Inflation, immigration and the labor force

Marketplace

News, Business

4.6 • 8.5K Ratings

🗓️ 21 January 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Immigration to the U.S. dropped dramatically in recent years as a result of the pandemic and policy at the border. That immigration slowdown translates into lost workers, and that workforce shortage has contributed to inflation. On today’s show, we look at why immigration is a labor story. Plus, unpacking the debt limit and the Fed’s messaging in the Weekly Wrap and revisiting the affordable housing crisis.

Transcript

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0:22.4	To find out more, go to Lloydsbank.com forward slash cost of living.
0:27.0	Lloydsbank by your side.
0:32.0	Okay, yes, the debt limit, but there was more to the week in this economy than just that, you know.
0:39.0	From American public media, this is Marketplace.
0:44.0	In Los Angeles, I'm Kyle Rizzo. It is Friday today, the 20th of January. It is always to have you along.
0:57.0	Everybody, there is a whole lot of political about this economy in the air this week, and we will give that a nod.
1:05.0	But before we do, there are some economic nuts and bolts we got to get to, so we will.
1:10.0	And then, Rampelle is at the Washington Post, Jordan Holman is at the New York Times. Hey, you two.
1:15.0	Hey, Kai.
1:16.0	Jordan, let me start with you. You cover retail for the New York Times.
1:20.0	I would like you to address please the decline in retail sales in this economy in the month of December down 1.1%.
1:27.0	Discuss.
1:29.0	Yes, so retail sales in December, that decline was the fastest of 2022, and it did fall on top of a decline that we saw in November.
1:38.0	So we are seeing a trend down of shoppers pulling back. And yes, inflation did ease during that time, but you saw like a drop of department store dropped 6.6%.
1:50.0	Showing that people are like really holding back on what they're spending, which is also a bit troubling because December is the clear lead up to the holiday season.
2:00.0	So lots of analysts I spoke with this week said expect that to continue, especially since January, February, that's a really slow time in the retail after the holiday blitz.
2:10.0	Is it possible, Catherine, Rampelle that after literally years of consumers in this economy being the bulwark, if you will, of economic challenge that consumers now are finally like, you know what?
	...

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