A tale of 3 Q3s

Summary

Marketplace: A Tale of 3 Q3s - Detailed Summary

Release Date: November 12, 2024

In the "A Tale of 3 Q3s" episode of Marketplace, host Amy Scott navigates through the latest business and economic developments, dissecting corporate earnings, market movements, housing trends, and labor dynamics. Here's a comprehensive breakdown of the episode's key discussions and insights.

---

1. Corporate Earnings: Home Depot's Q3 Performance

Timestamp: 01:05 - 03:52

The episode kicks off with an analysis of Home Depot's third-quarter financial results. Despite reporting higher-than-expected sales, the home improvement giant faces caution among consumers.

• Kristen Schwab highlights that while Home Depot saw increased sales, big-ticket transactions (orders exceeding $1,000) declined by nearly 7% compared to the previous year. This dip signals consumer hesitancy in committing to substantial expenditures.

• Jamie Katz, an equity analyst at Morningstar, attributes this caution to lingering uncertainties surrounding inflation and fluctuating mortgage rates. She notes, “[Consumers are] still uncertain about inflation and uncertain about when mortgage rates might fall” (02:43).

• Drew Redding, a home building analyst at Bloomberg Intelligence, adds that major home projects like kitchen and bathroom remodels are on hold, although pent-up demand is building. He emphasizes the potential surge in Home Depot's revenue once the housing market stabilizes.

2. Hertz's Struggles with EV Rentals

Timestamp: 04:16 - 06:04

Shifting focus to the automotive sector, the episode delves into Hertz's disappointing financial performance.

• Kristen Schwab discusses Hertz’s revenue decline of almost 4% year-over-year and a significant $1 billion write-down in fleet value. This downturn largely stems from Hertz’s ambitious but problematic investment in Tesla electric vehicles (EVs).

• Jessica Lipski, a frequent renter, expresses a preference for EVs but faces practical challenges: “I want to choose electric, but I don't,” (04:27) highlighting issues like charging logistics and cost uncertainties.

• Drew Redding explains that Hertz’s initial fleet of 35,000 Teslas faced low demand and logistical hurdles, leading to the offloading of thousands of these vehicles. Alan Baum, head of Baum and Associates, notes that Tesla’s price reductions further devalued Hertz’s EV investments.

• David Green, an auto industry analyst, points out that despite Hertz’s struggles, consumer interest in purchasing EVs remains strong, especially in the used EV market, potentially offsetting some of Hertz's losses (05:18).

3. Live Nation's Booming Concert Season

Timestamp: 06:04 - 09:18

Contrasting Hertz’s woes, Live Nation reports a stellar third quarter, driven by a record-breaking summer concert season.

• Kristen Schwab reveals that Live Nation's profits surged by 39% year-over-year, with 144 million tickets sold through October. The average ticket price soared to $209, reflecting the escalating cost of live events.

• Sirona Elton, a music industry professor at the University of Miami, attributes this success to the deep-seated importance of live music post-pandemic. She states, “Live music is just a bigger part of our lives and our budgets” (07:07).

• Wenny Katzenstein, a consumer strategy specialist, adds that live concerts offer a vital social space in an increasingly divisive world, fostering community among fans.

• However, not all feedback is positive. Stephen Haydn, a music critic, observes a trend of audience members engaging in conversations during performances, which can disrupt the concert experience. He comments, “There’s always like a pretty big section of the audience that doesn’t seem to care about the music on stage” (08:05).

4. Affordable Housing Recovery Post-Hurricane in Houston

Timestamp: 09:18 - 14:06

The episode transitions to the challenges of disaster recovery, focusing on Houston's efforts to rebuild affordable housing after Hurricane Harvey.

• Elizabeth Trovall provides an on-the-ground perspective, showcasing new affordable housing projects funded by the Department of Housing and Urban Development (HUD). She narrates the story of John Cortez, who benefits from these initiatives: “Cortez may have stumbled into a new home, one that was seven years in the making” (10:35).

• Derek Sell from Houston’s Department of Housing and Community Development explains that the city allocated approximately $660 million from HUD’s disaster funding to rebuild and reconstruct homes, creating over 3,000 affordable units (11:17).

• Despite these efforts, Sarah Labowitz of the Carnegie Endowment for International Peace points out a critical issue: the timing of funding. Many areas affected by recent disasters, such as Hawaii, remain underserved due to congressional delays in appropriating HUD funds.

• Mike Spraberry, a disaster recovery consultant, emphasizes the need for a permanent funding mechanism at HUD to streamline post-disaster housing recovery, stating, “There is no bucket at HUD that is a permanent program for disaster recovery” (12:09).

• The segment concludes with personal anecdotes illustrating the bureaucratic hurdles faced by residents trying to rebuild, underscoring the urgent need for policy reform (13:34).

5. Real Market Movements: Stocks and Bonds

Timestamp: 14:06 - 16:20

Amy Scott provides a snapshot of the current financial markets:

• Stock Performance: The Dow Jones Industrial Average dropped by 382 points (9.10%) to close at 43,910. The NASDAQ fell by 17 points (less than 0.10%) to end at 19,281, while the S&P 500 declined by 17 points (3.10%) to finish at 59,830.

• Individual Stocks:

  • Hertz's stock rose by 8.6% despite its financial troubles.
  • Avis Budget saw a modest increase of 2.4%.
  • Enterprise Holdings experienced a slight decline of 2.25%.
  • On the rise, Shopify surged by 21% following better-than-expected third-quarter earnings and revenue.

• Bond Market: Bond prices fell, with the yield on the 10-year Treasury note rising to 4.42%, indicating investor concerns over inflation and Federal Reserve policies.

6. The New American Dream: Townhouses as a Solution

Timestamp: 16:20 - 22:02

Exploring housing affordability, Marketplace discusses the potential of townhouses as an alternative to traditional single-family homes.

• Heather Long, a Washington Post writer, introduces the concept of townhouses as the "New American Dream." Drew Redding elaborates on their affordability and practicality:

  • Townhouses can be $200,000 cheaper than single-family homes in major metros like Los Angeles or Miami (17:35).

  • They require less maintenance and often come with homeowners associations that handle upkeep, making them attractive to a broader demographic, including younger buyers (17:35).

  • Redding notes a mini boom in townhouse construction over the past few years, driven by changing family sizes and preferences. He states, “We have more and more families that are going childless, more and more who are only having one child” (17:35).

• Challenges:

  • Zoning Restrictions: Many communities have stringent zoning laws that limit townhouse construction. Redding explains, “They’re hard to do” due to complex building codes and zoning requirements (18:49).

  • Accessibility: Townhouses typically have stairs, posing challenges for aging populations and individuals with mobility issues. Redding acknowledges, “Anyone with a mobility issue just cannot do the number of stairs” (19:57).

• Benefits:

  • Space Efficiency: Townhouses allow for higher density living, freeing up space for high-rise apartments and condos better suited for diverse housing needs (21:22).

  • Community Integration: They can be strategically located near public transit hubs and amenities, fostering community connectivity and reducing reliance on personal vehicles.

In conclusion, while townhouses present a viable solution to housing affordability, overcoming zoning barriers and ensuring accessibility remain critical for their widespread adoption.

7. Labor Market Flexibility: The Rise of Multiple Job Holders

Timestamp: 22:02 - 25:00

The labor market is witnessing a significant shift, with approximately 9 million Americans holding multiple jobs to navigate economic pressures.

• Ileana Marianas, featured in the "My Economy" series, shares her personal journey of juggling 12 jobs to sustain herself as an actor and artist. She states, “I don’t see myself working a 9 to 5 anytime in the near future” (22:23), highlighting the need for flexibility in today’s employment landscape.

• Factors Driving Multiple Job Holding:

  • Financial Necessity: Individuals take on additional roles to supplement their income, especially in gig-oriented and creative industries.

  • Personal Fulfillment: Many pursue multiple jobs that bring joy and creative satisfaction, aligning work with personal passions.

  • Neurodiversity: Marianas, who identifies as neurodivergent with ADHD, finds that multiple jobs help keep her engaged and prevent boredom (25:00).

• Implications:

  • Work-Life Balance: Managing multiple roles requires effective time management and can impact personal life.

  • Economic Resilience: Diversifying income streams can provide financial stability amid economic uncertainties.

  • Policy Considerations: The rise of multiple job holding underscores the need for adaptable labor policies that accommodate non-traditional work arrangements.

8. Wall Street Bonus Increases Expected

Timestamp: 25:00 - 26:45

The episode concludes with a look at the anticipated rise in Wall Street bonuses.

• According to Johnson Associates, bonuses are expected to rise for the first time in three years, particularly benefiting investment bankers in debt underwriting with increases between 25% to 35%.

• Those in equities, sales, and trading can anticipate bonuses rising by 20% to 25%.

• In contrast, sectors like real estate, retail, and commercial banking might see bonuses remain flat or even decline due to high-interest rates impacting profitability (25:00).

• Kristen Schwab emphasizes the significance of these bonuses in motivating Wall Street professionals and sustaining high-performance standards within the financial sector.

---

Conclusion

Marketplace's "A Tale of 3 Q3s" offers a multifaceted exploration of the current economic landscape, touching upon consumer behavior, corporate strategies, housing challenges, labor market trends, and financial market movements. Through insightful interviews and expert analyses, the episode provides listeners with a nuanced understanding of the interconnected factors shaping today's economy.

Transcript

[Kristen Schwab]

This Marketplace podcast is supported by Justin Vineyards and Winery. Since 1981, Justin has been producing world class Bordeaux style wines from Paso Robles on California's Central Coast. As the pioneer of Paso, Justin wines are what put Paso Robles on the winemaking map. With a rich history of accolades, Justin produces exceptional wines and is proud to be America's number one luxury Cabernet. Whether you're a first time wine drinker or a wine aficionado, Justin has a wine for every celebration and occasion. Looking for special wine to serve at your holiday table? Visit justinwine.com this Marketplace podcast is supported by Remarkable Are you still taking notes on paper? Change the way you work with Remarkable Paper Pro, a premium digital notebook with the feel of paper for taking notes, reviewing documents and getting organized. Get the digital tools you need for your workday without any distractions and stay focused with a unique color display that reflects natural light. It's portable, practical and professional. Get yours [e-mail] we've got some corporate.

[Amy Scott]

Earnings today, a little housing, and stick around for the longest job title I've ever heard From American Public Media. This is Marketplace in Baltimore. I'm Amy Scott in for Kai Ryssdal. It's table Tuesday, November 12th. Good to have you with us. For those of us who've been distracted by other news, may I remind you that we are at the tail end of corporate earnings season and those profit reports and forecasts can tell us a lot about the underlying economy. Among the bellwethers reporting today was Home Depot. The home improvement chain said its third quarter sales came in higher than expected, but that customers are feeling cautious. Marketplace's Kristen Schwab takes a closer look.

[Kristen Schwab]

John Talbot isn't really a Seasonal Decor guy himself, but I am married and my wife enjoys decorating for Halloween. She's more of the gourds and pumpkins type, not so much the 12 foot outdoor skeleton type. An actual Home Depot product that kind of went viral this year. Talbot, a retail marketing professor at Indiana University, says seasonal decor was a hit for the company. I think consumers will spend on things that make them feel happy. Happiness does have a price limit, though. Big ticket transactions at Home depot ones over $1,000, those were down nearly 7% compared to the same quarter last year.

[Jamie Katz]

Consumers are still on the sideline.

[Kristen Schwab]

Jamie Katz is an equity analyst at Morningstar. She says people are still uncertain about inflation and uncertain about when mortgage rates might fall.

[Jamie Katz]

And that has kept the housing market.

[Kristen Schwab]

In limbo for now, which of course impacts Home Depot's revenue from what it calls DIYers, aka regular people and professional contractors. People are just saying, you know, we want to do this project, but let's wait and see if rates pull back a little bit before we tackle it. Drew Redding, a home building analyst at Bloomberg Intelligence, says big projects are on the back burner. Kitchen remodels, bath remodels and the products associated with them. And one of the primary reasons for that is because those are projects that tend to be financed. But Redding says pent up demand for those projects is building. Home Depot just needs the housing market to pick up. We know that movers tend to spend more than non movers. A study from the national association of Home Builders shows that on average, buyers of existing single family homes spend more than people who stay put, over $5,000 more in the first year. I'm Kristen Schwab for Marketplace.

[Amy Scott]

Elsewhere in earnings news, Hertz, the rental car company, posted disappointing results. Revenue was down almost 4% from the same time last year, and the company had to write down the value of its fleet by a billion dollars. That's largely because of a big bet the company made on Teslas a few years ago. Marketplace's Sabri Benishore has more on why that didn't go so well.

[Kristen Schwab]

Jessica Lipski is a media professional who travels a lot for work, rents a lot of cars, and every time she has a choice, rent an electric vehicle.

[Drew Redding]

Or gas, I choose gas.

[Kristen Schwab]

She wants to want to choose electric, but she doesn't.

[Amy Scott]

I wouldn't really know the process of.

[Drew Redding]

Like how to charge an electric vehicle.

[Kristen Schwab]

Where I should go, how much that is that gonna cost? People will do this research if they are going to buy an electric car. But renting the technical term for all of that is a hassle.

[Amy Scott]

It definitely feels like a logistics challenge.

[Drew Redding]

When I have other things to worry about.

[Kristen Schwab]

This was one of the big challenges Hertz ran into when it decided to buy an estimated 35,000 Teslas to rent out a few years ago. So it has been offloading thousands of them since. Eugene Belostotsky is with Citigroup. As of now, the TESLAS are about.

[Drew Redding]

3% of a total fleet. It was closer to 10% at the peak.

[Kristen Schwab]

And as it offloaded these cars, Hertz collided with another problem, says Alan Baum, head of market research firm Baum and Associates. Tesla reduced the sales price of their retail cars, which obviously reduced the value of those vehicles for Hertz and put them in a very bad position. But according to Citigroup analysis, the hemorrhage has stabilized and Hertz is at a more sustainable level of electric vehicles. And for all of her hertz's problems renting EVs, people are still interested in buying them. David Green is an auto industry analyst with Cars.com we're seeing strong demand growth, particularly in used EVs, and some of those used EVs might just have been previously owned by Hertz. In New York, I'm Sabri Benishore for Marketplace.

[Amy Scott]

Wall street hit a speed bump today. We'll have the details when we do the number Continuing our corporate profits Tour Live Nation, the big concert promoter and parent company of 10 Ticketmaster, told investors yesterday it had its biggest summer concert season ever, with profits up 39% year over year for the third quarter and 144 million tickets sold through October. All this as ticket prices, at least for the big acts, get more and more expensive. Marketplace's Matt Levin explains why music fans are still willing to splurge.

[Kristen Schwab]

Madonna, Coldplay and Bad Bunny were some of the biggest concert draws in 2024. It cost an average of 209 bucks a ticket to see the Material Girl on her Celebration tour. University of Miami music industry professor Sirona Elton says, Coming out of the pandemic, live music is just a bigger part of our lives and our budgets. We've come out of the revenge spending era, except that we now have an even more deep understanding of how important.

[Jamie Katz]

Those experiences are to us, and we.

[Kristen Schwab]

Are now in a different mindset about prioritizing our spending. Post pandemic concerts aren't just a place to go see live music from your favorite artists. They're also increasingly one of the few places you can hang out with people who share your interests, you know, outside a Reddit thread. Wenny Katzenstein is a consumer strategy specialist at Deloitte Consulting.

[Amy Scott]

Especially in a world where there's a lot more divisiveness, the chance to be.

[Elizabeth Trovall]

Able to go to a Taylor Swift concert and be with other Swifties who.

[Kristen Schwab]

You know, have a fairly like minded mentality about the way they approach the world is a big deal. Although there may be some downsides to concerts increasingly serving a social purpose, music critic Stephen Haydn has noticed an evolving norm at the 20 or so shows he's been to this year. Groups of friends talking through the concert. There's always like a pretty big section of the audience that doesn't seem to care about the music on stage. If you ever do ask them to stop talking, there's like an indignation that comes into play. Like how dare you. I paid 200 bucks for these seats, I can talk as much as I want. I'm Matt Levin. For Marketplace.

[Amy Scott]

Recovery from a storm, wildfire or other natural disaster is expensive, as many folks in the Southeast are learning after back to back hurricanes. In the immediate disaster response, FEMA funding can help cover urgent repairs and hud. The Department of Housing and Urban Development provides longer term funds for rebuilding. States including Florida, Louisiana and Texas have received billions of dollars over the years to reconstruct destroyed homes and build new housing after devastating storms. But it takes a long time. In Houston, Marketplace's Elizabeth Troval has this story.

[Elizabeth Trovall]

Just north of downtown Houston, Luisa Chavez gives me a tour of one of four brand new houses on the block after a ribbon cutting ceremony.

[Drew Redding]

We have the three bedrooms upstairs.

[Elizabeth Trovall]

She's a project manager for nonprofit Developer Avenue. We're in a gray two story on the left side.

[Drew Redding]

We have a kind of like a mud room and a half bath.

[Elizabeth Trovall]

Unlike most of the new homes popping up in this gentrifying historically Latino neighborhood, these will rent at affordable rates. The new construction catches the eye of 61 year old John Cortez who happened to be passing by. His Budget is around $700 a month.

[Kristen Schwab]

Gave my final move out. I'm looking for a place quick.

[Elizabeth Trovall]

Cortez may have stumbled into a new home, one that was seven years in the making, built with federal dollars in response to one of the costliest storms in US history. Harvey FEMA helped with initial repairs, but the big rebuilding dollars came from HUD. City of Houston ended up spending around $660 million of HUD's disaster funding, says Derek Sell, city's Department of Housing and Community Development.

[Kristen Schwab]

We had a multifamily program, a down.

[Elizabeth Trovall]

Payment assistance program and a program for affected homeowners.

[Kristen Schwab]

So rehabilitation, reconstruction.

[Elizabeth Trovall]

That infusion of funds has led to major multifamily developments opening more than 3,000 designated affordable units once construction is done. If you get a billion dollars into your jurisdiction for affordable housing, you really can rebuild people's homes in a more.

[Amy Scott]

Resilient way and you can put more.

[Elizabeth Trovall]

Affordable rentals on the ground. Sarah Labowitz is with the Carnegie Endowment for International Peace. She says the problem with this money is the timing. Places more recently hit by disasters are still waiting on their money like Hawaii after their wildfires because Congress has not.

[Drew Redding]

Appropriated any money for affordable housing recovery for any jurisdiction since May of 2023.

[Elizabeth Trovall]

And Congress has to jump through extra hoops for that HUD money for post disaster housing needs compared to FEMA dollars.

[Drew Redding]

There is no bucket at HUD that is a permanent program for disaster recovery that recognizes the need for affordable housing and resilience after disasters that Congress can refill.

[Elizabeth Trovall]

While FEMA money is flowing to places battered by recent natural disasters like North Carolina, HUD money isn't, and it'll take time and politicking, says consultant Mike Spraberry, who used to oversee disaster recovery for the state.

[Kristen Schwab]

Our congressmen and women are up there lobbying for a big chunk of change.

[Elizabeth Trovall]

Spraberry supports permanent authorization of this bucket of funding, though bills designed to do that haven't passed in recent years.

[Kristen Schwab]

That would go a long way for a smoother and more successful program implementation.

[Elizabeth Trovall]

Chrishell Pillay also supports permanent authorization. She's with Organizing Resilience, which helps communities respond to disasters. She's also living disaster response firsthand.

[Drew Redding]

There are exposed studs and rafters.

[Elizabeth Trovall]

We're inside her Houston home that was damaged by the Houston windstorm in May. The recovery is happening relatively fast. She's insured, but many residents across the city wait years dealing with government delays and red tape. Like one family she knows hit by Harvey.

[Drew Redding]

They went through the process, the application process and all, and they were scheduled to go and sign the final contract to get work underway.

[Elizabeth Trovall]

The husband dies, but the home was in the husband's name, not the wife's.

[Drew Redding]

So now the house can't be rebuilt.

[Elizabeth Trovall]

Because of delays getting out. Funding for that family help never came in Houston. I'm Elizabeth Trovall for Marketplace.

[Amy Scott]

Samin.

[Jamie Katz]

I don't see myself working a 19 to 5 anytime in the near future.

