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It comes in the form of the producer price index prices at the wholesale level, which we learned this morning from the Bureau of Labor Statistics, rose 5 tenths of 1% month to month. That is the headline number. The core rate, which takes out food and energy prices, because they bounce around a lot, that was basically flat. And that's going to make more sense when I tell you that gas prices were up 14% in March. That's wholesale, again, not pump prices. And diesel was up more than 40%, 40%. Now, me mentioning diesel, should get you thinking about what diesel is used for. And if you said trucks, we'll go straight to the head of the class. Market place Justin Ho is on trucks, transportation, and what the price of diesel is going to cost consumers for us today. Over the last few weeks, Catherine Reynolds, who handles imports for Palmetto tile distributors in South Carolina, has been getting a lot of emails about fuel surcharges from shipping companies. So whatever the gross bill is, they'll add 15 to 25% to that. Reynolds says she's been through this before, when the energy prices spiked after Russia invaded Ukraine. But Zach Rogers, a professor at Colorado State University, says back then companies were holding on to excess inventory they built up during the pandemic. And that helped them to rely less on transportation. This year, we've been running inventories very lean. And so even if transportation is very expensive, there will really still have to be some replenishment. Companies could build up their inventories again to avoid having to constantly replenish items. But Rogers says doing so comes with its own costs, since companies still have to pay tariffs on imported goods. And so a lot of companies are finding themselves between a rock and a hard place because of these counteracting pressures of tariffs and surging fuel costs. Many companies are doing what they can to mitigate those fuel costs. Ken Giddent is CEO of Rothmans, a men's clothing store in New York. He says he's also been getting hit with surcharges, even for local shipments. So, you know, we started investigating alternatives. And last week we rented a truck and drove it out to the warehouse in New Jersey and picked up 22 boxes. Meanwhile, Catherine Reynolds at Palmetto Tile Distributors says she's trying to consolidate her shipments. For instance, today she's waiting to place an order while she has two other orders on hold. Just because I want the three to ship together, if possible, to save everybody money on the back end. Still, Reynolds says she'll have to pass at least some of the costs onto her customers. I had a staff meeting this morning and just had to discuss that and tell them, keep your eye peeled for this. We do need to build that into our costs to our client. Because the business, she says, can't afford to absorb the cost. I'm Justin Howe for Marketplace. What if there was a war and six weeks into it, Wall Street and the person, if you will, of the three major indices said, you know what, let's just call it a wash. Because that's where we find ourselves today. Equity is basically back to where they were before the bombing started. We will have the details when we do the numbers. The macro economic phrase of the day today was delivered by the International Energy Agency, which in a report out this morning said it's worried about a falling global demand for oil. The supply challenges we know about, the Strait of Hormuz being closed and all, but the IEA says demand destruction is becoming a problem too. We have called Catherine Rampel to get some context on this. She is here every Friday, or Fridays every now and then, I suppose. She's on MSNOW and the bull work on the regular. Catherine, welcome on a Not Friday. Glad to be here. Do me a favor and 30 seconds demand destruction. What is it? It's kind of a funny concept. And actually, I talked with an economist earlier today who said the idea of demand destruction offends him. Because demand is the relationship that tells you how many barrels people are willing to buy at any price. And the idea here is that maybe a lot of people will need less oil, will purchase less oil because prices have gone up. And look, if there were some magic new technology that made cars go twice as fast per gallon, I guess that would be demand destruction. What we're really talking about here is people buying less because of higher prices. To be nerdy about it, you're on a different point of the demand curve. But in this case, it's like prices got so expensive that, in fact, people are going to, to the extent possible, purchase less oil. Okay. Why is the IEA worried about it? They are worried about it because, first of all, there may be a switch in terms of what people's buying habits are going forward. It may lead to potentially a slowdown in the US economy, again, to the extent that it is possible, or US economy, global economy, really, to the extent that it is possible to purchase less oil. That probably means fewer people are going to work, less stuff is getting manufactured, that there are big macroeconomic consequences, essentially, of a big decrease in oil consumption and oil demand in an analogous way, I guess I would say, to what happened during COVID when you saw a huge destruction of demand in that case because of COVID, not because of high prices. And that led, that was indicative of, and in fact, contributed to a big slowdown economically around the world. So let's take that slowdown possibly around the world and in the United States and channel your inner Jay Powell or maybe Kevin Warsh if this thing goes on long enough. And tell me what the Federal Reserve's, tell me about the rock in the hard place that the Federal Reserve will now find itself in. Well, I think the issue for the Fed is that prices are rising. Normally, that implies that interest rates should go up, right? That, and at the point of interest rates going up is to curb demand, like there's less money sloshing around in the economy, so it's people are less able to buy things. But in this case, you might see prices go up and lower output downstream, right? Because people are not buying the oil needed to manufacture stuff and transport goods and go to work, etc. And so if you have this serious risk of rising prices and falling output, we kind of supply shock ourselves into stagflation, which is the hardest problem for the Fed to solve. One part of the stagflation problem, the flation thing, the inflation piece would imply that the Fed should raise interest rates. The other part of stagflation, the stag, stagnation piece of things would suggest that they should cut interest rates. And either way, whatever they do to solve one problem will make the other problem worse. And all of this really depends on how long things drag on with the war, with the supply chain disruptions, and how expectations react. And we don't know really any of that yet. Right. That's a whole series of unknown unknowns. Last thing, and I'm going to venture into the political side of this grand thing we call the political economy. Were you as surprised as I was to hear Secretary Besin today, the Secretary of the Treasury say, you know what, maybe the Fed should just wait and see what happens? I wish I were surprised. Really? I wish I were surprised. Well, I wish I were surprised that somebody from the administration were weighing in at all on monetary policy. I guess that's where my starting point is. In a different administration, I would have been surprised that the Treasury Secretary would say anything about interest rates. So that's like, you know, the thing that we've become in your too, that we should be shocked by, but we're not. Then the second piece of this is, yeah, it is a little bit unexpected, I guess, that if they are going to weigh in on interest rates, which they should not, that the way that they weigh in is by saying do nothing, or they, Besant in this case, as opposed to just cut rates as far as you can, which is what we've been hearing from Donald Trump, but also pretty much everyone else in the administration. So they are all pointing in one direction, Besant, I guess is maybe pushing back a little bit on that. And we'll see where things go. I love the implied question mark on the end of that sentence. Catherine Ampell, you can get her MSNOW, you can get her on the bulwark as well. Catherine, thank you. Thanks, Scott. I was in Vietnam a couple of three weeks ago for our series, The Age of Work, how changing demographics are changing the way the global economy works. I was there with Nila Richardson, she is the chief economist at ADP, our partner on this series. And you're going to hear a lot of stories from Vietnam over the next couple of days. But I'm going to start with one that really shaped our understanding of the economy over there. I'm Henry, I'm Henry Pham, Pham Kuan Anh, CEO of Dony Garman Company Limited. And what do you make here? We bake garland. Henry Pham runs a garment factory about 11 miles from downtown Ho Chi Minh City. He makes uniforms, t-shirts, hats, dresses you might buy from a big U.S. retailer. Here is a little bit hot, we move to over there. Is it cooler over there? Cooler, cooler. I don't know. My phone said it was 95 degrees, so yeah, hot. We moved eventually into a room where a dozen or so workers were ironing clothes and packing them up for shipping and key point here where it was air conditioned. Oh yeah, this is better, this is better. Yeah, it's better. It's not as hot. I will let you know why. Last year, we feel that it's hot here, so we decided to make air conditioned for all factories. It's expensive though. Yeah, it's expensive. But it's but but worth it for you for a business. Need to do it because it's good for workers. And however, it's expensive and the money we spend for electric for every month. Hi. Henry's plan was to air condition the whole factory. And we finish here and everything okay. And Mr. Trump say that all products under 800 USD is free tech. Yes, this part of the story is about tariffs. Sorry. Henry didn't pick that $800 figure out of thin air. Last August, President Trump decided he was going to impose tariffs on previously exempt shipments worth less than $800. And after that he said no, no and order now along. So you can't do air conditioning in the other part of the factory. But that's a really interesting so you said you're worried about the United States and that $800 thing that de minimis is the word we use. That's a big deal for you right here in this factory. It's a big deal. Yeah, just only a small size in US and can make a lot of workers in in my factory don't have air conditioning. Think about that. A guy who runs a garment factory in Ho Chi Minh City that sends clothes all over the world is trying to grow and treat his workers better in the process. But a policy change half a world away means he can't afford to air condition his factory on a 95 degree day. But for business owners like Henry Pham and others you're going to hear from, being in Vietnam comes with a whole lot of advantages. This is the most amazing marketplace that I've ever seen in my entire life. Earlier that day before we went out to Henry Pham's factory, Neela and I had taken a little side trip. We should say it's huge right and there are and we're going to go inside in a minute. It's blocks and blocks of commerce. Right. This is the bintai market right? Yes. Say it right for me. Bintai market. Yes. Job bintai. That's Andy. She's our translator and our fixer. Obviously we paid her for her services. Also you should know that the Ministry of Foreign Affairs sends someone to tag along to keep an eye on us and on everyone we were talking to. A free press is still not a thing in the Socialist Republic of Vietnam even though its economy has really opened up in the past 30 years. There's a lot going on here. People delivering all kinds of stuff on moped and scooters. So many moped and scooters and street vendors everywhere competing for your attention. This whole series has been about prime age working population. Right. We've done Cumberland County, Tennessee. We've done Utah County, Utah. We went to the UK which is a little bit ahead of us. What has brought us here? Oh labor economists that you are. We're seeing a country at its peak. If this was tennis, Vietnam would be the sweet spot. This is a country where there are two working age adults for every dependent either over 65 or under 15. Okay. Explain why that matters. Because in every other advanced wealthy country that golden spot led to the wealth creation. It led to economic growth. It led to technological advancement. In fact you can't get there without having the kind of sweet spot that we're seeing in Vietnam right now. Okay. So that's what the United States and Western Europe and developed economies had 30 years ago. That's what's been driving us for 30, 40, 50 years. So what we're seeing here is the future. This is what's coming for this country. Well this is the present I would argue. Okay. Because right now this is the moment. This is the moment to take advantage of a working age population, an advancement in technology that is coming and skill up a workforce to drive this economy into the future. However it's not going to last forever. This moment for Vietnam is a moment for American companies too of both opportunity and challenge. Lead the way Andy. Okay. There was a maze of booths inside the market literally overflowing with goods. I'm going to guess that's not a real LaBooBoo backpack. I'm just saying. Not real North Face. Not real North Face either. That's right. Stalls selling wallets and shoes, lotions from Korea and Japan. All kinds of food too. How many varieties of mushrooms are there? There are a lot. A lot of varieties. And then we turn to corner. Hello. So there are a pair of husband and wife. So this is Mr. Yong. Hello. Nice to see you. And Miss Vong, his wife. Miss Vong and Mr. Yong, they're married. They sell fabric from all over the world at this 10 by 10 foot booth to both wholesale buyers and retail. So the exact year is 38 years in this market selling textile. And then he starts with just textile like this fabric. Just like raw material. And we should say we have both after both after both of fabric. Yes. And then just like recently three years in the past three years, he starts selling scarf. Scarf. This is a new product in the market. Yes. All right. Okay. Although it's hot here. I don't know if you need a scarf, right? Ask him how business is. So he was saying business is slow down, but he says a lot because of the technological change. People don't have to be in here to buy the product anymore. And then he also tried to have to diversify to that's why he starts selling scarf. Yeah. It's for tourists as well. Do you think that your children would take over your business here? Their children, they are white collar walkers. They have office jobs. And she was describing this walk is so much harder. She started at seven in the morning and then she only finished around like six. This walk, she walked every day of the week. Meanwhile, her children, they get more times off and then they don't have to work. They have vacation. Yeah. They don't have to be cruel, grueling like her. A day at the market for her, she says it's not stable like an office job. Vietnam's growing economy means more opportunities for prime age workers like the couple's children who are able to get higher paying and honestly easier office jobs. That's the demographic change we're talking about. A change that does mean more opportunities for American investment and a bigger role for the Vietnamese workforce in the global economy. We're going to go back to Henry Pham and his partially air condition factory in a second. But first, let's do the numbers. Down Dush was picked up 317 points today, two thirds of 1% 48,535 and Azdec jumped 