This isn’t the 2018 trade war

Summary

Navigating the Turbulent Trade Landscape

In the latest episode of "Marketplace," host Kai Ryssdal delves into the complexities of the ongoing trade tensions, highlighting the unpredictable nature of tariffs in the current economic climate. Released on March 7, 2025, the episode titled "This Isn’t the 2018 Trade War" contrasts the present trade dynamics with those of 2018, emphasizing the heightened volatility and uncertainty faced by traders and policymakers alike.

Ryssdal opens with a snapshot of the financial markets grappling with fluctuating tariffs. The recent decision to suspend tariffs on most imports from Canada and Mexico for a month has led to significant market tremors. “Tariffs are on, tariffs are off, tariffs are modified, tariffs are coming in a month,” Ryssdal remarks [00:02], encapsulating the relentless shifts that have left traders bewildered, resulting in a tumble of major stock indices despite the temporary reprieve.

Inflation: The Central Challenge for the Fed

A significant portion of the discussion centers on inflation, a stark contrast to the economic landscape of 2018. Economist Ann Owen of Hamilton College explains, “It's inflation, inflation, inflation” [01:38], underscoring how persistent inflation has reshaped economic strategies. Unlike in 2018, when inflation was manageable and tariffs were perceived as isolated shocks, the current environment sees inflation as a pervasive threat. Owen elaborates, “Higher inflation expectations can cause higher inflation. A self-fulfilling nightmare for the Fed” [02:45], highlighting the precarious position of the Federal Reserve.

Fed Chairman Jay Powell, who took the helm in 2018 during the initial trade skirmishes, now faces a far more fragile economy. With unemployment steady around 4%, Owen notes that recent payroll and GDP figures indicate a slowdown, further complicating the Fed's dual mandate of controlling inflation and maintaining full employment. Stephanie Aliaga from JPMorgan Asset Management adds, “This time around, tariffs are hitting an economy that's losing momentum” [02:57], emphasizing the compounded challenges Powell must navigate.

Labor Market Strains Amid Economic Shifts

The labor market presents another layer of complexity. Ryssdal reports on the first full monthly unemployment report of the second Trump administration, highlighting a rise in continuing unemployment claims reaching a three-year high [03:47]. This indicates that individuals are taking longer to secure new employment, a sentiment echoed in the Fed's Beige Book. Businesses outside traditionally understaffed sectors like healthcare and construction report ease in hiring, with one respondent noting, “resumes stacked to the ceiling” [05:05].

Megan McCarty Carino of "Marketplace" explores the prolonged job search period, averaging five and a half months for white-collar workers to find new positions [05:05]. Amanda Augustine of Career Minds points out the intensifying competition and rigorous hiring processes, stating, “Nobody wants to make a costly mistake and hire the wrong person” [05:05]. Allison Srivastava from Indeed Hiring Lab observes a "frozen" job market in certain sectors, with low quit rates indicating a lack of confidence among workers [06:00]. Julia Pollack of ZipRecruiter highlights that unemployment has disproportionately affected workers with some college education but no advanced degrees, particularly in fields like communications and IT [06:30].

Banking Sector Under Pressure from Rising Interest Rates

Interest rate hikes present significant challenges for the banking sector. Ryssdal references the collapse of Silicon Valley Bank two years prior, attributing it to the exposure of banks to undervalued long-term bonds amidst rising rates [09:00]. A new FDIC report reveals that many banks continue to hold substantial portfolios of long-term securities, exposing them to unrealized losses as interest rates remain high.

Chris Duncan, Chief Lending Officer at La Salle State Bank in Illinois, explains the predicament: “We have not seen our unrealized loss position in our securities portfolio reduce as much as maybe we would have anticipated a year ago” [10:07]. The bank faces potential losses if it needs to liquidate these securities, affecting profits and shareholder confidence. However, Julie Hill from the University of Wyoming College of Law notes that selling is only problematic if banks must liquidate under pressure, a scenario most banks are avoiding by holding onto their investments [10:29].

Quentin Lady, CFO of First National Bank Colorado, presents a more optimistic outlook, stating that his bank maintains ample capital and benefits from borrowers repaying loans reliably [11:12]. Strategies to mitigate losses include increasing loan issuance to capitalize on higher interest rates and reinvesting in new bonds with better yields, aiming for future unrealized gains as rates stabilize [11:55].

Tech Innovation and Workforce Dynamics in Crossville, Tennessee

Shifting focus, the episode features an in-depth segment on Whisper Aero, a high-tech aviation startup based in Crossville, Tennessee, led by CEO Mark Moore [14:30]. The company is pioneering quiet electric propulsion systems for drones and airplanes, vital for reducing noise pollution in urban areas. Moore discusses the unique challenges of operating a tech startup in a small town, including attracting and retaining skilled engineers. “Small town living is not for everyone,” Moore admits, highlighting the need to balance professional and personal lives by establishing a satellite office in Nashville to cater to employees seeking a more vibrant social environment [22:10].

Whisper Aero's partnership with Tennessee Tech University and investment in local infrastructure, such as a new sports complex, illustrate the broader economic impact of tech firms on rural communities. Ryssdal emphasizes the importance of integrating young, skilled workers like Ace Hawkins, a 20-year-old manufacturing technician, into the local economy to sustain growth and innovation [20:38].

Market Performance and Economic Indicators

Towards the episode's conclusion, Ryssdal provides a brief overview of the day's market performance. Major indices saw significant declines: Dow Industrials fell by 1%, Nasdaq plummeted by 2.6%, and the S&P 500 decreased by 1.8% [13:00]. Retail stocks exhibited mixed results, with Walmart dropping 1.4% and Dollar General rising 3.4%. Additionally, the yield on the 10-year Treasury note increased to 4.28%, reflecting ongoing volatility in bond markets [14:00].

Educational Insights and Final Notes

The episode wraps up with educational content defining key financial terms for listeners. Ryssdal clarifies that a "correction" occurs when a Wall Street index declines more than 10% from its recent high, a status currently applicable to the Nasdaq, which has fallen 10.4% since December [21:00]. He further explains that a "bear market" signifies a 20% decline, providing listeners with essential vocabulary to navigate financial discussions [22:30].

Conclusion

"This Isn’t the 2018 Trade War" offers a comprehensive analysis of the multifaceted economic challenges facing the United States today. From the intricate dance of tariffs and inflation to the strains in the labor market and banking sector, the episode provides listeners with a nuanced understanding of the current economic landscape. Additionally, the spotlight on Whisper Aero in Crossville exemplifies how technological innovation and workforce dynamics are shaping rural economies. Through expert insights and real-world examples, "Marketplace" equips its audience with the context needed to make sense of complex economic news.

Transcript

[Kai Ryssdal]

All right, that's it. I give up. You all figure it out. I mean, I'm kind of kidding, but I'm kinda not. From American Public Media, this is Marketplace in Los Angeles. I'm Kyle rysdolph. Thursday, today, the 6th of March. Good as always to have you along, everybody. Tariffs are on, tariffs are off, tariffs are modified, tariffs are coming in a month. Stop me when you have heard enough. Traders obviously have given up on trying to figure it out. All three major indices tumbled amid the chaos and confusion, even though the tariff news today is that the President's taxes on most imports from Canada and Mexico, effective as of just two short days ago, are off for a month. Whiplash is the economic order of the day for everybody for sure, but most particularly for the people whose actual job it is to keep this economy going. When it comes to navigating through a trade war, this is not Jay Powell's first rodeo. Powell was new to the job In March of 2018 when first term President Trump announced those 25% tariffs on steel and 10% on aluminum and then the China tariffs a couple of months later. But the American economy the Fed was managing back then was very, very different than the one it's managing now. And as Marketplace Matt Levin reports, so are the Fed's options for keeping it on track.

[Ann Owen]

The obvious difference between the economies of 2018 and 2025, I think there's three words.

[Kai Ryssdal]

It's inflation, inflation, inflation.

[Ann Owen]

Ann Owen is an economist at Hamilton College. Back in 2018, entire generations of Americans had never really had experience with high inflation. It was one of those mythical things from decades past, like PR or civil political discourse. So when Trump floated his first term tariffs, consumers and businesses didn't really expect inflation to rise above the 2% or so they were used to now though, after four years of paying through the nose for eggs.

[Kai Ryssdal]

So if you are paying attention to any discussion about the impact of tariffs, certainly inflation is a word that you're going to be sensitive to and that's going to influence your expectations about inflation.

[Ann Owen]

Higher inflation expectations can cause higher inflation. A self fulfilling nightmare for the Fed. Richard Clarida was Fed vice chair in 2018. He says consistently low inflation allowed the central bank to basically ignore Trump's tariffs as one off shocks. Although those 2018 tariffs were smaller in scope.

[Mark Moore]

Right now there's a discussion about, you.

[Kai Ryssdal]

Know, Mexico and Canada and potentially on the eurozone and reciprocal tariffs. And so the menu of possible tariff options is, is vastly longer.

[Ann Owen]

On the other side of the Fed's dual mandate, full employment. The 2018 and 2025 economies look similarly strong, with unemployment around 4%. But over the past few months, payroll and GDP numbers show signs of a slowdown. Stephanie Aliaga at JPMorgan Asset Management says this time around, tariffs are hitting an economy that's losing momentum.

[Kai Ryssdal]

The economy the 2025 Fed's trying to steer is a far more fragile economy than the one that they encountered in. And given the risks with inflation and growth, it puts the Fed in a really tricky spot.

[Ann Owen]

Either keep rates high to fight the inflationary impact of tariffs and risk recession, or lower rates and risk more inflation. I'm Matt Levin for Marketplace Wall Street Today.

[Kai Ryssdal]

Seriously, Gang traders have had it. We'll have the details when we do the numbers. We're going to do a little labor market now. We get the first full monthly unemployment report of the second Trump administration tomorrow morning. Today it was first time claims for unemployment benefits. They dropped last week after a big bump a week earlier you might remember that. But the number of people making continuing claims has reached a three year high, which means it is taking people longer to find new jobs. There was evidence of that competitive job market in the Fed's Beige Book, too. It was out earlier this week. A lot of businesses outside the chronically short staffed sectors like health care and construction, they said they're having an easy time finding people. One said they had resumes stacked to the ceiling. That's a quote. Another said jobs that used to get dozens of applications now get hundreds. Marketplace's Megan McCarty Carino has more on the state of American labor.

[Megan McCarty Carino]

On paper, the job market looks pretty strong this year. Layoffs in unemployment have been relatively low. But when you ask career coach Amanda Augustine at the outplacement firm Career Minds, for those who are looking for a job, you know, get ready to be in it for the long haul. Augustine serves mostly white collar workers who've been let go. She says it's taking an average of five and a half months for them to find new jobs. It does seem to be a longer, more drawn out process than before, she says. Competition is fierce and many employers are asking applicants to jump through more hoops, skill assessments, personality tests or multiple rounds of interviews. Nobody wants to make a costly mistake and hire the wrong person, so they're taking all this extra time. The job market in some sectors almost feels frozen, not just because hiring has slowed, says Allison Srivastava, an economist with Indeed Hiring Lab. People are pretty hesitant to leave their jobs. Quit rates are pretty low right now. It seems as though people don't have the confidence that they did, you know, a few years ago to just go out and find a new job, Srivastava says. In some fields like accounting, job postings are well above their pre pandemic baseline, but they're down in banking and software development. Unemployment has hit hardest for workers with some college but without advanced degrees, says Julia Pollack, chief economist at job site ZipRecruiter. There are some fields where workers are still doing fine, but for people with communications majors, pr, it, hr, all of those kinds of fields, this is a very, very unforgiving market right now, she says. ZipRecruiter surveys of job seeker confidence show a decline this year and workers are expressing a fair degree of layoff anxiety, especially government workers who are job searching at increased rates. Pollock says federal employees are concentrated in fields like program management and administration, so those areas are being flooded with applications. I'm Megan McCarty Carino for Marketplace.

[Kai Ryssdal]

Megan mentioned government workers and layoff anxiety there at the end. We now have a number on how many of those federal workers have been fired so far. I guess I should say it comes from the outplacement firm Challenger, Gray and Christmas, which said this morning that overall in this economy, 172,000 people were laid off in February, 62,242 of those were federal employees. A reminder here that what is being billed as government savings often and usually isn't. You might have picked up on this if you listen through to the end of the numbers every day when I do the 10 year treasury that when bond prices go up, bond yields go down, or in simpler terms, when interest rates go up, the value of existing bonds goes down. Doesn't matter why. Right now that's a whole separate thing. But the fact that that's what happens was a big factor in the collapse of Silicon Valley bank two years ago. The is coming Monday, which does seem very, very long ago. Interest rates were going up back then. Powell and the Fed were worried about inflation and so the value of the bonds that the bank was holding tumbled. I mention all that because a new report from the Federal Deposit Insurance Corporation shows that banks are still holding plenty of exactly that kind of loss. So Marketplace Justin Ho looked into how that's affecting banks and what those banks are doing about it.

[Chris Duncan]

When trillions of dollars of government relief aid went out early in the pandemic, a lot of it ended up being deposited in banks across the country and they had to figure out what to do with that money.

[John Huff]

We sat on our deposits for quite a while and then ultimately decided that, well, the money's sticking around. It's a little bit stickier than we thought it was going to be. Let's put it to work.

[Chris Duncan]

That's Chris Duncan, chief lending officer at La Salle State bank in Illinois. He says there wasn't much demand for loans at the time, so the bank decided to invest some of those deposits in 5 to 10 year government bonds, which at the time were paying next to nothing in interest. But then the Federal Reserve started raising interest rates and all of a sudden those low interest bonds the bank owned were worth less.

[John Huff]

You can imagine that there is no one out in the market that is looking to purchase that very low interest rate bearing security when they could now go out in the market and buy a security that's earning them much higher interest rates.

[Chris Duncan]

Duncan says he had hoped that interest rates might come down a bit more than they have, but they haven't.

[John Huff]

And so we have not seen our unrealized loss position in our securities portfolio reduce as much as maybe we would have anticipated a year ago.

[Chris Duncan]

If a bank needs to sell off any of those securities, say, to scrounge up some cash, it'd have to do so at a loss and take a chunk out of its profits. Julie Hill is dean at the University of Wyoming College of Law.

[Megan McCarty Carino]

Your shareholders are upset. Maybe it costs you more to borrow. Maybe it's harder for you to provide loans to your customers.

[Chris Duncan]

But Hill emphasizes that's only an issue if banks need to sell off their bonds. And right now most of them are holding on to what they own, which might not be such a bad idea.

[Megan McCarty Carino]

Because at some point some of those securities are going to hit maturity and go away and they won't have been.

[Chris Duncan]

Sold so the bank gets back the full amount that it invested. Banks can afford to do that when they have plenty of excess capital they can use as a cushion. Quentin lady is chief financial officer of First National Bank Colorado. He says his bank has plenty of extra capital sitting around in large part because he says, his borrowers are paying back their loans just fine.

[Kai Ryssdal]

And that really is a driver for.

[Chris Duncan]

An environment where you're building capital over time because you're not needing to put more aside for potential loan losses. Lady says it also helps that most of the bank's assets are invested in loans rather than bonds because they tend to have shorter terms and often allow banks to increase the interest rate.

[Kai Ryssdal]

And so we get to experience the.

[Ann Owen]

Rising rate environment quicker with those.

[Chris Duncan]

At LaSalle State bank in Illinois, Chris Duncan, the chief lending officer, says one strategy is to make more loans to take advantage of today's elevated interest rates. Another is selling off some of its old low interest bonds, taking the hit and reinvesting in new bonds with better yields.

[John Huff]

We feel in five to 10 years when rates have come down, those securities, those investments will still be earning much higher rates and therefore those securities will have value.

[Chris Duncan]

Hope is, Duncan says, that in five to 10 years we'll be talking less about unrealized losses and more about unrealized gains. I'm Justin Ho for Marketplace.

[Mark Moore]

Coming up, we were sequestered out in, out in the boonies.

[Kai Ryssdal]

Living with your co workers. But first. Sure, why not? Let's do the numbers. Yeah, the Wawas again. I think that's like three days out of four. Right. Dow Industrials off 427 points, about 1%. 42,005, 79. Nasdaq plunged 483 points 2.6% 18,069 the S&P 500 down 104 1.8%. 57 and 38. Remains to be seen what the back and forth and back and forth and back and forth and back and forth on trade will mean for retail prices. But we're guessing it's not going to be Great. Walmart down 1.4% today. Dollar General went up 3.4%. Target off by 2 and 2, 10% today. Costco, which reported earnings after the bell was down 2% during the session. Another one and a quarter percent after hours missed analyst expectations, which is never good. Bonds down Yield on the 10 year T note rose 4.28%. You're listening to Marketplace. This is Marketplace. I'm Kai Ryssdal. We started a new series this year called the Age of Work about how the biggest wave of retirements that this country has ever seen are going to change the economy here and abroad. Prime age workers, people between 25 and 54 years old have been a smaller and smaller share of the American labor force since the 1990s. And as a result, compared to the rest of the world, the United States has fewer and fewer workers supporting the economy. Our first stop in this series was Cumberland County, Tennessee, where one out of every three people is 65 or older. But among the golf courses, the quilt shops and the other businesses aimed at that county's many retirees, we did find an outlier.

[Mark Moore]

Several of us came out of Uber Elevate knowing what we needed to achieve as goals and developed a whole new method of distributed electric propulsion that is focused on ultra quiet and ultra high efficiency.

[Kai Ryssdal]

Mark Moore is the founder and CEO of Whisper Aero. They're trying to make thrusters for electric airplanes and drones quieter. Mark worked at NASA for 34 years, then ran engineering at Uber's electric aviation division. In July 2020, he started his own company, Whisper Arrow. As it happens, he was on vacation the days that we were in town. His first vacation, by the way, since starting the company. So we got him on Zoom. I'm. I'm sorry. We're going to miss you in person.

[Mark Moore]

I'm bummed, too, because it's. I'm so excited that you're doing a story about Crossville. It's. It's a very cool place, and a lot of things are happening.

[Kai Ryssdal]

Crossville is the county seat, population 13,000 or so. So it was an easy first question for this former NASA engineer running a tech startup, Cumberland County, Tennessee. How did that come to be?

[Mark Moore]

Well, in the last year that I was at Uber Elevate, I was doing a lot of traveling, and Covid was just starting to rear up and happened to be in Tennessee, and I saw this resort on a gorgeous lake right by the airport that was in foreclosure, and I'm like, man, that would be a really cool place to start the company. And so I bought it, turned those Uber shares into a resort, and all the engineers just moved in, and we started with Sparrero.

[Kai Ryssdal]

Sorry, like a resort resort.

[Mark Moore]

A resort resort, yep. So 40,000 square feet on 16 acres with about 2,000ft of lakefront on the most gorgeous Clearwater Lake. And on the other side is the. Is the local Crossville Airport, where we have our flight test operations.

[Kai Ryssdal]

So the pitch is, come live in a resort in Cumberland and do new technology in aviation.

[Mark Moore]

Yes. And I can tell you, for the first engineers, they were like, you think I'm going to move to rural Tennessee? Forget that. And we say, just come visit. And they'd come to the resort and they'd go, oh, my gosh, this is paradise. And they'd bring their kids and wives and dogs. And for the first two years of the company, you know, there was a big risk where we could have ended up hating each other by living, working, and playing in such close proximity. But it was amazing, especially during COVID.

[Kai Ryssdal]

While a lot of other companies moved to Zoom, this one had its own quarantine bubble, which mark bought for $1.1 million, comparable, you should know, to the median single home price in San Francisco.

[Mark Moore]

We were sequestered out in. Out in the boonies. And I say that lovingly for Crossville much.

[Kai Ryssdal]

Well, we'll get To Crossville in a second. But much as Covid as it started to wane, you know, the stresses got to all of us. And, you know, I love my family, but I didn't want to be with them forever. I can't imagine that there weren't some stresses that led you guys then to say, look, we got to figure out a new way to do this.

[Mark Moore]

Actually, it was hiring in many more people. So, you know, from that original eight, which quickly grew to 12, now we're at 56 plus 20 contractors, and we outgrew the facility to do the advanced manufacturing that we do.

[Kai Ryssdal]

Mark says an average engineer at Whisper arrow makes more than four times Cumberland county's median wage, not including equity and bonuses. So once we got to Crossville, I went to see the company's new headquarters in a brick building downtown. Since they've outgrown that lakeside resort, this is about as nondescript as they come. I mean, I wasn't even sure we'd found the right door. I don't. Oh, it was okay. Yeah, you go first. I'm not going first. We walk down a long, kind of dark hallway into a not yet fully built out office space. So, wait, did we interrupt lunch? I'm really sorry. We can come back in, like, 10. Where they keep their technology under lock and key. The iPad requires your phone number.

[Ann Owen]

All right, then you'll sign our standard NDA, which is just stating you will.

[Kai Ryssdal]

Not share anything that you see here. All right. Except, like, you know, on the radio, but other than that. Right?

[Ann Owen]

Yeah, of course. Things that have already been shared. Right. Everything else we'll just assume is a secret.

[Kai Ryssdal]

That's probably not a great assumption to make. Who's my host?

[Ann Owen]

We'll say John.

[Quentin Lady]

Yeah. So John Huff.

[Kai Ryssdal]

John Huff. John Huff's been at Whisper Arrow about a year. He's the head of testing. Also today, our tour guide.

[Quentin Lady]

Yeah. So Louis has his assembly stations here.

[Kai Ryssdal]

There were engineers working at computers, some poking at fan blades in a pristine manufacturing space.

[Quentin Lady]

Next to it, we have where we're prototyping some parts, also test machines. It looks like some kind of weird concept art.

[Kai Ryssdal]

It kind of does.

[Quentin Lady]

You know, just sort of a new age flower or something like that.

[Kai Ryssdal]

It had a spot for the engines that whisper makes on one side and then a structure almost like a sea coral on the other with egg sized round things all over it.

[Quentin Lady]

It's a beam forming array or some people call it an acoustic camera. And so each one of these balls has a microphone under it.

[Kai Ryssdal]

This is just a windscreen the engine turns on 116. Microphones capture the sound coming out of it.

[Quentin Lady]

And so what you end up with is a sound map, like a color image or like a thermal image, if you will, of the acoustics.

[Kai Ryssdal]

Remember, this is a tech company focused on making stuff quieter. John showed me an electric leaf blower they made as a sort of proof of concept of their whisper technology. All right, so it's audible. You know what it is? It's a little higher pitch. Right? There's a little.

[Ann Owen]

Right.

[Quentin Lady]

And that's a big part of the.

[Kai Ryssdal]

Fan design idea, being that same technology could be used for a drone or electric airplane, too. Please don't take offense at this. I thought it would be quieter.

[Quentin Lady]

You know, what's the expectation? Right? I mean.

[Kai Ryssdal]

Well, my expectation was a whisper.

[Quentin Lady]

That was my expectation. I know, I know.

[Kai Ryssdal]

I'm sorry.

[Quentin Lady]

It's a medium whisper.

[Kai Ryssdal]

Well, right, okay. That's fair.

[Quentin Lady]

Not a secret whisper.

[Kai Ryssdal]

That's fair. Along the way, as John was showing us around, we met people who'd moved to Crossville from big cities to work there. Seattle.

[Chris Duncan]

So I used to work for Amazon and so came from Seattle maybe about three years ago.

[Kai Ryssdal]

And we met local Crossvillians, taking advantage of this new hometown opportunity. Where'd you come from? Crossville. I'm from here. That's Ace Hawkins. Manufacturing technician. Graduated from technical college about a year ago. Worked at a car dealership before coming here. How old are you? 20. 20? Yes, sir. None of my business, but you're making a good living for a 20 year old here in Crossville. Yes, I am in Crossville. Yes, I am. You got spare change? You got enough disposable income? Yes, sir. How long you think without, you know, your boss being standing right here? How long you think you're going to be here? I'd say we got about five years. All right. And then where do you go from here? Right, because you'll have really. I mean, you'll have good, like, high tech manufacturing background. Then what? We'll see. I haven't thought about it that much yet, but we'll see. Fair enough. Thanks, Ace. Thank you. Appreciate your time. Yep. Younger, skilled workers like Ace are critical for growing companies like Whisper Arrow, if they can keep them around. What else? What else? Haven't I asked you, John? What's the most important thing?

[Quentin Lady]

Do you know any test engineers interested in moving to Crossville?

[Kai Ryssdal]

I do not.

[Quentin Lady]

Okay.

[Kai Ryssdal]

For this high tech company in a small Tennessee town, labor force is top of mind. So I put that question to Mark Moore. Whisper Arrow's CEO, Talk to me now about the recruiting challenge that you're having. As you grow and as you scale, you're going to have to recruit many more people to come to Crossville.

[Mark Moore]

Yeah, well, and I want to be completely honest about this because, look, small town living is, is not for everyone. I love it. And, but you know, we have a lot of single engineers who are, you know, PhDs from Stanford and MIT and Franklin. The dating life in Crossville was, was not too exciting for them. And so for the single guys and gals, we actually had to open up a Nashville, Tennessee office, a satellite office where those engineers could have a more exciting dating life nightlife. It's about an hour and a half away between the two offices, but it really works well to give employees the maximum choice and be able to fit to diverse needs.

[Kai Ryssdal]

Mark Moore and his company are invested in Crossville. They've worked out a partnership with Tennessee Tech University to build an incubator here in town. And Mark has actually done some work with the city to help him raise money for a new sports complex. The whole time we were in Cumberland county, we talked about how changing demographics created both opportunities and challenges for that community. Whisper Arrow is an example of one opportunity for the county to expand its economy and, and give young people more reason to stay. At the same time, though, people moving into a place with high tech wages can and does change things for the people already there. You can find all of our stories from Cumberland county in our Age of Work series. It is, of course, at marketplace.org foreign this final note on the way out today, which I offer for, you know, no reason, just some vocabulary that might be useful in the near future. A particular Wall street index or commodity or a stock is said to be in a correction when it falls more than 10% from its most recent high, as in the Nasdaq, is now in correction off 10.4% from its high this past December. That's true. By the way, that sentence, should you be curious, a bear market is a decline of 20%. John Buckley, John Gordon, Noya Car, Diantha Parker, Amanda Peacher and Stephanie Sieck are the Marketplace editing staff. Amir Bibawi is the managing editor. I'm Kyle Rysdal. We will see you tomorrow. Everybody, this is apm.