Podcasts about labor statistics

The economy and markets can feel dizzying and ever changing. That's where we can help. Fisher Investments' “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: • The SpaceX IPO • Rising US inflation • The European Central Bank's rate hike Below are the sources for all data cited in today's show: 1. Source: J.P. Morgan as of 6/10/2026, Global Markets Strategy, June 2026. 2. Source: Warrington College of Business, University of Florida as of 4/23/2026. 3. Source: U.S. Bureau of Labor Statistics, as of 6/10/2026. Y/y US Headline CPI Inflation, January 2023 – May 2026. 4. Source: U.S. Bureau of Labor Statistics, as of 6/10/2026. Y/y US Headline CPI Inflation, May 2026. 5. Source: Macrobond, as of 6/10/2026. Y/y percent change in M2 (money supply) for US, UK eurozone and Japan, local currencies, monthly, January 2005 – April 2026. 6. Source: FactSet, as of 6/10/2026. University of Michigan Survey of Consumers, Expected change in prices over the next year, January 2026 – June 2026. 7. Source: Finaeon and US Bureau of Labor Statistics, as of 6/9/2026. S&P 500 Total Return Index, 12/31/1925 – 5/30/2026, y/y Headline US CPI Inflation, 12/31/1925 - 5/30/2026. 8. Source: Trading Economics, as of 6/2/2026. European Central Bank Interest Rate Decisions, September 2023 – June 2026. 9. Source: Trading Economics, as of 6/11/2026. Euro Area Interest Rate and y/y Eurozone Consumer Price Index, January 2026 – June 2026. 10. Source: Trading Economics, as of 6/10/2026. Y/y Eurozone Consumer Price Index, January 2022 – December 2022. 11. Source: Macrobond, as of 6/2/2026. GDP-weighted developed markets excluding US government bond yield spreads (10Y – 3M), daily 1/1/2025 – 5/28/2026. Want to dig deeper? • What to expect as tech mega-IPOs arrive: https://www.fisherinvestments.com/en us/insights/market-commentary/in-orbit-on-tech-sentiment-and-ipos • Ken Fisher's thoughts on recent IPO activity: https://youtu.be/tn65mxE36z8 • How Ken Fisher views central bank decisions: https://www.youtube.com/watch?v=d0k7jMBie54 Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey: https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview12Ju n2026 Connect with Fisher Investments on: • Facebook - https://www.facebook.com/FisherInvestments • X - https://twitter.com/fisherinvest • LinkedIn - https://www.linkedin.com/company/fisher-investments • Instagram - https://www.instagram.com/fisher.investments/ • TikTok - https://www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: • Facebook - https://www.facebook.com/KenFisher.FisherInvestments • X - https://twitter.com/KennethLFisher • LinkedIn - https://www.linkedin.com/in/ken-fisher/ • Instagram - https://www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

Kevin covers and discusses the following stories: this past Friday, the U.S. Labor Department released the May Jobs Report, interesting numbers compared to the "experts'" predictions; on Wednesday morning, the U.S. Bureau of Labor Statistics reported the Consumer Price Index Report; oil prices react to President Trump's comments that Iran is too slow to negotiate a deal, must pay price, retaliation for the downing of an Apache helicopter, airstrikes on Iran to continue and the U.S. Energy Information Administration's release of U.S. Crude Oil Inventories; gas prices continue to fall; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and several opinions along the way. See omnystudio.com/listener for privacy information.

Kevin discusses and covers the following stories: weather is in the news; the U.S. Labor Department reported Weekly Initial Jobless Claims; the Bureau of Labor Statistics reported the Producer Price Index (PPI) and Core PPI; the European Central Bank voted to raise their benchmark interest rate, and what that means for the Federal Reserve meeting next week; the National Association of Realtors reported the May Existing Home Sales; Phil Flynn, Senior Market Analyst, Author of the Energy Report, explains why President Trump refrained from striking Iran over the last few weeks; oil prices reacted to Trump cancelling further planned strikes on Iran, Trump's announcement that peace talks have been brought to the highest levels of the Iranian leadership; gas prices continue to retreat; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and opinions. See omnystudio.com/listener for privacy information.

Kevin discusses and covers the following stories: weather is in the news; the U.S. Labor Department reported Weekly Initial Jobless Claims; the Bureau of Labor Statistics reported the Producer Price Index (PPI) and Core PPI; the European Central Bank voted to raise their benchmark interest rate, and what that means for the Federal Reserve meeting next week; the National Association of Realtors reported the May Existing Home Sales; Phil Flynn, Senior Market Analyst, Author of the Energy Report, explains why President Trump refrained from striking Iran over the last few weeks; oil prices reacted to Trump cancelling further planned strikes on Iran, Trump's announcement that peace talks have been brought to the highest levels of the Iranian leadership; gas prices continue to retreat; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and opinions. See omnystudio.com/listener for privacy information.

Kevin covers and discusses the following stories: this past Friday, the U.S. Labor Department released the May Jobs Report, interesting numbers compared to the "experts'" predictions; on Wednesday morning, the U.S. Bureau of Labor Statistics reported the Consumer Price Index Report; oil prices react to President Trump's comments that Iran is too slow to negotiate a deal, must pay price, retaliation for the downing of an Apache helicopter, airstrikes on Iran to continue and the U.S. Energy Information Administration's release of U.S. Crude Oil Inventories; gas prices continue to fall; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and several opinions along the way. See omnystudio.com/listener for privacy information.

Annual inflation rose to a three-year-high of 4.2% in May, underscoring how elevated energy prices are rippling through the US economy, according to new data from the Bureau of Labor Statistics. Prices rose 0.5% on a monthly basis, driven higher by the US-Israeli war with Iran, the latest Consumer Price Index shows. Learn more about your ad choices. Visit podcastchoices.com/adchoices

What if one of the most powerful medicines for longevity, resilience, happiness, cognitive health, and disease prevention wasn't found in a supplement, a prescription, or a cutting-edge biohack—but in the people around you? In this powerful solo episode, Darin Olien dives into one of the most overlooked health crises of our time: loneliness. Drawing from the landmark 85-year Harvard Adult Development Study, the U.S. Surgeon General's loneliness epidemic report, Blue Zones research, neuroscience, and evolutionary biology, Darin reveals why meaningful human connection may be one of the strongest predictors of health and longevity ever discovered. From oxytocin, cortisol, inflammation, vagal tone, and nervous system regulation to suburban design, social media, and the collapse of community structures, Darin exposes the hidden biological costs of isolation—and offers a practical roadmap for rebuilding the human connections we were biologically designed to need.     What You'll Learn The stunning findings from Harvard's 85-year Adult Development Study Why relationships outperform wealth, genetics, diet, and exercise as predictors of well-being How loneliness increases the risk of premature death, dementia, heart disease, and stroke Why social isolation creates measurable biological stress responses The role of oxytocin in lowering inflammation and regulating stress How human connection affects the autonomic nervous system Why Blue Zone communities consistently prioritize social connection The biological difference between digital interaction and real human presence How modern architecture and technology contribute to loneliness Why community is a biological necessity—not a luxury Practical ways to rebuild meaningful relationships today How connection may be one of the most powerful health interventions available   Chapters 00:00:00 – Welcome to SuperLife 00:00:33 – Sponsor: Bite Toothpaste and reducing plastic waste 00:02:49 – The most powerful health study ever conducted 00:03:01 – Harvard follows 724 people for 85 years 00:03:40 – The surprising predictor of a long, healthy life 00:04:00 – Why relationships beat wealth, genetics, diet, and exercise 00:04:42 – The Surgeon General's loneliness epidemic warning 00:05:19 – Introducing the medicine you're not taking 00:05:53 – The health benefits of genuine community 00:06:21 – The fatal convenience of modern life 00:06:47 – Replacing human connection with digital connection 00:07:12 – Why modern convenience may be creating isolation 00:07:23 – Social isolation and premature mortality 00:08:02 – Loneliness and the equivalent of smoking 15 cigarettes a day 00:08:43 – Increased risks of heart disease, stroke, and dementia 00:09:10 – Why loneliness is a biological threat 00:09:52 – The science behind social isolation 00:10:11 – Sponsor: Manna Vitality 00:12:06 – Humans as the most socially dependent species 00:12:53 – Why connection regulates the nervous system 00:13:29 – The autonomic nervous system and social safety 00:13:56 – The brain's constant question: Am I safe? 00:14:03 – The biology of belonging 00:14:24 – The ventral vagal state explained 00:14:55 – Why connection creates measurable physiological changes 00:15:03 – What happens when isolation becomes chronic 00:15:52 – Oxytocin: far more than the "love hormone" 00:16:20 – Eye contact, touch, meals, and human bonding 00:16:42 – How oxytocin lowers stress and inflammation 00:17:04 – Why no supplement can replace connection 00:17:17 – The pharmacology of authentic human moments 00:18:06 – Free medicine hidden in plain sight 00:18:39 – Dan Buettner and the Blue Zones 00:19:29 – What the world's longest-lived populations have in common 00:19:36 – Okinawa's lifelong friendship circles 00:20:08 – Sardinia's active elders and social roles 00:20:40 – Greece's culture of connection and communal meals 00:21:03 – Why longevity wasn't hacked—it was lived 00:21:38 – Social connection as the foundation of daily life 00:22:01 – The shocking decline in face-to-face interaction 00:22:21 – Young people losing 70% of in-person social time 00:22:58 – How community was systematically dismantled 00:23:00 – Robert Putnam's Bowling Alone 00:23:49 – Doing life together versus doing life alone 00:24:05 – How suburban design creates isolation 00:24:49 – The built environment shapes human behavior 00:24:55 – Social media and the promise of connection 00:25:20 – Why digital connection fails biologically 00:25:33 – Social comparison, anxiety, and nervous system stress 00:25:49 – More connected online, more isolated in reality 00:26:03 – A call to action: treating relationships like health practices 00:27:00 – Practical ways to rebuild community 00:28:00 – Prioritizing people over convenience 00:29:00 – Deep conversations, presence, and intentional connection 00:30:00 – Reclaiming community in modern life 00:31:00 – Final thoughts on connection, belonging, and health 00:31:53 – Closing remarks and outro     Thank You to Our Sponsors Bite Toothpaste: Go to trybite.com/DARIN20 or use code DARIN20 for 20% off your first order Manna Vitality: Go to mannavitality.com/ and use code DARIN12 for 12% off your order.     Join the SuperLife Patreon: This is where Darin now shares the deeper work: - weekly voice notes - ingredient trackers - wellness challenges - extended conversations - community accountability - sovereignty practices Join now for only $7.49/month at https://patreon.com/darinolien     Find More from Darin Olien: Website: darinolien.com Instagram: @darinolien Book: Fatal Conveniences Platform & Products: superlife.com New Show: Roadmap to Happiness     Key Takeaway "The longest-running study in human history reached a conclusion that should fundamentally change how we think about health: the quality of our relationships predicts our happiness, resilience, and longevity more than almost anything else. Human connection isn't a luxury, a personality trait, or a nice bonus when life slows down. It is biology. It is medicine. And in a world increasingly designed for isolation, rebuilding community may be one of the most important health decisions we ever make."     Bibliography/Sources: Primary Research — Loneliness, Social Isolation & Health Associated Press. (2023, May 2). Surgeon general: Loneliness poses health risks as deadly as smoking. PBS NewsHour. https://www.pbs.org/newshour/health/surgeon-general-loneliness-poses-health-risks-as-deadly-as-smoking Cacioppo, J. T., & Hawkley, L. C. (2009). Perceived social isolation and cognition. Trends in Cognitive Sciences, 13(10), 447–454. https://doi.org/10.1016/j.tics.2009.06.005 Holt-Lunstad, J., Smith, T. B., & Layton, J. B. (2010). Social relationships and mortality risk: A meta-analytic review. PLoS Medicine, 7(7), e1000316. https://doi.org/10.1371/journal.pmed.1000316 Office of the Surgeon General. (2023). Our epidemic of loneliness and isolation: The U.S. Surgeon General's advisory on the healing effects of social connection and community. U.S. Department of Health and Human Services. https://www.hhs.gov/sites/default/files/surgeon-general-social-connection-advisory.pdf Waldinger, R. J., & Schulz, M. S. (2010). What's love got to do with it? Social functioning, perceived health, and daily happiness in married octogenarians. Psychology and Aging, 25(2), 422–431. https://doi.org/10.1037/a0019087 Neuroscience — Oxytocin, Polyvagal Theory & Community Biology Carter, C. S. (1998). Neuroendocrine perspectives on social attachment and love. Psychoneuroendocrinology, 23(8), 779–818. https://doi.org/10.1016/S0306-4530(98)00055-9 Eisenberger, N. I., & Lieberman, M. D. (2004). Why rejection hurts: A common neural alarm system for physical and social pain. Trends in Cognitive Sciences, 8(7), 294–300. https://doi.org/10.1016/j.tics.2004.05.010 Heinrichs, M., Baumgartner, T., Kirschbaum, C., & Ehlert, U. (2003). Social support and oxytocin interact to suppress cortisol and subjective responses to psychosocial stress. Biological Psychiatry, 54(12), 1389–1398. https://doi.org/10.1016/S0006-3223(03)00465-7 Porges, S. W. (2011). The polyvagal theory: Neurophysiological foundations of emotions, attachment, communication, and self-regulation. W. W. Norton & Company. https://wwnorton.com/books/9780393707007 Blue Zones Research Buettner, D., & Skemp, S. (2016). Blue Zones: Lessons from the world's longest lived. American Journal of Lifestyle Medicine, 10(5), 318–321. https://doi.org/10.1177/1559827616637066 Kreouzi, M., Theodorakis, N., & Constantinou, C. (2022). Lessons learned from Blue Zones, lifestyle medicine pillars and beyond. American Journal of Lifestyle Medicine. https://doi.org/10.1177/15598276221118494 Suzuki, M., Willcox, B. J., & Willcox, D. C. (2001). Implications from and for food cultures for cardiovascular disease: Longevity. Asia Pacific Journal of Clinical Nutrition, 10(2), 165–171. https://doi.org/10.1111/j.1440-6047.2001.00219.x The power of environment: A comprehensive review of the exposome's role in healthy aging. (2025). PubMed Central (PMC11858149). https://pmc.ncbi.nlm.nih.gov/articles/PMC11858149/ Social Capital & Community Decline Oldenburg, R. (1999). The great good place: Cafés, coffee shops, bookstores, bars, hair salons, and other hangouts at the heart of a community. Marlowe & Company. https://books.google.com/books?id=cK80BwAAQBAJ Putnam, R. D. (2000). Bowling alone: The collapse and revival of American community. Simon & Schuster. https://www.simonandschuster.com/books/Bowling-Alone/Robert-D-Putnam/9780743203043 Sbarra, D. A., Briskin, J. L., & Slatcher, R. B. (2019). Smartphones and close relationships: The case for an evolutionary mismatch. Perspectives on Psychological Science, 14(4), 596–618. https://doi.org/10.1177/1745691619826535 Twenge, J. M., Joiner, T. E., Rogers, M. L., & Martin, G. J. (2018). Increases in depressive symptoms, suicide-related outcomes, and suicide rates among U.S. adolescents after 2010 and links to increased new media screen time. Journal of Adolescent Health, 62(1), 78–85. https://doi.org/10.1016/j.jadohealth.2017.06.014 U.S. Bureau of Labor Statistics. (2020). American time use survey. U.S. Department of Labor. https://www.bls.gov/tus/ Pennebaker & Authentic Disclosure Brown, B. (2012). Daring greatly: How the courage to be vulnerable transforms the way we live, love, parent, and lead. Gotham Books. https://brenebrown.com/book/daring-greatly/ Pennebaker, J. W. (1997). Writing about emotional experiences as a therapeutic process. Psychological Science, 8(3), 162–166. https://doi.org/10.1111/j.1467-9280.1997.tb00403.x

The Bureau of Labor Statistics released the consumer price index for May this morning, with some bad news for consumers. Headline inflation soared over 4% for the first time in three years, driven in part by higher energy prices caused by the war in the Middle East. The question remains of how much higher oil prices will continue to seep into other areas of the economy. Also on today's show is a look at how index fund providers could react to SpaceX's upcoming IPO.

