The weakening dollar

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Speaker 4 A dollar here, a dollar there?

Speaker 4 Pretty soon you can learn some things about what's happening to this economy from American public media. This is Marketplace.

Speaker 4 In Los Angeles, I'm Kyle Rosnell. It is Thursday, today, the 13th of March.
Good as always to have you along, everybody. You are familiar with the major stock indexes, yes?

Speaker 4 The Dow, the NASDAQ, and the S ⁇ P, about which today, by the way, can we just not?

Speaker 4 We, though, are going to talk about a different index as a way to get started today, one less familiar perhaps, but no less important. It's the U.S.

Speaker 4 dollar index, just like it sounds, a gauge of the greenback against the other major currencies.

Speaker 4 And we are talking about it because it's down more than 5.5% from a more than two-year high on Inauguration Day, falling really sharply in just the past couple of weeks.

Speaker 4 We should mention here that leading up to the election in November and until mid-January, the dollar was on a roll. The U.S.
economy was the strongest in the world.

Speaker 4 Markets figured the Federal Reserve was going to cut interest rates some more before too long, and the tax cuts and other fiscal stimuli were coming.

Speaker 4 Things are, as you know, different now, and that's playing out in the foreign exchange markets. Marketplace of Mitchell Hartman gets us going.

Speaker 7 Textbook economics will tell you that significant sustained shifts in a currency's value can indicate a country's economic strength or weakness.

Speaker 7 And, says Jonas Golterman at Capital Economics, the recent rise in the Euro versus the U.S. dollar.

Speaker 8 It's a pretty sizable move. The Euro, it's about 6% up against the dollar.
And the move last week in the Euro was one of the biggest over the past three, four decades.

Speaker 7 It's a significant reversal in economic fortunes, says political economist Sharon O'Halloran at Trinity College, Dublin.

Speaker 9 Last year, the U.S. was doing well, while Europe was very sluggish.

Speaker 7 Now, Germany's new government has pledged to boost spending on infrastructure and defense, which will juice the continent, says Jonas Golterman.

Speaker 8 In Europe, there's a newfound optimism, a sense that maybe we hit rock bottom and that now things are going to change for the better on the economic front.

Speaker 7 While here in the U.S., amid growing uncertainty about tariffs, inflation, interest rates, taxes, and federal spending, the stock market has fallen sharply.

Speaker 8 There's a question around big U.S. tech firms.

Speaker 8 Are they going to be able to hang on to their perception, causing people in Europe and the rest of of the world to reconsider whether they want to put so many eggs into the U.S. basket?

Speaker 7 Now, keep in mind, heightened global economic uncertainty typically boosts the dollar, but Gultraman says these are not typical times.

Speaker 8 We often say the dollar is a safe haven, but with the uncertainty is emanating from the U.S., it tends to be less true.

Speaker 7 Bottom line, says Joseph Gagnot at the Peterson Institute for International Economics.

Speaker 11 There is so much uncertainty, and the tariffs are so destructive. They're causing people to put spending, especially big business investment plans, on hold.

Speaker 11 And that raises the risk of a recession, scares the markets, and would also call for Fed cuts in a weaker economy.

Speaker 7 And he says, drive down the dollar. I'm Mitchell Hartman for Marketplace.

Speaker 4 Speaking of scaring the markets, one dismantles an economy at one's peril. We'll have the details when we do the numbers.

Speaker 4 This kind of got lost in the fire hose of news about this economy the past couple of weeks, but the Bureau of Economic Analysis told us the other day that U.S.

Speaker 4 imports rose 10% in January, which in turn drove the biggest surge in the trade deficit in a decade.

Speaker 4 Importers brought in a whole lot of electronics and pharmaceutical products and a bunch of other goods that are exposed to the Trump administration's new tariffs.

Speaker 4 And while it kind of goes without saying, because we've already said it a lot, there are still plenty of questions around which countries and which products are going to be affected.

Speaker 4 One thing, though, is for certain, the trade barriers that the White House is building around this economy are going to end up affecting one of the key ways that we measure this economy, gross domestic product.

Speaker 4 Marketplace's Justin Ho reports.

Speaker 13 First, a quick refresher.

Speaker 13 Gross domestic product measures the country's production, and it's the sum of consumer spending, which accounts for about two-thirds of it, plus business investment, plus government spending, plus the balance of trade, also known as net exports.

Speaker 14 Which is exports minus imports.

Speaker 13 Megan Schoenberger is senior economist with KPMG Economics.

Speaker 14 So imports tend to count against the GDP calculation. Exports count towards the GDP calculation.

