Below is a copy of the latest Marketplace newsletter.
Sign up to receive updates directly in your inbox each Friday morning.
Plus: Who’s doing the numbers in government right now. 
We hope you enjoy today's briefing from Marketplace. Subscribe to more Marketplace newsletters here.
Federal funding is gone. Listener support matters more than ever. 
Federal funding for public media was eliminated in early July, and programs like Marketplace now depend even more on support from listeners like you. If this newsletter helps you make sense of the economy, consider investing in us. Your contribution helps keep this reporting going strong.
GIVE NOW

Hey, happy Friday. Oracle co-founder Larry Ellison was briefly the richest man in the world this week, after a blockbuster earnings report sent shares in his company soaring. Oracle’s stock is up 75% this year as of Friday morning, so why is the tech giant shedding staff? We’ll dig into the finer points of the  artificial intelligence spending boom this week.

Later, we'll explore how tariffs are hitting your online shopping habit and a prestigious indigenous art fair. Plus, how much is too much for a birthday gift? Something to ponder this weekend. — Tony Wagner, newsletter editor

A data center under construction.in Los Angeles
Genaro Molina/Los Angeles Times via Getty Images
AI is costing jobs, but not always the way you think
Despite soaring revenues, Oracle cut hundreds of jobs in the U.S. over just the last month. Microsoft, Google and Meta have too, and it’s not because artificial intelligence can do those jobs.

The companies riding the highest on the artificial intelligence wave, and getting rewarded handsomely by the stock market, are also making some of the deepest staffing cuts. And no, it’s not just because of AI coding. Turns out, even the richest companies in the world have to prioritize.

“I think what you're seeing with these layoffs is really more of a strategic realignment based on resource constraints,” Mobile Dev Memo analyst Eric Seufert told Marketplace’s Meghan McCarty Carino. “The more attractive the opportunity, the more aggressively you want to pursue it.”

Even if it means sacrificing other parts of the business. Oracle has scaled back its health division, Microsoft cut gaming, and Meta trimmed the Metaverse. It’s normal for a business to pivot to new opportunities, but the cost to play the AI game is on a whole new level.

“There's physical data centers, there's real estate, there's energy,” said Daniel Newman at Futurum Group.

Immediately before the AI frenzy, Google and Microsoft spent $20 to $30 billion a year on infrastructure. Now it’s two to three times that.

Then there’s the war for AI talent.

READ MORE


 
Stories for the weekend

Who does the numbers?

  • We learned this week the U.S. economy added 911,000 fewer jobs the year ending last March than the Bureau of Labor Statistics previously thought. By Wednesday, the Labor Department said it would investigate “challenges” with data collection at the agency.

  • Nearly a million jobs in a year is an unusually large revision, but it’s important to remember these revisions are standard practice.

  • President Donald Trump fired the head of the BLS over an unflattering revision last month. Suspending the jobs report, as Trump’s pick to lead the agency has floated, could have serious consequences.

  • There’s not just a vacancy at the top. A third of leadership positions at BLS are unfilled right now. Many career employees took buyouts from the White House earlier this year, and a hiring freeze is in effect until next month.

  • Then there’s the Consumer Price Index, which got an update this week. Check out our explainer on how the government compiles inflation data, and what they use it for.

Donald Trump and the Fed

  • A rate cut at next week’s Fed meeting is a virtual lock, but the cut will be nowhere near the 3% President Trump wants. We dug into the consequences of setting rates at 1%. 

  • Trump is trying to install new picks to two seats on the board that sets interest rates. The Senate advanced Trump’s nomination for one vacant position, while a judge ruled this week Fed Governor Lisa Cook can keep her position while a lawsuit over Trump’s attempt to fire her plays out.

  • Fed governors can only be fired for cause. Trump’s head housing regulator accused Cook of mortgage fraud from before her appointment, but the allegation is unproven. Learn more about the homes at issue.

Your money

  • Some businesses are holding back on tariff-induced price hikes, and not because they’re worried about your wallet.

  • The cost of electricity is way up. Ever wonder why you don’t usually get to pick your power company?

  • What do you spend on a birthday gift? A new report on “giftflation” says people are spending $56 for adults, $83 for children.
Shein packaging
Rodrigo Arangua/AFP via Getty Images
How the end of the de minimis exemption will affect you
The end of a trade loophole that allowed low-cost packages to enter the U.S. duty-free has thrown e-commerce into complete chaos. Marketplace’s Janet Nguyen answered all your questions.

Imports worth under $800 are no longer protected under the so-called de minimis exemption, which allowed shoppers to avoid paying tariffs on these goods. The exemption ended on Aug. 29 for all imports, although the White House had already eliminated the rule for Chinese imports back in May. 

Postal services in Australia, Germany and Japan and more have temporarily suspended shipments to the U.S., with an exception for goods that are under $100 and considered “gifts.” Meanwhile, consumers who placed orders were hit with exorbitant tariffs after their packages had already shipped. 

“I think people are going to realize that if you order something online, you might not even get it. Customs has said if the correct customs duty is not paid, they will seize it,” said Michelle Schulz, founder and managing partner of Schulz Trade Law. 

After the exemption ended for China earlier this year, the number of de minimis shipments coming to the U.S. plummeted from 4 million per day to 1 million, Schulz said. 