[Amy Scott]

Fair enough. But first, let's do the numbers. The Dow Jones Industrial Average shed 382 points, 9. 10%, a close of 43,910. The NASDAQ gave back 17 points, less than a 10% to end at 19,281. The S&P 500 lost 17 points, 3. 10% to finish at 59.83. Sabri Bennisher was telling us about the troubles at the rental car company Hertz. Well, Hertz's stock was up 8 and 6. 10%. Rival Avis Budget grew 2 and 4. 10%. Enterprise holdings, the country's largest rental car operator and owner of the Alamo and national brands gave back two and a quarter percent. E commerce firm Shopify soared 21% after posting better than expected third quarter earnings and revenue. Bond prices fell. The Yield on the 10 year T note rose to 4.42%. You're listening to Marketplace. This is Marketplace. I'm Amy Scott. Most of the homes in this country are detached single family houses, more than 60% according to U.S. census data. And as I'm sure I don't have to tell many of you, higher home prices and persistently high mortgage rates these days have put owning one of those houses out of reach for a lot of people. But what if we built differently? Heather Long wrote about that in a recent column for the Washington Post. She's also a regular on our weekly Wrap. Nice to have you back on Heather.

[Drew Redding]

Thanks, Amy.

[Amy Scott]

Let's start with your headline the New American Dream should be a Townhouse. Why townhouses?

[Drew Redding]

It was a bit provocative of a headline, but the basic idea is people are in desperate need of affordable housing. And one of your obvious option if you're from other countries would be why don't you look for a condo or a high rise building. And the reality is the United States has built almost no Condos since 2000 2009. But what we are building are townhomes or what's known as medium density housing. So everything from duplexes to townhomes to cottage courts. I didn't even know what a cottage court was until I started researching all of this. But a lot of young people like them because they're low maintenance lifestyle. You don't have to spend every weekend raking the leaves and doing the yard. Usually there's some sort of homeowners association that does that for you and it's a better use of space. You can fit more of these types of houses near a public transit hub or near a lot of grocery stores and amenities, but it's just a lot more affordable.

[Amy Scott]

And how much more affordable can this be?

[Drew Redding]

It's pretty substantial. Obviously it varies a lot like everything across the United States. But we had Zillow run the numbers and in a major metro area like let's take Los Angeles or Miami, it can be $200,000 less in the sale price versus a single family home. And the other thing that people for again is it's less to maintain something like a townhome or a row home because you are splitting those costs. You share that one or two walls with the neighbor. Usually the insurance costs are a big one. Those are usually lower on a townhome than a standalone home. Taxes are often lower because you're on a smaller lot size. So a lot of that quickly adds up for people. And that's why it's I think there used it used to be seen as just a starter home. And as I called around the country builders kept tell me I'm constantly amazed at the large Age range of people and types of people who are interested in townhomes today. That would not have been 25 years ago.

[Amy Scott]

Given the appeal you just described, it might surprise people to learn that townhouses are actually illegal in many communities. Why is that?

[Drew Redding]

They're hard to do. I know everybody keeps talking about zoning, zoning, zoning. There's some funny building codes that make it really difficult in some communities. Often townhomes usually two stories high, but in some places it might be three stories high. And some building codes and zoning codes start to consider three stories in a very different light. It has to have a lot of different requirements that are built in that make it cost prohibitive. I will say on the positive side, some communities have become embracing of townhomes not just because they're more affordable, But a lot of communities don't want to zone single family traditional homes right next to, say, a grocery store or a Walmart or some sort of shopping center. But they will allow townhomes as like a transitional from the shopping center, then you can have the medium density, and then you can have your more traditional single family.

[Amy Scott]

So I'm wondering how much of this is about people's preferences versus what builders are offering. I mean, is there enough demand for townhouses to drive more construction?

