Latest / The Financial Exchange Show / Will the government force Airlines to reign in junk fees?

Transcript

Will the government force Airlines to reign in junk fees? · The Financial Exchange Show

0:00
Speaker 1: The Financial Exchange is produced by Money Matters Radio and
0:02
Speaker 1: is hosted by employees of the Armstrong Advisory Group, a
0:05
Speaker 1: registered investment advisor. All opinions expressed are solely those of
0:08
Speaker 1: the hosts. Do not reflect the opinions of Armstrong Advisory
0:11
Speaker 1: or anyone else. Investments can lose money. This program does
0:14
Speaker 1: not offer any specific financial or investment advice. Please consult
0:17
Speaker 1: your own financial, tax, and estate planning advisors before making
0:20
Speaker 1: any investment decisions. Armstrong Advisory and the advertisers heard on
0:23
Speaker 1: this program do not endorse each other or their services.
0:26
Speaker 1: Armstrong and Money Matters Radio do not compensate each other
0:28
Speaker 1: for referrals and are not affiliated. This is The Financial
0:34
Speaker 1: Exchange with Chuck Zada and Mike Armstrong, your exclusive look
0:39
Speaker 1: at business and financial news affecting your day, your city,
0:42
Speaker 1: your world. Stay informed and up to date about economic
0:46
Speaker 1: and market trends plus breaking business news every day. The
0:50
Speaker 1: Financial Exchange is a proud partner of the Disabled American
0:53
Speaker 1: Veterans Department of Massachusetts. Help us support our great American
0:57
Speaker 1: heroes by visiting DAV five K dot Boston and making
1:00
Speaker 1: a donation today. The DAV five K Boston is presented
1:04
Speaker 1: by Veterans Development Corporation. This is the Financial Exchange with
1:09
Speaker 1: Chuck Zada and Mike Armstrong.
1:12
Speaker 2: Kicking off hour two on the Financial Exchange.
1:15
Speaker 3: Chuck, Mike and Tucker with you in stocks taking a
1:17
Speaker 3: little bit of a pause here after rallying for the
1:20
Speaker 3: last I don't know a week or so, almost two
1:23
Speaker 3: weeks that we've seen some positive movement for equities and
1:28
Speaker 3: not not a huge pause, but the dows off one
1:30
Speaker 3: hundred points today. SMP's down about eight, nasdac's down fourteen,
1:34
Speaker 3: so anywhere from you know, a tenth to a quarter
1:36
Speaker 3: of a percent, it's nothing huge for the major indices.
1:39
Speaker 3: Tenure US Treasury is up two basis points back to
1:41
Speaker 3: four point two percent. We've got Oil West Text Intermedia
1:45
Speaker 3: up thirty seven cents per barrel on news that OPEC
1:50
Speaker 3: plus is going to be delaying their production increases until
1:54
Speaker 3: at least April. And we've got Gold today down eleven
1:59
Speaker 3: dollars in eighty centsnouns to twenty six sixty four and
2:04
Speaker 3: forty cents.
2:04
Speaker 2: So again pretty quiet.
2:06
Speaker 3: And this is all an expectation of a jobs report
2:08
Speaker 3: tomorrow that does have the potential to move markets. Expectations
2:12
Speaker 3: looking like about two hundred thousand jobs added, unemployment rate
2:15
Speaker 3: expected to tick up slightly to four point two percent,
2:18
Speaker 3: and we'll have a whole bunch of discussion of that
2:21
Speaker 3: and the underlying data when it is released tomorrow. Mike,
2:27
Speaker 3: let's talk a little bit about this piece from the
2:30
Speaker 3: New York Times. I think it could best be that
2:34
Speaker 3: the headline can best be rephrased one man's junk fees
2:38
Speaker 3: are another man's unbundling.
2:41
Speaker 4: So we've had airline executive testifying in front of Congress
2:46
Speaker 4: on was it just Wednesday or do they have a
2:48
Speaker 4: multiple multiple days of testimony.
2:51
Speaker 3: I think it's been two days. It's usually one in
2:52
Speaker 3: front of the House and then one in front of
2:54
Speaker 3: the Senate.
2:54
Speaker 4: So here is I've concluded that I think this is
3:00
Speaker 4: one of the more ridiculous areas of Is this part
3:03
Speaker 4: of the CFP beat Now it's it's part of the center.
3:06
Speaker 4: Transportation is the one that's been enforced.
3:10
Speaker 2: Looking to enforce this.
3:11
Speaker 4: Stuff and looking at junk fees has been a key
3:15
Speaker 4: push from the Biden administration across different areas of the economy.
3:18
Speaker 4: It's kind of been their response to higher inflation. And
3:23
Speaker 4: we can talk about industry by industry here. But I
3:26
Speaker 4: think this is the most ridiculous thing to look at
3:29
Speaker 4: enforcing or regulating in the airline industry.
3:33
Speaker 5: I think it's absolutely silly.
3:36
Speaker 4: I think that air travel is cheaper today on an
3:40
Speaker 4: inflation adjusted basis than it has ever been. There is
3:43
Speaker 4: still competition, and if airlines want to offer, which many
3:49
Speaker 4: of them do, like many airlines offer a completely unbundled
3:53
Speaker 4: option where you get nothing and have to pay for
3:56
Speaker 4: every little item.
3:58
Speaker 2: And then they offer ones where you all so can.
4:01
Speaker 4: If I go look at Delta or Jet Blue or American,
4:04
Speaker 4: there's a basic economy fair that's going to be cheaper
4:07
Speaker 4: than all the rest where I don't even get to
4:08
Speaker 4: pick my seat, and then there's going to be a
4:11
Speaker 4: bunch of higher options where I do get to pick
4:13
Speaker 4: my seat, and I get a check bag, and I
4:15
Speaker 4: get a carry on bag, and I get a twinkie
4:18
Speaker 4: during the flight. Like it's just preposterous that we would
4:22
Speaker 4: go and look at this and say, yeah, these junk
4:23
Speaker 4: fees are the cause of inflation or are unfair to consumers.
4:28
Speaker 5: They're adequately disclosed.
4:30
Speaker 4: Some airlines don't charge them, some of them do, and
4:33
Speaker 4: let the market figure this out.