The Bureau of Labor Statistics released the consumer price index for May this morning, with some bad news for consumers. Headline inflation soared over 4% for the first time in three years, driven in part by higher energy prices caused by the war in the Middle East. The question remains of how much higher oil prices will continue to seep into other areas of the economy. Also on today's show is a look at how index fund providers could react to SpaceX's upcoming IPO.

President Donald Trump on Wednesday accused Iran of dragging out negotiations with Washington and warned that Tehran would “pay the price” for delaying a deal that he earlier signaled was nearing a breakthrough.Rising energy prices from the three-month-old war in Iran lifted inflation in May to its highest level in three years. The U.S. annual inflation rate surged to 4.2 percent last month, from 3.8 percent in April, according to new Bureau of Labor Statistics data released on June 10.

This Day in Legal History: Kennedy Signs the Equal Pay ActOn this day in 1963, President John F. Kennedy signed the Equal Pay Act, the first federal statute aimed directly at sex-based wage discrimination. The law took the form of an amendment to the Fair Labor Standards Act of 1938, which meant that it slid into an existing enforcement framework run by the Wage and Hour Division of the Department of Labor — a deliberate choice that bypassed the need to build new institutional machinery and harnessed thirty years of FLSA caselaw and habits of compliance. The legal hook is the Act's “equal pay for equal work” command: employers may not pay employees of one sex less than employees of the opposite sex for jobs requiring “equal skill, effort, and responsibility, and which are performed under similar working conditions.”Four affirmative defenses are written into the text — a seniority system, a merit system, a system measuring earnings by quantity or quality of production, or “any other factor other than sex” — and that fourth catch-all has done more work in litigation than the other three combined, shaping how courts evaluate market-based, education-based, and prior-salary-based pay differentials decades later. The wage gap at the moment Kennedy signed was about 59 cents on the dollar; six decades on, by the Bureau of Labor Statistics's standard measure, it sits closer to 84 cents. That tells you something about how a clean, structurally well-designed statute can still leave a lot of the work undone, because the gap is and always was about more than identical pairs of jobs at the same employer.The Equal Pay Act is not the whole story of American workplace-equality law; Title VII of the Civil Rights Act of 1964, the Pregnancy Discrimination Act, the Lilly Ledbetter Fair Pay Act, and a long line of state-law analogues do much of the modern enforcement work. But June 10, 1963 is the day Congress, with the President's signature, said for the first time that paying a woman less than a man for the same work was unlawful, full stop. Everything that has followed in this corner of the law has been built on top of that sentence.The Federal Circuit on Monday affirmed a Delaware district court judgment invalidating four Purdue Pharma patents covering an abuse-deterrent, low-toxicity version of the opioid OxyContin, in a decision the patent bar has been waiting on for months. The case is Purdue Pharma L.P. v. Epic Pharma LLC. The patents covered Purdue's reformulation of OxyContin to make the pills crush-resistant and to reduce a manufacturing impurity, and the asserted innovation grew, the company said, out of its discovery of the source of a particular toxic impurity that had previously eluded chemists at competing labs. Purdue's argument on appeal was, in essence, that the discovery of the impurity's source was itself nonobvious, and that the resulting patents inherited that nonobviousness. The Federal Circuit said no.The panel held that the relevant obviousness inquiry asks whether the claimed reformulation — not the discovery that motivated it — would have been obvious to a person of ordinary skill in the art at the time of the invention, and that once the prior art is taken into account, the answer is yes. The practical consequence of the ruling is large. It opens the door wider for generic abuse-deterrent OxyContin alternatives and clarifies a doctrinal point pharmaceutical companies have been pressing on for years: a hard-won research insight does not, on its own, automatically save a patent from obviousness if the resulting product was within the prior art's reach. Purdue's options now are a rehearing petition at the Federal Circuit, a cert petition at the Supreme Court (which the company has already pursued in a related case last spring), or quiet acceptance. Expect a cert petition. Expect the cert petition to be denied. Watch the generic-drug filings that follow.Fed. Circ. Panel Backs Invalidation Of OxyContin PatentThe plaintiffs in the Eastern District of Virginia lawsuit over the Trump administration's $1.8 billion “Anti-Weaponization Fund” — a story we covered earlier htis week— went back to Judge Leonie Brinkema on Tuesday and asked for permission to conduct limited discovery into whether the Justice Department's recent representation that it would stop work on the fund is a real commitment or a litigation convenience.The plaintiffs' problem is straightforward: acting Attorney General Todd Blanche has filed papers saying the program is “not going forward,” but President Trump publicly described the fund last week as a “great idea” that many Republicans support, and the executive order that created the fund has not been formally rescinded. From a litigation-strategy standpoint, the plaintiffs do not want to walk away from a live case on the strength of a DOJ filing, accept dismissal as moot, and then find out three months later that the fund has been quietly resurrected under a different name.Judge Brinkema has a hearing scheduled for Friday, June 12, on whether to extend the temporary restraining order into a preliminary injunction. The Tuesday filing teed up the broader mootness fight that will dominate Friday's hearing: when does a federal agency's promise to stop doing something actually deprive a court of jurisdiction to enjoin the underlying program, and what discovery, if any, is a plaintiff entitled to before that determination is made. The doctrine here — voluntary cessation, capable of repetition yet evading review, and the heavy burden the Supreme Court has placed on the party claiming mootness — favors the plaintiffs procedurally. Whether Brinkema agrees on Friday is the question to watch.‘Anti-weaponization' fund challengers question its demise – Roll CallSCOTUSblog's John Elwood walked through a useful relist roundup on Tuesday, and the four cases sitting in the relist pile are worth flagging because each of them touches a different load-bearing wall in federal practice. The first is a prolonged-detention challenge to immigration custody under Section 1226(c). The ACLU is asking the Court to clarify that very long mandatory-detention periods trigger procedural due process review under the Mathews v. Eldridge balancing test, picking up on the Second Circuit's willingness to do so. The second is Newberry v. Texas, a case where Texas itself has confessed error — a rare procedural posture in which the State agrees the defendant should win — and the question is what the Court does when the parties on both sides ask for the same remedy. The third is Kian v. Florida, a Sixth Amendment challenge to the use of six-person juries in serious felony cases, on the theory that the historical understanding of “jury” in the founding era assumed twelve and that the Court's mid-twentieth-century cases approving six-person juries were wrong on the originalist analysis. The fourth is Maxwell v. Thomas, a federal habeas case asking whether the First Step Act‘s halfway-house and home-confinement provisions are properly enforceable through 28 U.S.C. § 2241 habeas petitions, an issue with a real circuit split. None of these have been granted yet — they are relists, which means at least one Justice is interested but the Court has not yet decided whether to hear them — but the mix is the part to watch: it tells you what the Justices are circling without committing to. Expect at least one of these to be granted before the term ends.A random assortment of relists: prolonged detention, confessions of error, small juries, and new rules on habeas | SCOTUSblog This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Inflation rose to its highest annual rate in three years in May, as surging oil costs once again fueled broader price increases amid a persistent conflict in the Middle East, according to federal data released Wednesday. Consumer prices increased 4.2% from May 2025 and 0.5% between April and May, the Bureau of Labor Statistics reported, matching consensus economist estimates, according to FactSet. That's the first time inflation crossed the 4% annual rate since May 2023 (4%), and it's the highest rate since April 2023 (4.9%). Learn more about your ad choices. Visit megaphone.fm/adchoices

Keith talks with data-driven investor Neal Bawa, the "mad scientist of multifamily," about why apartment values have dropped 20%–30% while single-family prices have stayed resilient.  They break down how interest rate shocks, the homeowner lock-in effect, and a wave of new multifamily supply are reshaping returns for today's investors.  Keith and Neal also dissect the build-to-rent model—who it really serves, how apartment oversupply is pressuring its rents, and why pending legislation could upend the space.  Neal closes with a specific, data-backed timeline for when multifamily rents and values may finally turn the corner, giving listeners a concrete roadmap instead of vague market guesses. Resources: Grocapitus Website - https://www.grocapitus.com Multifamily U's Free eBook: Location Magic - https://multifamilyu.com/lp/location-magic-ebook/ Multifamily U's Investor Club – https://multifamilyu.com/club Episode Page: GetRichEducation.com/609 For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com GRE Free Investment Coaching: GREinvestmentcoach.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE  or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments.  For predictable 10-12% quarterly returns, visit FreedomFamilyInvestments.com/GRE or text  FAMILY to 66866  Unlock truly passive real estate income—visit flockhomes.com/GRE today to see if your properties qualify for a 721 exchange with Flock Homes. To get in the best physical, mental, and professional shape of your life, go to DanielThomasHind.com and apply for Daniel's intensive 1-on-1 coaching for burnt-out entrepreneurs and executives. Will you please leave a review for the show? I'd be grateful. Search "how to leave an Apple Podcasts review"  For advertising inquiries, visit: GetRichEducation.com/ad Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— GREletter.com  Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript:   Keith Weinhold  0:00   Keith, welcome to GRE. I'm your host, Keith Weinhold. The single-family real estate market is steady, but with apartment building values down 20 to 30% since 2022 when will the multifamily Armageddon end? We ask our qualified guest, and how will slowing birth rates in immigration affect real estate? And more today on Get Rich Education. You know, Mid South Home Buyers, that top Memphis turnkey provider. I learned that a secret weapon behind their explosive growth is more than just you buying their properties, it's an executive coach for nine years now, their CEO, Terry Kerr, and his COO, Pat Nix, have worked privately with a coach who I've now learned from too, and he doesn't market himself online anywhere. After 12 years behind the scenes, that coach is now making himself available exclusively for GRE listeners. His name is Daniel Thomas Hind. If you're a hard-charging business owner or investor who wants to get in the best shape of your life, physically, mentally, and professionally, you can fill out an application for a free consult. This is private one on one coaching for those willing to go to uncommon lengths to achieve uncommon results. Thanks to Daniel, we've all become better leaders, better operators, and better men. It started by showing up for ourselves. Now it's your turn. Go to Daniel Thomas hind.com H I N D, that's Daniel Thomas hind.com and sign up before Spotsville Flock homes helps multifamily owners exit the operator grind, whether it's your six plex or a 50 unit apartment, through a 721 exchange. This defers your capital gains tax. It's a strategy long used by institutions. Now you can swap tenants and toilets for passive income and zero management. Request your initial valuations. See if your property qualifies at flockhomes.com/gre That's F L O C K homes dot com slash G R E.   Neal Bawa  2:13   You're listening to the show that has created more financial freedom than nearly any show in the world. This is Get Rich Education.   Keith Weinhold  2:29   Welcome to GRE from Valencia, Spain to Valencia, California, and across 188 nations worldwide. America's favorite shaved mammal on a microphone is back with you for another wealth building week. I'm Keith Weinhold, and you're listening to Get Rich Education. The world's biggest problems are the world's biggest businesses. That's not a coincidence, and that's why we discuss housing here. And there's been a chronic shortage of affordable housing last month at a commencement speech, Harrison Ford, yes, the guy that played both Han Solo and Indiana Jones, talked about how a fulfilling life has both passion and purpose. Passion is what gets you out of bed in the morning, purpose is what helps you sleep at night, you and I. We can bring this mindset to our lifestyle, to the business we do, and to our investing. Treating tenants well is what helps real estate investors sleep well at night. While we're doing well, we can be doing good too. Multifamily syndicators keep failing, going out of business, and losing all of their investors' money due to mortgage rate resets. It just keeps happening. What this really means, that these groups that pooled together investor money to buy apartment buildings, largely that were set up in 2022 and earlier keep blowing up almost fully due to the fact that interest rates reset higher. Some of them had a fixed rate for five years. Well, rates spiked four years ago, and that's why a lot of them have yet to blow up, and these apartments have lost so much value that no one will refinance them, you know. Even if that apartment operator increased the net operating income over the years, even if rents went up, it doesn't matter. So, you still haven't heard the last of it. Do you remember a couple years ago, when a lot of people in the apartment space, they were saying just stay alive till 25 and that nonsense, like if you keep your head above water until 2025 oh well, then rates are certainly going to fall, and everyone's going to be okay. Well, 2025 is long gone.    Keith Weinhold  5:01   Mortgage rates haven't fallen in any significant way, so that survive until 25 thing or whatever mantra derivative people used that was a farce, like I've said on the show here for years. You cannot predict interest rates, so I didn't make the call that they were going to go up or down at all, because you can't predict them, but so many people said, oh, rates will fall substantially by now, no way, you just can't make that assumption, you've got to take history over hunches, and all of that, a lot of those multifamily deals 100% depended. depended on refinancing at favorable rates, and that's exactly why they failed. A surefire way to look foolish is to predict interest rates. We'll talk more about the multifamily Armageddon with today's guest. I also want to get into what's called the 21st century road to housing act, because that became one of the most hotly debated housing policy provisions this year. And what this is, is a Senate bill, and it would require certain large institutional investors that develop these bills to rent single family communities. It would force them to sell those homes to individual buyers within seven years. So, in other words, what a big firm could do is build a neighborhood of rental homes, lease them for up to seven years, but they couldn't hold on to them any longer than that. They couldn't hold them indefinitely as rentals, this bill is not aimed at you, the individual investor. It is aimed at big institutions, and what I mean by that is that's generally defined as owning 350 or more homes. That's what we're talking about here. Small landlords and mom and pop investors are not the target, it targets corporate portfolios, and this means groups whose names you've probably heard of, like Blackstone, First Key Homes, Progress Residential, and Invitation Homes. They are some of the heavyweights that the government is looking to clamp down on, so whenever you hear someone talk about big Wall Street landlords, that is who they're talking about. Now, some groups are pretty worried about the 21st Century Road to Housing Act, like the NHB, that's the National Association of Home Builders, and a lot of multifamily groups are concerned, and why is that? Well, the effect is it could dramatically reduce new housing production.   Keith Weinhold  7:44   See, a big institution like First Key Homes or Blackstone, they wouldn't want to even get into this business anymore. They wouldn't want to build big build to rent communities anymore if they have to sell them all within seven years. See, they want to buy and hold for the long term, kind of like what you and I are doing, because you and I know that owning a group of selective buy and hold single family rentals is a really profitable place to be, but so if they don't want to build, then that creates a reduction in supply, which could make prices go up, and then obviously hurt those trying to afford their own home. Well, that would defeat the purpose of this whole thing. I mean, my gosh, this always seems to happen when government gets involved. So, the 21st Century Road to Housing Act could limit supply, which is the exact opposite of its intent to get first-time home buyers into their first home, and if this passes, it does have bipartisan support. This lower supply, then yes, indeed puts upward pressure on prices. Just amazing. So then it could actually go on to help the everyday mom and pop investor, like you and I, that already owns property, the individual at last check, though they're looking to pass a version that still restricts some of these giant institutions from getting into build to rents, but yet it does not have that seven year sale requirement. What's really important to remember here is that Washington, they're looking to stifle big Wall Street players from the rental market, which could reduce supply. They're not targeting individual investors. The context that's important is that these groups, they own 10s of 1000s of homes, they don't own hundreds of 1000s, and they don't own a million, so it's a really small percentage of the housing market, whatever direction policy breaks, then the headlines that it creates are just greater in magnitude than the effect on the market is. It's an important frame of reference here. Let's meet this week's guest. This week we're welcoming back a guest that we haven't heard from in a year or two in real estate circles. He is popularly known as the mad scientist of multifamily. He's quite an in-demand speaker. He has a $500 million multifamily portfolio that he essentially shares with over 1300 investors. He's sharp, a good educator, and a straight shooter. That's why he's here. It's a warm welcome back to Neal Bawa.   Neal Bawa  10:32   Thanks for having me on the show again. It's delightful to be here, and so many interesting things to talk about in the world these days.   Keith Weinhold  10:38   There really are.. I don't know if we can get it all in, Bawa is spelled B A W A. Neal, I want to get to your future housing market outlook later. How you think the future looks, including when multi families quasi Armageddon might end. But first, you're known as a data driven real estate guy. Tell us about that, and how being data driven makes you profitable.   Neal Bawa  11:03   I see concern, and I'll tell you why. The single family and multifamily market have been atrociously incredibly divergent since the first quarter of 2022 They have not tracked yet each other at all, even though if you look at the last 50 years, they tend to track each other. So you know, 2008 was a Armageddon for single family, Armageddon for multifamily, and they both sort of came up in 2012 2013 and then they had a really good time until Covid.   Keith Weinhold  11:30   Yeah,   Neal Bawa  11:31   but the second quarter of 2022 is when Fed started raising rates, and since then we've sort of slid - multifamily has gone down in terms of pricing between 20 and 30% depending upon the metro, you know, and depending upon whether it's new construction, new construction assets have gone down more than 30% and existing assets that are filled up have gone down by 20 to 30% depending upon the metro. So, metros that have a large amount of supply, closer to 30% decline in value, the metros that have less supply probably closer to 20% decline in value, right.   Keith Weinhold  12:03   Demand demand has been pretty resilient. It's more of a supply story.   Neal Bawa  12:06   It's a huge supply story, right. So, if you look at, you know, occupancy, essentially what's happened is there was so much supply that came in that really people started on those projects in 2022 maybe they didn't start a construction until 2023 they didn't finish construction until 2025 so they started leasing up in 2025 They had to give offer concessions two months, sometimes three months free, and so that pushed down the rents in 2025. And they're not done, because you typically can't rent an apartment in six months. If it's brand new, it's going to take you about 18 months to rent it, and sometimes 24 months, and so it's affected our rents in 2025 it's affecting our rents in 2026. Now it's unlikely to affect it in 2027 but we'll go there, you know, at a later stage. But at the moment, we, what we've seen is negative rent growth in the United States for multifamily for the last 12 to 15 months, and what I think is going to be negative rent growth in Q of this year and Q2 of this year, so Q1 was negative, Q2, which we are in now, is likely to be negative or flat now. Single family, on the other hand, has gone in a different direction, which has been very difficult to understand, and I believe it's taken me a while to really understand this, but I think I've finally figured it out. Single family prices are not down since 2022 which makes no sense at all, because the average mortgage in the United States today is almost double, almost double, not quite double, but almost double of what it was in at the beginning of 2022 when interest rates were about 3.3 3.4% Right now we're sitting around, you know, six and a half percent interest rates, so not quite doubled interest rates, but they've obviously gone up a fair bit, and as a result, your average, you know, mortgage has almost doubled, but home prices haven't dropped, which makes no sense if you really think about it, because home prices are a factor of demand, and they're also a factor of people's ability to pay, so if all of a sudden within four years you're paying, the mortgage is doubled, then less people are going to be able to buy, but it stayed up, the market has stayed up, and the biggest reason it stayed up is because of what is known as the lock-in effect. So, the US market typically has a million new homes every year, and there's more than a million existing homes that are transacted, right? So, it's an open market, it's a perfect competition market, but it hasn't been perfect competition for the last four years, because so many people locked in ridiculously low interest rates.    Neal Bawa  14:28   Perfect example, in 2021 and 2022 I have a 15 year mortgage at 1.75% If I sell my house back to myself, my mortgage quadruples, quadruples, right, because it goes from 1.75% to six and a half percent, so I can't even imagine even think about leaving my home, right, because it's just such a perfect loan. Most people don't have anywhere near 1.75% but there's lots of people with more mortgages in the 3% three and a half percent, and 4% range that basically can't go anywhere, and because those homes are not coming into the market. The last three years the market has had this unusual not enough supply factor, and that's been keeping prices up. That is ending. That is ending, because what we've been tracking is the percentage of homes in the United States that have low mortgages. Low is simply defined as anything under four and a half percent, and that percentage is going down each quarter, because you know divorces happen, deaths happen, you know people move for jobs, and so every time that happens, that locked in rate goes away, because you sell your home and move on, and so for a while that lock in effect was predominant, it was controlling everything, but as time has gone on, interest rates were higher in 2324 2526 For also almost four years have passed since the rate started going up. So each quarter the percentage of homes in the US that have these low interest rates has slowly moved down, and we're almost back to a normal timeframe.   Neal Bawa  15:53   And this is causing the single family market to not have a conniption, but we're starting to see a balancing of the market, where it's not just a buyer's market anymore, in some places it's actually seller's market, some places it's a buyer's market. So we're now starting to see home prices drop in number of markets in the United States. I can't say that they've dropped in super majors, but we're seeing a flattening out effect of home prices in most metros in the US, and there should be a flattening effect. Just to be blunt, I mean, obviously I own a bunch of single-family homes, so I just wanted them to keep going up for selfish reasons. But if you think about it, we had huge home price growth in like 30 plus percent in number of years, 2021 22 and even 23 and during those years, salaries only went up by two to 3% a year. In one year, they went up by 4% and rents also went up like crazy. There was a 2021 was 15% rent growth year. So, at some point, there had to be an adjustment, and we are in that period of adjustment where single family prices are basically flat on a national basis. Yes, going up in the San Francisco Bay Area because of AI, and going up in a couple other technology-heavy metros because of AI, but otherwise fairly flat, and I don't expect that to change for the next year. So, my forecast is next 12 to 18 months, home prices in the US are going to be flat on a nominal basis, they're going to be down on an inflation-adjusted basis, but you know, because of the Iran, more inflation's three and a half percent, so home prices should go up three and a half percent. So, if they stay where they are, well, they're really dropping three and a half percent.   Keith Weinhold  17:29   Yeah, before this year began, I released our forecast, it was for 2% nominal home price appreciation in the one to four unit space for the US this year, and I still like how that looks. There's so much to unpack with what you just talked about. In my view, there's nothing unusual at all that when mortgage rates rose sharply a few years ago, that home prices rose as well. Why? Because actually, that's what usually happens, which is counterintuitive to most people. In all of our lifetimes, residential real estate prices have only fallen significantly one time, that was around 2008 due to a number of unusual circumstances. The only thing that's a bit different this time is, of course, how fast rates increased in 2022 and 2023 and people wondering if residential real estate prices could still keep up, and they certainly have, but yeah, you brought up this dichotomy, this bifurcation about how the apartment market and the one to four unit space kind of separated from each other in 2022 or 2023 That's what's so interesting.   Neal Bawa  18:36   I do want to point out a couple things, though, and I don't want to be a Pollyanna here and talk about negative stuff, but I think that there's big difference between 2008 and that timeframe and where we are today, and that difference is, and it has multiple parts. Not all of your audience is aware of this. Until about 2012 the United States had very reasonable birth rates. You know, we were one of those countries that had avoided the debacle that Japan, Korea, China, and a number of other countries are seeing South Korea being the absolute worst, where basically they were producing one baby per generation, where you need about 2.2 babies just to kind of keep your population where it is, right, and the US was unusually high in that, and that we were still above that threshold, which meant that our population would continue to grow and not fall. Now, there was two reasons our population was growing: One, we had more than 2.2 babies per household, and second, we had a very significant amount of legal and a very significant amount of illegal or undocumented immigration. Right, so we had both of those pipelines today. All three of those have flipped, so the United States now basically looks like Korea or China or Japan in that every household is producing about one and a half babies, which means that our population growth, which hasn't stopped yet, because it takes a while for these things to catch. Up is likely to stop, like it's, and at some point decline again. Luckily, we're not there yet. The US is a fairly young population, unlike Japan, which is one of the oldest populations in the world. So, it'll, we'll still continue to see population growth, but there is no doubt. And you can ask Chat GPT, right? How has population growth in the United States slowed over the last 20 years.    Neal Bawa  19:22   Make me a graph, and it will make you a very nice graph, and you'll very clearly see there's a slowdown in population growth. The second part is both documented and undocumented immigration. It's my estimate that since this administration took over, somewhere between half 1,000,001 million people have left the United States. Now it's very difficult to get an actual number, as you can imagine. A number of these people were undocumented, so we didn't really know how many there were to begin with. And a number of them, when they left, they also left by an undocumented rate, that you know, path. So we've lost a bunch of those people, and also the people that have stayed in the country, we've lost a number of them in the workforce. Here's a perfect anecdote, Keith. About 33% of the construction workforce in the United States was undocumented, one in three. In Texas, as much as 40%   Keith Weinhold  19:45   Yeah, that's huge.   Neal Bawa  19:45   It's very significant. Number of those people don't show up for work anymore. I don't think they've left the US, at least I don't think so. But they don't show up for work anymore, because that's how they get caught, right. So, what we've seen is that the construction workforce in the United States has become been decimated over the last 12 months, and the impact is much greater in the second half of 2025 than the first half. Why? Because even though they wanted to do ICE enforcement, they just simply didn't have enough agents, enough facilities, enough judges. When the second half of last year, they sort of started catching up on that, hiring more agents, getting more facilities, getting more judges, and so we started to see a real challenge there. I have properties in 10 markets in the US, and what I can say is about seven of those markets, mostly Southern markets, I am beginning to see dropping occupancy related to this phenomenon. I'm seeing a reduction, and so markets like Georgia and Texas, Florida are more hit than my northern markets like Idaho. I haven't seen any impact at all, but these southern markets, multiple properties, multiple metros, I'm seeing this - people, mostly of Spanish, Mexican origin, not renewing leases. I don't know what they're doing. I don't know if they're sleeping in their cars. I don't know if they're basically just, you know, staying with mom or staying with, you know, some other family. But I'm seeing a very, very big pullback in my leases tied to this, and occupancy is dropping in those markets that are heavily Hispanic. And so I'm seeing the impact of that on landlords, but I also know that there's an impact on the US at all, and overall demand on rentals, whether it's single family or multifamily. This is a significant impact, because I don't think that the Republicans are going to make a U-turn on this. I don't want to get political, but you know, stating the obvious.   Keith Weinhold  19:45   Yes, United States had its biggest birth year in 2007 when there were more than 4 million babies born. The average age of the first time homebuyer today is 40 years old. If that holds true, that peak would take place in 2047 And then, yes, to your point about changes in immigration, yes, it sounds like a potentially a reduction in demand with what you're talking about, with some vacancies, and also maybe a reduction in supply when you have fewer construction workers to build these places as well, we're talking about building properties. Neal, I want to talk to you about the build to rent space. Somewhat is build to rent better than traditional real estate? I think that's what we really want to know. And for those that don't know, build to rent means when you construct a property where from day one that construction project is built for a tenant, not an owner occupant. I see a lot of pros and cons there. Can you talk to us about the trade-offs between build to rent and traditional real estate?   