Speaker 13 The reason imports are subtracted from GDP is because an imported t-shirt, for instance, isn't something an American company made. It's not our domestic product.

Speaker 13 So Schoenberger says all those imports in January will have a negative impact on GDP growth.

Speaker 14 While none of the other categories of GDP are expected to collapse in the first quarter, we could see a very weak first quarter number due to the fact that imports surged.

Speaker 13 The balance of trade lately has averaged around 4%, the size of the economy as a whole. GDP growth has been averaging a little over 2.5%

Speaker 13 a year. Schoenberger says there are some big caveats to keep in mind with January's jump in imports.
For one, that surge probably won't last.

Speaker 14 It is probably likely that we're just going to see it for the first couple months in the year. Importers will stock up and then they may be in a wait-and-see mode.

Speaker 13 The other caveat is that the surge of imported goods will have a positive effect on other parts of the GDP formula once those goods are sold. Take the example of imported computers and computer parts.

Speaker 13 Jason Miller is a professor of supply chain management at Michigan State University.

Speaker 17 The number one sector right now when I think of with investment booming is construction of data centers and putting the equipment in needed to support that.

Speaker 13 Miller says that boom led to a 55% increase in imports of computers between October and January.

Speaker 17 Some of the computers are going to end up as capital investment in equipment. Others would end up in personal consumption.

Speaker 13 Bottom line, that big surge of imports in January will drag down GDP, but it won't cause it to tank, says George Perks, macro strategist at Bespoke Investment Group.

Speaker 18 Because we should see offsetting increases in investment and consumption under the hood over the course of the quarter and perhaps into next quarter or later this year.

Speaker 13 Perks says a bigger concern is what could happen to GDP if the trade war continues or escalates. In that case, exports, which add to GDP, are likely to fall.

Speaker 18 Because we're going to see countervailing duties applied by trading partners.

Speaker 19 It's already happened from China. It's already happened from Canada.

Speaker 13 And if imports fall at the same time, Perk says there are plenty of domestic industries that would feel knock-on effects.

Speaker 18 So, for instance, transportation of those goods, retailing of those goods, the services that those goods enable, those are all relatively high-value add activities.

Speaker 19 And if you don't have those imports and you haven't spun up domestic production to offset them, you're left sort of in the lurch.

Speaker 13 In other words, slowing down trade slows down economic growth. I'm Justin Ho for Marketplace.

Speaker 4 The reality that underlies this next item is that actual brick-and-mortar physical retail is hard, and being really good at e-commerce does not make it any easier.

Speaker 4 The news here is that Amazon is consolidating its grocery business after a rough couple of years for its retail stores.

Speaker 4 There's going to be some synergy, I think, as the generic corporates speak, for what the company is going to do with its Amazon Go convenience stores and Amazon Fresh grocery stores, having closed about half of those tech-centric convenience stores over the past couple of years and slowed expansion plans for its grocery stores.

Speaker 4 Interestingly, Amazon does still have more than 500 Whole Foods locations, the upscale chain that it bought in 2017.

Speaker 4 Marketplaces Megan McCarty Carino has more now on why and how the e-commerce e-commerce giant has struggled to branch into brick and mortar.

Speaker 20 Amazon, which is a marketplace underwriter, launched its Go and Fresh store concepts in 2020, and the focus was on high-tech.

Speaker 20 Customers could walk in, pull products off the shelf, and walk out, their purchase tracked by a system of sensors.

Speaker 10 It didn't go well.

Speaker 20 Phil Lempert at Supermarket Guru says the novelty wasn't enough.

Speaker 10 When people go shopping for food, guess what they want? They want food. They want to talk to, you know, Betty the Baker and Bob the Butcher and, you know, Sal the seafood monger.

Speaker 20 Amazon has mastered the technical side of retail, says Neil Saunders, a consultant at Global Data, optimizing supply chains and logistics for its online operations.

Speaker 21 Stores, you certainly need those skills, but you need softer skills as well. It's about the customer service.
It's about the experience, about the ambiance, it's about how customers feel.

Speaker 20 Last year, Amazon began revamping its grocery stores, adding everything from better lighting and more colorful signage to a bigger selection of products and a heavier emphasis on fresh prepared foods.

Speaker 20 The problem now, says CFRA analyst Arun Sundarim, there just aren't enough of them.

Speaker 22 I think to really be successful in grocery, you need to have a strong physical footprint as well as a strong online presence.

Speaker 20 He points to Walmart, which has almost 5,000 locations. There are 15 Amazon Go convenience stores and 60 Amazon Fresh grocery stores nationwide.

Speaker 20 Amazon has been tentative about plans to open new stores.

Speaker 24 My guess is they're kind of keeping this warm as and when there might be a day where it makes more sense to go after it.

Speaker 20 Dylan Cardin, an analyst at William Blair, says low-margin grocery stores might not be on the front burner for big capital investments right now.

Speaker 24 Grocery's not the sexiest of industries, right?

Speaker 20 Especially since AI started turning heads in tech. I'm Megan McCarty-Carino for

Speaker 4 You know, sometimes you see a news item and you're like, wait, what? How does that even work? Daniel Ackerman pitched a story in our meeting this morning about restaurant worker productivity.

Speaker 4 And I said, wait, what?

Speaker 4 Because the classic formula for worker productivity is widgets produced per hour worked. And how does that even work in a restaurant?

Speaker 4 There are something like 15 million people in this economy who work in restaurants.

Speaker 4 And it turns out, and this is from a study out this week from the National Bureau of Economic Research, that those workers have gotten about 15% more productive since the early days of the pandemic, as measured by the value of restaurant sales per employee.

Speaker 4 And it follows decades of basically stagnant productivity among restaurant workers.

Speaker 6 Here's Daniel.

Speaker 26 Jonathan Fox has owned Fox Bros Barbecue in Atlanta for two decades.

Speaker 16 We were one of the original spots in Atlanta to start serving smoked wings. And, you know, Atlanta is a big wing town, so our smoked wings really took off.

Speaker 26 When the pandemic closed their dining room, Fox had to figure out how to keep those wings fresh all the way to customers' homes. He wrapped them in foil, insulated the takeout boxes.

Speaker 27 We would do test orders where we delivered to ourselves, find the quality, and just try to ensure that it arrives in a quick manner.

Speaker 26 And there were benefits for restaurants that figured this out, because takeout hasn't gone away.

Speaker 12 Americans have gotten used to doing takeout and delivery. We like it.

Speaker 26 Chad Moutre is chief economist at the National Restaurant Association. And he says some restaurants have even retooled their staffing.
Most extreme are so-called ghost kitchens.

Speaker 12 Where there really is not a front of the house, right? It's really just an operation to cater to takeout and delivery.

Speaker 26 For sit-down spots, too, takeout allows the same number of staff to produce more meals, says Robert Byrne, Director of Consumer Research at Technomic.

Speaker 28 That's great incremental business. You know, the guest counts can go up without having to actually service them in your dining room.

Speaker 26 That's why the study said restaurants are more productive lately.

Speaker 28 It's a complete shift in labor from hospitality to fulfillment.

Speaker 26 But Betsy Stevenson, an economist at the University of Michigan, says it's really hard to compare the restaurants of today with the before times. With takeout, consumers don't get table service.

Speaker 26 They have to clean up themselves.

Speaker 23 It's just we're sort of buying a different product.

Speaker 26 She says restaurants restaurants are just meeting a different set of customer needs these days. Needs that apparently include a plate of smoked wings consumed on the couch.

Speaker 26 I'm Daniel Ackerman from Marketplace.

Speaker 4 Coming up.

Speaker 15 Think of it like a normal screen, but instead of visual pixels, they're tactile.

Speaker 4 Making sure everybody can follow the game. But first, let's do the numbers.

Speaker 4 Yeah, you getting sick and tired of the Wawas yet? I am. Dell Industrial is off 537 today, 1.3%,

Speaker 4 40,813. The NASDAQ subtracted 345 points, just shy of 2% there, 17,303.
The SP 500 down 77 points, 1.4 tenths percent, ended today at 55.21.

Speaker 4 The S ⁇ P, by the way, the broadest of the market indices, now officially in correction, that is, come on, you know this, I said it the other day, down 10% from its most recent high.

Speaker 4 Megan McCarty Carino is telling us about Amazon's struggles in the brick and mortar world. The Amazon down 2.5%

Speaker 4 today. We got widely divergent outlooks from some other retailers today.
American Eagle predicts its annual revenue will come in below expectations. American Eagle Outfitters sagged 1.4% today.

Speaker 4 Build the Bear Workshop sees a good year ahead. The stuffed retailer expects its profits to beat expectations despite those tariffs.
Build the Bear Workshop, a publicly traded company, who knew?

Speaker 4 Down 4 tenths percent today. Bonds up yield on the tenure.
T-Note down 4.27%. You're listening to Marketplace.

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Speaker 4 This is Marketplace. I'm Kai Rizdahl.
There are, give or take, 42 million people in this country carrying student loan debt. Debt that totals, in all, almost $1.8 trillion,

Speaker 4 second only should you be looking for context to mortgage debt. Obviously, repaying all that debt individually, of course, is a challenge, and the landscape for borrowers is constantly changing.

Speaker 4 Our example today are income-driven repayment plans. Marketplace's Samantha Fields has more.

Speaker 23 By the time Shanna Lorenzo finished college and grad school, she had taken out about $100,000 in student loans for both. A decade later, she now owes much more than that.

Speaker 23 That's because her interest rate is 6.5%,

Speaker 23 and she's been making payments on an income-based plan.

Speaker 34 So a lot of the time, and in my case, it doesn't even cover the interest. And that's how you get that ballooning out-of-control loan balance.

Speaker 23 Income-driven plans cap a borrower's monthly payments at a certain percentage of their income, usually 10 or 15%.

Speaker 35 The idea behind income-driven repayment is: let's make a program that lets people pay in a way that isn't going to cause them to go into default.

Speaker 23 Jane Fox with the Attorneys Chapter of the Legal Aid Society Union says these plans have been around for 30 years and they're critical for many borrowers, particularly those who might not be able to afford their student loans on a standard repayment plan.

Speaker 35 The cost of higher education is just astronomical. So, most people rely on loans, understanding that when they graduate, they will be able to make a monthly payment that is reasonable.

Speaker 35 That's the promise of income-driven repayment.

Speaker 23 Another promise, if borrowers still have a balance after 20 or 25 years of paying, it will be forgiven. But people who are trying to get into income-driven repayment plans right now can't.

Speaker 23 Percy at the Student Borrower Protection Center says that's because of an ongoing court case over one particular income-driven plan the Biden administration tried to implement called SAVE, which was going to be the most affordable option for millions of borrowers across the country.

Speaker 36 And a number of Republican-led AGs offices sued the Biden administration and got the court to block the SAVE plan.

Speaker 23 That was last spring, but a few weeks ago, a judge expanded that injunction and blocked other income-driven plans too.

Speaker 36 It's a mess right now, and it has caused a lot of chaos for a lot of borrowers.

Speaker 23 This is a particularly big deal for borrowers who are not already on an income-driven repayment plan, but want to be, says Jane Fox with the Legal Aid Society Union.

Speaker 35 What is likely to happen is that millions of Americans will be sent bills for their student loans that they will not be able to pay.

Speaker 23 The difference between a monthly payment on a standard repayment plan versus an income-driven one might be hundreds of dollars.

Speaker 35 And if you don't know what your student loan payment is going to be next month, so many economic decisions ripple out from that, right?

Speaker 35 People can't make decisions about whether they can take a different job, whether they can move, can they pay down their credit cards?

Speaker 23 Borrowers have been panic emailing Betsy Mayott, who runs a nonprofit called the Institute of Student Loan Advisors, and she's trying to reassure people that income-driven repayment plans won't disappear permanently.

Speaker 15 The Department of Education is required to offer at least income-based repayment and another income-driven plan to borrowers.

Speaker 23 When people people will be able to start applying for them again though is unclear.

Speaker 23 And Adam Minsky, a lawyer who works with borrowers, says this is happening in an already tumultuous time for people with student debt. After nearly five years.

Speaker 25 The collections machine for the federal student loan system is turning back on again. All the pandemic related flexibilities and relief, all of that has ended.

Speaker 25 And so things are going to get real for people very quickly with this stuff.

Speaker 23 For Shanna Lorienzo, it's a stressful time for this to be happening.

Speaker 23 She's been working at a nonprofit and paying her loans for nearly 10 years, so she should be almost eligible for public service loan forgiveness.

Speaker 34 Knowing that PSLF is going to be there at the end was kind of my saving grace.

Speaker 23 But she doesn't know what's going to happen now because her loans are caught up in the ongoing court case over the SAVE plan, and she's not able to make qualifying payments.

Speaker 23 She says all of this uncertainty now feels like a feature of the student loan system.

Speaker 34 Under the last administration, it felt like a moving goalpost all the time.

Speaker 23 The Biden administration did a lot with loan forgiveness and repayment plans, which benefited and confused many people.

Speaker 34 The constant change is a lot to keep up with.

Speaker 23 Borrowers want to know where they stand, she says, so they can plan. I'm Samantha Fields for Marketplace.

Speaker 4 Even with the very best play-by-play calls in their ears, sports fans who are visually impaired can't quite experience all the excitement of the game in question.