4:37
Speaker 3: And here is the one issue that I think gets
4:41
Speaker 3: us to this point. And the problem, in my opinion
4:46
Speaker 3: is that basically, I mean it really is, the executive
4:50
Speaker 3: branch over time has abdicated its responsibility and the legislature
4:55
Speaker 3: too as an enforcer of antitrust. And as such, you
4:59
Speaker 3: have a whole bunch of routes where there is no
5:01
Speaker 3: competition or maybe one competitor, and so it's pretty easy
5:06
Speaker 3: to effectively collude even if you're not you know, calling
5:10
Speaker 3: up the other CEO and being like, Hey, here's what
5:12
Speaker 3: we're gonna do on this route. If there's no competition
5:15
Speaker 3: on routes, then you don't have the ability to find
5:19
Speaker 3: other alternatives. And I think we've gotten to this point
5:21
Speaker 3: because in the decade after nine to eleven, when airlines
5:27
Speaker 3: were you know, really struggling, after you know, a whole
5:30
Speaker 3: bunch of them went through bankruptcies and things like that,
5:32
Speaker 3: we allow these giant mergers to happen between Delta Northwest,
5:37
Speaker 3: between United and Continental, between American and US, and so
5:41
Speaker 3: you don't have enough competition in the airline space now
5:45
Speaker 3: to allow for customers who might be unhappy with an
5:49
Speaker 3: airline to be like, you know what, I am going
5:52
Speaker 3: to choose someone else because either A there is no
5:55
Speaker 3: one else who's flying that same route, or B the
5:58
Speaker 3: only other company that is has the exact same pricing
6:01
Speaker 3: because they're all huge and they don't need to actually
6:03
Speaker 3: compete with each other.
6:04
Speaker 5: Yeah, I guess that's fair.
6:05
Speaker 4: But you know, when I think about monopolistic type businesses,
6:09
Speaker 4: I think about big, massive, profitable entities. And you're right,
6:14
Speaker 4: the airlines are profitable these days, some of them are,
6:18
Speaker 4: but it's not the big ones are. Like this is
6:21
Speaker 4: my point is when you look at the big airlines
6:24
Speaker 4: these days, and I'm just gonna I'll pull Delta just
6:27
Speaker 4: as an example, because they're commonly thought of as like
6:30
Speaker 4: the gold standard for airlines.
6:32
Speaker 2: And look, I've often said that.
6:34
Speaker 3: I absolutely would despise owning and operating an airline because
6:39
Speaker 3: it's generally like a horrible business decade. Delta, aside from
6:44
Speaker 3: the pandemic year, has not posted a loss since twenty ten,
6:52
Speaker 3: twenty ten. Yeah, they have not had a trailing twelve
6:55
Speaker 3: month loss since the first quarter of twenty ten.
6:58
Speaker 2: Now, I'm not saying that you should consistently have losses
7:01
Speaker 2: like that.
7:01
Speaker 3: That's a bad business, but in an industry that has
7:06
Speaker 3: high capital expenses, you know, unionized workforce, you know, huge
7:11
Speaker 3: upfront costs that you have to pay in things like that.
7:13
Speaker 3: The idea that hey, we can go fifteen years without
7:18
Speaker 3: having any losses in a hugely cyclical you know, sector two,
7:25
Speaker 3: that's kind of insane to me. And oh, by the way,
7:28
Speaker 3: when we do actually have a loss, hey, we're gonna
7:32
Speaker 3: go to the government cry for a bunch of money.
7:34
Speaker 3: And then on the back end, when we were supposed
7:36
Speaker 3: to use that money to keep our people say oh gee,
7:38
Speaker 3: we couldn't keep enough people.
7:40
Speaker 5: Got fire them. Yeah.
7:42
Speaker 4: I don't love the way that this all went down
7:45
Speaker 4: during COVID. I don't think many people do.
7:47
Speaker 2: But even let's let's look at United.
7:49
Speaker 3: Does anyone look at United and is like, hey, like
7:51
Speaker 3: that's the paragon of you know, airlines and how they
7:54
Speaker 3: should be run. No, Like, they're kind of middle of
7:57
Speaker 3: the road, right, They're just there. They haven't had any
8:00
Speaker 3: losses since twenty thirteen. And you look at the history
8:04
Speaker 3: of them going back through you know, the data that
8:07
Speaker 3: I have is a publicly traded companies going back to
8:08
Speaker 3: ninety two, and they would you know, kind of consistently
8:11
Speaker 3: have like five or six years where they'd make money
8:13
Speaker 3: five or six where they'd lose five or six where
8:15
Speaker 3: Like you just kind of pingpong back and forth. Because
8:17
Speaker 3: that's what being an airline was. It was a tough business,
8:21
Speaker 3: but it was one that, hey, like, sometimes it would
8:24
Speaker 3: work for and sometimes it wouldn't, and ultimately you'd go
8:27
Speaker 3: through these reorganizations, you know, on a fairly frequent basis,
8:31
Speaker 3: and that would be kind of what they do. Not Hey,
8:35
Speaker 3: you just have a license to print money and not
8:37
Speaker 3: have any losses because you're so big that no one
8:41
Speaker 3: can compete with you, right.
8:44
Speaker 2: I guess where I get to is, Yeah, I.
8:48
Speaker 3: Think it's dumb that we're having conversations about, like should
8:53
Speaker 3: a baggage fee be included in the flight of a plane?
8:57
Speaker 2: What's the real problem that we're causing there?
9:01
Speaker 3: But what's the because look, if you want it to
9:04
Speaker 3: be included in the price of the ticket, ticket prices
9:06
Speaker 3: are going to go up, right Like, you're not going
9:09
Speaker 3: to get the same price ticket if you want more stuff.
9:13
Speaker 3: We like, that's just how it's going to work, because
9:16
Speaker 3: that there are two costs that airlines have that are
9:19
Speaker 3: higher than any others, labor and fuel. When you have
9:22
Speaker 3: more heavy bags on planes, you need more fuel to
9:26
Speaker 3: get the plane where it's going, which also raises the weight,
9:29
Speaker 3: which means you need more fuel. So ultimately, if you
9:34
Speaker 3: want to have baggage included in every ticket, then you're
9:38
Speaker 3: two hundred dollars ticket. It's probably gonna be two fifty
9:40
Speaker 3: every time, and that's fine, but like that's what it's
9:44
Speaker 3: going to be.
9:44
Speaker 4: So I how about how about we waive baggage fees,
9:47
Speaker 4: but we charge by total total price per pound?
9:51
Speaker 5: Why do you got to stand with your on the scale.
9:53
Speaker 3: Let's let's weigh every passenger. Because here's the thing. By
9:56
Speaker 3: the way, if you've ever flown down a little puddle
9:58
Speaker 3: jump or like anya, they do they actually weigh you
10:01
Speaker 3: so that they know that the plane's gonna fly. Yeah,
10:05
Speaker 3: so yeah, So I think this is some of the
10:09
Speaker 3: other stuff where it's like, hey, airlines refusing to pay
10:12
Speaker 3: you if you've been delayed for a day. Yeah, okay,
10:15
Speaker 3: Like I could see that as being something where it's
10:18
Speaker 3: worthy because you like, there's a real problem there this,
10:21
Speaker 3: Like I don't care how air My only complaint with
10:25
Speaker 3: how airlines do some of this stuff is that they
10:29
Speaker 3: they won't show you the full cost of what you've
10:31
Speaker 3: done until you're done, Like, no, show let me like
10:34
Speaker 3: add the stuff I want and show me the cost
10:36
Speaker 3: in real time so I don't have to go back
10:38
Speaker 3: to another page. But even there, like do I need
10:39
Speaker 3: to legislate that out? No, I don't know, Like what
10:42
Speaker 3: did it cost me five minutes a time? Even though
10:45
Speaker 3: it'll be fair. A lot of airlines booking systems slow.
10:51
Speaker 5: But sure don't need to legislate it.
10:52
Speaker 3: Though we don't need to legislate how slow the systems
10:54
Speaker 3: are either, So uh yeah, this to me, minor is
11:00
Speaker 3: that doesn't warrant this level of scrutiny. And ultimately, if
11:06
Speaker 3: you're gonna say, hey, like all this stuff should be
11:10
Speaker 3: included in a plane ticket, by the price of the
11:12
Speaker 3: ticket's gonna be higher, right, plain and simple, take a
11:16
Speaker 3: quick break here, or if you think you can do
11:21
Speaker 3: a better job, go start an airline.
11:26
Speaker 2: You're gonna get to the same place.
11:27
Speaker 3: And we know this because the airlines that tried to
11:29
Speaker 3: do a better job by not doing this Jet Blue Southwest,
11:34
Speaker 3: they're moving to this model because they're getting they're having
11:36
Speaker 3: their lunch eaten by bigger competitors who have market power.
11:39
Speaker 3: Because they were allowed to merge. Right, let's take a
11:43
Speaker 3: quick break here. When we come back, we've got uh
11:46
Speaker 3: Sarah Foster from bank Rate joining us talking about workers
11:49
Speaker 3: getting raises in twenty twenty four.
11:53
Speaker 1: Tankst us six one, seven, three, six, two, thirteen eighty
11:56
Speaker 1: five with your comments and questions about today's show and
12:00
Speaker 1: let us know what you think about the stories we
12:01
Speaker 1: are covering. This is the Financial Exchange Radio Network. If
12:06
Speaker 1: you missed any of today's show, catch up whenever you
12:09
Speaker 1: want on our YouTube page. Find daily show segments and
12:12
Speaker 1: full shows. Just go to YouTube dot com and search
12:14
Speaker 1: for the Financial Exchange. This is your home for breaking
12:18
Speaker 1: business and financial news. This is the Financial Exchange Radio Network.
12:24
Speaker 6: This segment of The Financial Exchange is brought to you
12:27
Speaker 6: into part by the US Virgin Islands Department of Tourism.
12:30
Speaker 6: The US Virgin Islands are Saint Croix, Saint Thomas, and
12:33
Speaker 6: Saint John. With winter on the horizon, now's the time
12:36
Speaker 6: to start looking at a fabulous holiday vacation and there's
12:39
Speaker 6: no better place than the US Virgin Islands. Enjoy perfect weather,
12:42
Speaker 6: world class dining, incredible beaches and a vibrant nightlife. No
12:46
Speaker 6: passport is needed and there's no money to exchange. Take
12:50
Speaker 6: your next vacation in America's Caribbean paradise to the United
12:52
Speaker 6: States Virgin Islands. Go to visit USBI dot com to
12:56
Speaker 6: book your trip. That's visit USBI dot com.
12:59
Speaker 4: Joining us now is Sarah Foster from bank Rate talking
13:02
Speaker 4: to us about a survey they did of workers who
13:04
Speaker 4: may or may not have gotten raises in twenty twenty four. Sarah,
13:07
Speaker 4: thanks for joining us.
13:08
Speaker 7: Thanks for having me. It's always great to be here.
13:10
Speaker 4: So we're heading into annual review season. I think a
13:13
Speaker 4: lot of people will be sitting down with their employer
13:15
Speaker 4: and talking about, you know, what comes next in twenty
13:17
Speaker 4: twenty five. What did you find in terms of your survey?
13:21
Speaker 4: How many what portion of people you surveyed did get
13:24
Speaker 4: raises in twenty twenty four.
13:26
Speaker 7: Yeah, you're right. It's a good time to really be
13:28
Speaker 7: thinking about your compensation at this time of year. And
13:31
Speaker 7: we found that fifty three percent of workers are actually
13:33
Speaker 7: confident that they'll get a pay increase of some kind
13:36
Speaker 7: over the next twelve months. We saw that over the
13:40
Speaker 7: past twelve months, though, you know, even though the labor
13:42
Speaker 7: market has been showing signs of slowing, it still looks
13:46
Speaker 7: like it's pretty healthy because sixty one percent of workers
13:49
Speaker 7: got a pay increase over the past twelve months. It's
13:52
Speaker 7: roughly consistent with levels from last year and then twenty
13:56
Speaker 7: twenty two, and of course we were in the middle
13:58
Speaker 7: of that great resignation era. There is a slowdown though
14:01
Speaker 7: in how many Americans are finding better paying positions somewhere else.
14:05
Speaker 4: And to be clear, I mean, everyone recognizes that the
14:08
Speaker 4: pace of inflation has slowed considerably, but the confidence being
14:13
Speaker 4: that it's a coin toss as to whether or not
14:15
Speaker 4: people are going to get a get a raise this year,
14:18
Speaker 4: it doesn't lead to a lot of confidence. That means,
14:21
Speaker 4: you know, if you're not getting a raise, you are
14:23
Speaker 4: losing about two to three percent in purchasing power as
14:26
Speaker 4: we head into twenty twenty or five. Did you find
14:29
Speaker 4: any trends in who's getting the raises who isn't that
14:33
Speaker 4: might kind of indicate how people can push for them more.
14:38
Speaker 7: Yeah. Yeah, And we you know, we've historically always seen
14:42
Speaker 7: job hopping as the best way of getting biggest pay bump,
14:46
Speaker 7: and right now that might not really be the case
14:49
Speaker 7: of you know, we're comparing data from the Atlanta Federal
14:52
Speaker 7: Reserve Bank, and they are showing that job switchers and
14:56
Speaker 7: job stayers are roughly earning about a four percent increase
15:00
Speaker 7: at this point, which is roughly identical to each other.
15:03
Speaker 7: You know, all groups actually saw less success this year
15:07
Speaker 7: than in last year getting better paying jobs. But you know,
15:11
Speaker 7: some of those other people who did have better luck
15:13
Speaker 7: than others were those younger generations, probably because you know,
15:17
Speaker 7: gen zers and millennials are still early in their careers
15:20
Speaker 7: and not having hit their peak salary band, it's probably
15:24
Speaker 7: a little bit easier for them to find something new
15:26
Speaker 7: out there. Lower income workers also, and I think you
15:29
Speaker 7: could directly trace that back to just where the demand
15:33
Speaker 7: remains in this labor market, and it seems that companies
15:36
Speaker 7: are still looking for those in person service jobs, including
15:40
Speaker 7: food services and then leisure and hospitality.
15:43
Speaker 4: Did you find it somewhat surprising that baby boomers are
15:47
Speaker 4: the least likely group to be experiencing pay increases accoring
15:52
Speaker 4: to your survey. I think of that as you know, hey,
15:54
Speaker 4: if I'm going to incentivize somebody that's on the verge
15:56
Speaker 4: of retirement, I might need to keep paying them more.
15:59
Speaker 5: Survey doesn't seem to indicate.
16:00
Speaker 7: That it's it's interesting. It's actually something you know, we've
16:04
Speaker 7: been looking at this data for years now at this point,
16:07
Speaker 7: since twenty nineteen, we've been tracking who's been getting pay
16:10
Speaker 7: increases who hasn't, And back then, you know, when I
16:13
Speaker 7: first looked at that data was something that I noticed too,
16:16
Speaker 7: that older generations were the ones least likely to be
16:19
Speaker 7: getting pay increases. So, you know, you could infer that
16:22
Speaker 7: this is a longer run trend. I kind of speculate
16:25
Speaker 7: that it's just because they're older in their careers, they've
16:29
Speaker 7: probably already maxed out their compensation, or at least the
16:32
Speaker 7: growth rate that they're going to face throughout the rest
16:34
Speaker 7: of their career is probably a little bit slower than
16:37
Speaker 7: it was for younger generations and even for them when
16:40
Speaker 7: they were that age. Even talking with older general or
16:44
Speaker 7: at least talking with older workers themselves, though, you know,
16:48
Speaker 7: we learn that there are some consequences here where a
16:51
Speaker 7: lot of their budgets are stretched. Their budgets have absolutely
16:55
Speaker 7: changed over the course of their lifetimes. When they were
16:57
Speaker 7: maybe first in the early twenties, now they're caring for
17:01
Speaker 7: aging parents and even children. We also saw that those
17:04
Speaker 7: older generations were more likely to say that inflation has
17:07
Speaker 7: taken a bite out of their wages. So I think
17:09
Speaker 7: all of this is kind of related.
17:11
Speaker 4: Sarah, I've heard a lot of dissatisfaction with this labor market.
17:14
Speaker 4: I think a lot of that comes from just not
17:16
Speaker 4: a lot of movement. Job hopping, as you mentioned, has
17:19
Speaker 4: been less common according to the Jolt Service. How would
17:22
Speaker 4: you describe this labor market? Because yeah, I'm seeing some stagnation,
17:25
Speaker 4: but it does still seem like a relatively robust labor market.
17:29
Speaker 7: It's a very valid question, and I think when I
17:32
Speaker 7: catch myself describing that this job market is healthy, I
17:35
Speaker 7: always think I need to add an asterisk there because
17:37
Speaker 7: it's healthy. But for whom, you know, that's the most
17:40
Speaker 7: important question. The people who are employed, they're roughly still
17:45
Speaker 7: benefiting from a strong job market because as we see,
17:48
Speaker 7: layoffs are low, the unemployment rate is still historically low.
17:52
Speaker 7: They're still continuing to get pay increases at their position. However,
17:56
Speaker 7: if you're someone who's unemployed, or maybe you're looking for
17:59
Speaker 7: an new change to leave your current company, that's where
18:04
Speaker 7: you might start to feel like this job market isn't
18:06
Speaker 7: so hot. Because we're saying that the share of workers
18:09
Speaker 7: who've been unemployed for six months are longer is now
18:12
Speaker 7: the highest since twenty seventeen. The hiring rate is even
18:16
Speaker 7: lower today than it was pre pandemic. You know, all
18:19
Speaker 7: of these signs are kind of pointing to the fact
18:21
Speaker 7: that this job market might be in stasis or at
18:24
Speaker 7: least kind of approaching a holding pattern. So the message
18:28
Speaker 7: for job seekers right now really is that, you know,
18:30
Speaker 7: if you're looking for something new, it's probably going to
18:33
Speaker 7: require a little bit of patience.
18:35
Speaker 4: That's Sarah Foster from bank Rade join us today to
18:37
Speaker 4: talk about their survey on workers who did or did
18:40
Speaker 4: not get raises in twenty twenty three and twenty twenty four,
18:43
Speaker 4: and what's to come for twenty twenty five. Sarah, thanks
18:45
Speaker 4: so much for joining us, appreciate it, Thanks for having
18:47
Speaker 4: me taking a look here at markets. We've got the
18:50
Speaker 4: Dow off about ninety one points, one fifth of one percent,
18:53
Speaker 4: the S ANDP basically flat for the day, down one point,
18:56
Speaker 4: the NASDAK currently leading the way upwards, but only up
19:00
Speaker 4: about fourteen points or one tenth of one percent, and
19:04
Speaker 4: price of a barrel of oil now sitting at sixty
19:07
Speaker 4: eight dollars and sixty cents yield on the tenure Treasury
19:11
Speaker 4: coming in at four point one nine to five percent.
19:15
Speaker 4: Right now, we are going to take a quick break
19:18
Speaker 4: coming up here, and when we come back, we'll have
19:20
Speaker 4: a little bit of trivia for you. And then I
19:22
Speaker 4: do want to get into this big story that I
19:25
Speaker 4: continue to hear boomerang children and what parents can do
19:28
Speaker 4: about it.
19:29
Speaker 8: That's next year on the Financial Exchange.
19:41
Speaker 1: Bringing the latest financial news straight to your radio. Every day.
19:45
Speaker 1: It's the Financial Exchange on the Financial Exchange Radio Network.
19:51
Speaker 1: Find daily interviews and full shows of the Financial Exchange
19:54
Speaker 1: on our YouTube page. Like us on YouTube and get
19:57
Speaker 1: caught up on anything and everything you might have miss
20:00
Speaker 1: This is the Financial Exchange Radio Network.
20:05
Speaker 2: Let's do a.
20:05
Speaker 6: Little bit of trivia here on the Financial Exchange on
20:08
Speaker 6: this day. In twenty nineteen, Saudi Aramco raised twenty five
20:12
Speaker 6: point six billion dollars in its first public share offering,
20:16
Speaker 6: which pushed the company's valuation over one point seven trillion dollars. Today,
20:22
Speaker 6: there are a few companies that are valued at over
20:25
Speaker 6: one trillion dollars. So trivia question today, how many companies,
20:29
Speaker 6: not including Saudi Aramco have a market cap over one
20:33
Speaker 6: trillion dollars? Once again, how many companies not including Saudi
20:37
Speaker 6: Aramco have a market cap of over one trillion dollars.
20:41
Speaker 6: Be the seventh person today to text us at sixty
20:44
Speaker 6: one seven three six two thirteen eighty five with the
20:47
Speaker 6: correct answer, and you win a Financial Exchange Show t shirt.
20:50
Speaker 6: Once again, the seventh correct response to text us at
20:53
Speaker 6: six one seven three six two thirteen eighty five will
20:56
Speaker 6: be our winner. See complete contest rules at Finanshane Show
21:00
Speaker 6: dot com.
21:02
Speaker 3: Mike, I want to talk about this piece from the
21:04
Speaker 3: Boston Globe here today. It's titled the Challenges and Joys
21:08
Speaker 3: of Hiring gen Z Workers. It then also has a
21:12
Speaker 3: colon and a quote their right hand is their phone,
21:16
Speaker 3: so there's a lot here. Like honestly, I want to
21:20
Speaker 3: really dig into this because I think this is a
21:23
Speaker 3: fascinating piece. The first thing that it talks about is
21:28
Speaker 3: that one of the things that employers are noting from,
21:31
Speaker 3: you know, when they interview and try to hire younger workers,
21:34
Speaker 3: they get ghosted a lot. And if you're not familiar
21:36
Speaker 3: with the term ghosted, it's the idea that hey, like
21:40
Speaker 3: you are going through like the process of interviewing someone
21:43
Speaker 3: and you try to follow up with them and they
21:46
Speaker 3: just stop responding, not like no, thank you, like I
21:49
Speaker 3: don't you just never hear from them again.
21:52
Speaker 2: And this is.
21:54
Speaker 3: Something where I'm curious in your opinion. Do you think
21:58
Speaker 3: that this is more prevalent with younger workers now again
22:03
Speaker 3: gen Z at this point, I think would be like
22:04
Speaker 3: twenty seven or twenty eight and younger. Do you think
22:07
Speaker 3: it's more prevalent in that demo than in previous generations?
22:11
Speaker 4: I think perhaps, But I have a very difficult time
22:14
Speaker 4: determining if this is a result of a generation and
22:19
Speaker 4: differences in how they behave or a generational difference in.
22:23
Speaker 5: The state of the labor market.
22:25
Speaker 4: Like sure, part of it has to be both, because
22:27
Speaker 4: I bet that if you go take a look at
22:29
Speaker 4: news stories from nineteen ninety nine to two thousand and
22:33
Speaker 4: talk to me about how many people were ghosting. You know,
22:36
Speaker 4: they didn't use the word the term ghosting back then,
22:39
Speaker 4: but you know how many people were applying to jobs
22:42
Speaker 4: and not showing up. How many hiring managers were getting
22:45
Speaker 4: frustrated by how long it took to fill roles. I
22:48
Speaker 4: think this is at least in part due to the
22:51
Speaker 4: fact that we are very near all time highs in
22:56
Speaker 4: terms of the portion of the population that is currently working.
22:59
Speaker 4: And so I know a lot's been said and written
23:01
Speaker 4: about the state of the labor market. But when you
23:04
Speaker 4: have a tight labor market, yeah, you have a longer
23:06
Speaker 4: time time hiring, You have a tougher time hiring. And
23:09
Speaker 4: part of it's probably behavioral, part of it's probably just
23:12
Speaker 4: the state of things.
23:13
Speaker 3: So yeah, and I think it's interesting in look, there
23:17
Speaker 3: might be something where social skills may have developed differently,
23:22
Speaker 3: and so there's something there. But again, I just think
23:24
Speaker 3: this is something that's interesting to look at. There's more
23:27
Speaker 3: in here that I think we really want to dig
23:30
Speaker 3: into on this, and some of this is not unique
23:35
Speaker 3: to gen Z. One thing, it says employees note gen
23:38
Speaker 3: zs bring many positive elopments to the workforce, a firm
23:42
Speaker 3: grasp on technology and a thirst for learning. Mike, is
23:44
Speaker 3: that unique to gen Z or is that.
23:46
Speaker 4: Just every new generation has a new take on technology
23:52
Speaker 4: and just able to manage things differently than the previous generation.
23:55
Speaker 2: I guarantee you.
23:56
Speaker 3: That when Baby Boomers were getting into the workforce in
23:59
Speaker 3: the sixties seventies, guarantee you that you know, the silent generation,
24:05
Speaker 3: you know, managers were sitting there going look at these
24:07
Speaker 3: typing skills. These kids are so right exactly like, Loo,
24:11
Speaker 3: get out of these kids? Are you know able to
24:12
Speaker 3: use the punch cards?
24:13
Speaker 2: And wow?
24:14
Speaker 3: Like this is amazing, Like I guarantee you that that's
24:17
Speaker 3: what was being talked about. It's not the poo poo
24:19
Speaker 3: gen Zers, but it's more to say, I come back
24:22
Speaker 3: to the fact that there's rarely anything that's really new.
24:24
Speaker 3: It's just kind of a different iteration of what we've
24:26
Speaker 3: seen before. And that's my take on this is, Yeah,
24:29
Speaker 3: gen Z is great at whatever the new technologies are today,
24:33
Speaker 3: just like previous generations were at whatever the new technologies
24:36
Speaker 3: were then. Now there's some other stuff that that that
24:39
Speaker 3: I want to get into. There's there's so much here
24:42
Speaker 3: that I think is is really interesting to me. Uh,
24:46
Speaker 3: you've got a piece here, and this is talking about
24:49
Speaker 3: a sign company. One new hire at the Norwood Signage
24:52
Speaker 3: Company Steel Art Company didn't bother showing up on their
24:55
Speaker 3: first day, even after going through multiple rounds of interviews
24:57
Speaker 3: and testing the company's equipment for some and not even
25:00
Speaker 3: pick up the phone and say hey, I accepted another position,
25:02
Speaker 3: Sorry about that, or even to answer an email.
25:04
Speaker 2: We're like, where'd you go? Dude?
25:06
Speaker 3: So yes, that might be something that's unique in this case.
25:10
Speaker 3: But I I'll tell you just a story about something
25:13
Speaker 3: that I saw over the last decade or so. It
25:17
Speaker 3: was someone who I had hired and on the second
25:21
Speaker 3: day they didn't show up and emailed out to them
25:26
Speaker 3: like hey, called out like hey, what's going on? And
25:29
Speaker 3: took like a few times to get you know, someone
25:31
Speaker 3: actually on the phone, and finally didn't. They're like, oh,
25:33
Speaker 3: like I'm sick, And it's like, okay, would I rather
25:37
Speaker 3: have like someone pretty? And clearly they weren't sick, by
25:40
Speaker 3: the way, like it was one of their situations, and
25:43
Speaker 3: like clearly they had no intention of coming back the
25:45
Speaker 3: next day because they didn't come back the next day
25:48
Speaker 3: and didn't return any phone calls then. So it was
25:51
Speaker 3: kind of like, Okay, would I rather have like someone
25:53
Speaker 3: who pretends to be sick when they don't like a
25:56
Speaker 3: job and this was someone who's like in their forties
25:58
Speaker 3: at the time, or would I have someone just doesn't
26:00
Speaker 3: pick up the phone? Like again, I think this is
26:02
Speaker 3: just a different iteration of something the other thing that
26:05
Speaker 3: we've seen before. It's it's different, but the fundamental human
26:09
Speaker 3: nature is not different.
26:11
Speaker 2: It's just the way it's being.
26:13
Speaker 4: Expressed, I think you can convince me that being a
26:19
Speaker 4: Let's see, if you're entering the labor force right now,
26:22
Speaker 4: you were somewhere around seventeen to nineteen years old during COVID.
26:29
Speaker 3: And that probably had a huge impact on your social
26:31
Speaker 3: skills development did then as well?
26:33
Speaker 4: Like you were seeing this in grade school kids, how
26:37
Speaker 4: their math and science and reading skills suck. We're seeing it,
26:40
Speaker 4: and I think we're seeing it in young twenty year
26:42
Speaker 4: olds where they did not have the opportunities to socialize
26:47
Speaker 4: with their peers in the way that even kids just
26:50
Speaker 4: five years older.
26:51
Speaker 5: Than them did.
26:52
Speaker 4: And I won't be surprised if, yeah, there's an anxiety
26:56
Speaker 4: that comes to responding to emails or responding to phone
26:58
Speaker 4: calls from people that did not exist prior to that.
27:01
Speaker 4: I think it genuinely screwed some people up pretty badly,
27:05
Speaker 4: and employers will probably have some annoyances in dealing with that.
27:11
Speaker 2: Another thing in here that I want to look at.
27:14
Speaker 3: Similarly, for many twenty somethings, the workday doesn't bleed into
27:17
Speaker 3: the night when it's five o'clock. They're done at five o'clock,
27:19
Speaker 3: regardless of whether the work is done or not, says
27:21
Speaker 3: Pamela Conway, chief Learning Officer and tell Ze and Woburn,
27:24
Speaker 3: which creates learning and training videos for someone like me,
27:27
Speaker 3: I'm gen X.
27:28
Speaker 2: That just boggles the mind.
27:30
Speaker 3: So this is a place where, quite honestly, I'm on
27:33
Speaker 3: team gen Z here. Yeah, and I'm on Team gen.
27:36
Speaker 2: Z because I feel like.
27:41
Speaker 7: It.
27:41
Speaker 3: As long as you're not driving, raise your hand. If
27:44
Speaker 3: you ever feel like you've done work for a company
27:47
Speaker 3: that then hasn't you know, properly paid you for that work,
27:51
Speaker 3: or shortly afterwards you got laid off or had something
27:55
Speaker 3: happened to you where the loyalty that you showed the
27:57
Speaker 3: company wasn't reciprocated.
28:00
Speaker 2: It happens all the time.
28:01
Speaker 3: I think it's one of the main reasons why a
28:02
Speaker 3: lot of Americans are kind of fed up with you know,
28:05
Speaker 3: what the labor force is these days. It's like, oh,
28:07
Speaker 3: I do so much for my company and I'm being
28:09
Speaker 3: asked to work all these long hours and there's no
28:12
Speaker 3: loyalty for me when things go badly on their end,
28:14
Speaker 3: but they want all of my time and all of
28:16
Speaker 3: my effort no matter what. I'm on Team gen Z here,
28:20
Speaker 3: where your job is your job and granted, Look, if
28:23
Speaker 3: you want to try to get ahead, and if you
28:26
Speaker 3: want to you know, have you know, some kind of
28:29
Speaker 3: supersize role or whatever. Sure like putting an extra effort.
28:33
Speaker 3: I'm not saying don't do that. But if you are
28:35
Speaker 3: in a salary job where you're supposed to work hours
28:38
Speaker 3: nine to five and that's what you're being paid for,
28:41
Speaker 3: and your boss is emailing you, you know, late at night,
28:43
Speaker 3: hey can you do this?
28:44
Speaker 2: Can you do that? Honestly?
28:46
Speaker 4: In the words of Henry Hill from Goodfellas, screw You
28:51
Speaker 4: pay Me?
28:52
Speaker 5: Yeah, they but different words.
28:54
Speaker 3: So I am on team gen Z here because all
28:58
Speaker 3: of it's not fair for to be like, well, I
29:00
Speaker 3: had to go through all that, So you want all
29:02
Speaker 3: of these kids to have to go through that suck? Also,
29:05
Speaker 3: no want I want the workforce to be better so
29:08
Speaker 3: that they're able to again produce good things, but have
29:11
Speaker 3: themselves be properly compensated and taken care of, and they
29:15
Speaker 3: don't get so resentful about employment that they're looking for
29:18
Speaker 3: the quickest possible exit from it.
29:21
Speaker 4: So, yeah, there are generational differences. These same articles were
29:24
Speaker 4: written in a different way about millennials. They'll be written
29:27
Speaker 4: about whatever generation. My kids are I don't what's the
29:30
Speaker 4: one after Z generation alpha because we're just we're just lazy. Now,
29:35
Speaker 4: we're just, yeah, we need a.
29:37
Speaker 3: Better So if you're trying to figure it out, like
29:42
Speaker 3: what it should be.
29:43
Speaker 5: It should be a gen COVID. We should have a
29:45
Speaker 5: gen covid. No, No, absolutely, absolutely we should absolutely.
29:48
Speaker 3: First of all, the first ones were born seven years
29:50
Speaker 3: before it happened, because because gen Z goes from kids
29:54
Speaker 3: born twenty nineteen ninety seven to twenty twelve, so the
29:58
Speaker 3: next one is gonna be from like D thirteen through
30:02
Speaker 3: call it twenty twenty seven.
30:04
Speaker 4: Now, I was thinking we named gen z jen covid.
30:07
Speaker 4: They're the ones that had truly coming of age during
30:09
Speaker 4: the pandemic and one hundred years so what I would
30:11
Speaker 4: give it to them?
30:12
Speaker 3: The alternative name for them that actually do think is
30:14
Speaker 3: a good one because it ties a couple things together
30:16
Speaker 3: and just we don't need like a constant COVID reminder
30:19
Speaker 3: like forever, like we don't zoomers. Good name riffs on
30:25
Speaker 3: boomers a little bit.
30:26
Speaker 2: Yeah, But also they came.
30:28
Speaker 3: Of age during the time of zoom and it's got
30:30
Speaker 3: Z in it, so we call it triple on TAM
30:35
Speaker 3: so I think we really need something better for Generation Alpha,
30:39
Speaker 3: which I mean the first problem is okay, so like
30:43
Speaker 3: Jen Alpha, is this one? You really want to be
30:46
Speaker 3: Generation Beta?
30:47
Speaker 2: After that?
30:49
Speaker 5: That's worse?
30:49
Speaker 3: Yeah, why do we Finally we're gonna get to the end.
30:53
Speaker 2: We're like, okay, Generation Omega, Well what do we do now?
30:56
Speaker 3: We've done all of the English letters, We've done the
30:58
Speaker 3: Greek ones, the characters.
31:01
Speaker 2: What's next? I don't know?
31:03
Speaker 3: So yeah, I think we need something better for Generation
31:07
Speaker 3: Alpha zoomers. I can I can get behind, you know,
31:10
Speaker 3: going from boomer to zoomer.
31:12
Speaker 2: I think there's something there, Mike. It's kind of catchy.
31:15
Speaker 5: Okay, I'll think about it.
31:16
Speaker 2: Let's take a quick break here. When we come back,
31:18
Speaker 2: we got stack Roulette.
31:21
Speaker 1: Breaking business and financial news first throughout the day only
31:25
Speaker 1: here on the Financial Exchange Radio Network. Find daily interviews
31:30
Speaker 1: and full shows of the Financial Exchange on how are
31:32
Speaker 1: YouTube page get cut up on anything and everything you
31:35
Speaker 1: might have missed. This is the Financial Exchange Radio Network.
31:41
Speaker 6: Trivia question today was how many companies not including Saudi
31:45
Speaker 6: Ramco have a market cap of over one trillion dollars?
31:48
Speaker 6: That will be nine and that includes Apple, Microsoft, Alphabet, Amazon, Meta, TSM,
31:54
Speaker 6: Tesla and Berkshire Hathaway.
31:56
Speaker 5: Winner today of.
31:57
Speaker 6: The Financial Exchange Show t shirt was Robert from reading
32:00
Speaker 6: Mass congrass to Robert and We play trivia every day
32:04
Speaker 6: here on the Financial Exchange. See complete contest rules at
32:08
Speaker 6: Financial Exchange Show dot com.
32:09
Speaker 4: Folks, we've got a brand new guide for the month
32:12
Speaker 4: of December. It's our last guide of the year, and
32:14
Speaker 4: if you are working on your plans for twenty twenty five,
32:18
Speaker 4: this is the quick reference guide that you need to
32:21
Speaker 4: implement your strategies. It's got all the information that you
32:24
Speaker 4: need about tax brackets depending on if you're filing single
32:28
Speaker 4: or married. You've got information here about how much you
32:31
Speaker 4: are allowed to gift in twenty twenty five without filing
32:34
Speaker 4: a gift tax receipt. Are you already on Medicare? Are
32:37
Speaker 4: you worried about IRMA that income related monthly adjustment amount.
32:41
Speaker 4: We've got the details there. How much you can contribute
32:44
Speaker 4: to a retirement plan if you're covered by one at
32:46
Speaker 4: work or not. All of these details and a whole
32:50
Speaker 4: lot more are contained in our new guide Key numbers
32:53
Speaker 4: for twenty twenty five. You can get your free copy
32:56
Speaker 4: by calling us now at eight hundred three nine three
32:58
Speaker 4: four zero zero one on. But again, this is a
33:01
Speaker 4: full comprehensive guide on all the key numbers you need
33:04
Speaker 4: to develop your own personal financial strategy for twenty twenty five,
33:08
Speaker 4: and you can get a copy by calling the Armstrong
33:10
Speaker 4: Advisory Group at eight hundred three nine three four zero
33:13
Speaker 4: zero one.
33:15
Speaker 1: The proceeding was paid for by Armstrong Advisory Group, a
33:17
Speaker 1: registered investment advisor. Nothing in the ad or in any
33:20
Speaker 1: Armstrong guide a specific financial, legal or tax advice. Consult
33:23
Speaker 1: your own financial tax into state planning advisors before making
33:26
Speaker 1: any investment decisions. Armstrong make contact you to offer investment
33:29
Speaker 1: advisory services.
33:30
Speaker 4: Chuck, there's a story I wanted to get to earlier,
33:32
Speaker 4: how parents can help their boomerang child without derailing their
33:35
Speaker 4: own retirement. We're seeing a lot more of this today
33:39
Speaker 4: than we did just a few years ago. According to
33:42
Speaker 4: Thrivence twenty twenty four Boomerang Kids Survey, which who knew
33:47
Speaker 4: they did that, forty six percent of parents have had
33:50
Speaker 4: their adult children's age eighteen to thirty five back home
33:52
Speaker 4: to live with them at some point. That's up from
33:55
Speaker 4: thirty five percent last year.
