A tale of 3 Q3s

Summary

Marketplace Podcast Summary: "A Tale of 3 Q3s"

Release Date: November 12, 2024

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Overview

In this episode of Marketplace, host Kai Ryssdal delves into the latest business and economic news, breaking down corporate earnings, market trends, and housing developments. The episode titled "A Tale of 3 Q3s" explores the performances of major companies like Home Depot and Hertz, the booming concert industry through Live Nation, disaster recovery funding challenges in Houston, and shifts in the housing market towards townhouses. Additionally, personal stories highlight the evolving nature of work and economic resilience.

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1. Corporate Earnings Season

As corporate earnings season winds down, Marketplace highlights key performances and what they reveal about the broader economy.

Home Depot: Sales Up, Caution Prevails

Home Depot reported higher-than-expected third-quarter sales, but with a note of consumer caution. Kristen Schwab examines the factors influencing these results.

• John Talbot, a retail marketing professor at Indiana University, notes, "Big ticket transactions at Home Depot—ones over $1,000—were down nearly 7% compared to the same quarter last year" (02:10).

• Jamie Katz, an equity analyst at Morningstar, attributes this decline to consumer uncertainty regarding inflation and mortgage rates: "People are still uncertain about inflation and uncertain about when mortgage rates might fall" (02:30).

• Drew Redding, a home building analyst at Bloomberg Intelligence, suggests that "pent-up demand for those projects is building. Home Depot just needs the housing market to pick up" (03:20).

Despite higher sales, the cautious approach of consumers indicates underlying economic hesitations, particularly in the housing sector.

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2. Hertz’s Struggle with Electric Vehicles

Hertz's third-quarter earnings painted a challenging picture, primarily due to its substantial investment in Tesla vehicles.

The Tesla Gamble

• Jessica Lipski, a frequent renter, explains the logistical challenges of renting electric vehicles (EVs): "I don't choose electricity. 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" (04:18).

• Alan Baum, head of Baum and Associates, points out that Tesla's price reductions negatively impacted Hertz's fleet value: "Tesla reduced the sales price of their retail cars, which obviously reduced the value of those vehicles for Hertz" (05:05).

Despite offloading many Tesla units, Hertz remains at a sustainable level of EVs, with EV interest shifting towards the used market, including models previously owned by Hertz (05:22).

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3. Live Nation’s Record-Breaking Concert Season

In contrast to Hertz's struggles, Live Nation reported its most successful summer concert season ever, highlighting a robust demand for live events.

Boom in Concert Profits

• Matt Levin discusses Live Nation’s performance: "Live Nation ... 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" (05:50).

• Sirona Elton, a music industry professor at the University of Miami, attributes this success to the enduring appeal of live music post-pandemic: "Coming out of the pandemic, live music is just a bigger part of our lives and our budgets" (06:08).

• Wenny Katzenstein from Deloitte Consulting adds, "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" (07:32).

However, this surge comes with challenges, such as audience distractions during performances. Steven Hayden, a music critic, observes a growing trend of concert-goers engaging in conversations: "There's always like a pretty big section of the audience that doesn't seem to care about the music on stage" (08:16).

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4. Disaster Recovery Funding: Houston’s Rebuilding Efforts

The episode sheds light on the complexities of disaster recovery funding, focusing on Houston's efforts to rebuild after severe storms.

HUD vs. FEMA Funding

• Sarah Labowitz from the Carnegie Endowment for International Peace explains the funding delays: "Places more recently hit by disasters are still waiting on their money... Congress has to jump through extra hoops for that HUD money" (11:22).

• Mike Sprayberry, a disaster recovery consultant, advocates for permanent funding authorization: "Permanent authorization of this bucket of funding... would go a long way for a smoother and more successful program implementation" (12:06).

• Chrishell Pillay of Organizing Resilience shares firsthand challenges: "The recovery is happening relatively fast. ... many residents across the city wait years dealing with government delays and red tape" (12:45).

Personal stories, such as that of John Cortez, illustrate the human impact of funding delays: "The husband dies, but the home was in the husband's name, not the wife's. So now the house can't be rebuilt" (13:21).

Despite substantial HUD investment, the timing and bureaucratic hurdles hinder rapid recovery, leaving many affected residents in limbo (11:23).

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5. Market Overview: Stock Performance and Trends

A brief market overview highlights significant movements:

• Dow Jones Industrial Average: Fell by 382 points (−9.10%) to close at 43,910.
• Nasdaq: Dropped less sharply, losing 17 points (−0.10%) to finish at 19,281.
• S&P 500: Declined by 17 points (−3.10%) to 5,983.

In corporate stocks:

• Hertz: Increased by 8.6% to 10%.
• Avis Budget: Grew by 2.4%.
• Enterprise Holdings: Declined by 2.25%.
• Shopify: Soared by 21% following strong earnings.

Bond prices experienced a dip, with the 10-year Treasury note yield rising to 4.42%.

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6. Shifting Housing Trends: The Rise of Townhouses

The housing market segment features a discussion on the increasing popularity of townhouses as an affordable alternative to single-family homes.

Townhouses as the New American Dream

• Heather Long, Washington Post writer, discusses the potential of townhouses: "People are in desperate need of affordable housing... we are building town homes or what's known as medium density housing" (16:08).

• Amy Scott highlights affordability and maintenance advantages: "In a major metro area like Los Angeles or Miami, [townhouses] can be $200,000 less in the sale price versus a single family home" (17:21).

• Heather Long adds, "It's less to maintain something like a townhome or a row home because you are splitting those costs" (17:30).

Despite their benefits, townhouses face legal and zoning challenges:

• Heather Long explains, "They're hard to do... some building codes and zoning codes start to consider three stories in a very different light" (18:35).

However, demand is growing, leading to a "mini boom" in townhome construction over the past few years, driven by changing family sizes and preferences (19:43).

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7. My Economy: The Multi-Job Workforce

The episode includes a personal narrative from Ileana Marianas, highlighting the reality of working multiple jobs in the current economy.

Ileana’s Story: Navigating Multiple Roles

Ileana Marianas, an actor from Atlanta, shares her experience balancing twelve jobs to sustain her artistic career:

• "I don't see myself working a 9 to 5 anytime in the near future. I am neurodivergent. I have ADHD... having this many jobs is incredible for that because I never get bored in anything" (22:09).

Her story underscores the necessity for financial flexibility and the pursuit of fulfilling work amidst economic pressures.

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8. Wall Street Bonuses on the Rise

In a concluding note, Marketplace covers the optimistic outlook for bonuses in the financial sector:

• Axios Wall Street reports bonuses are expected to rise for the first time in three years, with significant increases in debt underwriting (25-35%) and equities, sales, and trading (20-25%) (24:50).

This resurgence is largely attributed to improved corporate performance and high-interest rates, though some sectors like real estate and retail banking may see flat or declining bonuses.

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Conclusion

This episode of Marketplace offers a comprehensive look at diverse economic sectors, from retail giants and automobile rentals to the entertainment industry and housing market innovations. Personal stories and expert analyses provide depth, illustrating the multifaceted nature of today’s economy. Whether examining corporate strategies, market trends, or the shifting landscape of work and housing, Marketplace delivers insightful context to help listeners navigate the complexities of the current economic environment.

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Notable Quotes:

• John Talbot (02:10): "Big ticket transactions at Home Depot—ones over $1,000—were down nearly 7% compared to the same quarter last year."
• Jamie Katz (02:30): "People are still uncertain about inflation and uncertain about when mortgage rates might fall."
• Jessica Lipski (04:18): "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."
• Sirona Elton (06:08): "Coming out of the pandemic, live music is just a bigger part of our lives and our budgets."
• Heather Long (17:21): "In a major metro area like Los Angeles or Miami, [townhouses] can be $200,000 less in the sale price versus a single family home."
• Ileana Marianas (22:09): "I don't see myself working a 9 to 5 anytime in the near future. I am neurodivergent. I have ADHD."

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This summary is based on the transcript provided and aims to encapsulate all key discussions, insights, and conclusions from the episode "A Tale of 3 Q3s" of Marketplace. For a more detailed experience, listening to the full episode is recommended.

Transcript

[Amy Scott]

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[Kai Ryssdal]

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[Kristen Schwab]

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[Kai Ryssdal]

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[Kristen Schwab]

Got some corporate 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 rysdal. It's 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.

[John Talbot]

John Talbot isn't really a seasonal decor guy himself, but I am married and.

[Kristen Schwab]

My wife enjoys decorating for Halloween.

[John Talbot]

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.

[Kristen Schwab]

I think consumers will spend on things that make them feel happy.

[John Talbot]

Happiness does have a price limit, though. Big ticket transactions at Home Depot one's over $1,000. Those were down nearly 7% compared to the same quarter last year.

[Jamie Katz]

Consumers are still on the sidelines.

[John Talbot]

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.

[Kai Ryssdal]

In limbo for now, which of course.

[John Talbot]

Impacts Home Depot's revenue from what it calls DIYers, aka regular people and professional contractors.

[Amy Scott]

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.

[John Talbot]

Drew Redding, a home building analyst at Bloomberg Intelligence, says big projects are on the back burner.

[Amy Scott]

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.

[John Talbot]

But Redding says pent up demand for those projects is building. Home Depot just needs the housing market to pick up.

[Amy Scott]

We know that movers tend to spend more than non movers.

[John Talbot]

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 Kristin Schwab for Marketplace.

[Kristen Schwab]

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 wr 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.

[Jessica Lipski]

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.

[Amy Scott]

Or gas, I choose gas.

[Jessica Lipski]

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

[Kristen Schwab]

I wouldn't really know the process of.

[Amy Scott]

Like how to charge an electric vehicle.

[Kristen Schwab]

Where I should go, how much that is, that cost.

[Jessica Lipski]

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.

[Kristen Schwab]

It definitely feels like a logistics challenge.

[Amy Scott]

When I have other things to worry about.

[Jessica Lipski]

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.

[Amy Scott]

As of now, TESLAS are about 3% of a total fleet. It was closer to 10% at the peak.

[Jessica Lipski]

And as it offloaded these cars, Hertz collided with another problem, says Alan Baum, head of market research firm Baum and Associates.

[Matt Levin]

Tesla reduced the sales price of their retail cars, which obviously reduced the value of those vehicles for Hertz and put.

[Amy Scott]

Them in a very bad position.

[Jessica Lipski]

But according to Citigroup analysis, the hemorrhage has stabilized and Hertz is at a more sustainable level of electric vehicles. And for all of 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.

[Kristen Schwab]

Particularly in used EVs.

[Jessica Lipski]

And some of those used EVs might just have been previously owned by hertz in New York. I'm Sabri Benishour for Marketplace.

[Kristen Schwab]

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 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.

[Matt Levin]

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.

[Kristen Schwab]

We've come out of the revenge spending era, except that we now have an even more deep understanding of how important those experiences are to us.

[Amy Scott]

And we are now in a different.

[Kristen Schwab]

Mindset about prioritizing our spending post Pandemic.

[Matt Levin]

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.

[Kristen Schwab]

Especially in a world where there's a lot more divisiveness, the chance to be able to go to a Taylor Swift concert and be with other Swifties who, you know, have a fairly like minded mentality about the way they approach the world is a big deal.

[Matt Levin]

Although there may be some downsides to concerts increasingly serving a social purpose, music critic Steven Hayden has noticed an evolving norm at the 20 or so shows he's been to this year. Groups of friends talking through the concert.

[Amy Scott]

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.

[Matt Levin]

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.

[Kristen Schwab]

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 devast storms. But it takes a long time In Houston Marketplace's Elizabeth Troval has this story.

[Kai Ryssdal]

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.

[Amy Scott]

We have the three bedrooms upstairs.

[Kai Ryssdal]

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

[Amy Scott]

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

[Kai Ryssdal]

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.

[Amy Scott]

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

[Kai Ryssdal]

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 Sellers with the city's Department of Housing and Community Development.

[Matt Levin]

We had a multifamily program, a down.

[Kai Ryssdal]

Payment assistance program and a program for affected homeowners.

[Matt Levin]

So rehabilitation, reconstruction.

[Kai Ryssdal]

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.

[Kristen Schwab]

Resilient way and you can put more.

[Kai Ryssdal]

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 appropriated any money for affordable housing recovery for any jurisdiction since May of 2023. And Congress has to jump through extra hoops for that HUD money for post disaster housing needs compared to FEMA dollars.

[Kristen Schwab]

There is no bucket at HUD that.

[Amy Scott]

Is a permanent program for disaster recovery that recognizes the need for affordable housing and resilience after disasters that Congress can refill.

[Kai Ryssdal]

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 Sprayberry, who used to oversee disaster recovery for.

[Matt Levin]

The state, our congressmen and women are up there lobbying for a big chunk of change.

[Kai Ryssdal]

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

[Amy Scott]

That would go a long way for.

[Kristen Schwab]

A smoother and more successful program implementation.

[Kai Ryssdal]

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

[Amy Scott]

There are exposed studs and rafters.

[Kai Ryssdal]

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.

[Amy Scott]

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.

[Kai Ryssdal]

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

[Amy Scott]

So now the house can't be rebuilt.

[Kai Ryssdal]

Because of delays getting out funding for that family. Help never came In Houston. I'm Elizabeth Troval for Marketplace.

[Kristen Schwab]

Coming up, I don't see myself working.

[Jamie Katz]

A 9 to 5 anytime in the near future.

[Kristen Schwab]

Fair enough. But first, let's do the numbers. The Dow Jones industrial average shed 382points, 9.10percent, 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, 3.10percent to finish at 5,983. Sabri Benisher was telling us about the troubles at the rental car company Hertz. Well, Hertz 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.

[Amy Scott]

Thanks, Amy.

[Kristen Schwab]

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

[Amy Scott]

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 2009. But what we are building are town homes or what's known as medium density housing. So everything from duplexes to town homes 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 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.

[Kristen Schwab]

And how much more affordable can this be?

[Amy Scott]

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 forget 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 quickly adds up for people. And that's why it's, I think it used to be seen as just a starter home. And as I crawled around the country, builders kept telling 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, you know, 25 years ago.

[Kristen Schwab]

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

[Amy Scott]

They're hard to do. I know everybody keeps talking about zoning, zoning, zoning. There's some funny building codes and that make it really difficult in Some communities, often townhomes are 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 town homes 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 town homes 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.

[Kristen Schwab]

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?

[Amy Scott]

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 childhood, 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. And 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 can 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 town homes 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.

[Kristen Schwab]

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.

[Amy Scott]

Thanks, Amy. Keep an open mind on the town home.

[Kristen Schwab]

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 audiobook 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 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.

[Kristen Schwab]

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 Kerry Barber, Jordan Mangey, Dylan Mietten, Janet Wynn, Olga Oxman, Ellen Ralphest, 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 tomorrow. This is apna. Gifting is hard, but here's a Give the gift of connection from US Cellular. Not sure what that means? Here's a slightly more specific hint. You can choose four free phones and get four lines for $90 a month from US Cellular. Your family wants new phones. How do we know? They told us. The good news is that compared to wrapping presents, you're great at getting hints. So take the hint and get them four free phones and four lines for $90 a month. US Cellular built for us.