The Indicator from Planet Money

Trade wars. Financial panics. Inflation. How come it feels like it’s all bad news in the global economy these days? Economist Eswar Prasad’s answer: something he calls the ‘doom loop.’ That’s where massive geopolitical and economic forces feed off each other and send us careening into disorder. Sounds dire. But it’s not hopeless.On today’s show, are we in a doom loop? And if we are … how do we get out of one?Eswar Prasad’s new book is called “The Doom Loop: Why the World Economic Order Is Spiraling into Disorder”.Related episodes: Is the financial media making us miserable about the economy?Why are some nations richer?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.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

It’s a weird time for jobs numbers. Another month, another jobs report pushed back by the Bureau of Labor Statistics. Averaging two private sources, ADP and Revelio Labs: an estimated 4,500 jobs were added in January. Sounds like … not many. And, yet, the unemployment rate hasn’t seemed to have risen. This might be, in part, due to the Trump administration’s immigration crackdown. We’ll explain through the story of one Angeleno.On today’s show, how bad are these job numbers? Or are they not bad at all? And what does immigration have to do with it? Related episodes: Can we still trust the monthly jobs report? (Update) What you need to know about the jobs report revisions What really goes on at the Bureau of Labor Statistics (Update) 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

How did the U.S. become the Olympic powerhouse it is today? Cold War competition. The Soviet Union sponsored their athletes. But America wanted its athletes to pull themselves up by their bootstraps. It birthed an unexpected accelerator of Olympic development: College football. Stay with us now.On today’s show, how college football became an Olympic development engine. And how that engine might not be running as smoothly as it once did.Related episodes: Why the Olympics cost so muchYou can't spell Olympics without IPA huge EU-India deal, Heated Rivalry, and a hefty $200k to OlympiansWhy Host The Olympics?The monetization of college sportsFor 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.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

People wanting to purchase heat pumps might soon face sticker shock. Many consumers have sought out energy credits to find a greener and more affordable alternative to heating oil, but the tax credit to help make them cheaper has expired. Today on the show: how homeowners, the renewables industry, and its critics all feel about it.Related episodes: Metals, government debt, and a climate lawsuitAll these data centers are gonna fry my electric bill … right?Cold-o-nomicsFor 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. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Data centers are getting a lot of heat right now. There’s neighborhood pushback against them for water usage and environmental concerns, and some politicians on both sides of the aisle aren’t fans for the same reasons. There’s also fear that they could drive up the cost of electricity bills. But that last bit isn’t set in stone. Data center electric bill upcharge is not a guarantee. In fact, it is even possible for data centers to cause power bills to go down. Today on the show: the future of your power bill.Related episodes: No AI data centers in my backyard! What AI data centers are doing to your electric billFor 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Kevin Warsh has been tapped as the next chair of the Federal Reserve. We’re sure that he’ll have a lot of questions about how to run the Fed if confirmed. So we put together this briefing.On today’s show, three Fed watchers give their advice for the next chair. On politics, interest rate cuts and dealing with the Fed’s repeated trading scandals. Oh, and can someone please forward this episode to Kevin Warsh?Related episodes: One Fed battle after anotherLisa Cook and the fight for the FedA primer on the Federal Reserve's independenceIt's hard out there for a Fed chairFor 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.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

It’s … Indicators of the Week! Our weekly look at some of the most fascinating economic numbers from the news. On today’s episode: a HUGE trade deal between India and the European Union, all the hot hockey romance New Yorkers could ever want, and a heavy earnings purse for Olympic competitors, win or lose.  Related episodes: Why the Olympics cost so muchThe surprising economics of digital lending 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 Julia Ritchey and Vito Emanuel. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  Preorder Planet Money's new book here! Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Macadamia nuts. Labor shortages. Volcanoes. All that might sound like econ Mad Libs, but they’re all connected to the Federal Reserve Bank of San Francisco’s entry into the Beige Book this month: labor shortages are hurting macadamia nut harvests in Hawaii. On today’s show, we take a vacation and talk to someone on the Big Island who runs a macadamia nut farm. He calls them “mac nuts.” Related episodes: Why beef prices are so high 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

President Trump has been storming through corporate America — taking a stake in Intel, demanding a cut of Nvidia’s sales, restricting skilled workers, among other big footed policies.Meanwhile, corporate leaders have mostly just … rolled over.Today on the show: As Trump rewrites the rules of doing business, why aren’t business leaders doing more to speak up?Related episodes: How close is the US to crony capitalism? Davos drama, credit card caps and tariff truths 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. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

