Our trust in the federal government is dwindling

SPEAKER_1 (0:00)

Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other? Introducing Odoo, the only business software you'll ever need. It's an all-in-one, fully integrated platform that makes your work easier, from CRM, accounting, inventory, e-commerce, and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. This is why over thousands of businesses have made the switch. So why not you? Try Odoo for free at odoo.com. That's odoo.com. Everyday, companies make billions selling your personal info. Data brokers scrape your name, addresses, phone numbers, even details about your family and sell it without your consent. Aura fights back. They remove your data from broker sites, keep it off, and alert you if your info shows up on the dark web. You also get VPN, antivirus, and a password manager.

Start your free trial today and protect yourself now at aura.com/private.

That's aura.com/private.

Nancy Marshall-Ginzer (1:01)

Lots of data and trade this week and a check on public trust of the government.

From Marketplace, I'm Nancy Marshall-Ginzer in for Kimberly Adams. It is a busy economic week, ending with the latest federal monthly jobs report, but there's plenty to talk about before Friday, including a trade deal with China. Let's start the week with Julia Coronado, president and founder of Macro Policy Perspectives. Good morning, Julia.

Julia Coronado (1:28)

Good morning.

Nancy Marshall-Ginzer (1:29)

So we have to start with the US-China trade deal. The US and China are each lowering tariffs on about $30 billion worth of imported goods. So did the US get what it needed to get out of this deal?

Julia Coronado (1:42)

$30 billion is actually a relatively small number when it comes to the trade between the US and China. So it's not a really earth-shattering deal in and of itself. It is good news that the US and China are now actually seriously negotiating on trade and specific goods rather than escalating and throwing threats at each other. So that's the good news in the deal.

Nancy Marshall-Ginzer (2:11)

So just a sliver of overall trade, but good news nonetheless. But are consumers going to benefit from this deal?

Julia Coronado (2:19)

Well consumers are absorbing a lot of blows. So they had absorbed the tariffs earlier. Not all of them are going away. We've got new tariffs on trade with Canada.

And at the same time, they're having to absorb higher energy prices and the pass-through of those energy prices into things like airfares and shipping costs. So consumers are still facing a pretty difficult inflationary environment.

Nancy Marshall-Ginzer (2:47)

So we're going to hear from some more Federal Reserve officials this week. Of course, they have a meeting on interest rates at the end of next month. We heard some pretty hawkish comments in favor of another rate hike last week. What are we going to hear this week, Julia?

Julia Coronado (3:01)

Well, we may hear more of the same. The backdrop of higher energy prices, higher inflation, and a labor market that's doing okay may mean that's a recipe for higher interest rates. So they hiked last month for the first time in a while, and probably a few more rate hikes lie ahead, and I expect that's what we'll hear from these officials.

Nancy Marshall-Ginzer (3:24)

Uphill battle, for sure. Turning to Friday's jobs report, Julia, what will you be looking for specifically?

Julia Coronado (3:33)

Well, we had a better than expected jobs report last month, and the economists are expecting a pretty decent number again, and other indicators like filings for unemployment have been declining, and measures of private payrolls have been strengthening. So it actually looks like the labor market is in decent shape, maybe even getting a little bit better. So I think that's what we're expecting.

Nancy Marshall-Ginzer (3:55)

We will see. Julia Coronado, president and founder of Macro Policy Perspectives. Thank you.

Julia Coronado (4:01)

My pleasure.

Nancy Marshall-Ginzer (4:02)

President Trump announced he rejected an Iranian ceasefire proposal, which would have helped bring the conflict to an end and reopen the Strait of Hormuz, that vital shipping route neighboring Iran. The president also told AIDS he anticipates that US strikes on Iran will pick back up after the midterm elections in November. That's according to the Wall Street Journal. According to Triple A, the average price for a gallon of gas in the US is currently $4.47 a gallon.

The team that works on the half-hour Marketplace program airing later today is getting ready for their morning meeting now. Listen later to what my colleague, Guy Rizdal has for you on many public radio stations or at marketplace.org.

SPEAKER_1 (5:02)

Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other? Introducing Odoo, the only business software you'll ever need. It's an all-in-one, fully integrated platform that makes your work easier. From CRM, accounting, inventory, e-commerce, and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. This is why over thousands of businesses have made the switch. So why not you?