Neal Bawa  19:52   Yeah, if you think about it, it's a really terrible word, built to rent, because if you think about the word built to rent should be apartments, right, but actually doesn't mean apartments, right? So, built to rent actually means single family or town homes that were built to rent out, right? And then you're like, why don't they just said built to rent apartments and town homes? Well, you know, was too long an acronym, and we suck at acronyms anyway. But BTR, or built to rent, is essentially building single family or town homes, but specifically building them to rent, and it doesn't include any apartments at all, right? And the reason why the BTR market was growing in the last five or six years is that roughly 18 million American families can no longer afford to buy starter single family homes, you know, and by starter I mean, small old single-family homes. That's how Americans usually started, you know, in their 20s and 30s. They would buy these homes, some of them, but they would fix up, and then they over time, in their 30s, late 30s and 40s and 50s, they would upgrade, and then at starting the 50s, it would flatten out, and then the 60s, they would start to downgrade, right? That's been a typical thing that's happened in America for 56 5070, years. Well, that is, cannot happen anymore. And it broke in 2022 until 2022 It was a normal cycle beyond 2022 because interest rates almost doubled, and the mortgages almost doubled, but the incomes only increased by 10 to 20% There became this orphaned generation of Americans, roughly 18 million families, that simply cannot afford to buy that starter home, and they are now forever renters. They don't know it. They think that they're going to catch up at some point, but five minutes with an Excel spreadsheet, I could prove it to them that they're not going to catch up.    Neal Bawa  25:35   Maybe one in 100 families would see a very large increase in income, and that would result in them catching up, but for the most part, as a group, these 18 million families, they're forever enters as a group that didn't exist before 2021 right. It's entirely because of this outrageous increase in mortgages, while not seeing a drop in home prices, that led to this, and so those orphan families, they actually earn pretty well, so these are families that make 70, 80, $90,000 in mid markets. They make over $100,000 if they're living on the coasts or in expensive markets, and they still can't buy that, you know, starter home. And so they don't want to live in apartments. I have lots of apartments, old ones, new ones, and I want these people to live there, but they don't want to live there, and so they've been looking for an option, and that option has been developers like me building communities of 200 300 townhomes or single family homes with a small little yard, and then basically from day one, instead of selling them, renting them out, and then once you're done renting out the whole community with 200 tenants, then you sell that to an apartment company. You know, there's lots of apartment companies in the US that have 100,000 units. Well, they want to buy these because the turnover is lower. So, what happens is most of these town homes and single-family homes for rent. Families come in, and they typically rent for three to five years before they move, whereas in on my apartments I lose 40% of my tenants each year. So, if I have 200 tenants, I lose 80 of them every year, and I have to basically go back, clean up those units, deal with the vacancy. But when I have townhome communities like my Idaho Falls townhome community. I lose a tenant at roughly every four years, and so, as you can imagine, profitability goes up when turnover goes down, right?   Neal Bawa  27:31   Because you don't have that cost of turnover and vacancy, and so eventually those large landlords that are holding 100,000 units figured out, I like this, what Neal Bawa is doing, he's building these 200 townhomes, I want to buy these from him when they're rented. I don't want to build them, I don't want to lease them up, I just want to buy them when they're stabilized. And so BTR became that name for that marketplace where developers would build townhomes and single families, rent them out, and then sell them to institutional, and it was some—   Keith Weinhold  27:56   People think of fabulous institutionalization of the starter home.   Neal Bawa  28:00   And in many ways it is, because what happened is, for a while, these institutional players, like Blackstone and BlackRock, they were like, we are just going to go out and buy 50,000 single-family homes, and that's going to be the institutionalized. Well, that worked really well if you bought in 2008 2009 2010 2011 because you got them bought them at a discount, but when they started buying them in 2015, 16, 17, 18 at ever higher prices, they didn't make any money. So the vast majority of these public funds that were created to buy large amounts of single family have failed if they've purchased anything in the last seven or eight years. If they bought before that, they made huge amounts of money. Family homes are so expensive that basically buying them for rental did not make sense, so these companies have now pivoted to saying we'll only buy communities that have 100 or 200 or 300 of these homes, because then we get the benefits of having centralized leasing, centralized property management, centralized maintenance, and I don't have homes spread all over the metro, they're all in one place, and I can make more profit from that. In theory, that's been good, and you might think that I'm bullish on BTR, but I'm actually today bearish on BTR for one single reason. About seven months ago, Republicans started talking about a bill - I don't know what the name of the bill is, but what this bill does is it forces builds to rent developers like me within seven years of building the property to sell all of the homes in that property to single family tenants, not to Blackstone, not to Blackrock, but to single family tenants. Hasn't passed yet, but it passed the Senate with an 8910 vote, which means that both Democrats and Republicans wanted to vote for this. If it passes the House, and because Donald Trump himself is very heavily opposed to it, he's made it very clear he doesn't like this. He's a developer, obviously. It hasn't passed the House yet, but if it passes the house, that will destroy the build to rent market. No one will ever build build to rent, because the worst possible thing is I build this, and within seven years I have to actually sell it to individual buyers. If I do that, my banks are going to hate me and not give me loans to build BTR anymore. Obviously, there's going to be some grandfathering to the communities that I'm building now, or maybe even build the ones that I'm building in 2027 maybe grandfathered. It usually is, because you know, Congress never does anything retroactively, and they give you a year or two, but if it passes, it's doomsday for BTR. I hope it doesn't happen, but that's the way it's looking, because it's bipartisan. Bipartisan bills are more likely to pass   Keith Weinhold  30:40   Now for the mom and pop investor, the individual investor build to rents have obvious appeal due to your point about the lower turnover, lower maintenance costs on a new build, lower insurance costs often on a new build, and then there's the tenant appeal to a new build as well, but of course there is that investor downside. I think a lot of investors are aware of their thin initial cash flow that they're going to have on build to rent, but you know, Neal, another downside with build to rent, I think a lot of investors don't look at is, hey, just how many of these things are they building? Are they building 500 of them? Do I have some overbuild risk if I buy into this community that could suppress occupancy and rents for a while.   Neal Bawa  31:21   What we've seen is that when Built to Rent started out in 2017-2018 it was its own asset class. It wasn't competing with apartments, it wasn't competing with single family rentals, it was just its own thing. However, in the last two or three years, as more and more apartments flooded the marketplace, we had a glut. It moved away from that. It basically started getting affected, and the rent started falling, just like any other portion of the market. You know, think of it as three portions of market. There's the built to rent, which I described, you know, brand new single family homes, town homes per rent. There's the apartments, both brand new and existing, and there's the single family rentals, right, which there are millions of. What we are seeing now is it's become one market, right? All of them are affecting each other, and the apartments, which have a huge amount of glut, there's a massive amount of new apartments that have come in in the last two years, are really pushing the rents down for single family, they're pushing that rents down for BTR. So, at this point, what I would say to people that have this concern, Keith, is simply look at incoming apartment supply, because if you're in a marketplace, and I'll give you examples of really good markets that are crushed right now. If you're in a market that has a lot of incoming supply, whether you buy a single family rental, a quadplex, a 50 plex that's an apartment, or 100 unit BTR, you're going to suffer for rent growth if you have a lot of incoming supply in 2026 and that is across the board in every market in the US. Huntsville, Alabama is, in my opinion, one of the most interesting markets in the US for 5 year, 10 year growth, right?    Neal Bawa  32:54   If I had to say you don't need a loan, it's just your own cash, no investors, where would you put money in? It would be at the top of my list, not at the very top. Idaho Falls is definitely the number one market in the US in my list, but Huntsville is up there. But right now, do you know what rent growth in Huntsville is? Minus 2% negative 2% Why? Because there's 6000 units coming into a market that's, you know, 1/5 or 1/10 the size of Phoenix, right. It's 1/10 the size of Dallas, but it has half the units of Dallas or Phoenix coming in, and so rent growth is negative there. So, what I would say is today absolutely everyone that is an investor should understand that we live in the magic world of AI, and you should be talking with Chat GPT about incoming supply for any market that you're interested in, and using that to make your decisions, because all of these markets merged, BTR, new apartments, old apartments, single family, everything has emerged in the last 24 months, where they're all affecting each other, and if there's too much supply of any one kind, it's affecting all of the other markets, and that's the message that I have. And none of this is like you have to go buy a $25,000 software like Costar today. Chat GPT is your costar.   Keith Weinhold  34:11   You're listening to Get Rich Education. We're talking with the mad scientist of multifamily, Neal Bawa, where we come back, including what he thinks about recovery for the beleaguered multifamily market. I'm your host, Keith Weinhold. 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What I like is that their team walks you through how it all works, so you can decide if it aligns with your portfolio and income goals. Every investment carries risk, and nothing is guaranteed, but with a track record of consistent on-time investor payouts, they built real credibility. Go to freedomfamilyinvestments.com to book a clarity call, or text family 268 66 That's Family 266 866    Speaker 1  36:00   This is the star of the A E Show, The Real Estate Commission. Todd Rollette. Listen to Get Rich Education with my friend Keith Weinhold, and don't quit your daydream.   Keith Weinhold  36:20   Welcome back to Get Rised Education. We're talking with Neal Bawa, a really sharp multifamily syndicator who's also highly data driven. And Neal, tell us more about the beleaguered multifamily market that had those aforementioned problems really cropping up in 2022 and we had a lot of supply and spiking rates. What does it look like for the path to recovery for the US multifamily market?   Neal Bawa  36:45   Luckily, demand is strong, and even though occupancies have dropped, typically the multifamily market, the large multifamily market in the US, tends to be between 95 and 96% occupied. Okay, and right now we're on 93% so that all that incoming supply means that about 7% of our apartments in the US are empty at the moment, we're trying to fill them, and we are seeing that occupancy drop, not across just new apartments that are leasing up, but also drop in class B and class C. We've also seen a huge increase in concessions, so I studied this quite obsessively, and I can tell you that 2026 in some markets is the recovery year, but not across the board in the United States, and the reason for that is sentiment. Once renters get used to huge amounts of concessions, it's like a drug, it takes a little while before you wean those renters off of those drugs, and so there's that hit right now. Every renter program,   Keith Weinhold  37:44   Everyone wants their freebie for good.    Neal Bawa  37:46   Yeah, exactly. It's like, hey, what, you're not giving me two months free? Hey, what, you're not even offering me one month free? It takes a while for that expectation to happen, because there's such a huge amount of concessions in the US. So, to me, there are a few markets, usually the smaller markets or very fast growing markets, where there's a recovery in 2026 but otherwise 2027 The first half of 2027 is recovery. The second half of 2027 is fast rent growth in a lot of markets. Why? Because remember, interest rates have been high since 2023 A lot of projects were started in 2022 went into construction in 23 came to market in 25 and 26 Lease ups are happening in 25 and 26 By early mid 27 these are all leased up, right? The second half of 2027 there isn't a lot of delivery in any of these big markets, because to deliver in the second half of 27 you would have started construction in that second half of 2025 and I counted those permits market by market. There's just not a lot, because by that time everyone knew that projects were not getting funded, everyone knew that interest rates were high, so there wasn't a lot of supply of new starts in the apartment market in the second half of 25 so there's not going to be a lot of delivery in the second half of 27 and all of the existing stuff would have been leased by then. So 2026 is one of those years where we could still see more concessions in the second half of 2026 I still see rent growth for apartments to be flat. You mentioned single family might be a little bit higher. It tends to be a little bit higher than apartments in terms of rent growth, but I think flat rent growth for 2026 is what I'm projecting. I'm projecting small rent growth in the first half of 2027 for most markets, and then I'm projecting robust rent growth, call it 3% or greater on an annualized basis, in the second half of 2027 and I'm projecting that most markets in the US that are not seeing a population drop, so count out places like Detroit are going to see a very aggressive rent growth, four or 5% rent growth, that's aggressive in our world, in 2028 28 and 29 are shaping up to be. Supply deficit years, years where supply is well under demand.   Keith Weinhold  40:05   It's pretty easy to project completions when you just go ahead and look at starts, and really, what you're counting is the story of absorption.   Neal Bawa  40:14   Yep, and what's nice about apartments is you can actually build a single family home in about nine months, right, but you can't build apartments in less than 24 months. There's just so much permitting issues, there's so many delivery issues, fire code issues, and so we have a crystal ball on the multifamily side that we are now getting better at using. I don't think the industry was very good at this in 2022 but now we're really all obsessed with how many permits does my metro have, and how many permits does my state, and how many permits does the US have? And everyone that I know in the industry that's data driven knows that there's a massive glut now, maybe a little bit of a glutton that remaining portion of 2026 equilibrium in 27 and a huge, huge supply deficit in 28 and 29 So everything that I'm doing is based on this, and this crystal ball actually works because of that two year gap between shovels in the ground and delivery,   Keith Weinhold  41:10   and it sounds like you've recommended Chat GPT as a go-to source for investors to look into these things, that happens to be my favorite one as well, and you are well, maybe it's a bit too much to say, but it almost feels like to me pioneering with the way that you use AI. In fact, I know before our show today you were running some other things in the background that made me wonder, hey, am I talking to the real Neil or the clone Neil? I know I've got the real Neil here, but why don't you tell us about how you're using AI to make data-driven decisions in real estate?   Neal Bawa  41:40   Sure, so the first thing is that we've completed our journey with the low hanging fruit of AI. Every single person in our company is fully trained on how to use Chat GPT. Most of our research-related processes are automated. For example, 100% of our investor updates are now written by Chat GPT. What we do is we go into our property manager meetings on Mondays or Tuesdays sit down with them, beat them up, and the transcript is then taken by our team in the Philippines. They take that transcript and put it into a pre-trained Chat GPT string, it's called a custom GPT, and the string took a while to train, but now that it's trained, all it needs is a transcript. We just copy paste it in, we don't give it any instructions, and it outputs a really wonderful investor update, right. And so our updates for our investors are 99% written by AI. Of course, we'll go in and add our comments at the end of the process. So we've automated investor updates, rent comps, so you know if we are underwriting a new property today, what we do is we simply go into a Google file and copy paste the address and hit enter roughly once a minute. A software, which is written by AI - we're not coders, but the software knows how to write code - it checks the file, if it sees a new address, it goes in there, grabs the address, and then it basically goes to apartments.com rent.com realtor.com and all of these places, and checks the rents for this particular property in two mile radius. It eliminates all the ones that don't match, like you don't want to match the rents of a 1970 or 80s built property with a brand new 25 built property. Those are not comps, it's not comparable. So it basically is very careful, it keeps a radius range of two miles, and also basically is a property of the same kind, you know, like it never matches up a three story property with a 10 story property. Those don't match, one of them obviously is more of a central business district or downtown sort of thing, and so it basically grabs all of those rent comps and then puts them into a file and posts in a Slack channel. Usually it takes it about 1213 minutes to do that, and so whoever put that address in about 12 minutes later goes into the Slack channel and says, "Hmm, these are all my rent comps, right? And boom, now you're basically, you have all these ready rent comps. So, what we've done is, we've automated a significant portion of what we are doing with both our property managers and inside the company with acquisitions and things like that, we're also scraping massive amounts of data from the Bureau of Labor Statistics website, which we just couldn't deal with that data before, and building very beautiful, very interactive dashboards. We don't use Chat GPT for that. We find for dashboarding a tool called Claude, which is by a company called Anthropic, is much better, so we have currently over 150 interactive dashboards that Claude has created that update in real time and give us access to data. If anything, I find that we are in this incredible time where decision making has become much easier, as long as you spend time with these tools. So, in our company we have an absolute mandate that no one has broken for the last year. One year per day, people must program, and by programming we mean issuing common language instructions to tools and build dashboards and build software that automates our work. Have we laid off anyone because of this? I mean that. Be the next obvious question. The answer is no, because it's made it easier for us to serve a much larger audience, so it's easier to grow your company. We just are not hiring anyone, and we haven't hired anybody for the last 18 months, so we have a hiring freeze, but at the same time all of our people are employed because they're they're now much more valuable. So everyone in our company is now a programmer, and even though that sounds weird, it's completely true.   Neal Bawa  45:24   Every single person in our company writes code, and they write code by talking with Cloud Code or talking with Chat GPT, and then Chat GPT, of course, does the actual code writing, but people have become very, very good at answering questions and saying, "I want a dashboard like this, turn these radio buttons into drop boxes, and give me the last month, and last three months, and last 12 months, and do this, and do that, and connect this, and I also want to host this on a server, but I want to make sure that only I can see it. I need a password added. Imagine 1000 of these conversations happening in our company every day. Yeah, that's interesting. And what you just described   Keith Weinhold  46:00   there at Gro Capitas is somewhat of a microcosm for what's happening in the broader economy, where we've been in this low high or low fire environment for quite a while. Well, Neal, as we're winding down here, we recently had a new Fed chair come in. It seems incomprehensible to me that there could possibly be any rate cuts. I don't know how we could responsibly make a rate cut with all these inflationary layers. We had the pandemic, and then terrorists, and then the Iran war, and the energy shocks, and all these bottled up supply chains. What are your thoughts with regard to the Fed?   Neal Bawa  46:29   I still think that we'll get one rate cut, and that rate cut will be based on political pressure. So, for the first time ever, I have seen the Fed break into factions, so if you look at the latest Fed meeting, which happened, you know, there was dissent, there were two clear factions, so the Fed is becoming less data driven and more faction driven, and I think that one of the factions, which obviously wants rate cuts to go down, is going to triumph at some point later in the year, but until we get past the incredible increase in inflation because of the Iran war, I don't think that faction is going to win. Right, there's three or four people in that faction, that's not enough votes to get past the others. So I'm predicting no rate cuts until Q4 of this year. If the Fed was entirely logical, there should still not be a rate card in Q4, but I think it'll happen because there's political pressure.   Keith Weinhold  47:25   The preservation of independence is key. Neil Bhawa, this has been great, and a lot of people learn from you. You're a brilliant educator, as well as what you're doing in the multifamily space, and a lot of other places. So, if someone wants to connect with you, learn more about what you do. What's the best way for them to do that?   Neal Bawa  47:43   So we built a website called Multi Family University. It's completely free. There is no subscription. There's no upsell. We do not have an educational product, but what we do is each year we have 8-12 webinars that we create with their extraordinarily good looking thanks to the use of AI. Yay, and we share them with an audience, and usually between 5000 and 1000 people attend our webinars each year, of which roughly 1% become investors with us. The rest, the remaining 99% just continue to get free access to data, and we cover every imaginable real estate topic: Single family, multifamily, industrial hotels, self storage, Airbnb, and even controversial topics outside of real estate, like climate change or impact of climate change and impact of AI. So you know, multifamily university is the best place you can go to, multifamily you.com/club It's a free club, and it's free forever.   Keith Weinhold  48:42   Neal, it's been valuable to our audience. Thanks so much for coming back out of the show.   Neal Bawa  48:46   Thanks for having me.   Keith Weinhold  48:53   Oh, a terrific, wide-ranging chat with Neal. There, yes, this interesting 2022 divergence between single family and multifamily, the slowing birth rate, and how that won't really catch up with real estate in a big way for perhaps 20 plus more years. How single family rentals beat multifamily on the basis of tenant retention, and a lot more that we covered there, and he's got a good data driven timeline for apartments being back in favor by 2027 and 2028 After the interview, Neil and I chatted some more off Mike, and he would like to come back on the show next year. We're probably going to have him, because we have a lot more to talk about at that time. We can see if the multifamily market is really healing. Also, did you pick up on this? I wonder why, for his own home he would get a 15 year mortgage at 1.75% interest, so I'll have to ask him about that. That's surely a fantastic interest rate, but a 15 year loan rather than a 30 year that maybe he could have gotten at two and a half percent at the time. Well, 15 year probably. Is not the best use of capital, because it increases your equity position rapidly. When instead, those dollars could have been out in the market earning an actual return somewhere else. But he's a smart guy, he must have an answer. We can talk about that at that time. We've got a lot of terrific shows coming up here on the GRE podcast, specific learning episodes, where it's just me teaching you, as well as new guests and returning guests too. Until next week, I'm your host, Keith Weinhold. Don't quit your daydream.   Speaker 2  50:35   Nothing on this show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial, or business professional for individualized advice. Opinions of guests are their own. Information is not guaranteed. All investment strategies have the potential for profit or loss. The host is operating on behalf of Get Rich Education LLC exclusively.    Speaker 2  51:03   The preceding program was brought to you by Your Home for Wealth Building, getricheducation.com.  

The Bureau of Labor Statistics released its May jobs report earlier this morning. The economy created 172,000 jobs last month. The unemployment rate stayed at 4.3%, and the April number was revised up by 64,000 jobs. Who's doing all this hiring? Also on the program, global food prices stabilized last month, but we're not out of the woods yet. And we'll check in on the momentum of the $100 billion wedding industry.

The Bureau of Labor Statistics released its May jobs report earlier this morning. The economy created 172,000 jobs last month. The unemployment rate stayed at 4.3%, and the April number was revised up by 64,000 jobs. Who's doing all this hiring? Also on the program, global food prices stabilized last month, but we're not out of the woods yet. And we'll check in on the momentum of the $100 billion wedding industry.

The economy and markets can feel dizzying and ever changing. That's where we can help. Fisher Investments' “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: • Recent IPO Activity • May US jobs data • Rising credit card debt Below are the sources for all data cited in today's show: 1. Source: The Wall Street Journal, as of 6/2/2026. “Anthropic Files to Go Public in Blockbuster Year for IPOs”, by Kate Clark and Corrie Driebusch. 2. Source: The Wall Street Journal, as of 6/4/2026. “Terms Revealed for SpaceX's Unconventional $75 Billion IPO”, by Becky Peterson and Corrie Driebusch. 3. Source: Warrington College of Business, University of Florida as of 6/2/2026. Returns from IPOs held 1980 – 2024 during the first/second year after issuing and averaged annually across the first five years. Compared to equally weighted average returns for all IPOs that are traded on Nasdaq, the Amex (now NYSE MKT), or the NY Stock Exchange at the start of a period. Forward returns are captured through 12/31/2025. 4. Source: Bureau of Labor Statistics, as of 6/5/2026. BLS Employment Situation Report, May 2025 – May 2026. 5. Source: Federal Reserve Bank of New York, as of 6/3/2026. US Credit Card Accounts Delinquent by 90 or More Days, 12/30/2011 – 3/31/2026. 6. Source: Federal Reserve Bank of New York, as of 6/3/2026. Quarterly Report on Household Debt and Credit, Q4 2025 – Q1 2026. 7. Source: Federal Reserve Bank of New York, as of 6/3/2026. Quarterly Report on Household Debt and Credit: Total Debt Balance and its Composition, Q1 2003 – Q1 2026. 8. Source: Federal Reserve Bank of St. Louis, as of 6/5/2026. Delinquency Rate on Single-Family Residential Mortgages, Booked in Domestic Offices, All Commercial Banks, Q1 2009 – Q1 2026. 9. Source: Federal Reserve Bank of St. Louis, as of 6/5/2026. US Household Net Worth, Q4 1987 – Q1 2026. Want to dig deeper? • What recent IPO activity tells us about investor sentiment: https://www.fisherinvestments.com/en-us/insights/market-commentary/in-orbit-on-tech-sentiment-and-ipos • More on what rising what rising credit card delinquencies signal: https://www.fisherinvestments.com/en-us/insights/market-commentary/rising-credit-card-delinquencies-in-context Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey: https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview5Jun2026 Connect with Fisher Investments on: • Facebook - https://www.facebook.com/FisherInvestments • X - https://twitter.com/fisherinvest • LinkedIn - https://www.linkedin.com/company/fisher-investments • Instagram - https://www.instagram.com/fisher.investments/ • TikTok - https://www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: • Facebook - https://www.facebook.com/KenFisher.FisherInvestments • X - https://twitter.com/KennethLFisher • LinkedIn - https://www.linkedin.com/in/ken-fisher/ • Instagram - https://www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

Kevin discusses and covers the following stories: participation in a daily Zoom call with Israel's Defense and Security Forum discussing the conflict with Hezbollah in Lebanon; the U.S. Labor Department released the Initial Jobless Claims Report; the U.S. Labor Department's Bureau of Labor Statistics reported 1st Quarter Nonfarm Productivity and Unit Labor Costs; the White House to adjust tariffs on certain items; European Union lawmakers are approaching a final approval of a Trade Deal with the U.S.; United Against Nuclear Iran (UANI) reported whether any Iranian crude passed through the U.S. Navy's blockade; oil and gas prices react to the Israel-Hezbollah ceasefire, possible progress in U.S. -Iran talks, crude oil inventory reports; comments on the upcoming 82nd anniversary of D-Day on Saturday, June 6;Kevin has the details, digs into the data, puts the information into historical, offers his insights and a few opinions. See omnystudio.com/listener for privacy information.

In part two of Red Eye Radio with Gary McNamara and Eric Harley, the letter the new 60 Minutes producer sent to Scott Pelley that informed him he has been fired / The Wall Street Journal's opinion piece " The Exxon Example For Corporations" / Department of Labor Statistics show a record 1 in 3 men have stopped working in April / Social safety nets with generous benefits affecting the incentive to work. For more talk on the issues that matter to you, listen on radio stations across America Monday-Friday 12am-5am CT (1am-6am ET and 10pm-3am PT), download the RED EYE RADIO SHOW app, asking your smart speaker, or listening at RedEyeRadioShow.com. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Kevin covers and discusses the following stories: the Bureau of Labor Statistics released their Jobs Openings and Labor Turnover Survey (JOLTS); Dollar Tree reported 1st Quarter results; Costco reported 3rd Quarter results; Costco discusses how they price gas at their 747 gas stations; PepsiCo announced price adjustments on certain package sizes; oil prices continue to react to Iran reviewing the latest offer to end the war, the Strait of Hormuz traffic at a trickle, the International Energy Agency's concern over global oil inventories, unconfirmed reports of a heated conversation between President Trump and Israel's Prime Minister Benjiman Netanyahu, Iran's denial that President Masoud Pezeshkian had resigned; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and several opinions along the way. See omnystudio.com/listener for privacy information.

Kevin covers and discusses the following stories: the Bureau of Labor Statistics released their Jobs Openings and Labor Turnover Survey (JOLTS); Dollar Tree reported 1st Quarter results; Costco reported 3rd Quarter results; Costco discusses how they price gas at their 747 gas stations; PepsiCo announced price adjustments on certain package sizes; oil prices continue to react to Iran reviewing the latest offer to end the war, the Strait of Hormuz traffic at a trickle, the International Energy Agency's concern over global oil inventories, unconfirmed reports of a heated conversation between President Trump and Israel's Prime Minister Benjiman Netanyahu, Iran's denial that President Masoud Pezeshkian had resigned; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and several opinions along the way. See omnystudio.com/listener for privacy information.

Hosted by Michael Tetreault | Editor-in-Chief, Concierge Medicine Today Episode Overview In one of the most comprehensive episodes in DocPreneur Leadership Podcast history, host Michael Tetreault takes an honest, evidence-based, and encouraging look at the cash-pay and subscription-based primary care landscape — who it serves, how it works, where it's heading, and what every physician and advanced practice clinician needs to understand before making a career-defining decision. This episode doesn't take sides. It takes a clear-eyed look at the full picture — including the parts that don't always make it into the conference keynote. What's Covered in This Episode The Foundation Not all subscription-based primary care models are the same. Two models operating in this space share surface-level similarities but are structurally distinct businesses with different economic logic, different patient populations, and different long-term trajectories. Understanding which one you're considering — and why — changes everything about how you plan. A Lesson From Healthcare History Before committing to any practice model, it helps to understand what happened to the movements that came before it. This episode traces three instructive parallels: the micropractice and ideal medical practice movement of the early 2000s; the decades-long fight for healthcare price transparency and what happened when physicians finally got it; and the rise and reality check of retail health — what scaled, what didn't, and why. The common thread in every model that has achieved durable scale in American healthcare is the same: structural fit with the economic environment, not ideological purity. Two Pathways, One Brand Name The episode walks through both economic models in the cash-pay primary care space — the purist, cash-only, no-insurance model and the employer-integrated model — explaining how each works, who each serves, and what the financial picture actually looks like for physicians considering either path. The revenue math is done out loud. The sustainability data from peer-reviewed research is cited. The patient demographic fit for each model is examined honestly and specifically. Who Each Model Serves — and Where Other Models Fit Better A detailed breakdown of the patient populations each model genuinely serves well — and an honest, evidence-based look at the patient populations where other models may be a better structural fit. Including Medicare-eligible patients, patients with complex chronic disease, lower-income households, and employees of small and mid-sized businesses. The Overlooked Opportunity — NPs, PAs, and Advanced Practice Clinicians One of the most significant and underexplored opportunities in subscription-based healthcare delivery today is the direct-care model as a pathway for nurse practitioners, physician assistants, and other advanced practice clinicians. The evidence on NP and PA-led primary care outcomes is strong and peer-reviewed. The physician shortage projections make the need urgent. And the organizational infrastructure for advanced practice clinician-led direct-care practices is largely unbuilt — which means the opportunity belongs to whoever moves first. The Organizational Landscape An honest look at what the multiplicity of organizations, coalitions, and alliances in the cash-pay primary care space tells us — and what research on professional association dynamics says about the long-term implications of organizational fragmentation for legislative effectiveness and individual practice planning. One Brand, Two Directions Drawing on four documented historical parallels from the history of American medicine — the AMA and managed care, osteopathic medicine's identity divide, family medicine's emergence as a separate specialty, and the micropractice movement — the episode makes the case that two communities with genuinely different economic interests and regulatory priorities currently sharing a brand name may, consistent with historical precedent, find their own distinct professional homes over time. This is presented as pattern recognition grounded in verified historical evidence — and as practical planning context for physicians building practices today. The Tax and Structuring Update A clear, practical summary of the 2025 "One Big Beautiful Bill" Act changes — effective January 2026 — and what they mean for HSA eligibility of cash-pay membership fees. What qualifies, what doesn't, and why legal counsel is essential before making any representations to patients about tax-advantaged payment options. Eight Questions Before You Commit A practical pre-decision checklist — eight specific questions every physician or advanced practice clinician should be able to answer clearly before committing to any cash-pay practice pathway. Key Takeaways Cash-pay primary care and concierge medicine are not the same model, do not serve the same patient populations, and should not be evaluated as interchangeable alternatives. The purist cash-pay model has grown from approximately 100 practices in 2009 to over 2,100 by 2023 — real and meaningful growth. The financial sustainability data, however, reflects consistent challenges that peer-reviewed research has documented specifically in lower-income markets and solo practice settings. The employer-integrated pathway has stronger structural sustainability — multiple revenue streams, embedded benefit relationships, and documented employer cost reductions of 12 to 20 percent over three to five years. A December 2025 Johns Hopkins study found concierge and cash-pay primary care practices combined grew 83.1 percent between 2018 and 2023. The employer-integrated model is the primary driver of that growth trajectory. Concierge medicine — particularly the PCM model — is not retreating. The global concierge medicine market is projected to surpass $34 billion by 2032 and is growing at a compound annual rate that outpaces most healthcare market segments. The National Academy of Medicine's 2021 Future of Nursing report, AAMC physician shortage projections, and peer-reviewed NP/PA outcomes research collectively point to advanced practice clinician-led direct-care models as one of the most significant underexplored opportunities in subscription-based healthcare delivery. Pattern recognition from healthcare history — price transparency, retail health, the micropractice movement — consistently shows that the distance between a compelling healthcare idea and durable scaled impact is longer and more complicated than early advocacy suggests. Models that have achieved durable scale in American primary care share one characteristic: structural fit with the economic environment, not independence from it. Sources and Citations All claims in this episode are supported by published, verifiable sources. Full citations below. Micropractice and Practice Model History Moore, G. (2002). "Accountability and Improvement in Physician Practice." Family Medicine. Moore, G. & Showstack, J. (2003). "Primary Care Medicine in Crisis." Health Affairs. healthaffairs.org AAFP TransforMED Initiative. (2006). aafp.org Nutting, P.A. et al. (2010). "Initial Lessons From the First National Demonstration Project on Practice Transformation to a Patient-Centered Medical Home." Annals of Family Medicine. Rittenhouse, D.R. et al. (2009). "Primary Care and Accountable Care." New England Journal of Medicine. Rittenhouse, D.R. & Shortell, S.M. (2009). "The Patient-Centered Medical Home." JAMA. Price Transparency Research Pathak, Y. & Muhlestein, D. (2024). "Public Awareness and Use of Price Transparency: Report From a National Survey." West Health Institute / Gallup. pmc.ncbi.nlm.nih.gov Parente, S.T. (2023). "Estimating the Impact of New Health Price Transparency Policies." Inquiry.pmc.ncbi.nlm.nih.gov ScienceDirect. (2025). "Outcomes of Price Transparency Policies for Healthcare Services in the United States: A Systematic Review." sciencedirect.com Retail Health Fein, A.J. (2017). "Retail Clinic Check Up: CVS Retrenches, Walgreens Outsources, Kroger Expands." Drug Channels. drugchannels.net CNBC. (2024). "Why Walmart, Walgreens, CVS Retail Health Clinic Experiment Is Struggling." cnbc.com Healthcare Finance News. (2023). "Retail Clinics Seeing Utilization Soar, Popularity Grow." healthcarefinancenews.com MedCity News. (2023). "Retail Clinics Are Gaining Momentum." medcitynews.com Cash-Pay and Subscription Primary Care Market Data MedCity News. (March 2026). "DPC Is Scaling — The Financing Architecture Isn't Ready." medcitynews.com Johns Hopkins. (December 2025). Study on concierge and cash-pay practice growth 2018–2023. As cited in MedCity News, March 2026. Liaw, W. et al. (2024). "Direct Primary Care: Financial Analysis and Potential to Reshape the U.S. Healthcare Landscape." Journal of General Internal Medicine. springer.com Lujan, D.Y. (2025). "Why Direct Primary Care Models Fail." KevinMD. kevinmd.com Doan, L. et al. (2019). "Physician Perspectives on Direct Primary Care." Family Medicine. Eskew, P.M. & Klink, K. (2015). "Direct Primary Care: Practice Distribution and Cost Across the Nation." Health Affairs. healthaffairs.org Tseng, P. et al. (2018). "Administrative Costs Associated With Physician Billing and Insurance-Related Activities." JAMA Internal Medicine. Medscape Physician Compensation Report. (2023). medscape.com Employer-Integrated Model Spann, S.J. et al. (2020). "Employer-Sponsored Direct Primary Care." Journal of Occupational and Environmental Medicine. National Alliance of Healthcare Purchaser Coalitions. (2021). purchaseralliance.org Kaiser Family Foundation. (2023). Employer Health Benefits Annual Survey. kff.org National Business Group on Health. (2022). businessgrouphealth.org Employers Health Coalition. (2022). employershealthcoalition.org Patient Demographics and Population Health Anderson, G.F. (2010). "Chronic Conditions: Making the Case for Ongoing Care." Johns Hopkins Bloomberg School of Public Health. Tikkanen, R. & Abrams, M.K. (2020). "U.S. Health Care from a Global Perspective." Commonwealth Fund.commonwealthfund.org Collins, S.R. et al. (2022). "Paying for It: How Health Insurance and Healthcare Costs Are Shaping the Lives of American Adults." Commonwealth Fund. commonwealthfund.org Bureau of Labor Statistics. (2023). "Contingent and Alternative Employment Arrangements." bls.gov Petterson, S. et al. (2012). "Unequal Distribution of the U.S. Primary Care Workforce." Annals of Family Medicine. Advanced Practice Clinicians and Nursing Laurant, M. et al. (2019). "Revision of Professional Roles and Quality Improvement in Primary Care." New England Journal of Medicine. Naylor, M.D. & Kurtzman, E.T. (2010). "The Role of Nurse Practitioners in Reinventing Primary Care." Health Affairs. healthaffairs.org National Academy of Medicine. (2021). "The Future of Nursing 2020–2030." nationalacademies.org AAMC. (2021). "The Complexities of Physician Supply and Demand: Projections from 2019–2034." aamc.org Legal, Tax, and Compliance Eischen, J. (2025). Legal Commentary on Cash Practice Structuring. eischenlawoffice.com DLA Piper. (2025). "Paying for Direct Primary Care Arrangements With HSAs." dlapiper.com IRS Notice 26-05. irs.gov CMS. "Opt-Out Affidavits and Private Contracts." cms.gov Organizational and Professional Identity Research Hoff, T.J. (2010). Practice Under Pressure: Primary Care Physicians and Their Medicine in the Twenty-First Century. Rutgers University Press. Scott, W.R. (2008). Institutions and Organizations: Ideas and Interests. SAGE Publications. Freidson, E. (2001). Professionalism: The Third Logic. University of Chicago Press. Wolinsky, H. & Brune, T. (1994). The Serpent on the Staff: The Unhealthy Politics of the American Medical Association. Putnam. Gevitz, N. (2004). The DOs: Osteopathic Medicine in America. Johns Hopkins University Press. Stephens, G.G. (1989). "Family Medicine as Counterculture." Journal of Family Practice. Colwill, J.M. (1992). "Where Have All the Primary Care Applicants Gone?" New England Journal of Medicine. Meltzer, D.O. & Chung, J.W. (2014). "The Population-Based Physician Workforce." Health Affairs.healthaffairs.org Bodenheimer, T. & Pham, H.H. (2010). "Primary Care: Current Problems and Proposed Solutions." Health Affairs. healthaffairs.org Grumbach, K. & Grundy, P. (2010). "Outcomes of Implementing Patient Centered Medical Home Interventions." JAMA. Concierge Medicine Market Data Grand View Research. (2022). Concierge Medicine Market Size & Growth Report. grandviewresearch.com Precedence Research. (2023). U.S. Concierge Medicine Market Size and Forecast. globenewswire.com MDVIP. (2020). Personalized Primary Care Reduces ER Visits, Hospitalizations, and Outpatient Expenditures.mdvip.com AAPP / Software Advice. (2023). "Concierge Medicine Salary and Definition." softwareadvice.com Disclaimer The DocPreneur Leadership Podcast is produced by Concierge Medicine Today, LLC, an independent healthcare leadership publication. This episode and its accompanying summary are intended for educational and informational purposes only. Nothing in this episode or summary constitutes medical, legal, financial, or accounting advice. The information presented reflects publicly available research, published data, and editorial observation, and is not intended to replace the guidance of qualified medical, legal, financial, or business professionals. All factual claims are supported by named, verifiable third-party sources, which are cited in full above. Concierge Medicine Today makes no guarantee regarding the completeness or currency of external sources cited and encourages listeners to verify information independently. References to specific organizations, publications, legal decisions, or market data are provided for educational context only. Mention of any organization, publication, or individual does not constitute endorsement, and no commercial relationship exists between Concierge Medicine Today and any source cited in this episode unless otherwise disclosed. Physicians, nurse practitioners, physician assistants, and other clinicians considering any practice model change are strongly encouraged to seek qualified legal counsel with specific experience in healthcare compliance, tax structuring, and the applicable regulatory environment in their state before making any practice or business decisions. © 2007–2026 Concierge Medicine Today, LLC. All rights reserved. Reproduction or distribution of this content without written permission is prohibited.