455 points almost 2% 23,639. The S&P 500 gained 81 points, 1.2% 69 and 67. Vietnam is the top apparel supplier to these United States. Overtook China back in 2025. Nike makes about 50% of its footwear and 30% of its clothes in Vietnam. Raised forward 3%. Crocs also makes about half of its iconic sandals in that Southeast Asian country. Iconic, ironic, take your pick. I don't know. Crocs stepped up 1%. Don't at me. Gap dropped 1.5% today. Urban Outfitters parent company of Anthropology lost 2.3% target up 1.4% of 1%. The electric car maker Rivian is going to be powering a factory in Illinois by reusing batteries from its own vehicles. So reports The Wall Street Journal. Rivian up to day 6.0 of 1%. Bonds up 2. Healed on the tenure. Tino down 4.25% you're listening to Marketplace. Hiring help shouldn't be a headache or drain on your budget. Upwork makes it easy to hire specialized freelancers quickly so you can get the expertise you need now without weeks of recruiting or full-time hire. Upwork is a one-stop platform to find, hire, and pay expert freelancers across web and software development, data and analytics, marketing, business operations, and more. Upwork helps grow your business by giving you fast access to specialized talent across 125 plus categories so you can fill skill gaps, launch projects faster, and scale support without committing to full-time headcount. 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I started doing business from 2009 when I was 24 years old and I started with 400 USD. At that time I worked for a company and I don't want somebody at me to do that. You want it to be your own boss. He went from $400 US to having more than 300 people working for him. Average age of that workforce, by the way, 35 to 40, he said. When you hire people, do they already know how to sew and cut fabric or do you have to train them to sew? 80% is they have good skill already. 80% and 30% they come here and we teach for them. Training his workers, installing AC, that's Henry Pham investing in his people. Vietnam's prime age workforce is a competitive advantage for companies here and because of that Henry has been able to expand globally with clients in the Middle East, Asia, Africa and North America. Do you ever think about how you're, I mean here you are in the suburbs of Saigon of Ho Chi Minh City but you're part of the global economy. Do you think about that? Did these clothes wind up in the United States and in Africa? Actually when I was young in hometown far from here I never think that one day I can be a businessman. I can export my own product to all over the world. That makes me amazing. I cannot imagine. It is kind of amazing and you cannot imagine. You said you export 90% of your product, right? Yeah. Okay. What's your biggest worry? What's the thing that makes you most worried for your business? The most worry is the policy. Policy. Yeah. The most worry is the policy changing and you see that right now the policy can change after two weeks. Henry's not saying anything you wouldn't hear from a small business in the United States. He pointed to a box of clothes headed to Jordan eventually. The contract that we have to finish is ordered and shipped to Jordan two weeks ago. However, because I have no sea line to go to Jordan right now. No sea lanes to go to Jordan right now. So we have to keep product in my company right now. Once again, geopolitical instability. The question really or one of them anyway is whether geopolitical instability will become a big enough disadvantage to how we the economic advantages Vietnam has right now because as Nila said up at the top, its window of opportunity is not going to last forever. Coming up tomorrow on this program, garage doors, American holidays and Vietnamese factories. This final note on the way out today. I'm not sure we needed the official validation, but sometimes it's just good to have what you think confirmed by people who actually study this stuff. The International Monetary Fund was out with its latest World Economic Outlook today. Here's the money quote from the organization's chief economist. The global outlook has abruptly darkened following the outbreak of war in the Middle East. Pierre Olivier Gornichard wrote, the war interrupted what had been a steady growth trajectory. End of quote right there. Global growth this year slows from 3.3% to 3.1%. The caveat and it is a very big one is that that's the scenario if the bombing stops like now. Jordan Mangy, Zanu Maharaj, Janet Nguyen, Olga Oxman and Virginia K Smith are the digital team. I'm Kyle Rizdal. We will see you tomorrow everybody. This is APM. Wired has always put a microscope on the people, power and forces shaping our world. Uncanny Valley brings that same fearless reporting straight to your feed. Is Doge finally over? Will AI actually democratize American healthcare? Each week, wired journalists from across the newsroom are going to unpack where politics, technology and Silicon Valley collide. From conversations with tech leaders across Silicon Valley, Internet fandom investigations and government crackdowns on rigged gambling, we're taking you all over the news cycle going straight inside the priorities, pressures and power plays driving today's biggest decisions. 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