Marketplace All-in-One

At the start of the pandemic, and even a little before (remember the U.S.-China trade war?), some folks wondered if we were about to see the end of offshoring and whether U.S. companies would start to bring factories and jobs back from overseas.

The process is known as onshoring, and the idea was that everything from personal protective equipment to semiconductors would soon be made in the USA, driven mostly by Donald Trump’s tariffs and the pandemic’s supply chain shortages.

So that got us wondering, are we doing that? Is onshoring happening?

“You got me. I think we economists have been intellectually dishonest and just putting this narrative out. But nobody’s actually gone to check to see what’s really happening,” said Megan Greene, an economist and senior fellow at Harvard’s Kennedy School.

Greene said there’s not a ton of good data out there, but the data we do have shows onshoring is just not a thing right now.

On the show today, Greene does some myth busting about why companies aren’t rushing to bring production back to the United States. She also explains why globalization isn’t over and what the future of global supply chains might look like.

In the News Fix, an awesome tech story about NBA star Stephen Curry followed by a bizarre crypto-themed one. Plus, space junk is a growing problem. Then, we hear from listeners who are part of the Great Resignation movement. And a listener calls in with thoughts on that newborn baby smell.

Here’s everything we talked about on the show today:

Read the transcript here.

The Commerce Department released figures on October retail spending today, and ka-ching! Retail sales jumped 1.7% from September, but inflation accounted for about half of that gain. Still, spending was up for electronics, groceries and gas as consumers tried to get a jump on holiday shopping. Later in the show: China has a long way to go in fulfilling U.S. purchasing agreements; workers are returning to offices, but not necessarily in downtown settings; and what the study of wait lines can teach us about supply chain issues.

The spike in natural gas prices has spurred many companies to make sure they’re set up to reap the benefits. We check in with Marketplace’s Andy Uhler, who’s reporting from Bossier City in Louisiana, an area that became a nexus of fracking more than a decade ago. We discuss how that area can illustrate the activity around the rise of energy prices. Drew Matus of MetLife Investment Management helps us interpret the retail numbers from the Department of Commerce. An Ohio public employee pension fund is suing Meta, the parent company of Facebook. The fund claims Meta misled the public about the potential harmful effects of Facebook and Instagram.

Holiday shopping is expected to be up overall, but many lower-income households are holding up on spending money on gifts for holidays. Instead, they’ll be spending on essentials. The impact of inflation has reached food banks and pantries, which have had to alter their inventories as well as how they distribute to people. We look at how the labor market is interacting with the growing movement to salary transparency.

From the BBC World Service: Presidents Biden and Xi spoke for more than three hours in frank and direct discussions, which yielded some progress, though no specific breakthroughs. Plus, unemployment in the U.K. fell more than expected in October, while job vacancies hit a fresh record high. And, a diamond mining project in India has set off a debate about conservation and jobs for local people.

Diplomats from nearly 200 countries made at deal at the United Nations COP26 climate conference to do more to limit global warming. Not enough, according to experts, but it’s something. Even without stronger global action, many are looking to individual actions to reduce emissions. For example, Google Maps now offers hints at eco-friendly driving routes, and many electric utilities are pushing consumers to install smart thermostats in their homes, with the idea that small changes by millions of consumers will make a difference for the environment, and for people’s wallets. Marketplace’s Kimberly Adams speaks with John Picard, an “innovation catalyst” and sustainability expert. Picard says the tech to do this is already here.

We often look to history to stop us from making the same mistakes we’ve made in the past. But as American policymakers mounted their economic response to the COVID-19 pandemic, they looked to the Great Recession, and they may have overcorrected a bit. We’ll discuss how the crises compare and why it may explain a lot about where we find ourselves today. Plus, Wall Street is worried about the “antiwork” movement, and a listener sent us a story about a lost teddy bear with a happy ending. It’s making us smile.

Here’s everything we talked about today:

Read the transcript here.

If there’s something making you smile on this Monday, let us know. Send a voice memo or give us a call at 508-82-SMART (508-827-6278).

After 19 months of working amid the chaos of kids and dogs and laundry, many employees are craving at least some office time. Yet the return to downtown high-rises has been slow. So, some companies are nixing fluorescent-lit cubicles in favor of nontraditional co-working spaces — ones located in department stores or hotels or that offer amenities like garden offices and Michelin-starred restaurants. Also: Companies consider how to confess that they’ve raised prices, what it would take to electrify everything, and health and economics on stage at the Tribal Nations Summit.

You’ve probably already started to hear the cacophony of holiday-oriented jingles and marketable themes from advertisers, but perhaps not has much as a couple of years ago. That’s because analytics say TV advertising for several product categories is down. This is especially true for automakers, as the auto industry is suffering from global supply chain issues. We learn about how small businesses have been forced to adapt in the chaotic nature of the Great Resignation, where workers can just disappear with little notice given to their (former) employers. The BBC checks in with news about the stock exchange in Beijing as well as pollution in India.

The pandemic helped usher in an era of people leaving their jobs, and one area that’s been hit particularly hard has been health care. Tens of thousands of workers have left their professions behind, resulting in a substantial labor shortage. We examine what President Biden’s infrastructure bill could mean for rural America, and Democrats are hoping to pass Biden’s second spending bill proposal, with a sticking point being – once again – paid family leave.