“Sell America.” There’s new talk of how Europe could turn the economic screws on the U.S. after President Trump’s play for Greenland. Selling U.S. Treasury bonds is one way. Another is a legal tool. It’s been called the EU’s bazooka.On today’s show, taking stock of Europe’s financial arsenal. How could America’s largest foreign lender lighten Americans’ wallets?Planet Money wrote a book and is going on tour, come see us: tickets and tour dates here. Related episodes: Davos drama, credit card caps and tariff truthsWhy Trump resurrected the Monroe DoctrineLunch with the man who coined TACOFor 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.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Pakistan has had some major economic bumps as of late, including a near default in 2023. At the root: seriously low tax collection. Millions of Pakistan residents opt out of paying income taxes entirely. This is a problem a lot of lower- and middle-income countries face. On today's show, we talk about why there are so many tax dodgers in Pakistan and what the government is trying to do about it. Related episodes: Is the US pushing countries towards China? A brief history of income taxes 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

It’s time for … Indicators of the Week! Our weekly look at some of the most fascinating economic numbers from the news. On today’s episode: Why does Davos feel interesting this year? What if we did cap credit card interest rates? And we’re paying most of those tariffs, aren’t we?  Also, big news! Planet Money wrote a book and we’re going on tour this spring. Find tickets and info at planetmoneybook.com. Related episodes: Trump's backup options for tariffs Globalization At Davos: What Happened? The carbon coin: A novel idea 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Beef is back on top. Well, at least on top of Health Secretary Robert F. Kennedy Jr.’s new food pyramid, unveiled alongside updated national dietary guidelines. Red meat really never left the great American menu. But how’d it climb all the way up there?On today’s show, America’s storied love affair with beef. And how big business and government have long influenced what winds up on our plates.Related episodes: Why beef prices are so highWho’s buying all the beef?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.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

President Donald Trump is dead set on acquiring Greenland, and while national security is the stated reason, the country’s untapped mineral wealth could offer another explanation. Today on the show: is Greenland really an untapped land of riches? We talk to one Australian geologist who discovered the great costs and potential rewards of extracting these minerals himself. Related episodes: Add to cart: Greenland Why Trump resurrected the Monroe Doctrine 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 and Julia Ritchey. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

In early January, President Donald Trump signed an executive order threatening bans on defense contractors paying dividends or buying their stock back.Today on the show, we learn about the Trump Administration’s frustrations with the weapons supply chain, find out what a defense industry investor makes of the move, and ask whether this reflects the state tightening its grip on the industry that arms the U.S. military.Related episodes: Are we overpaying for military equipment?Can Just-In-Time handle a new era of war?How to transform a war economy for peacetimeFor 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. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Welcome back to Indicators of the Week! Our weekly look at some of the most fascinating economic numbers from the news. On today’s episode: Influencers for ICE, China’s tremendous trade surplus, and America heads back to the moon. Related episodes: We resolve to watch these 2026 indicators China's trade war perspective Who owns the moon?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 Vito Emanuel. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

203 years ago, President James Monroe declared the Western Hemisphere off limits to powerful countries in Europe. Fast forward, and President Trump is reviving the Monroe Doctrine to justify intervening in places like Venezuela, and threatening further action in other parts of Latin America and Greenland. On today’s show, how is Trump redefining the Monroe Doctrine and what does it mean for the world?Related episodes: Add to cart: Greenland Is the Panama Canal a rip-off? Venezuela didn’t steal U.S. oil. Here’s what happened  Can Europe stand without the U.S. 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 Vito Emanuel. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Economic decisions aren’t only driven by hard data. A compelling story can change economic behavior and outcomes. In today’s episode, we explore real-world examples of “narrative economics” like how the Suez Canal ended up getting built. And we ask: why do narratives sometimes matter more than truth or data? Related episodes: This indicator hasn’t flashed this red since the dot-com bubble Tariffs. Consumer sentiment. Cape Ratio. Pick The Indicator of The Year! The Beigie Awards: Manufacturing takes center stage 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Over the weekend, Federal Reserve Chair Jerome Powell said the Department of Justice served the Fed with grand jury subpoenas. Powell says it’s all a sham. But the stakes are unprecedented: A potential criminal indictment. Central bank independence. Today on the show, the administration’s case against the Fed. How did we get here? And what comes next?Related episodes: Lisa Cook and the fight for the FedTrump's unprecedented attack on the Fed  A primer on the Federal Reserve's independenceWhy Is The Fed So Boring?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.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

While Americans are known for their generosity, the U.S. government, increasingly, is not. The Trump administration’s cuts to SNAP benefits among other aid programs have forced states, foundations and donors to fill the gaps. But can they? On today’s show, the limits of philanthropic efforts to supplant federal aid. Related episodes: Why tech bros are trying to give away all their money (kind of) 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.  Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy