U.S. inflation reading in March, other banks might cut rates before the Fed. The European Central Bank is closer to its target and has signaled a cut in June. Plus, West Texas natural gas extractors are paying to get rid of their excess, colleges are hiring managers to help athletes get name, image and likeness deals, and a complicated insurance tactic is raising patients’ out-of-pocket costs.

It could take quite a while for the labor market to recover from COVID

Download our free app to listen on your phone