Bill Beach is the former commissioner of the US Bureau of Labor Statistics and the current executive director of the Fiscal Lab on Capitol Hill. In Bill's first appearance on the show he discusses a career in and around public service, the important niche his new organization fills, the frightening fiscal outlook of the United States, exactly how long we have before Social Security runs out, why he believes it will take lots of small changes instead of a big one to fix our fiscal outlook, the important role of the BLS, why our statistical methods needs reform, the most underrated economic statistical indicators, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on April 15th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Bill Beach X: @BeachWW453 Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:01:25 - Bill's Career 00:10:11 - Fiscal Lab on Capitol Hill 00:17:23 - Fiscal Challenges of the United States 00:30:05 - Surveys from Bureau of Labor Statistics 00:43:12 - Challenges to Survey Work 00:52:13 - Outro

President Trump fired the head of the Bureau of Labor Statistics in August 2025, claiming without evidence that the agency's data were "rigged." One consequence of the firing was an erosion of trust in data that businesses, investors, and policymakers depend on. A recent paper (https://www.nber.org/papers/w35135) quantifies the cost of this erosion of trust, estimating that Commissioner McEntarfer's firing shrunk GDP by almost $20 billion, and reduced payroll employment by over 30,000 jobs. Two of the paper's co-authors, Erica Groshen and Michael Strain, join EconoFact Chats to discuss their findings, and more broadly, to highlight why it's extremely difficult for agencies to "rig" statistics, as well as what happens when elected officials undermine public trust in data. Erica served as Commissioner of the Bureau of Labor Statistics from 2013 to 2017 and is currently Senior Economics Advisor at the Cornell University School of Industrial and Labor Relations. Michael is Director of Economic Policy Studies and the Arthur F. Burns Scholar in Political Economy at the American Enterprise Institute.

YouTube and Snap settle over social media addiction in schools claim, Replit resolves Apple App Store dispute, OpenAI launches new personal finance feature. MP3 Please SUBSCRIBE HERE for free or get DTNS shows ad-free. A special thanks to all our supporters–without you, none of this would be possible. If you enjoy what you see youContinue reading "US Bureau of Labor Statistics Data Shows AI Affects Job Losses – DTH"

The economy and markets can feel dizzying and ever changing. That's where we can help. Fisher Investments' “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: US April inflation data President Trump meets with Xi Jinping Fed Chair confirmation hearing Below are the sources for all data cited in today's show: Source: U.S. Bureau of Labor Statistics, as of 5/12/2026. US Headline CPI Inflation, January 2023 – April 2026. Source: U.S. Bureau of Labor Statistics, as of 5/12/2026. US Core CPI Inflation, April 2026. Source: Center for Financial Stability, FactSet, as of 5/12/2026. Divisia M4 (index), January 2016 – April 2026, Eurozone M3, January 2016 – April 2026. Source: Trading Economics, as of 5/12/2026, Brent Crude Oil spot price per barrel, 3/1/2026 – 5/11/2026. Source: US Bureau of Labor Statistics, FactSet, as of 5/14/2026. Consumer Price Index, 01/31/2026 – 4/30/2026, US Consumer Price Index, 12/31/1925 – 4/30/2026. Source: CNBC, as of 5/13/2026. Kevin Warsh wins Senate confirmation as the next Federal Reserve chair, 5/13/2026. Want to dig deeper? Ken Fisher reveals what really causes inflation: www.youtube.com/watch?v=qyNehslULa0&t=1s Why Fed chairs don't impact the markets as much as you might think: https://www.fisherinvestments.com/en-us/insights/market-commentary/setting-the-record-straight-new-fed-chairs-arent-autonegative Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey: 
https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview15May2026 Connect with Fisher Investments on: Facebook - www.facebook.com/FisherInvestments X - twitter.com/fisherinvest LinkedIn - www.linkedin.com/company/fisher-investments Instagram - www.instagram.com/fisher.investments/ TikTok - www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: Facebook - www.facebook.com/KenFisher.FisherInvestments X - twitter.com/KennethLFisher LinkedIn - www.linkedin.com/in/ken-fisher/ Instagram - www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

New Consumer Price Index data from the Bureau of Labor Statistics shows inflation pressures continue to impact Americans through higher food and electricity prices. The latest report adds to concerns about affordability and the broader economy. Subscribe to our newsletter to stay informed with the latest news from a leading Black-owned & controlled media company: https://aurn.com/newsletter Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Kevin covers and discusses the following stories: due to the time difference in Beijing, President Trump and Chinese President Xi are currently meeting and pundits are discussing what might or might not be discussed; the U.S. Bureau of Labor Statistics released the Producer Price Index and Core Producer Price Index; within the Consumer Price Index discussed yesterday, electricity demand is a big factor; President Trump is floating the idea of a federal gas and diesel tax holiday, pushback is coming from unlikely sources; Oil and gas prices continue their wild ride while waiting on results from Beijing and interest rates; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and opinions. See omnystudio.com/listener for privacy information.

Kevin covers and discusses the following stories: due to the time difference in Beijing, President Trump and Chinese President Xi are currently meeting and pundits are discussing what might or might not be discussed; the U.S. Bureau of Labor Statistics released the Producer Price Index and Core Producer Price Index; within the Consumer Price Index discussed yesterday, electricity demand is a big factor; President Trump is floating the idea of a federal gas and diesel tax holiday, pushback is coming from unlikely sources; Oil and gas prices continue their wild ride while waiting on results from Beijing and interest rates; Kevin has the details, digs into the data, puts the information into historical perspective, offers his insights and opinions. See omnystudio.com/listener for privacy information.

President Trump landed in Beijing on Monday ahead of a meeting with Chinese regime leader Xi Jinping. The president was greeted with a red carpet arrival paired with a welcoming ceremony. Trump was also traveling with top officials and business leaders including Elon Musk and Jensen Huang. Trump is expected to discuss trade, while the Iran war, Taiwan and human rights are also likely to take center stage.The Department of Health and Human Services says one U.S. passenger showing symptoms tested negative for the hantavirus. That passenger and their partner are currently in quarantine in Atlanta, Georgia, while the other 16 Americans are currently asymptomatic. The CDC says exposed passengers are being monitored by public health officials in multiple states and that the overall risk to the American public remains low.Data from the Bureau of Labor Statistics shows annual inflation rose to 3.8% in April, with economists forecasting a jump to 3.7%. Core inflation, which excludes volatile energy and food prices, edged up to 2.8%. On a month-to-month basis, April prices rose 0.6% from March, with gas prices rising 5.4%. Grocery prices rose 0.7%. Labor Department data showed gas prices are up more than 28% compared to a year ago.

Kevin discusses and covers the following stories: President Trump departs on his high stakes meeting with Chinese President Xi Jingping in Beijing; the U.S. Bureau of Labor Statistics reported the April Consumer Price Index, Core Consumer Price Index and the inflation breakdown by category; oil prices continue to react to the war with Iran and concerns over prolonged supply disruptions in the Strait of Hormuz; Kevin has the details, sifts through the data, puts the information into historical perspective, offers his insights and a few opinions along the way.See omnystudio.com/listener for privacy information.

The U.S. annual inflation rate rose to 3.8 percent in April, according to new Bureau of Labor Statistics data. Economists had forecast a reading of 3.7 percent. Core inflation, which strips out the volatile energy and food prices, edged up to 2.8 percent, above the consensus estimate of 2.7 percent.President Donald Trump is set to depart for Beijing on Tuesday for a two-day summit with Chinese leader Xi Jinping. Talks will focus on trade, technology, and security. Trump also plans to raise other issues, including Taiwan, Iran, and Russia. He also said he'll bring up the cases of imprisoned Hong Kong publisher Jimmy Lai and Chinese pastor Ezra Jin during discussions with Xi.

Deger Turan, CEO of Metaculus, joins Kevin Frazier to unpack new forecasts on how AI could reshape the labor market over the next decade.The conversation centers on a striking divergence between Metaculus forecasts and projections from institutions like the Bureau of Labor Statistics—raising fundamental questions about whether existing tools for understanding the economy can keep pace with rapid technological change.Deger walks through key findings from the Labor Automation Forecasting Hub, including:A potential decline in overall employment by 2035Increased pressure on entry-level workers and early-career pipelinesThe emergence of “lean” firms generating more value with fewer employeesA counterintuitive “wage paradox,” where fewer jobs may coincide with higher wagesThe growing role of political power, regulation, and licensing in shaping labor outcomesThe discussion also explores second-order effects, including how contraction in high-paying sectors could ripple through local economies, and what a shift away from traditional four-year degrees might mean for students and policymakers.Finally, Deger situates these forecasts within a broader vision: forecasting as a form of epistemic infrastructure. As AI accelerates change, the ability to form accurate beliefs about the future—and update them quickly—may become a core component of effective governance.*** - This episode was recorded on April 23, 2026. Metaculus is a live platform. It's likely that forecasts mentioned have subsequently changed. Hosted on Acast. See acast.com/privacy for more information.