Speaker 4 Being able to see what's going on, where the ball is, what players are doing, is kind of part of the whole deal. So, enter now the first tactile sports broadcast.

Speaker 4 Oregon Public Broadcasting's Crystal Liguori has that one.

Speaker 37 For 11-year-old Hank Vogel, watching a basketball game is a little bit different.

Speaker 38 I'm blind, but I don't just see blackness. Blindness does not mean blackness.

Speaker 37 Hank has aniridia, which is a rare degenerative eye disease that caused him to be born without irises, the colored part of our eyes.

Speaker 38 It just means I can't see as well as other people, so I can see. It's just fuzzy.

Speaker 37 Hank reads large print text, uses a monocular to see in the distance, and a white cane to help him navigate when walking.

Speaker 37 And when he attends a basketball game, there's a brand new technology he can use.

Speaker 37 It's from OneCourt, a Seattle tech company trying to make sports entertainment more accessible to folks with visual disabilities. Jared Mace is the founder.

Speaker 15 We've essentially developed a laptop-sized haptic display that's capable of communicating dynamic information like sporting events through touch.

Speaker 37 The technology uses real-time data that's already collected by the NBA using cameras installed high up in each arena that track the movements of every player on the court.

Speaker 15 So you can think of it like a normal screen, but instead of visual pixels, they're tactile and you can feel the motion of the player or the ball moving around the court in real time.

Speaker 37 It's sort of like an oversized iPad with a rubber mat on top, which has a raised outline of the court. The tech could be a game changer to help blind and low vision sports fans get engaged.

Speaker 39 Patients with low vision, especially children, they tend to participate less in social activities and they tend to have lower quality of life scores.

Speaker 37 That's Alan Labram, a low vision optometrist at Oregon Health and Science University.

Speaker 39 I think it's awesome to find ways to improve accessibility to just having fun.

Speaker 37 One court can be used for all kinds of sports since the mat can be swapped out for a different game field. The Portland Trailblazers were the first team in the NBA to make it available for fans.

Speaker 37 Consumers can't buy it on their own yet, but founder Jared Mace says that is the ultimate goal.

Speaker 15 We are well aware that accessibility concerns cost as well, so we are doing our best to keep the cost around the range of a cell phone or a gaming console.

Speaker 37 For now, blind or low-vision fans at Blazers Home Games can check out a device free of charge.

Speaker 40 Just make sure you bring it back here to return and let us know how it works.

Speaker 29 Right, thank you. Enjoy!

Speaker 37 And that's just what 11-year-old Hank Vogel is here to do. Tonight, the Portland Trio Blazers are up against the Charlotte Cornets.

Speaker 6 Rip City makes some dollars because Hank

Speaker 6 is our palace.

Speaker 37 As the game gets underway, Hank tracks the movement of the players in the ball through vibrations on the rubberized court. And when they shoot,

Speaker 23 it said in my headphones,

Speaker 23 uh, score, Blazers, three points, and it was really cool because I could feel it.

Speaker 37 This is a much different experience than Blazer games Hank has been to before.

Speaker 2 It was just boring.

Speaker 38 I would just sit there, and then I also felt like I was missing out on a lot because it would be like standing up and cheering, and I'd be like,

Speaker 38 I really wish I knew what was going on.

Speaker 37 And now, with this new tech, he does. In Portland, Oregon, I'm Crystal Liguori for Marketplace.

Speaker 4 This final note on the way out today comes to us, courtesy of economist Martha Gimbal, an occasional guest on this program. She is now at the Budget Lab at Yale.

Speaker 4 They did a little math about the cuts that Elon Musk and his operatives are making to the Internal Revenue Service.

Speaker 4 If the IRS shrinks by half, the budget lab says, the government loses $350 billion in revenue over the standard 10-year budgeting window that we use as we manage this economy.

Speaker 4 And that is people just doing the standard work of collecting taxes.

Speaker 4 If those personnel cuts lead to a substantial increase in non-compliance, that's economist talk for people not paying what they owe, that lost revenue could go up by $2.4 trillion

Speaker 4 over 10 years. Once again, and because it's important when you're talking about the government and savings, often those savings are not.

Speaker 4 John Buckley, John Gordon, Joya Carr, Diantha Parker, Amanda Petra, and Stephanie Seek are the marketplace editing staff. Amir Bibawe is the managing editor.
And I'm Kylie Rizdahl.

Speaker 4 We will see you tomorrow, everybody.

Speaker 6 This is APM.

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Speaker 31 and then the text. Honey, there's water in the basement.

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We always answer the call because real protection means showing up, even when things are in the rough.

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