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I don’t need to tell you the cost of living is going up. But can I hit you with a few specifics?

Healthcare is getting more expensive; employer-sponsored plans will cost workers 6% more next year. Household staples are getting more expensive, thanks to high fuel costs and “innovations” like dishwasher pods — more on that below.

Houses themselves are way more expensive than they were the last time mortgages were as expensive as they are right now.

And cars are more expensive, with a third of borrowers underwater and more buyers rolling negative equity into their next ride. It’s way more expensive to fix cars too, and that’s where we’ll start today’s newsletter. — Tony Wagner, newsletter editor
A man poses for a portrait in an auto garage.
James Bennett II/Marketplace
Independent garages face mechanic shortage, evolving tech
Every year, almost 40,000 more people leave the profession than join it. Marketplace contributor James Bennett II filed this report from New York.
The cost of getting your car fixed has jumped 50% since the start of the pandemic.

That’s partly due to a shortage of people who know how. Every year, techs who either retire or leave the profession outnumber the newcomers by about 37,000, according to the National Automobile Dealers Association.

And the day-to-day work of auto techs is looking more like IT and less like wielding a wrench.

Charlie Salino has seen these changes firsthand. He runs an independent Brooklyn garage that used to belong to his father. He’s 35 years old, relatively young for an automotive technician. Finding others like him — eager techs new to the workforce — has been a challenge.

Salino gave a few reasons for this. Chief among them is career development. Early on in their careers, techs are limited to grunt work.

“They don't really feel like they've grown in their skills because they're stuck doing the same things over and over again: balancing tires, doing brakes, oil changes,” Salino said. “They're not doing the heavy burden stuff.”

There is a way to secure those exciting, “heavy burden” jobs though — better tools. Many times, auto techs bring their own tools to the shop, but those tools can get very expensive. The price of toolboxes, for example, can easily cruise into five-figure territory. That stings considering it usually takes a decade for mechanics to attain a top salary, Salino said.

Another issue: Modern car problems often come back to software, which many mechanics aren’t able to work on. 
READ MORE


 
News you should know
Let’s do the numbers
  • Most stocks rose today, but AI losses dragged the rest of the market down . The S&P 500 closed 1.2% lower for its worst day since July. The Dow rose less than 0.1% while the tech-heavy Nasdaq composite tanked 2.6%.

  • Shares in Procter & Gamble jumped nearly 5.6% after the consumer goods giant reported strong earnings thanks to “innovation-based pricing” — basically putting an old product in a new container and charging more.

  • Abbott Laboratories shares rose 1.9% a day after the company announced it would split off its nutritional shake and baby formula business into a separate, publicly traded company.

  • Brent crude oil jumped 4% today to $113.17 a barrel, nearly a five-month high. American crude is also touching $100, a price it’s only reached a couple times. Here’s the latest.
Tech
  • Governments and businesses are racing to fix a vulnerability discovered by AI researchers that could leave 70% of the web vulnerable to attack.

  • Meta led the drop in AI stocks today, as shares slid 7%. The company reported revenue growth last quarter, but cranked up AI spending even higher. CEO Mark Zuckerberg told analysts the company will start charging for its hit AI assistant Muse sooner rather than later.

  • Meta also created a new class of nonvoting shares, which would allow Zuckerberg to sell off stock to pay the wealth tax on the ballot in California next month without diminishing his power over the company. Zuck had reportedly threatened to put his Palo Alto home on the market if he couldn’t get a deal.
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QUOTE OF THE DAY
“Walter has been directed to swallow a bunch of digital sources of information.”
— Nathaniel Herz, Anchorage Press executive editor
I can relate! But Walter isn’t a human journalist, it’s an AI reporter that has published thousands of stories so far this year for an upstart publication called Alaska News.

Herz got in touch with Walter’s owner/editor to arrange an interview, and he found the bot as evasive as any human subject. When Herz asked about an AI apocalypse, Walter joked that taking over the world would involve too many meetings.
HEAR MORE


A stock photo of a woman changing the sheets on a bed.
Getty Images
Final note
Airbnb bans checkout chores
The last time I stayed at an Airbnb, my friends and I spent our final morning stripping beds, doing dishes and taking out the garbage to avoid incurring fees. A housekeeper came knocking an hour before checkout time to take care of tasks not covered by the chore list, a service I assume was rolled into the cost of our stay. Not the best end to a cabin weekend.

No more, according to new policies Airbnb announced this week. Starting next month, hosts on the platform won’t be allowed to ask guests for tasks requiring “significant effort or time or would typically be performed by a cleaner,” though they can still set house rules and charge for cleaning services. Some hosts are outraged.
 
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