Marketplace Morning Report "Truth is what statistics are all about"
Sep 12, 2025
Grocery prices surge, driven by labor shortages rather than tariffs, affecting consumer behavior. Tensions rise as over 300 South Korean workers are detained in the U.S., straining diplomatic relations. The podcast delves into the Bureau of Labor Statistics' methods, exploring political implications and controversies surrounding economic data revisions. It critiques how manipulation of statistics in countries like China and Argentina erodes trust and harms economies, underscoring the critical need for transparency in reporting.
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Look Past Tariffs For Food Price Hikes
- Don't blame tariffs for recent grocery price jumps; look at weather, production and labor costs instead.
- Consumers face limited options because stores with thin margins pass higher input costs onto shoppers.
Staple Foods Show Inelastic Demand
- Demand for staples like meat is inelastic, so price increases often leave consumers paying more rather than buying less.
- Shoppers may shift to fruits, vegetables or dining out when affordable alternatives exist, affecting budgets differently.
Undermining Stats Harms Markets
- Attacking official statistics after bad numbers risks eroding trust in institutions and markets.
- Justin Wolfers warns undermining BLS credibility could raise borrowing costs and harm economic outcomes.