[Drew Redding]

There is now. And the encouraging news, there's actually been, I would call it a mini boom in townhome construction in the last two or three years. What's interesting is we've been talking a lot in the United States about the shifting of family size and preferences. And this is playing into what people want, too. You know, we have more and more families that are going childless, more and more who are only having one child. And so you don't need a home with five or six bedrooms. You don't need the big McMansion anymore. I will say, and we got a lot of blowback on this, on the piece. It's not for everyone. The number one issue is stairs. You know, townhomes, row homes, even something like a duplex do have stairs. And obviously, people who want to age in place, that could be a challenge. And mobility. Anyone with a mobility issue just cannot do the number of stairs. But the reality is we only have 10% of our entire housing stock in this country. That's high rise apartment or condos that would be really well suited to some of that aging in place and mobility issues. And so I see this growth of townhomes as helping to free up more of that limited supply of housing. That works well for the mobility challenge. If we can get other folks buying an affordable townhome.

[Amy Scott]

All right. The New American Dream. Maybe it's a townhouse, maybe it's a mix of housing. Heather Long is a writer at the Washington Post and a regular on our Friday Weekly Wrap. Thank you so much, Heather. Great to talk to you.

[Drew Redding]

Thanks, Amy. Keep an open mind on the townhome.

[Amy Scott]

About 9 million people work multiple jobs in this economy. For a lot of reasons, not being able to find a full time job or needing extra hours to deal with a financial situation, some folks need the flexibility. And if you heard the show open, here's your payoff from the latest installment of our series, My Economy.

[Jamie Katz]

My name is Ileana Marianas. My pronouns are they, them. I live in Atlanta, Georgia and I am an actor and a standardized patient and an audio book narrator and an artistic associate with a French speaking theater company and a holiday caroler and a ghost tour guide and a teacher of viewpoints and a burlesque performer. I started acting when I was in kindergarten. I got a lead in the holiday pageant and I was hooked. After that I always knew that this was what I wanted to do and and it took getting two back to back contracts with a theater company here in Atlanta to give me the confidence to strike out on my own. And once I got those two back to back acting contracts, I realized I needed more jobs to supplement my income and that's how I wound up with 12 jobs. I don't see myself working a 9 to 5 anytime in the near future. I am neurodivergent. I have adhd. So actually having this many jobs is incredible for that because I never get bored in anything. And if I do get bored, chances are good it's a seasonal job and once the season's over, that job will go away and I'll be able to replace it with a more fulfilling, more stimulating job. So during the pandemic I realized that I needed a different living situation. So my parents had moved up to their lake house pretty much full time. And my original idea was that I would buy a tiny house, park it on the property, and run their house as a rental property for them. And I knew that there was absolutely no way that I could afford this giant house. So we got a little creative with the mortgage situation. And also I have turned it into a sort of artist commune. So there are now five of us living in the house. We're all actors full time. A really hard thing for me to learn was that I need to be really honest about what I'm capable of doing and that I need to ask for help from my artistic collaborators when I need it, and also that I need to take jobs that bring me joy because I've got something that fills me up artistically, something that is creative and that brings out the best in me as a person and as an artist.

[Amy Scott]

Ileana Marianas, actor, among other job titles in Atlanta, Georgia. You know we can't do this series without you, so please tell us what's happening in your [e-mail] myeconomy this final note on the way out today from Axios Wall Street Bonuses are expected to rise for the first time in three years. That's according to the consulting firm Johnson Associates. Investment bankers working in debt underwriting could fare the best with 25 to 35% increases. Those in equities, sales and trading are looking at 20 to 25%. Bumps in real estate and retail and commercial banking, though bonuses could be flat or even down thanks in part to high interest rates. Our Digital and On Demand team includes Carrie Barber, Jordan Manji, Dylan Mietanen, Janet Wynn, Olga Oxman, Ellen Rollfuss, Virginia K. Smith and Tony Wagner. Francesca Levy is the executive Director of Digital and On Demand. I'm Amy Scott. We'll see you, Tom. This is apn.

[Kristen Schwab]

You turn to Marketplace for up to the minute news for stories that show you the connections between global events and your personal economy. And you're not alone. Marketplace is the most widely consumed business and economic news program in the country.

[Drew Redding]

We're proud to make fact based journalism.

[Kristen Schwab]

Freely accessible and Marketplace investors make it all possible. Your year end donation today will make a real difference in our nonprofit newsroom and in the lives of millions of Marketplace listeners every single day. So please contribute what you can [e-mail] donate.