Inside the Deadhead economy

Marketplace

News, Business

4.6 • 8.6K Ratings

🗓️ 28 July 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s the final tour of Dead & Company, the Grateful Dead’s offshoot band. But what’s to come of the vendors and Deadheads who’ve followed the band for decades? Today, we hear about what a long, strange trip it’s been and what happens now that the show’s over. We’ll also examine the double-edged sword of consumer spending and unpack whether inflation might threaten brand loyalty.

Transcript

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0:00.0	Did you know the video game industry is worth more than $300 billion dollars a year, bigger than movies and music combined?
0:07.3	Marketplace Morning Reports' Skin in the Game series explores what this booming industry can teach us about the economy and jobs.
0:15.1	Listen to Skin in the Game and more from Marketplace Morning Report, wherever you get your podcasts.
0:22.2	Well, that was a week, huh? From American public media. This is Marketplace.
0:39.2	In Los Angeles, I'm Kai Rizdal. It is a Friday at the end of a busy economic week.
0:44.2	Today is the 28th day of July. It is always to have you along.
0:48.2	Everybody so busy has it been, in fact, that we're just going to get right to it.
0:52.2	Neil Richardson is at ADP, Sudep Reddy is at Politico on a shaky phone line. We should say I think it's Zoom.
0:58.2	Actually, hey, everybody.
1:00.2	Okay. So Neil, let me start with you.
1:02.2	And I would like to reference my prior remark about this having been a week. So let's take it in totality.
1:08.2	We had the Fed meeting at which yes, they raised interest rates, but Chair Powell said, you know, the economy is doing pretty well.
1:14.2	Just not as well as we want. Inflation is still too high. Then we got a gross domestic product.
1:18.2	It's stronger than everybody thought. It's 2.4% on the quarter. Inflation this morning, the Fed's favorite reading PCE lower than everybody thought.
1:26.2	It was going to be contextualized that for me, would you? And then help me understand why everybody still doesn't really like this economy.
1:34.2	Yeah. So everything is looking pretty good, right?
1:39.2	Not only did the second quarter numbers come out better than expected.
1:43.2	Remember that the first quarter was revised up to.
1:47.2	So we're looking at an economy that if you wrap in the jobs market and you get some jobs data next week,
1:53.2	that looks like it's heading towards a soft landing.
1:57.2	And it's weird because it's not what people expect. And people like certainty markets thrive on certainty.
2:05.2	And what everyone was certain about just six months ago is that there was going to be a recession this year.
	...

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