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Today during Economics on Tap, we’re low-key celebrating this weekend’s Kentucky Derby and venting a little about the journalists and political figures who withheld critical information and news, only to finally reveal it in their books. For profit. Former Secretary of Defense Mark Esper revealed in his soon-to-be-released memoir that, two years ago, then-President Donald Trump considered launching missiles into Mexico. In surprisingly less scary news, “Little Shop of Horrors” is celebrating its Broadway revival with festivities. Before we head into Kentucky Derby weekend, we go Half Full/Half Empty on coin collecting, children at work and more.
Tell us what you think about today’s show. Email us at [email protected] or leave us a voice message at 508-827-6278, or 508-U-B-SMART.
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The U.S. economy added 428,000 jobs in April, but there are signs the labor market slowing down a bit. Some economists say that might not be such a bad thing, counterintuitive as it might seem. On today’s show, we’ll explain and break down the rest of this big week in business and economic news. Plus: the start of the WNBA season and a look at the Gathering of Nations powwow.
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The unemployment rate remained unchanged, though. Also, wages are still going up but not quite as fast as they have been, and not as fast as prices are rising. We talked to Christopher Low, chief economist at FHN Financial, about what to make of today’s numbers. Plus, Boeing announced it is moving its headquarters from Chicago to Arlington, Virginia. And, a painting of Marilyn Monroe by Andy Warhol could go for something like $200 million at auction next week. Art critic Blake Gopnik says the piece could very well be worth that much, but it’s misunderstood.
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Workers are continuing to flex their bargaining power in a tight labor market. Average hourly earnings were up 5.6% in March, compared to a year ago. Employers are giving raises and boosting starting salaries to retain and attract workers. Plus, Fidelity Investments’ plan to allow investors to invest in cryptocurrency as part of retirement accounts is facing questions from lawmakers, including Democratic Sen. Elizabeth Warren of Massachusetts. Businesses that provide medication abortions are facing new demand and challenges amid the leaked draft of the Supreme Court opinion that would overturn Roe v. Wade.
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From the BBC World Service: The Hungarian Prime Minister Viktor Orban vowed to veto current EU proposals to phase out imports of Russian oil, saying they would be devastating to Eastern European countries which rely heavily on the fuel. Plus, European Commission President Ursula von der Leyen says a sixth sanctions package against Russia will go ahead, even if it takes longer than expected. And, we visit a German oil refinery that’s still very reliant on Russian oil.
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As supporters and opponents of abortion rights continue to parse the leaked draft ruling obtained by Politico this week, one of the many questions that have come up is what the overturning of Roe v. Wade, and stricter anti-abortion laws, would mean for our lives online. Technology plays a major role in connecting people with reproductive health services, but if those now-legal options become illegal in a post-Roe environment, will those online interactions remain private? Marketplace’s Kimberly Adams speaks with Evan Greer, director at the digital rights advocacy group Fight for the Future.
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We’ll start today’s show with a little pep talk about what you should and shouldn’t do if you caught a glance at the stock market today. Then we move on to one of the big business stories of the day, the news that Boeing is moving its headquarters from Chicago to the D.C. area. To understand why, you just gotta follow the money. Plus, the U.S. says it’ll give Sweden support as that country looks to join NATO. Finally, free child care and a beautiful canoe make us smile. To celebrate the upcoming Kentucky Derby, bring your mint juleps and fanciest hats to Economics on Tap tomorrow.
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Join us Friday for Economics on Tap. We’ll be livestreaming on YouTube starting at 3:30 p.m. Pacific time, 6:30 p.m. Eastern.
Productivity fell 7.5% in the first quarter, the steepest drop since 1947. On today’s show, we’ll look at what that tells us about the economy as a whole. Plus, the future of medication abortion if Roe v. Wade is overturned. Later in the show, we’ll talk with the president of a community bank about responding to the Fed’s rate hikes.
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Nicole and Rachel were deeply, happily in love when they had their first serious fight about money. Nicole’s two-year old nephew accidentally scratched up Rachel’s car, leaving them to figure out who was responsible for paying to fix it. To Rachel, it seemed obvious: Nicole’s family was responsible. Nicole didn’t see it that way. During the months-long fight, both women realized their fight about money was really about something else.
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The company behind TurboTax has agreed to pay restitution to millions of customers who used its tax preparation software. This is to settle allegations that Intuit used deceptive marketing tactics to charge people who should have been able to file their taxes for free. Marketplace’s Nova Safo has the latest details. Also, Diane Swonk, chief economist at the tax and advisory firm Grant Thornton, walks us through the state of the labor market and the implications of the Fed’s half point rate hike yesterday. Plus, what happens when a country’s central bank does not use higher interest rates to rein in inflation? We have an example from Turkey, where consumer prices are up nearly 70% in a year. And, hear how Allentown, Pennsylvania, at the heart of the Rust Belt has started attracting new manufacturing businesses.
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