Podcast Summary
Staying Informed About Economic Conditions During Summer: The Federal Reserve's Beige Book is an essential economic report, even during summer, revealing insights to help businesses adapt and grow. Simplify shipping with USPS Ground Advantage and expand your business with American Express Business Gold Card.
Robert Smith and Jarian Woods from NPR's The Indicator podcast are discussing the importance of staying informed about economic conditions, even during summertime. They highlight the Federal Reserve's Beige Book, an economic report, as an essential read, despite its lack of plot and its tendency to blend in with the sand. To make the content more engaging, they plan to reveal its insights and give awards during their podcast. Meanwhile, they encourage listeners to simplify their shipping needs with USPS Ground Advantage and take their businesses further with the American Express Business Gold Card.
American Express Business Gold Card offers annual statement credits and Minneapolis Fed uses quirky term for small-scale layoffs: The American Express Business Gold Card provides annual statement credits for select business purchases, while the Minneapolis Fed described small-scale layoffs as 'exfoliating workers' in their latest report.
American Express Business Gold Card offers annual statement credits of up to $395 on eligible purchases at select business merchants. Meanwhile, in economic news, the Minneapolis Federal Reserve introduced an unusual term - "exfoliating workers" - to describe small-scale layoffs. The Federal Reserve Bank of Boston won the Beige Book award for sharing insights on Cape Cod's significance in the New England summer economy. Despite the quirky language and euphemisms, these economic stories highlight the regional differences and trends in the US economy.
Cape Cod's Tourism Industry Faces Labor Shortages During Summer 2022: Long-standing reliance on international workers for hospitality jobs led to understaffing, long lines, closed restaurants, and reduced hours in Cape Cod during summer 2022 due to visa process issues and lack of affordable housing.
Cape Cod's tourism industry faced significant challenges during the summer of 2022 due to labor shortages caused by a decrease in international workers and a lack of available housing for them. The reliance on seasonal international workers for hospitality jobs has been a long-standing practice in Cape Cod, but the pandemic led to a drop in their numbers. When tourism rebounded, many businesses were left understaffed, resulting in long lines, closed restaurants, and reduced hours. This lack of economic activity despite high demand caused hardship for both businesses and tourists. The two main issues identified are the visa process, which is not providing enough visas for international workers, and the lack of affordable housing for them once they arrive. These challenges are not unique to Cape Cod and are being experienced in other resort towns across the country. Max Hay, the owner of Mac's Seafood and the Chatham Fish and Lobster Company, highlighted the severity of the situation, emphasizing the importance of addressing these issues to ensure the success of Cape Cod's tourism industry.
Labor Shortage in Seafood Industry: Housing Challenges for International Workers: Employers in resort towns face labor shortages due to lack of local workers and long commutes. International workers on H-2B visas provide a solution but finding housing for them is difficult due to the tight housing market and rise of Airbnbs.
The labor shortage in the seafood industry, specifically in resort towns like Mac's Seafood in Provincetown, Massachusetts, is a significant challenge due to a combination of factors. Commuting from cities like Boston is too far and there are not enough local workers available. Students, who were once a viable solution, now have conflicting schedules due to returning to college. The solution for Mac and other employers has been to hire international workers on H-2B visas. However, providing housing for these workers has become increasingly difficult due to the tight housing market and the rise of Airbnbs taking long-term rentals off the market. Mac and his team have had to go to great lengths to find housing for his staff, including buying a motel and working with local landlords. The high cost of housing in Provincetown, with an average home price over $1,000,000, only adds to the challenge. The Massachusetts state government is trying to address the issue, but it's clear that this is a complex problem that requires a multi-faceted solution.
Boston Fed Helps Employers Find Housing for Workers on Cape Cod: The Boston Federal Reserve is addressing a housing shortage on Cape Cod by connecting employers with potential host families for their workforce.
The Boston Federal Reserve, represented by Mary Burke, is taking steps to help employers on Cape Cod find host families for workers. This is in response to a housing shortage that has been making it difficult for employers to find adequate housing for their workforce. Burke was recognized for her efforts with the Bashey Award. This issue was brought to light by Robbie Sullivan, a senior policy analyst. For those with extra room in their beach houses, the names of potential guests have been suggested. This episode was produced by Brittany Cronin, with engineering from James Willett, fact checking by Sierra Juarez, and senior production by Viet Le. The indicator is a production of NPR. Additionally, a sponsor message was included from Fundrise, encouraging listeners to consider investing in their real estate portfolio as high interest rates have led to discounted asset valuations. Saatva, a luxury mattress company, was also featured as a sponsor, offering high-end mattresses at a lower price point due to online sales. It's important to remember that investments come with risks, and it's crucial to carefully consider the objectives, risks, charges, and expenses before investing. For more information on the Fundrise flagship fund, visit fundrise.com/npr. For a luxurious sleep experience, visit Saatva.com/npr and save an additional $200.