Tariffs are a tax that U.S. importers pay to the U.S. government. To make up for that tax, these importers can either absorb the costs themselves or pass them along to you in the form of higher prices. You have a lot of questions about these rule changes, and we did our best to answer them all.
READ MORE
 
ICYMI
Our most popular newsletter links this week

Here are the stories readers clicked on the most in our Daily Wrap newsletter this week. Sign up to get the latest news and numbers in your inbox every weekday evening.

  • For some consumers, luxury is not a treat — it's a lifestyle (Marketplace)

  • There are worrying signs buried in the August jobs report (Marketplace)

  • Why many businesses haven't yet hiked prices in response to tariffs (Marketplace)

  • What ever happened to America’s shoplifting crisis? (CNN)

  • The Fed is keeping a close eye on inflation numbers out later this week (Marketplace)
Get smarter with Marketplace texts
Sign up to receive occasional tips to help you make the most of your money and live smarter. You'll also be the first to know about exclusive Marketplace merch and events in your area.
LEARN MORE
Bear King Moran poses with her horse mask.
Savannah Peters/Marketplace
How tariffs are shaping the Indigenous art economy 
At the prestigious Santa Fe Indian Market, artists’ work is rooted in their Indigenous traditions and homelands. But many work with materials sourced from around the world.

The Santa Fe Indian Market bills itself as the largest and most prestigious Native art market in the world.

Most of its more than 1,000 exhibitors come with a variety of inventory, but Hunkpapa Lakota beadworker Beverly Bear King Moran had just a single piece for sale at her booth on Santa Fe’s historic plaza. 

“This is a traditional Lakota horse mask,” Bear King Moran told Marketplace’s Savannah Peters. “It was inspired by our horse dance ceremonies and our men and women riders.” 

Beverly Bear King Moran stands with her horse mask, adorned with 300,000 beads. She values the mask at $47,000.

The mask is fully beaded and, valued at $47,000 meant to adorn some very spoiled horse. It took Bear King Moran nine months of full-time beading to finish it. When she prices this piece, she’s essentially setting her annual salary. 

“And it’s not a very good salary,” Bear King Moran said with a laugh. 

Bear King Moran is an award-winning artist with 25 years under her belt. She tries to pay herself at least minimum wage plus the cost of materials. 

“It's beaded with size 13 Charlotte cut beads. It took 98 hanks to complete the piece. So there's actually 300,000 beads on this mask,” Bear King Moran said. Still, she may have to cut her price to sell it. “People don't always understand beadwork and why it's so expensive,” she said. 

Pricing and marketing beadwork is about to get harder. All 300,000 of those beads sewn onto the horse mask are imported from the European Union. Bear King Moran purchased these materials long before President Donald Trump’s tariffs took effect, and said she can work from her existing bead library on small projects. But she expects her next large order to be pricey. 

“Finding beads is getting harder, and you're going to be paying more for them,” Bear King Moran said. “That’s a concern right now for every beadworker.”

READ MORE
Kimberly Adams in a gif.

FOLLOW @MARKETPLACEAPM

“Make Me Smart” is back! Host Kimbelry Adams will now be dropping episodes three times a week, going deeper on the news of the day and getting out of the studio to report around Washington, D.C. and the country.

For her first episode back from summer break, Kimberly spoke with Emily Hanford, host of APM Studios’ “Sold a Story” podcast about the science of reading movement. It’s gained a foothold over the past few years (thanks in part to “Sold a Story”). But cuts at the Department of Education could slow that momentum.

Over on Instagram, Kimberly told us more about what to expect from the new “Make Me Smart,” and told us three things you might not know about her. 

WATCH NOW
 
SONG OF THE WEEK
"2 Dollar Bill (Feat. Lil Wayne and E-40)" by 2 Chainz
The cover art for 2 Chainz album
Listen to "2 Dollar Bill" on Spotify | Apple Music | YouTube

“Million Bazillion,” our podcast about money for kids and families, is back next week! Listen to the trailer now.

This season, hosts Bridget and Ryan learn all about chain restaurants, airport prices, and bubbles — not the ones you blow with soap, but the kind that burst in the economy! They’ll also crack the mystery behind $2 bills: why do they exist if we hardly use them?

Parents, we could use your help with that last one. Has your kiddo ever seen a $2 bill? Maybe they got one for their birthday? Found one or even spent it on something cool? Record your kid telling their story and you just might hear their voice in a future episode!

Meantime, here’s a track about these rare bills to inspire your family. We linked the clean version for ya. 
You read the newsletter, now help power the reporting behind it.
Public media lost its federal funding this summer. Listener support now plays a bigger role in sustaining Marketplace. If this newsletter helps you better understand the economy, please give what you can today.
GIVE NOW
 
Thanks for reading! If you enjoyed this newsletter, forward it to a friend. If this newsletter was forwarded to you, subscribe to Marketplace newsletters here.

 Got feedback for us? Just reply to this email. We can't get back to everyone, but we read it all.
Terms of use | Your privacy rights | Contact Us | Donate

© 2025 American Public Media Group. All rights reserved.

Terms of use | Your privacy rights | Contact Us

© 2025 American Public Media Group. All rights reserved.