Staycations for everyone!

Summary

Marketplace Morning Report: "Staycations for Everyone!" Release Date: May 16, 2025

In this episode of the Marketplace Morning Report, host David Brancaccio delves into significant economic and business developments shaping today's landscape. From a noticeable slowdown in business travel to the resurgence of brick-and-mortar banking and the rise of lucrative gold-collar jobs, the episode offers insightful analysis and firsthand accounts that paint a comprehensive picture of the current market trends.

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1. Decline in Business Travel Amid Tariff Uncertainties

Timestamp: 00:30 – 02:12

David Brancaccio opens the episode by highlighting a significant downturn in business travel, a trend that has surfaced following President Trump's recent tariff announcements. This slowdown is not isolated to leisure travel but extends deeply into the corporate sector.

Key Points:

• Overall Decline: Travel bookings have decreased by 9% in April, with a more pronounced 18% drop in business travel from Western Europe and a 12% decline from Mexico via air.
• Contributing Factors: While the exact causes remain unclear, the decline coincides with heightened tariff uncertainties and increasing apprehensions among foreign visitors about potential arrests at U.S. border crossings. Additionally, several European countries and Canada have issued new travel advisories for the United States, adding to the hesitancy.

Notable Quote: Nova Safo from the National Travel and Tourism Office remarks, “There’s a marked slowdown... amid tariff uncertainties and growing concerns among foreign visitors” (01:29).

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2. Bank of America's Strategic Expansion of Physical Branches

Timestamp: 02:12 – 05:23

Contrasting the trend towards digitalization, Bank of America is making a bold move by opening 150 new brick-and-mortar branches, primarily in Boise, Idaho. This strategy underscores the enduring importance of physical banking locations despite the increasing prevalence of online banking services.

Key Points:

• Interest Rate Shifts: Following the Federal Reserve’s decision to raise interest rates from near zero, banks are incentivizing checking accounts, which traditionally offer lower or no interest, to attract more customers.
• Customer Experience: Physical branches play a crucial role in enhancing customer experience. “The idea that you're dealing face to face with the person could take the pain out of applying for a loan,” explains Wharton marketing professor Barbara Kahn (03:29).
• Differentiation: Beyond transactional purposes, physical branches provide opportunities for banks to differentiate themselves through superior customer service and tailored financial advice.

Notable Quotes:

• MacKenzie, a customer, states, “I may be willing to spend a little money on a branch so that I attract your checking account” (02:35).
• Barbara Kahn adds, “...you have more opportunities to learn about their customers and to upsell them on more of their products” (03:36).

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3. Rise of Gold-Collar Jobs: Hands-On Training in the Chemical Industry

Timestamp: 05:23 – 09:01

The episode shifts focus to the emergence of "gold-collar" jobs—well-paying positions that do not require a four-year college degree but demand specialized technical skills. Elizabeth Troval reports on the innovative programs at San Jacinto College that are equipping students with the necessary hands-on experience to thrive in the chemical and petrochemical industries along the Texas-Louisiana coast.

Key Points:

• Educational Programs: San Jacinto College's P Tech program offers a hands-on curriculum where students engage directly with scaled-down chemical plant simulations. This practical approach helps bridge the gap between theoretical knowledge and real-world application.
• Student Experiences: Jeff Pierce, the work coordinator, emphasizes the benefits of applied learning. “We don’t all learn the same way. I learn better when I can do what it is while I'm reading it in a book,” he explains (07:01).
• Industry Collaboration: The program partners with local industry players like Bay Star plastics plant, ensuring that graduates possess the mechanical skills that are presently lacking among younger generations. Roman Rodriguez, a trainer at Bay Star, highlights the shift in work culture and the importance of mechanical proficiency, stating, “It probably was to save money, but it taught me a lot” (08:24).
• Career Prospects: Graduates from programs like P Tech can secure operator salaries ranging from $20 to $30 an hour, with potential earnings exceeding $100,000 as they advance, coupled with job stability in an essential sector.

Notable Quotes:

• Jeff Pierce remarks, “I love it. It makes my brain itch in a good way” (06:27).
• Roman Rodriguez notes, “The culture is what's changed a lot... It taught me how to read a tape measure, how to make a precise cut, measure, measure twice, cut once” (08:24).

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Conclusion

This episode of the Marketplace Morning Report encapsulates pivotal shifts in the business and economic sectors. The downturn in business travel reflects broader geopolitical tensions and economic apprehensions, while Bank of America's investment in physical branches highlights a strategic response to evolving consumer preferences. Moreover, the spotlight on gold-collar jobs underscores the critical role of vocational training in meeting industry demands and providing robust career pathways without the necessity of traditional four-year degrees.

Listeners gain a nuanced understanding of how these diverse elements interconnect, shaping the current and future economic landscape. For those seeking to stay informed on these and other vital stories, Marketplace Morning Report continues to deliver concise and comprehensive insights to kickstart the day.

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Note: Advertisements and promotional segments were selectively omitted to focus on the core content and discussions of the episode.

Transcript

[Amy Scott]

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[David Brancaccio]

You can turn to Marketplace to hear from powerful leaders and everyday people about the economy and their roles in it. Now we hope we can turn to you. Marketplace is facing real threats and challenges as we plan for the future. As a public media program, donations from you are an important part of our budget. Here's one action you can take right now that will have a long lasting impact. Start a monthly donation to Support our work. $5 a month is a great place to start. Head to marketplace.org donate and thank you. Even business travel went quiet as spring began. I'm David Brancaccio in Los Angeles. We're tracking the lull in travel that occurred following President Trump's tariffs on tariffs off announcements last month. Travel bookings down, airline flights down, leisure travel fell and there's new data showing higher spending. Business travelers are staying home Marketplaces novasaf.

[Nova Safo]

The national travel and tourism office, tracks airline and ship passengers entering the US and it found a marked slowdown in April among business travelers. Overall, trips declined 9%, business travel from Western Europe plummeted 18%, and from Mexico by air it fell 12%. The preliminary data does not include Canadian crossings. The data also does not indicate what caused the decline, but it comes amid tariff uncertainties and growing concerns among foreign visitors. Visitors about getting arrested at border crossings. Several European countries and Canada have issued new travel advisories for the U.S. i'm Nova Safo for Marketplace.

[David Brancaccio]

In a world where you can scan in a check with your phone and money comes out of walls, we note that bank of America this week said it is opening 150 new brick and mortar branches. Its expansion in existing markets, mainly Boise, Idaho is one of the new markets. So the bank teller is not like the toll booth operator, a job of the past. Marketplace's Stephanie Hughes has that about three.

[Stephanie Hughes]

Years ago, the Federal Reserve started raising interest rates from near zero. That meant banks were paying more interest on things like money market accounts and CDs. But checking accounts, banks usually pay little or no interest on those, and Maryville University finance professor Jamie Peters says that made banks want more of them and.

[MacKenzie]

I may be willing to spend a little money on a branch so that I attract your checking account.

[Stephanie Hughes]

The physical branch is key to attracting those checking accounts because Peter says though a lot of banking is done digitally, people still want to easily get to their bank in person because if there.

[MacKenzie]

Is a problem, if you're having problem accessing your money, the very first thing you want to do is see a human.

[Stephanie Hughes]

A physical location also helps a bank stand out. Wharton marketing professor Barbara Kahn says one way a bank can differentiate itself is on price. Another is to offer a better customer experience.

[Barbara Kahn]

The idea that you're dealing face to face with the person could take the pain out of applying for a loan.

[Stephanie Hughes]

Also, Khan says banking IRL provides employees with more opportunities to learn about their customers and to upsell them on more of their products. I'm Stephanie Hughes for Marketplace and here's.

[David Brancaccio]

A number a range actually 25 million to 45 million dollars. That is the estimated cost according to the US army of A big military parade and air display set for Washington next month for the Army's 250th anniversary. It's set up to coincide with President Trump's 79th birthday June 14th.

[MacKenzie]

We interrupt this program to bring you an important Wayfair message. Wayfair's got style tips for every home. This is Styles MacKenzie helping you make those rooms sing. Today's style tip when it comes to making a statement, treat bold patterns like neutrals, go wild like an untamed animal Print area rug under a rustic farmhouse table. From wayfair.com this has been your Wayfair style tip to keep those interiors superior.

[Barbara Kahn]

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[Grainger Representative]

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[David Brancaccio]

Now to jobs with no four year college degree required with a nice salary. Some call them not blue collar but gold collar jobs. Today the Texas Louisiana coast with all that chemical and petrochemical production that can offer six figure salaries with a two year degree. Many of those roles need people with mechanical skills of the sort we don't tend to get when we grow up Manipulating electronic screens. In a town southeast of Houston, the learning is hands on. Marketplace's Elizabeth Troval reports.

[Coal Downs]

At the San Jacinto College glycol unit, Coal Downs gives me a tour of their shrunken down chemical plant. It's roughly the size of a dollar tree.

[Jeff Pierce]

That ticking that you hear is the diaphragm pumps that are transferring material from one tank to another.

[Coal Downs]

The facility is multiple stories tall. It's got a series of tanks and tubes for students to learn what it's like to work at one of the chemical plants that are concentrated here on the Texas Gulf Coast. So, yeah, what's this tower thing?

[Jeff Pierce]

This is our distillation column. This is where the water and glycol are separated.

[Coal Downs]

I'm sitting with Downs in a quiet classroom. He's telling me more about getting his two year associate's degree from San Jacinto College's P Tech, or process technology program.

[Jeff Pierce]

Which is the study of chemical plants and how it's all interconnected and how we get raw material and turn it into finished product.

[Coal Downs]

He geeks out on this stuff.

[Jeff Pierce]

I love it. It makes my brain itch in a good way.

[Coal Downs]

At 25, it's taken him a minute to find his passion. He was a C high school student, then spent years bouncing from job to job and college major to college major. Not just at San Jacinto.

[Jeff Pierce]

We don't all learn the same way. Like, I'm very hands on. I learn better when I can do what it is while I'm reading it in a book, which is why I've loved the P Tech program because it's so applied, it's so hands on. You know, you're reading about what a distillation column is and here we have one outside that we can go and take a look at.

[Coal Downs]

Hands on learning is integrated throughout this program. Back outside, groups of students are wearing hard hats and goggles. The students are in charge of running the glycol plant. Today in a test run.

[Roman Rodriguez]

They're doing a gasket exchange right now.

[Coal Downs]

Jeff Pierce is work coordinator for the program. In this end of year run, he says they simulate failures to see how the students troubleshoot.

[Roman Rodriguez]

Our instructors are pretty devious. They'll walk around and switch valves off and all of a sudden the board's saying, hey, we're losing pressure or we're gaining pressure. And so they send a field operator out to kind of monitor that and check, see what's going on.

[Coal Downs]

And industry recruiters are here watching how students problem solve and work together. Like Roman Rodriguez, He's a trainer with the plastics plant Bay Star.

[Roman Rodriguez]

This is a great way for the new generations to come in and get their hands dirty.

[Coal Downs]

He works with industry newcomers. He says while Gen Z excels at computer and digital skills, mechanical skills, not so much.

[Roman Rodriguez]

The culture is what's changed a lot.

[Coal Downs]

He's sympathetic to young people who haven't had the opportunity to work with their hands like he did with his father.

[Roman Rodriguez]

It probably was to save money, but it taught me a lot. Taught me how to read a tape measure, how to make a precise cut, measure, measure twice, cut once.

[Coal Downs]

After students leave a program like this one at San Jacinto College, operator salaries start in the $20, $30 an hour range and can lead to salaries over $100,000. In the job market is relatively stable. The world needs its plastics and chemicals. In Pasadena, Texas, I'm Elizabeth Trovall for.

[David Brancaccio]

Marketplace, and you're listening to the Marketplace Morning Report from apm American Public Media.

[Amy Scott]

Can we invest our way out of the climate crisis? Five years ago it seemed like Wall street was working on it until a backlash upended everything.

[Nova Safo]

So there's a lot of alignment between the dark money right and the oil.

[Coal Downs]

Industry on this effort.

[Amy Scott]

I'm Amy Scott, host of How We Survive, a podcast from Marketplace. In this season, we investigate the rise, fall and reincarnation of climate conscious investing. Listen to How We Survive wherever you get your podcasts.