The US economy added 115,000 jobs in April -- and the numbers look solid on the surface. But dig a little deeper and you'll find a tech sector in freefall, a housing market frozen in place, and consumer sentiment that hit a 74-year low. This bonus episode breaks down the May jobs report, which came out a week late because the Bureau of Labor Statistics pushed its release from the first Friday to the second Friday of the month. The job gains were concentrated in healthcare, transportation, warehousing, and retail. Healthcare alone added 37,000 jobs, driven largely by nursing facilities and home health care services for an aging population. Retail gains clustered in discount stores and warehouse clubs - not department stores or electronics retailers - which tells you consumers are spending more carefully. Tech got hit hard. The information sector lost another 13,000 jobs in April and is now down 342,000 jobs - about 11 percent - from its November 2022 peak. People working part-time because they can't find full-time work jumped by 445,000 in a single month. Consumer sentiment is at its lowest point in 74 years of University of Michigan tracking - worse than 2008, worse than the inflation of the 1970s. One reason: gas prices. There's a psychological outsized effect to standing at a pump watching the total climb every week, versus an invisible mortgage adjustment buried in a monthly bank statement. The housing market didn't get its usual spring bounce. Existing home sales ticked up just 0.2 percent between March and April. Inventory rose 5.8 percent, but at 4.4 months of supply, the market still needs roughly 30 percent more inventory to reach balance. Median sale price sits at $417,700, up less than 1 percent year over year. Homes are averaging 32 days on market - giving buyers more negotiating leverage than they've had in years. Timestamps: (00:00) April jobs report: 115,000 new jobs, but tech takes a hit (02:38) Jobs data matters more than the stock market (03:14) Where jobs grew: healthcare, transportation,warehousing, retail (05:14) Consumer sentiment hits 74-year low (07:46) Why gas prices hurt more than other costs (11:20) Tech sector down 342,000 jobs from 2022 peak (11:52) Part-time workers up 445,000 in a single month (13:38) Housing market: no spring rebound (15:16) Inventory up, but still 30 percent below a balanced market (16:16) Housing market frozen - not crashing, not skyrocketing (17:13) Golden handcuffs: why sellers aren't selling (18:23) Why buyers have more negotiating power now Enroll in our course, "Your First Rental Property" while the doors are open! https://affordanything.com/enroll Share this episode with a friend, colleagues, and your postal person: https://affordanything.com/firstfridaymay2026 Learn more about your ad choices. Visit podcastchoices.com/adchoices

This Day in Legal History: Christmas is Canceled in MassachusettsOn May 11, 1659, the Massachusetts Bay Colony passed a law making it illegal to celebrate Christmas. The law imposed a fine of five shillings on anyone who observed the holiday by feasting, taking the day off from work, or engaging in other forms of celebration. To modern readers, this can sound like a strange kind of anti-holiday law, but it reflected the religious and legal culture of Puritan New England. Many Puritans rejected Christmas because they believed it had no clear biblical foundation and was associated with Catholic tradition, disorderly public behavior, and old English customs they considered improper. In their view, the law was not merely about stopping a party; it was about enforcing a disciplined religious society.The colony's leaders used law as a tool to shape public morality, religious practice, and daily life. This was common in early colonial legal systems, where civil authority and religious authority were often closely connected. The Christmas ban also shows how different early American ideas of “religious liberty” could be from later constitutional understandings. Rather than protecting a broad right to celebrate or worship differently, the Massachusetts Bay Colony often used law to preserve a particular religious order. The five-shilling fine was not enormous, but it was meaningful enough to signal that Christmas observance was legally disfavored.The law remained part of a broader colonial effort to regulate conduct that officials believed threatened communal discipline. Over time, attitudes toward Christmas changed, especially as New England became more religiously diverse and less strictly Puritan. The episode stands as a reminder that American legal history includes not only the expansion of rights, but also earlier moments when law was used to suppress customs now considered ordinary.The legal industry added 2,400 jobs in April, bringing total sector employment to about 1.24 million, according to seasonally adjusted data from the U.S. Bureau of Labor Statistics. That was a rebound from a small decline in March and placed legal employment slightly above both March and February levels. Compared with the same time last year, the sector had 20,800 more jobs. The legal sector numbers include lawyers, paralegals, and other legal-related professional roles.The rebound follows a long stretch of legal industry growth that was interrupted by March's dip. Two major firms recently announced job cuts: McDermott Will & Schulte is trimming a small number of associates, while Allen Overy Shearman Sterling is reducing roles in its business services team. Across the broader U.S. economy, employers added 115,000 jobs in April, while the unemployment rate stayed at 4.3%.Legal Industry Bounces Back, Gaining 2,400 Jobs In April - Law360Virginia's Supreme Court struck down a Democratic-backed congressional map that had been designed to improve the party's chances in four Republican-held U.S. House districts. The court ruled 4-3 that Democratic lawmakers failed to follow the proper process when they moved quickly to put the redistricting plan before voters. The map had been approved by voters in an April special election, but Republicans challenged the measure, arguing that the required intervening election had not properly occurred before the second legislative approval. The court's majority agreed, emphasizing that more than 1.3 million early votes had already been cast by the time lawmakers first approved the proposed constitutional amendment.Democrats criticized the ruling as overriding the will of voters, while Republicans celebrated it as a major win ahead of the midterm elections. Virginia Democrats said they would seek emergency review from the U.S. Supreme Court. The ruling could make it harder for Democrats to regain control of the U.S. House, where Republicans hold a very narrow majority. The dispute is part of a broader national fight over mid-cycle redistricting, with both parties seeking favorable maps before the November elections. Republican-led states in the South are pursuing their own redistricting efforts after a recent U.S. Supreme Court decision weakened a key part of the Voting Rights Act. Election analyst Kyle Kondik said the Virginia ruling improves Republican odds, though broader political conditions could still affect the outcome in November.Virginia court tosses Democratic map, dealing major blow to party's midterm hopes | ReutersInstructure, the company behind the Canvas learning management platform, is facing at least seven proposed class actions after disclosing unauthorized activity in its system. Canvas is widely used by schools and universities to manage coursework, grades, assignments, and communications. Instructure first announced the incident on May 1, then later reported more unauthorized activity connected to the same breach and temporarily took Canvas offline. The company has since restored much of the platform, but its Free-for-Teacher accounts remain disabled because Instructure believes a vulnerability there may have been exploited.The lawsuits, filed in Utah and New York federal courts, accuse Instructure of failing to adequately protect personal information belonging to students, teachers, and staff. The data allegedly at risk includes names, email addresses, student ID numbers, private messages, enrolled courses, and confidential communications with teachers. The complaints say the hacking group ShinyHunters claimed to have accessed information tied to more than 275 million users.Plaintiffs argue Instructure should have used stronger safeguards, including better encryption, access controls, employee training, monitoring, and protocols for handling sensitive data. They also claim affected users now face loss of control over their information and a heightened risk of identity theft. One New York plaintiff also sued KKR, which acquired Instructure in 2024, and argued the breach was foreseeable in light of earlier major attacks on education software companies. Instructure has said it is investigating, communicating with affected customers, and strengthening protections around access, permissions, token management, monitoring, and related workflows.EdTech Platform Canvas Accused Of Lax Security After Breach - Law360The Trump administration appealed a U.S. Court of International Trade ruling that rejected its use of a 1970s trade law to impose a 10% global tariff. The court ruled 2-1 that Section 122 of the Trade Act of 1974 was not designed to address trade deficits caused by the United States importing more goods than it exports. The decision only blocked the tariffs as applied to the three plaintiffs who sued: two small businesses and the state of Washington. Even though the tariffs were temporary and set to expire in July unless Congress extended them, the ruling marked another legal setback for the administration's broader tariff agenda.The case followed a separate Supreme Court decision that invalidated earlier Trump tariffs imposed under the International Emergency Economic Powers Act. After that loss, the administration turned to Section 122 as a replacement authority for a 10% import tariff. President Trump criticized the trade court's ruling, while U.S. Trade Representative Jamieson Greer said the administration expected to win on appeal. The dispute could lead to another major fight over tariff refunds, potentially involving billions of dollars. The timing is also significant because the ruling came shortly before Trump was scheduled to meet Chinese President Xi Jinping to discuss trade tensions.The administration is separately pursuing broader tariffs under Section 301 of the Trade Act, which addresses unfair trade practices and has survived past legal challenges.Trump administration appeals latest court loss on tariffs | Reuters This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.minimumcomp.com/subscribe

Despite some hiring occurring across agencies, overall employment in the federal government is continuing to decline. That's according to the latest jobs report from the Bureau of Labor Statistics. BLS reports that in April, federal employment numbers decreased by another 9,000 jobs. Since peaking in October 2024, the federal sector's numbers are now down by 11.5% or 348,000 jobs. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With AI disrupting the workplace, is your job even going to be around in ten years? The Bureau of Labor Statistics has just the handbook for that. Today on the show, we flip through the Occupational Outlook Handbook and answer your questions about the future of work. The Indicator has a weekly newsletter! Sign up now: npr.org/indicatornewsletter Related episodes:  How AI is shrinking the job market for teens  Why wind techs are so in demand AI creates, transforms and destroys... jobs For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

This morning, the Bureau of Labor Statistics released fresh jobs data for April. Unemployment remained unchanged at 4.3%, and the overall economy added 115,000 new jobs. A warmer-than-average April resulted in strong seasonal hiring, though it may be too early to see drags from war and high gas prices. Then later, we'll check in with the owner of a Virginia tea shop, who — like many small business owners — has been buffeted around by changing tariff policy.

This morning, the Bureau of Labor Statistics released fresh jobs data for April. Unemployment remained unchanged at 4.3%, and the overall economy added 115,000 new jobs. A warmer-than-average April resulted in strong seasonal hiring, though it may be too early to see drags from war and high gas prices. Then later, we'll check in with the owner of a Virginia tea shop, who — like many small business owners — has been buffeted around by changing tariff policy.

The economy and markets can feel dizzying and ever changing. That's where we can help. Fisher Investments' “This Week in Review” is a weekly segment designed to highlight a few things you may have missed this week, what they could mean for financial markets and why they matter to investors like you. This week, Fisher Investments reviews: • Strong Q1 earnings • US national debt concerns • April employment data Below are the sources for all data cited in today's show: • Source: Macrobond, as of 5/5/2026. S&P 500, price returns, USD, daily, 1/1/2025 – 2/25/2026. • Source: Fisher Investments Research, FactSet, as of 4/17/2026. Bilateral trade as a percentage of global trade. • Source: Macrobond, US Office of Management & Budget, as of 5/4/2026. Federal Interest Payments / Tax Revenue, yearly, 1970 – 2031. Data beyond 2025 is estimated. • Source: Federal Reserve Bank of St. Louis (FRED), as of 5/4/2026.Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, 1/02/1962 – 5/1/2026. • Source: Bureau of Labor Statistics, as of 5/8/2026. BLS Employment Situation Report, March 2026 – April 2026. • Source: The Wall Street Journal, as of 5/5/2026. "See the Corporate Layoffs So Far in 2026," 4/27/2026. Want to dig deeper? • Why you shouldn't overrate jobs data: https://www.fisherinvestments.com/en-us/insights/market-commentary/putting-choppy-labor-data-in-proper-perspective • How Ken Fisher thinks about US debt: https://youtu.be/o8uqtUJyBp4 Have feedback for this Fisher Investments video? Share your thoughts on this episode in just 1 minute by filling out this survey: https://fi.co1.qualtrics.com/jfe/form/SV_6Vw1ezlogR044S2?VideoCode=WeekInReview8May2026 Connect with Fisher Investments on: • Facebook - https://www.facebook.com/FisherInvestments • X - https://twitter.com/fisherinvest • LinkedIn - https://www.linkedin.com/company/fisher-investments • Instagram - https://www.instagram.com/fisher.investments/ • TikTok - https://www.tiktok.com/@fisher_investments You can also follow Ken Fisher here: • Facebook - https://www.facebook.com/KenFisher.FisherInvestments • X - https://twitter.com/KennethLFisher • LinkedIn - https://www.linkedin.com/in/ken-fisher/ • Instagram - https://www.instagram.com/kenfisher_fisherinvestments/ Investing in securities involves a risk of loss. Past performance is never a guarantee of future returns. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. The foregoing constitutes the general views of Fisher Investments and should not be regarded as personalized investment advice. Nothing herein is intended to be a recommendation. The opinions expressed are subject to change without notice.

Kevin discusses and covers the following stories: the U.S. Labor Department released the Weekly Initial Jobless Claims Report; AI prepared stories are sometimes not as accurate as they should be; the U.S. Bureau of Labor Statistics released non-farm business sector productivity; the S&P Global U.S. Services Purchasing Managers' Index was released, previously in the week; Iran seems to have responded to the latest peace proposal, issuing new rules for vessels transiting the Strait of Hormuz; oil prices had a wild rollercoaster ride reacting to events of the war with Iran; the data from the coupon platform RetailMeNot reported preliminary Mother's Day spending; Kevin has the details, digs into data, puts the information into historical perspective. offers his insights and a few opinions.See omnystudio.com/listener for privacy information.

Kevin discusses and covers the following stories: the U.S. Labor Department released the Weekly Initial Jobless Claims Report; AI prepared stories are sometimes not as accurate as they should be; the U.S. Bureau of Labor Statistics released non-farm business sector productivity; the S&P Global U.S. Services Purchasing Managers' Index was released, previously in the week; Iran seems to have responded to the latest peace proposal, issuing new rules for vessels transiting the Strait of Hormuz; oil prices had a wild rollercoaster ride reacting to events of the war with Iran; the data from the coupon platform RetailMeNot reported preliminary Mother's Day spending; Kevin has the details, digs into data, puts the information into historical perspective. offers his insights and a few opinions.