33:56
Speaker 3: That doesn't make sense to me, Yeah, it didn't right,
34:00
Speaker 3: He's by eleven percent in a single year.
34:02
Speaker 5: Yeah.
34:02
Speaker 4: I don't think there's great data on this, quite honestly,
34:05
Speaker 4: but I do think it occurs pretty frequently, and I'd
34:07
Speaker 4: be willing to bet that it's occurring more now than
34:10
Speaker 4: it did pre COVID for a number of reasons. One
34:13
Speaker 4: kid's got used to moving back home with their folks,
34:16
Speaker 4: and two, housing prices have gone insane, and so I
34:19
Speaker 4: think we are seeing more of this. And I also
34:21
Speaker 4: think we are seeing a lot of parents that are
34:25
Speaker 4: probably putting their own personal financial scenario at risk in
34:30
Speaker 4: the way that they're handling some of this.
34:33
Speaker 5: Where do you.
34:33
Speaker 2: See kind of the biggest issues on that side?
34:37
Speaker 4: I just don't think that there are honest conversations about
34:39
Speaker 4: what mom and dad can and can't afford, and so
34:44
Speaker 4: things like the food budget, things like the cost of
34:48
Speaker 4: insurance on cars and cell phone bills are getting increasingly
34:52
Speaker 4: absorbed by parents well into adulthood, and a lot of
34:56
Speaker 4: it I'm going to not lay on the feet. I'm
34:58
Speaker 4: not really gonna put this on the children in this case.
35:01
Speaker 4: I'm gonna put this on the parents for just avoiding
35:03
Speaker 4: difficult conversations. And look, I think we all have this
35:07
Speaker 4: as parents because ultimately, you know, if you have a
35:11
Speaker 4: kid with a problem, oftentimes we blame ourselves.
35:14
Speaker 5: Right, like did I do the right thing? Did I
35:16
Speaker 5: raise my kid properly? Uh?
35:18
Speaker 4: And so we avoid these tough conversations. But oftentimes the
35:21
Speaker 4: kids are doing just fine, and if they're if they're
35:23
Speaker 4: given some budget to work with, can figure out, yeah
35:26
Speaker 4: I can. I can chip in for the cell phone
35:28
Speaker 4: in the car, insurance and all these other items that
35:31
Speaker 4: parents are covering for their kids. Like I said, further
35:33
Speaker 4: into adulthood, I believe.
35:35
Speaker 3: I think it all distills back to the age old
35:38
Speaker 3: saying raising kids is hard.
35:39
Speaker 2: Yo.
35:41
Speaker 5: Yes, yeah they do say that.
35:43
Speaker 3: Look, it's they're not easy conversations to have, but failing
35:46
Speaker 3: to have them is still a decision that you end
35:48
Speaker 3: up making. That it's just you're you're not actually going
35:52
Speaker 3: through like the conversation of it. So yeah, it's Look
35:56
Speaker 3: that we all go through this balance of trying to
36:00
Speaker 3: be supportive of our kids while also wanting them to
36:03
Speaker 3: develop on their own. And there's no right or perfect
36:07
Speaker 3: way to do it. Like I'm never going to sit
36:11
Speaker 3: there and like scold a parent for whatever their decisions
36:14
Speaker 3: are because it's freaking hard, and you've got your own
36:18
Speaker 3: relationship with your kids, but it is something where if
36:23
Speaker 3: you don't there's a reason why when you get on
36:26
Speaker 3: an airplane, as part of the safety briefingly they say,
36:29
Speaker 3: if you're traveling with you know, a young child, and
36:32
Speaker 3: the oxygen mask deploy, please put on your mask first
36:34
Speaker 3: and then your your child. It's because if you don't
36:37
Speaker 3: take care of yourself, then you can't take care of
36:39
Speaker 3: your child. And this is kind of the issue that
36:41
Speaker 3: you run into with financially supporting a child too long
36:45
Speaker 3: into you know, their their adulthood, which is, hey, if
36:49
Speaker 3: it's if it's coming at the expense of your nest egg,
36:54
Speaker 3: it becomes something where if they haven't been able to
36:56
Speaker 3: kind of spread their wings and go on their own,
36:59
Speaker 3: then you run the risk of, hey, now I've exhausted
37:02
Speaker 3: my money and they don't live on their own. How
37:04
Speaker 3: what what do I do when I'm reaching retirement age
37:08
Speaker 3: or if I need you no care and retirement and
37:10
Speaker 3: things like that.
37:10
Speaker 2: So it's there's no easy answer.
37:13
Speaker 3: On this, and don't beat yourself up if you're struggling
37:17
Speaker 3: with it, because it's hard, like it's it's it's something
37:21
Speaker 3: that takes some time to work through. But find ways
37:26
Speaker 3: to have those conversations with your kids when when you can,
37:30
Speaker 3: And even if it's little things like, hey, you're living
37:33
Speaker 3: at home and next year we're gonna move you off
37:35
Speaker 3: the cell phone plan, so you're gonna have to figure
37:37
Speaker 3: out you know that you know, thirty bucks a month
37:39
Speaker 3: or forty bucks a month, and the year after, we're
37:42
Speaker 3: gonna figure out, you know how to do you know
37:44
Speaker 3: you can chip in for utilities. Even if you do
37:46
Speaker 3: it just gradually. I'm not saying you have to like
37:48
Speaker 3: do this all at once. Find ways to make progress,
37:52
Speaker 3: and yeah, you might not make all the progress you
37:53
Speaker 3: need in one year, but maybe over seven to ten
37:56
Speaker 3: you're like, hey, I've gotten to where we need to
37:58
Speaker 3: be and that can be big for you. Taking a
38:01
Speaker 3: look at markets, still not much movement as we head
38:03
Speaker 3: towards midday. The DA was off about a quarter percent,
38:05
Speaker 3: SMP's flat, Nasdaq flat as well, so pretty quiet heading
38:10
Speaker 3: into a job's Friday tomorrow.
38:14
Speaker 2: We're done for the day. We will see you tomorrow.
38:16
Speaker 3: We're gonna have all the detail on the jobs reporting,
38:19
Speaker 3: a whole lot more to wrap up the week