What if loneliness isn't just an emotion… but one of the most dangerous biological threats to your health? In this deeply personal and scientifically explosive solo episode, Darin opens up about something he recently realized in his own life: despite being surrounded by people, he was lonely. But what began as an emotional realization quickly became a deep dive into some of the most shocking research he's ever uncovered, showing that chronic loneliness may increase the risk of heart disease, dementia, cancer, autoimmune dysfunction, accelerated aging, and early death. From inflammatory gene expression and cortisol dysregulation to oxytocin, vulnerability, and the collapse of real human connection in the digital age, this episode reveals why loneliness may be the most overlooked "fatal convenience" of modern life, and how vulnerability may be the medicine. What You'll Learn Why loneliness is a biological crisis, not just an emotional feeling The shocking link between loneliness and heart disease, dementia, and early death Why the quality of your relationships is the #1 predictor of long-term health How loneliness activates inflammatory genes inside your body The role of cortisol, sleep disruption, and chronic stress in social isolation Why social media and "surface-level connection" are replacing real intimacy The connection between loneliness and Alzheimer's disease How oxytocin and genuine connection reduce inflammation Why vulnerability is the gateway to meaningful relationships Practical ways to create deeper connection starting today Chapters 00:00:33 – Sponsor: the truth about the exploding NAD supplement market 00:01:04 – Why supplement verification and transparency matter 00:02:17 – Opening: Darin admits something deeply personal 00:02:30 – "I realized recently… I'm lonely" 00:02:37 – The difference between being surrounded by people vs being truly known 00:03:06 – Loneliness as a biological experience, not just an emotional one 00:03:27 – The hidden risks: heart disease, dementia, cancer, early death 00:03:45 – Why this is not fringe science 00:04:13 – The most important predictor of long-term health 00:04:34 – Why relationship QUALITY matters more than quantity 00:05:06 – The global loneliness epidemic 00:05:11 – U.S. Surgeon General advisory on loneliness 00:05:39 – Loneliness declared a public health crisis 00:06:02 – 50% of Americans report measurable loneliness 00:06:22 – "A generational collapse of connection" 00:06:30 – 29% of adults have no close friends 00:06:40 – Face-to-face interactions dramatically declining 00:07:01 – The UK, Japan, and Australia loneliness crisis initiatives 00:07:32 – The paradox: hyperconnected but deeply isolated 00:08:04 – Loneliness as a biological alarm signal 00:08:31 – What loneliness actually looks like in modern life 00:08:42 – The lonely CEO, the unseen mother, the isolated social media addict 00:09:31 – "Perceived social isolation" and why the brain can't tell the difference 00:10:21 – Meta-analysis of 3.4 million people 00:10:55 – Loneliness vs obesity and smoking risk comparisons 00:11:18 – The biology of loneliness begins 00:11:50 – NF-kB: inflammatory gene activation explained 00:12:33 – How loneliness changes gene expression 00:13:02 – Chronic inflammation and disease pathways 00:13:21 – Cortisol, sleep disruption, and immune dysfunction 00:14:00 – How loneliness affects brain repair and amyloid plaque clearing 00:14:21 – Sponsor: Fatty15 and cellular health 00:18:02 – The Alzheimer's and dementia connection 00:18:25 – Loneliness as a major modifiable dementia risk factor 00:18:57 – Cortisol, neuroinflammation, and brain degeneration 00:19:16 – The hippocampus physically shrinking in lonely people 00:19:27 – Social media as a "fatal convenience" 00:19:57 – The oxytocin economy: connection as medicine 00:20:15 – Oxytocin as one of the body's strongest anti-inflammatory molecules 00:20:30 – HeartMath research: emotional synchronization between people 00:20:48 – "You regulate each other's biology" 00:21:07 – The real barrier: vulnerability 00:21:32 – Darin's recent experiences with radical vulnerability 00:21:54 – Conversations with family, ex-partners, and loved ones 00:22:35 – Brené Brown's research on connection and worthiness 00:23:14 – The "depth audit" exercise 00:23:42 – Reaching out, expressing appreciation, and owning your emotions 00:24:01 – Sacred hours: spending time without phones 00:24:13 – Questions that create real intimacy 00:24:30 – Darin's emotional conversation with his brother 00:25:03 – Protecting yourself from social media disconnection 00:25:20 – Becoming a source of joy and connection in everyday life 00:25:25 – Darin reflects on seven years of subtle loneliness 00:25:48 – The shift from surface conversations to meaningful connection 00:26:01 – "If you want love, give love" 00:26:19 – Final message: generate the connection you want to receive 00:26:22 – Closing thoughts and outro Thank You to Our Sponsors Truniagen: Go to www.truniagen.com and use code DARIN20 at checkout for 20% off Fatty15: Get an additional 15% off their 90-day subscription Starter Kit by going to fatty15.com/DARIN and using code DARIN at checkout. Join the SuperLife Community Get Darin's deeper wellness breakdowns — beyond social media restrictions: Weekly voice notes Ingredient deep dives Wellness challenges Energy + consciousness tools Community accountability Extended episodes Join for $7.49/month → https://patreon.com/darinolien Connect with Darin Olien: Website: darinolien.com Instagram: @darinolien Book: Fatal Conveniences Platform & Products: superlife.com New Show: Roadmap to Happiness Key Takeaway "Loneliness isn't weakness. It isn't failure. It's a biological signal telling you that something essential is missing. And in a world addicted to surface-level connection, the real medicine may simply be this: vulnerability, presence, eye contact, honesty, and the courage to let yourself truly be seen." Bibliography/Sources The Loneliness Epidemic & Public Health Data Bureau of Labor Statistics. (2023). American time use survey. U.S. Department of Labor. https://www.bls.gov/tus/ Cigna. (2023). Cigna U.S. loneliness index. Evernorth Health Services. https://newsroom.cigna.com/loneliness-epidemic-continues-to-rise-cigna-study Murthy, V. H. (2023). Our epidemic of loneliness and isolation: The U.S. Surgeon General's advisory on the healing effects of social connection and community. U.S. Department of Health and Human Services. https://www.hhs.gov/sites/default/files/surgeon-general-social-connection-advisory.pdf Survey Center on American Life. (2021). The state of American friendship: Change, challenges, and loss. American Enterprise Institute. https://www.americansurveycenter.org/research/the-state-of-american-friendship-change-challenges-and-loss/ Mortality & Systemic Health Risk Cohen, S., Doyle, W. J., Skoner, D. P., Rabin, B. S., & Gwaltney, J. M. (1997). Social ties and susceptibility to the common cold. JAMA, 277(24), 1940–1944. https://pubmed.ncbi.nlm.nih.gov/9200634/ Hawkley, L. C., & Cacioppo, J. T. (2010). Loneliness matters: A theoretical and empirical review of consequences and mechanisms. Annals of Behavioral Medicine, 40(2), 218–227. https://pubmed.ncbi.nlm.nih.gov/20396846/ Holt-Lunstad, J., Smith, T. B., Baker, M., Harris, T., & Stephenson, D. (2015). Loneliness and social isolation as risk factors for mortality: A meta-analytic review. Perspectives on Psychological Science, 10(2), 227–237. https://doi.org/10.1177/1745691614568352 Valtorta, N. K., Kanaan, M., Gilbody, S., Ronzi, S., & Hanratty, B. (2016). Loneliness and social isolation as risk factors for coronary heart disease and stroke. Heart, 102(13), 1009–1016. https://heart.bmj.com/content/102/13/1009 Genetics, Inflammation & The Immune System Cole, S. W. (2013). Social regulation of human gene expression: Mechanisms and implications for public health. American Journal of Public Health, 103(S1), S84–S92. https://pmc.ncbi.nlm.nih.gov/articles/PMC3786756/ Cole, S. W., Hawkley, L. C., Arevalo, J. M. G., Sung, C. Y., Rose, R. M., & Cacioppo, J. T. (2007). Social regulation of gene expression in human leukocytes. Genome Biology, 8(9), Article R189. https://pmc.ncbi.nlm.nih.gov/articles/PMC2375027/ Sleep & Cognitive Decline Cacioppo, J. T., Hawkley, L. C., Berntson, G. G., Ernst, J. M., Gibbs, A. C., Stickgold, R., & Hobson, J. A. (2002). Do lonely days invade the nights? Potential social modulation of sleep efficiency. Psychological Science, 13(4), 384–387. https://pubmed.ncbi.nlm.nih.gov/12137144/ Holwerda, T. J., Deeg, D. J. H., Beekman, A. T. F., et al. (2014). Feelings of loneliness, but not social isolation, predict dementia onset. Journal of Neurology, Neurosurgery & Psychiatry, 85(2), 135–142. https://jnnp.bmj.com/content/85/2/135 Oxytocin & The Biology of Connection Szeto, A., Sun-Suslow, N., Mendez, A. J., Hernandez, R. I., Wagner, K. V., & McCabe, P. M. (2017). Regulation of the macrophage oxytocin receptor in response to inflammation. American Journal of Physiology—Endocrinology and Metabolism, 312(2), E183–E189. https://journals.physiology.org/doi/full/10.1152/ajpendo.00424.2016 Uvnas-Moberg, K. (2003). The oxytocin factor: Tapping the hormone of calm, love, and healing. Da Capo Press. https://books.google.com/books?id=b-aKjQoB_nQC Psychology, Vulnerability & Relationship Science Aron, A., Melinat, E., Aron, E. N., Vallone, R. D., & Bator, R. J. (1997). The experimental generation of interpersonal closeness. Personality and Social Psychology Bulletin, 23(4), 363–377. https://doi.org/10.1177/0146167297234003 Brown, B. (2010). The gifts of imperfection: Let go of who you think you're supposed to be and embrace who you are. Hazelden Publishing. https://brenebrown.com/book/the-gifts-of-imperfection/ Cacioppo, J. T., & Patrick, W. (2008). Loneliness: Human nature and the need for social connection. W. W. Norton & Company. https://wwnorton.com/books/9780393335286 Dunbar, R. I. M. (2012). Bridging evolutionary approaches to the social brain and social bonding. In F. B. M. de Waal & P. F. Ferrari (Eds.), The primate mind. Harvard University Press. https://www.hup.harvard.edu/books/9780674063104 Dunbar, R. I. M. (2021). Friends: Understanding the power of our most important relationships. Little, Brown and Company. https://www.hachettebookgroup.com/titles/robin-dunbar/friends/9781408711736/ Waldinger, R., & Schulz, M. (2023). The good life: Lessons from the world's longest scientific study on happiness. Simon & Schuster. https://www.simonandschuster.com/books/The-Good-Life/Robert-Waldinger/9781982166694

Labor productivity has been on a growth streak for the past year and a half. It increased 0.8% in the first quarter of this year, according to the Bureau of Labor Statistics, and is up almost 3% from a year ago. How much of this boils down to AI? Also on the show: threatened tariffs against the European Union and a conversation about U.S. dollars, the oil shock, and investment from Gulf countries.

Labor productivity has been on a growth streak for the past year and a half. It increased 0.8% in the first quarter of this year, according to the Bureau of Labor Statistics, and is up almost 3% from a year ago. How much of this boils down to AI? Also on the show: threatened tariffs against the European Union and a conversation about U.S. dollars, the oil shock, and investment from Gulf countries.

Kevin covers and discusses the following stories: the U.S. Bureau of Labor Statistics released their Job Openings and Labor Turnover Summary (JOLTS), how the media reported the numbers, is interesting; Phil Flynn, Senior Market Analyst, PRICE Futures Group and author of The Energy Report, joins the show to discuss the war in Iran, oil and gas prices and expectations for those prices going forward; the Commerce Department's Census Bureau released February and March New Home Sales; Kevin has the details, digs into the details, puts the information into historical perspective, offers his insights and opinions.See omnystudio.com/listener for privacy information.

Roughly one in every 20 U.S. workers is holding down multiple jobs, according to the Bureau of Labor Statistics. That's fallen a fraction of a percent since last fall, when we saw the highest rate since 1999 — around the moment just before the dot-com bubble burst, when there were fears about what increasing automation meant for job-holders. Sound familiar? Then, we'll unpack a recent water-saving plan to address the ongoing water crisis in the Colorado River Basin.

Roughly one in every 20 U.S. workers is holding down multiple jobs, according to the Bureau of Labor Statistics. That's fallen a fraction of a percent since last fall, when we saw the highest rate since 1999 — around the moment just before the dot-com bubble burst, when there were fears about what increasing automation meant for job-holders. Sound familiar? Then, we'll unpack a recent water-saving plan to address the ongoing water crisis in the Colorado River Basin.

Our focus on this podcast is enhanced wage records and the role they can play in helping states better understand their workforce, evaluate job training programs and show the return on investment for various educational programs.  Collecting enhanced employment data involves asking employers for additional information when they file regular reports with their state unemployment office, such as information about hours worked and establishing consistent coding for similar job types. Joining the podcast to discuss the issue are Dr. Erica Groshen, former commissioner of the U.S. Bureau of Labor Statistics and now senior economics adviser at the Cornell University School of Industrial and Labor Relations, and Paul Famolari, the assistant executive director for unemployment for the South Carolina Department of Employment and Workforce. Groshen explained how collection of this information in a standardized manner can help policymakers and researchers see trends in the workplace and know which job programs are paying off for workers. They also can show how new technology is affecting workers, such as which workers appear most vulnerable to losing their jobs to AI.  Famolari discussed how the program has worked in South Carolina, what lawmakers were hoping to learn when they passed the enabling legislation and some of the challenges his agency ran into in trying to implement the law.    Resources  Enhancing Unemployment Insurance Wage Data to Better Understand Education and Employment Outcomes, Data Quality Campaign How Enhanced Wage Records Can Show the Value of Jobs Training Programs, NCSL JEDx Value Proposition Research Report, U.S. Chamber of Commerce Foundation  What States Should Know about Education and Work -- But Don't, Strada

House Minority Leader Hakeem Jeffries (D-NY) offers his party's perspective on the Iran War, the President's delivery on the economy, and America's affordability crisis. This week, the market digested multiple economic data sets. On Tuesday, the producer price index, a gauge of pipeline costs for final demand goods and services, made the biggest 12-month gain since February 2023. Today, the Bureau of Labor Statistics showed that U.S. import prices rose less than expected in March, and petroleum import prices increased 9.4% as the war in Iran drove energy prices higher. CNBC's Steve Liesman and Rick Santelli break down the data and the market's expectations for that data, and Cleveland Fed President Beth Hammack explains what the numbers could mean for the Fed's next interest rate decision. Plus, CNBC's Phil LeBeau discusses the potential for airline mergers in the current administration, Anthropic is reportedly turning down VC money, and Kevin Warsh's Fed nomination hearing has been scheduled after a delay.    Phil LeBeau - 11:13 House Minority Leader Hakeem Jeffries - 19:33 Steve Liesman & Rick Santelli - 36:48 Beth Hammack - 42:47   In this episode: Hakeem Jeffries, @RepJeffries Phil LeBeau, @Lebeaucarnews Steve Liesman, @steveliesman Rick Santelli, @RickSantelli Kelly Evans, @KellyCNBC Michael Santoli, @michaelsantoli Joe Kernen, @JoeSquawk Katie Kramer, @Kramer_Katie Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

After threatening massive attacks on civilian and energy infrastructure, Donald Trump is agreeing to a ceasefire to end the war in Iran.On Tuesday morning, the president posted on social media that “an entire civilization will die tonight, never to be brought back again,” referring to his Tuesday night deadline for Iran to reopen the Strait of Hormuz for trade.Tuesday evening, the president extended that deadline and agreed to a two-week pause in fighting, writing in a social media post that his decision is based on conversations with Pakistan army chief and its prime minister, Shehbaz Sharif.Iran's foreign minister, Abbas Araghchi, said ships will be able to pass through the strait for the next two weeks in compliance with the ceasefire. Araghchi also said Iran will stop military attacks as long as it is not attacked.Plus – hiring in most of the country is at a virtual standstill. That's according to the most recent labor market figures from the Bureau of Labor Statistics.The hiring rate fell to 3.1 percent in February. That's the lowest since April 2020, when the pandemic shuttered many businesses. Job openings also dropped over by the hundreds of thousands compared to January.Those losses are being felt most by young people. According to an analysis by the Federal Reserve Bank of New York, the unemployment rate for college grads reached 5.6 percent last year, outpacing the national rate of 4.2. And a November report by the Stanford Digital Economy Lab shows a “substantial decline” in job openings for early career workers in fields most vulnerable to artificial intelligence.So, how are Americans feeling about the current job market? And how could U.S. and Israel's war in Iran make a chilly jobs market even colder?Find more of our programs online. Listen to 1A sponsor-free by signing up for 1A+ at plus.npr.org/the1a.To manage podcast ad preferences, review the links below:See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy