美国消费者是否终于开始力不从心了？

我不太想沿用昨天的主题，但我并不负责经济日历。

I hate to steal yesterday's theme, but I am not in charge of the economic calendar.

所以今天，我们继续进行数据大放送第二轮。

So today, we're doing data dump round two.

来自美国公共媒体，这里是《市场》节目。

From American Public Media, this is Marketplace.

在纽约，我是克里斯滕·施瓦布，代替基拉·多尔为您主持。

In New York, I'm Kristen Schwab in for Kyra's Doll.

今天是3月28日，星期五。

It's Friday, March 28.

感谢您的收听。

Thanks for tuning in.

今天，我们收到了大量数据：个人收入、个人支出、消费者情绪和通胀数据。

Today, we got a lot of numbers, personal income, personal spending, consumer sentiment, and inflation.

这些数据让我们对二月份经济状况有了更清晰的了解。

Numbers that give us a better picture of where the economy was in February.

为了帮助我们解读这些数据的意义以及它们对经济走向的启示，我们邀请了《华盛顿邮报》的蕾切尔·西格尔和《纽约时报》的乔丹·霍尔曼。

To help us decipher what it all means and what it says about where the economy is heading, we have Rachel Siegel at the Washington Post and Jordan Holman at the New York Times.

你好。

Hello.

你好。

Hello.

嗨，克里斯滕。

Hi, Kristen.

嗨。

Hi there.

嗨。

Hi.

所以今天我想先从最重要的数据开始——通货膨胀。

So I wanna start today with the biggie, which is inflation.

个人消费支出平减指数（PCE）在二月略有上升，环比增长了百分之零点三，使得同比涨幅达到百分之二点五。

The personal consumption expenditures index or PCE increased a bit in February, up three tenths of a percent from the month before, which puts us at the big number of two and a half percent year over year.

拉切尔，我想知道，美联储应该对这一点感到担忧吗？还是说我只是因为长期以来对每次通胀数据的微小波动都过于敏感了？

Rachel, I'm wondering, should the Fed be worried about this, or am I just primed to be extra sensitive to every little movement we see in an inflation reading now?

嗯，你感到敏感是可以理解的，因为我们已经很长时间都在谈论通胀，而且通胀并不总是如我们所愿地发展。

Well, it's it's it's understandable that you would feel sensitive because we've been talking about inflation and inflation not always behaving the way we want for a really long time.

但美联储试图从更长远的角度来看待这个问题。

The Fed though is trying to take a longer view.

对吧？

Right?

他们表示，不会因为这个月的一份报告或上个月的另一份报告就做出反应。

They say that they don't respond to one report this month, one report the other month.

他们的关注点在于趋势和信号。

Their focus is on the direction and on the signal.

所以上周在美联储的新闻发布会上，我向鲍威尔主席问了这个问题。

So last week at the Fed press conference, I asked chair Powell about this.

我说，你们是如何区分信号和那些可能只是噪音或干扰的因素的？

I said, you know, how are you separating signal from things that might be noise or distraction?

他说，即使在已经很困难的情况下，这项工作也会特别具有挑战性，因为存在关税，以及经济中诸多其他不确定性。

And he said that that's actually gonna be a particularly difficult job even when it's been hard already because of tariffs, because of so much other uncertainties rolling around the economy.

要准确把握这一趋势将非常困难，但这才是他们的关注重点，而不是我们今天早上看到的某个具体数字。

Pinpointing that trajectory is gonna be really hard, but that's their focus, not necessarily one number that we got this morning.

好吧，是的，我们还是继续聊你上周的美联储记者会吧，因为你当时问到了关税通胀与普通通胀的区别。

Well, yeah, let's stick with you and that Fed presser from last week because you asked about tariff inflation versus regular inflation.

我想知道鲍威尔对如何区分这两者说了什么，同时我也想知道这是否真的重要。

I'm wondering what Powell said about how much we can distinguish between the two, and I'm I'm also wondering if it matters.

这确实很重要。

It does matter.

它之所以重要，是因为有很多原因，但关键在于，它已经开始体现在我们所关注的通胀数据中了。

And it matters because well, there are lot of reasons that it matters, but it matters because it's starting to show up in the inflation reports that we're looking at.

鲍威尔特别指出，商品价格已经开始出现一些上涨迹象。

Powell specifically said that goods prices are starting to show a little bit of that heat.

这些是指工厂制造的产品、企业采购的商品，它们要么已被征收关税，要么很可能将面临关税。

This is things that are manufactured in factories that companies are ordering, things that have tariffs on them or are likely to be subject to tariffs.

这些正是原本就已经开始升温的事情。

And these are the kinds of things that were already starting to heat up.

RDC也开始升温了。

RDC is starting to heat up.

但鲍威尔还指出，这些因素可能会在经济中产生连锁反应，以其他方式推高通胀。

But what Powell also said is that those things can ripple through the economy and bring inflation up in other ways.

他举了洗衣机和烘干机的例子。

So he gave the examples of washers versus dryers.

在特朗普第一任期内，洗衣机被征收了关税，而烘干机没有。

During the first Trump administration, washers had tariffs on them, dryers did not.

洗衣机价格上涨后，烘干机制造商心想：嘿，我们为什么不能也趁机涨价呢？

Washers went up in price, but then manufacturers of dryers thought, well, hey, why don't we get in on that?

于是他们也提高了价格。

And they raised prices too.

因此，美联储现在将面临一个新的挑战：区分哪些是关税带来的通胀，哪些是此前影响的残留效应，以及最终美联储应该如何应对。

So there's now going to be this additional challenge for the Fed of pinpointing what is coming from tariff inflation, what might be some of the residual consequences of all that, and then ultimately what the Fed should do about it.

这正好引出了乔丹的话题。

Well, that's a good segue to Jordan.

你每天都在和零售商交流。

You talk to retailers every day.

他们是否已经将这些关税纳入定价了？面对这一切反复变化，他们对策略有什么看法？

Are they already pricing in these tariffs or what are they saying about strategy here as as everything flip flops?

是的。

Yeah.

许多策略最初是试图与供应商谈判，争取在转嫁给消费者之前降低采购价格。

A lot of the strategy is initially they are trying to negotiate with their suppliers to try to get the prices down with their suppliers before passing it on to consumers.

我曾与这一领域的某位投资者交谈，他提出了一个很好的观点：在关税和其他不确定性带来的冲击初期，你不会立即影响面向消费者的价格，而必须静观其变。

I was talking to one investor in this space, and they made a good point that the first few weeks and months when it comes to the disruption that tariffs and some other uncertainty happens, is that you're not going to touch the consumer facing thing that you really have to just kind of wait and see.

你正在幕后采取各种措施。

You're trying to do things behind the scenes.

但很多人提到，他们已经为各种可能的情景制定了预案，其中包括提价，一旦时机成熟，他们就会立即行动。

But a lot of people were mentioning that they have game planned all sorts of scenarios, which do include raising prices, and they, like, they would be ready to do that if the time comes.

那么，你认为需要多久才会看到这些价格上涨？

Well, how long do you think it'll be until we see those prices raise?

而且我在想，乔丹，因为我们本周看到了对汽车制造商加征更多关税。

And I'm wondering, Jordan, you know, because we saw more tariffs on automakers this week.

下周可能会迎来报复性关税。

We might get retaliatory tariffs expected next week.

你认为消费者会最先在哪些方面感受到最明显或最大的价格上涨？什么时候会发生？

Where do you think we're gonna see the most immediate or biggest price increases for consumers, and when might they come?

我 definitely 感觉汽车价格会很快体现出来。

I definitely feel like the auto prices will be felt quickly.

这基本上是我本周与之交谈的每个人都提到的观点。

That's basically everyone who I was talking to this week said that.

但说到小型家电这类东西，当零售商需要重新订购零部件时，才是决定是否转嫁成本的时机，这可能发生在几周或几个月后。

But when it comes to like the smaller appliances, those type of things, when it's time to reorder those parts on the part of the retailers, that is actually when those decisions around passing on the costs could happen, which that could happen in a few weeks, a few months.

这真的取决于零售商。

It would really just depend on the retailer.

但他们通常强调的，往往是最后才做的事情。

But that's usually what they try to emphasize is the last thing that they do.

但既然关税现在已成为现实，他们也开始接受不得不这么做这一想法。

But given that tariffs are the reality now, they're kind of coming around to idea that they would have to do it.

你知道，所有这些都让消费者感觉非常糟糕，这正是我们本周获得的数据。

You know, all of this is making consumers feel pretty terrible, which is what we data we got this week.

消费者信心跌至十二年来的最低点。

Consumer confidence suck sunk to its lowest level in twelve years.

今天我们收到了密歇根大学的调查，其中也反映了类似的情绪。

We got the University of Michigan survey that echoed some of that sentiment today.

你知道，我已经报道消费者话题好几年了，我们不久前才刚经历过类似的情况。

You know, I've been covering consumers for a handful of years now, and we've kind of been near here before, not so long ago.

拉切尔，我想知道，这是‘狼来了’的情况，还是这次真的有什么不同？

Rachel, I'm wondering if this is a boy who cried wolf situation or if there's something different in the air this time?

我觉得很难说。

I think it's hard to know.

我认为这是填补更广泛仪表盘的一个数据点，当我们试图理解人们的感受和他们对未来的看法时。

I think this is one of the data points that fills in a broader dashboard, right, when we're trying to understand how people are feeling, how people are thinking about the future.

但我认为其中一个重要方面，我们之前也讨论过，就是人们的感受、他们对整体情绪的描述，与他们的实际行为之间存在差异。

But I think one telling piece of this, and and we've talked about this for a while too, is that there's a difference between how people feel, how they describe their general sentiment and what they do about it.

他们最终是否会决定减少支出？

Do they ultimately decide to pull back on spending?

他们是否会因为担心就业市场会遭受重大打击或股市出现转折而改变自己的行为？

Do they get so worried that there's going to be a major hit to the job market or a turn in the stock market that they change their behavior?

因此，如果我们开始看到行为层面的反应，这些情绪数据的分量可能会大大增加。

So I think that there can be really added weight to these sentiment numbers if we start to see that behavior piece kick in too.

而且，我们已经开始看到一些迹象，对吧？

And there are ways in which we're starting to see that, right?

企业正在根据关税、联邦政府的动向，以及是否考虑裁员等因素，做出关于订单和人员配置的决策。

Businesses that are having to make decisions about their orders, about their staffing, depending on tariffs, depending on what they're seeing in the federal government, depending on whether they're considering laying off staff themselves.

所以我认为情绪数据是一个有用的指标，但当其他方面的信息逐渐补全时，它往往会变得更加有说服力。

So I think the sentiment piece is a helpful data point, but it's often one that becomes even more telling when the other pieces fill themselves in.

乔丹，问你同样的问题。

Jordan, same question to you.

你对当前的消费者情绪怎么看？

What's your what's your read on consumer sentiment right now?

是的。

Yeah.

长期以来，我们一直在讨论低收入消费者更加拮据，不得不更加谨慎地选择购买什么。

For a long time, we've been talking about how lower income consumers are more stretched and having to be more discerning in what they're buying.

我个人最近一直在和高收入人群交流，他们的财富更依赖于股市，而股市一直非常波动。

I think I personally have been talking to people who are the higher end income and their fortunes are more tied to the stock market, which has been very volatile.

因此，我听到越来越多的消费者说，我只想先观望一下。

And so it feels like I'm hearing from more hiring consumers saying, I kinda just wanna wait and see.

我可能不想换工作。

I might not wanna job hop.

这让大家处于一种悬而未决的状态，正如蕾切尔所说，行为上的变化通常是在这之后才发生的。

And it's kind of putting people in suspense, which to Rachel's point, behavioral changes usually happen after after that.

乔丹·霍尔曼来自《纽约时报》。

Jordan Holman is at the New York Times.

拉切尔·西格尔来自《华盛顿邮报》。

Rachel Siegel at the Washington Post.

非常感谢大家。

Thanks so much, everybody.

周末愉快。

Have a good weekend.

你也是，克里斯汀。

Same to you, Kristen.

你也是。

You too.

华尔街看到了今天的数据，认为这并不令人满意。

Wall Street saw today's data and decided it did not like what it had to say.

我们在分析数据时会详细介绍。

We'll have the details when we do the numbers.

接下来我们来看今天早上来自商务部的另一项关键经济数据。

On to another key piece of economic data out this morning from the commerce department.

美国家庭的收入仍在增长。

American households' income is still growing.

二月份收入上升了百分之零点八，是分析师预期的两倍，这是个好消息。

It was up eight tenths of a percent in February, twice what analysts were expecting, which is good news.

但报告中隐藏着一点警示信号。

But there's a bit of a red flag buried in the report.

尽管收入增长，但消费支出弱于预期，而个人储蓄率却上升了。

Despite the income growth, consumer spending came in weaker than expected, and the personal savings rate is up.

我说这是警示信号，因为这两者都表明消费者可能正在收紧开支，紧握手中的钱。

And I say red flag because both are signs that consumers could be hunkering down and hanging on to their money.

市场观察员萨凡纳·彼得斯带来更多信息。

Marketplaces Savannah Peters has more.

资本经济公司副主管史蒂芬·布朗表示，过去几年来，消费者一直告诉调查人员他们对通胀感到厌倦，但依然继续购物。

For the last few years, consumers have been telling pollsters how fed up we are with inflation, then we keep right on buying stuff, says Stephen Brown, deputy chief at Capital Economics.

你知道，消费者信心与支出之间的联系已经断裂了。

You know, the link between consumer confidence and spending has broken down.

但在今天的收入和支出数据中，他看到了一些线索，表明消费者行为可能正在跟上我们焦虑的情绪。

But in today's data in income and spending, he sees clues about ways consumer behavior could be catching up with our anxious mood.

比如某些商品的支出增加，比如汽车、家电和家具，这些可能受到关税影响的商品。

Clues like a bump in spending on certain goods, think vehicles, appliances, and furniture, things that could be affected by tariffs.

威尔斯法戈的经济学家香农·格林表示，服务类支出出现了下降。

And says Shannon Grine, an economist at Wells Fargo, there was a dip in spending on services.

这被视为一种疲软，因为服务消费通常非常稳定，即使在最糟糕的时候也是如此。

That's considered a weakness just because services consumption is typically very steady even in the worst of times.

它之所以稳定，是因为在这个语境下，服务包括住房和医疗保健，这些变化不大。

It's steady because services in this context include housing and health care, which don't fluctuate much.

这种缩减部分是由对旅行和外出就餐等非必需服务支出放缓所驱动的。

This pullback is driven in part by slower spending on discretionary services like traveling and going out to eat.

这不再是一种全凭一时冲动的‘YOLO’报复性消费了。

It's no longer this whole YOLO revenge spending kind of thing.

经济学家泰德·罗斯曼表示，这些因素在过去几年中推动了经济增长，即使在疫情期间、全球冲突和高通胀期间也是如此。

Forces that Ted Rossman, an analyst at Bankrate, says have helped buoy economic growth in recent years, even through a pandemic, global conflicts, and high inflation.

感觉有什么新的事情正在发生，故事似乎开始转变了。

It feels like something new is happening, that that the story is starting to change.

他说，美国消费者可能终于耗尽了动力。

He says US consumers might finally be running out of steam.

如果价格继续上涨，这次他们可能不会再出手相助了。

And if prices keep rising, they might not come to the rescue this time.

我是萨凡纳·彼得斯，来自《市场》节目。

I'm Savannah Peters for Marketplace.

世界卫生组织表示，每人每天至少需要13加仑的水用于饮用、洗澡、洗碗和洗衣。

The World Health Organization says each person needs a minimum of 13 gallons of water a day for drinking, bathing, washing dishes, and clothes.

美国人的平均日用水量超过80加仑，而在许多地区，这种用水水平根本不可持续。

The average American uses more than 80 gallons per day, and in many parts of the country, that is simply unsustainable.

当然，放弃长时间的热水澡或茂盛的草坪并不令人愉快，但或许有办法在不放弃所有生活乐趣的前提下减少用水。

Of course, it is not fun to give up long hot showers or lush green lawns, but there may be ways to reduce water consumption without sacrificing every delight.

洛杉矶一个名为五十加零水耗的家庭联盟，由企业、水务公司和非营利组织组成，刚刚发布了为期一年的试点项目结果。

A coalition in Los Angeles called fifty Litter Home, which is made up of companies, water utilities, and nonprofits, it just released the results of a year long pilot project.

市场频道的凯莉·威尔斯跟踪了其中一户家庭。

Marketplaces Kaylee Wells followed one of the families.

整个实验始于2023年11月，一个周二的清晨。

This whole experiment started in November 2023, bright and early on a Tuesday morning.

在洛杉矶郊区卡诺加公园的一户独栋住宅里，安装人员进进出出，搬走旧马桶、水龙头以及其他所有用水设备，换上全新的装置。

At a single family home in the LA suburb of Canoga Park, installers are parading in and out of the house, tossing old toilets, faucets, anything that uses water, and installing brand new fixtures.

在一片混乱中，杰克·奥尔森和艾米·巴尔夫妇礼貌地提醒大家进门脱鞋，他们两岁的女儿斯卡特则吸引了周围所有成人的注意。

Standing in the middle of the chaos, politely reminding everyone to remove their shoes at the door, are Jake Olsen and Amy Ball and their two year old daughter, Scout, who's capturing the attention of all the grown ups around her.

我想吃我的糕点。

I wanna eat my bakery.

你也可以这么做。

You can do that too.

奥尔森是在看到水务公司通讯中的广告后申请参与该项目的。

Olsen applied to be part of the project after seeing an ad in the utility newsletter.

他是被选中参与该项目的30个洛杉矶地区家庭之一。

His is one of 30 LA area households chosen for the project.

其中一半保持不变。

Half stay the same.

另一半则免费获得全新的节水型家电、水龙头、淋浴头和马桶，以及专为低用水量设计的洗涤剂和清洁用品。

The other half get free brand new water efficient appliances, faucets, showerheads, and toilets, plus detergents and cleaning supplies optimized for low water use.

奥尔森希望自己的水费也能降低。

Olsen's hoping he also gets a lower water bill.

我以前在公寓住了十七年，从来没有水费账单。

I was in an apartment for seventeen years and didn't have a water bill.

水费由房东支付，然后我们搬进了这栋房子，开始浇草坪，水费账单就来了。

They paid the water, and then we got this house, and we were watering grass, and water bills would come.

我当时就想，这现实也太离谱了吧？

And I was like, how is this reality?

这种生活到底是怎么回事？

How what is this life?

我不想要这个。

I do not want this.

我们三个人。

We're three people.

是的。

Yeah.

我们怎么会用这么多水？

How are we using this much water?

对。

Yeah.

五十升家庭联盟所获得的回报是全面访问他们的用水数据。

What the fifty liter home coalition gets in exchange, full access to their water usage data.

项目负责人莫琳·乌尔贝兹尼克隶属于美国绿色建筑委员会加州分会。

Project manager Maureen Urbeznik is with the United States Green Building Council California.

我们正在做行为分析。

We're doing behavioral analysis.

我们正在研究每一个用水环节，你知道的，我们会定期进入他们的家中进行观察。

We're doing we're looking at every end use where, you know, we're in their homes kind of on a regular basis.

由于这个项目旨在观察一个普通家庭在保持正常行为的情况下能使用多少水，鲍尔和奥尔森被严格要求不得额外努力节水。

Now since this project is all about seeing how little water a typical family can use while behaving typically, Ball and Olsen are under strict orders not to try harder to save water.

他们其实已经很努力了。

They were already trying pretty hard.

他们把草坪换成了耐旱植物。

They replaced their lawn with drought tolerant plants.

他们尽量等到洗碗机装满后再使用。

They try to only run the dishwasher when it's full.

不过话说回来

Then again

我洗澡时喜欢享受一下。

I tend to luxury in the shower.

我不害羞。

I'm not shy.

你喜欢淋浴吗？

Do like showers?

我喜欢把水调得很热，然后待在里面。

I like to turn up the heat really hot and just be in there.

是的。

Yeah.

很舒服。

It's nice.

这现在是我们为数不多的独处时光之一。

That's that's some of our only alone time right now.

淋浴就是我全部的私人时间。

The shower is all I have.

不过这里需要核实一下，艾米·鲍尔享受淋浴大约需要十分钟。

Although fact check here, luxuriating for Amy Ball takes roughly ten minutes.

再过几个月，经历了无数次冲马桶和奢侈的淋浴后。

Jump forward a few months, countless toilet flushes and luxurious showers.

杰克·奥尔森拨通电话，讨论了一些初步结果。

Jake Olsen hopped on a call to go over some preliminary results.

尽管他们之前已经是节约用水的用户，但现在用水量又减少了20%。

And even though they'd already been conscientious water users, they were using 20% less.

知道从安装到现在，我们的用水量明显呈下降趋势，这真的让人非常兴奋，说实话。

Knowing that even from this install to now, we're trending, you know, significantly downward is really exciting, honestly.

能意识到我们几乎已经接近了最高效的用水状态，真是太好了。

Like, it's it's great to know that we're we're pretty much getting to the point where we're gonna be as as efficient as possible.

到最后，研究中的家庭用水量只有洛杉矶普通家庭的一半。

By the end, the homes in the study used half as much water as the average home in Los Angeles.

奥尔森注意到了一些家电的差异，但他表示这些都没有问题。

Olson did notice some differences in the appliances, but he says none of them were bad.

淋浴喷头实际上比我们之前用的大了两英寸。

The shower head itself is actually two inches larger than the one that we had before.

说实话，这是我最喜欢被换掉的那件东西。

Honestly, that's one of my favorite things that got swapped out.

水压是一样的，甚至更好。

Like, the water pressure is the same, if not better.

研究中的家庭并没有达到每天50升或13加仑的指标。

The families in the study did not hit that 50 liter or 13 gallon mark.

一年后，他们每人每天的用水量约为23加仑。

After a year, they were using about 23 gallons per person.

格雷戈里·霍利迪是五十升家庭联盟的负责人。

Gregory Holiday is the director of the fifty liter home coalition.

我们的名字确实是一个有远大目标的口号。

Our name is definitely aspirational.

还有更多的节水空间可以挖掘。

There's a lot more savings to be had.

我们才刚刚开始，说实话。

We are just getting started, honestly.

我们并没有告诉任何人该如何使用这些产品。

We didn't tell anybody about how to use these products.

我们并没有鼓励他们去尝试节约用水。

We didn't encourage them to try to save water.

霍利迪表示，这项研究还没有结束。

Holiday says this study isn't over yet.

在第二阶段，将引入水资源回收，以进一步降低用水量。

In phase two, it will introduce recycling water to get that usage number down even more.

我是凯莉·威尔斯，来自洛杉矶的《市场》节目。

In Los Angeles, I'm Kaylee Wells for Marketplace.

接下来

Coming up

这就像一种我们重新注入土壤中的活体维生素。

It's kind of like a vitamin we put back in the ground that's alive.

从垃圾到宝藏。

From trash to treasure.

但在那之前，我们先来看一组数据。

But first, let's do the numbers.

道琼斯工业平均指数下跌715点，跌幅1.7%，收于41583点。

The Dow Jones Industrial Average dropped 715 points, one and seven tenths percent to end at forty one thousand five eighty three.

纳斯达克指数下跌481点，跌幅2.7%，收于17322点。

The Nasdaq shed 481 points, two and seven tenths percent to finish at seventeen thousand three twenty two.

标普500指数下跌112点，跌幅2%，收于5580点。

And the S and P 500 was off a 112 points, 2% to land at fifty five eighty.

本周，道琼斯指数下跌1%。

For the week, the Dow lost 1%.

纳斯达克指数下跌2.6%。

The Nasdaq subtracted two and six tenths percent.

标普500指数下跌1.5%。

The S and P 500 slipped one and a half percent.

露露柠檬股价暴跌超过14%。

Lululemon tumbled more than 14%.

这家运动服饰零售商对其今年剩余时间的业绩指引令人失望。

The athletic gear retailer issued disappointing guidance for the rest of this year.

报道称，消费者因担心通胀和经济疲软而减少支出。

It says consumers are pulling back on spending because they're worried about inflation and a weakening economy.

债券价格上涨。

Bonds rose.

十年期国债收益率下跌至4.25%。

The yield on the ten year t note fell to 4.25%.

您正在收听《市场》节目。

You're listening to Marketplace.

这是《市场》节目。

This is Marketplace.

我是克里斯滕·施瓦布。

I'm Kristen Schwab.

乔丹·霍尔曼之前告诉我们，大企业如何应对关税和消费者情绪疲软，但小企业往往对本地经济有更亲密和直接的了解。

Jordan Holman was telling us earlier about how big businesses are dealing with tariffs and weakening consumer sentiment, but small businesses often have a more intimate and immediate understanding of their local economies.

因此，我们给安妮·朗·哈特曼打了电话。

So we gave Annie Lang Hartman a call.

她是位于密歇根州莱拉纳县的礼品和文具店Wild Letty的老板，也是我们的常驻零售商之一。

She's the owner of Wild Letty, a gift and stationery store in Leelanau County, Michigan, and one of our retail regulars.

这是她的最新情况。

Here's her update.

目前生意实际上非常好。

Business is actually very good right now.

今年到目前为止，我们的销售额增长了49%。

Year to date, we're up 49%.

我认为这很大程度上归功于我一直以来明确表达出这个品牌所代表的意义以及我作为一个人的身份。

And I think a lot of that has to do with how vocal I have been as far as what this business stands for and who I am as a person.

所以当公园裁员和公共部门裁员开始时，我翻出了多年前设计过的一个图案，上面写着‘公共土地的忠实粉丝’。

So when the park layoffs and like the public layoffs started happening, I sat down with a design that I made years ago, and it's just a little saying that says big fan of public lands.

出于沮丧，我重新绘制了这个图案，并在社交媒体上分享了它。

And just out of frustration, I sat down and redrew it and just shared it on social media.

这个设计引发了热烈反响，许多粉丝和顾客都要求把它印在其他产品上。

It had such a great reaction that a lot of our followers and customers asked for that design to be put on different products.

这确实为我们的业务带来了巨大推动，也让我意识到持续谈论这些事情有多么重要。

That definitely gave a big boost to our business, and it just showed me how important it was to keep talking about those things.

这是我想要一直坚持下去的。

And that's something I wanna carry through.

我最担心的只是希望今年能继续保持目前的趋势。

My biggest concern is just hoping that the year continues to trend the way it's been trending for us.

生活在这样一个旅游非常密集的地方，我知道会有人流，但问题是，我们到底能吸引多少人流，尤其是在为全年或夏季备货的时候。

Living in a place that is really heavy with tourism, I know I'm gonna get foot traffic, but it's how much foot traffic are we gonna get, especially when I'm ordering for the year or for the summer.

我总是反复纠结我们需要多少货。

Like, I always go back and forth on how much we need.

我该不该订这个？

Should I be ordering this?

这正是我现在不断思考的问题。

That's what I'm thinking about constantly right now.

我每天都需要做出明智的决定，以便在淡季时也能应对并继续前进。

I need to be making smart choices every day so that we can deal with leaner times and keep moving forward.

安妮·朗·哈特曼是密歇根州莱拉纳乌县Wild Letty的老板。

Annie Lang Hartman is the owner of Wild Letty in Leelanau County, Michigan.

你知道你的垃圾桶里有什么吗？

Do you know the contents of your trash can?

我这么问是因为我刚知道一个冷知识。

I ask because here's a factoid I didn't know.

我们丢进垃圾填埋场的物质中，大约有一半是有机物，也就是可以堆肥的材料。

About half of what we put into landfills is organic matter, as in stuff that can be composted.

这些材料本可以避免转化为甲烷排放，因为根据环保署的数据，垃圾填埋场占美国温室气体排放量的近15%。

That's a lot of material we could save from turning into methane emissions because landfills account for nearly 15% of greenhouse gas in The US, according to the EPA.

问题是，我们缺乏有效的系统来连接废弃物生产者与堆肥使用者。

Thing is, we don't have great systems that connect waste producers with compost users.

市场记者玛丽亚·霍伦霍斯特报道了一家试图弥合这一差距的公司。

Marketplaces Maria Hollenhorst reports on one company that's trying to close that gap.

这是一个关于泥土的故事。

This is a story about dirt.

堆肥是一种有效滋养土壤的方式，而土壤也会感到饥饿。

Compost is a way to effectively feed your soil, and soil gets hungry too.

萨莉·布朗博士是华盛顿大学的研究教授兼土壤科学家。

Doctor Sally Brown is a research professor and soil scientist at the University of Washington.

当我去一个没有堆肥设施的地方时，我会非常沮丧。

When I go someplace where there's no composting, I get very upset.

所以我会偷偷地把它放在外面。

So I'll surreptitiously put it outside.

每个人都有自己坚持的原则。

We all have hills we'll die on.

她之所以这么做，是因为有机物在有氧环境下——比如在堆肥堆中，或偷偷扔在灌木丛后——会分解产生二氧化碳。

She does that because organic material exposed to oxygen, you know, decomposing in a compost pile or surreptitiously tossed behind a bush, creates c o two.

但有机物在无氧的垃圾填埋场中腐烂时会产生甲烷。

But organic material rotting in landfills without oxygen creates methane.

甲烷是一种非常强效的温室气体，在百年时间尺度上，其温室效应约为二氧化碳的23倍。

Methane is a very powerful greenhouse gas having, on a hundred year time frame, about 23 times the potency of c o two.

所以把易腐烂的垃圾从垃圾填埋场移出，是一种低成本且快速减少碳排放的方法。

So getting stuff that rots out of landfills is a very cheap way to quickly reduce carbon emissions.

至少理论上是这样。

At least in theory.

我们大多数人并不住在农场附近。

Most of us don't live near farms.

他们可以轻松使用我们家中产生的草坪修剪物或牛油果皮。

They can readily use the lawn trimmings or avocado skins produced in our homes.

这时候像Agriman这样的公司就派上用场了。

And that's where companies like Agriman come in.

Agriman是加利福尼亚州最大的有机物回收公司之一。

Agriman is one of the largest organics recyclers in California.

我带你去接收区，大约有五英亩大。

I'm driving you into the receiving yard, which is about five acres.

比尔·卡马里洛是这家公司的创始人兼首席执行官。

Bill Camarillo is the founder and CEO.

他说他们每年处理约120万吨有机废物。

He says they handle about 1,200,000 tons of organic waste per year.

我的目标是在未来十年内达到1000万吨。

My goal in the next ten years is to get to 10,000,000 tons.

他带我去了加利福尼亚州圣保拉的一个场地，距离洛杉矶约一小时车程。

He brought me to a yard in Santa Paula, California, about an hour from Los Angeles.

在这里，装载家庭和企业绿色废弃物的卡车倾倒它们的货物。

Here, trucks carrying green waste from households and businesses dump their hauls.

但正如你所见，这些材料还没有被清理过。

But as you can see, this material hasn't been cleaned yet.

大约六名员工正在手工捡出塑料袋和其他垃圾。

About a half dozen employees were pulling plastic bags and other garbage out by hand.

一旦完成，这些废物会被送入研磨机，以增加表面积，让氧气发挥作用。

Once that's done, the waste gets pushed into a grinder to create more surface area for the oxygen to work its magic.

我们总是向那些不付钱的客户展示这些研磨机。

We always show the grinders to our customers who don't pay us.

开玩笑。

Joke.

他在开玩笑。

He's joking.

阿格曼公司大约80%的收入来自所谓的倾倒费。

Roughly 80% of Aggerman's revenue comes from something called tipping fees.

城市支付该公司每吨约60美元，以接受其卡车收集的废弃物。

Cities pay the company around $60 per ton to accept the waste their trucks collect.

阿格曼公司其余20%的收入来自将这些废弃物转化为堆肥或土壤改良剂，供农民、园艺师和园丁购买。

The other 20% of Aggerman's revenue comes from turning that waste into mulch or soil additives that farmers, landscapers, and gardeners can buy.

这就像我们重新注入土地的一种有生命的维生素。

And it's kind of like a vitamin we put back in the ground that's alive.

这里的材料主要是庭院和农业废弃物。

The material here is mostly yard and farm waste.

有成堆从附近果园丢弃的腐烂柠檬，整个地方弥漫着一股酸味。

There were piles of rotting lemons discarded from a nearby grove, and the whole place has a sour kind of smell.

一群鸟正在啄食这些堆叠物。

Flocks of birds were picking at the piles.

在清洁并研磨完这些原始废弃物后，它们会被运到另一个场地进行最终处理。

After cleaning and grinding that raw waste down, it gets moved to another yard for finishing.

你会注意到气味有明显不同。

And you'll notice a distinct difference in odor.

但这并不是坏事。

Not that this is bad.

在我看来，这闻起来像钱。

Smells like money to me.

但如果你走到另一边，就会闻到很浓郁的泥土味。

But if you go to the other side, it smells very earthy.

分解过程自然会产生足够的热量来杀死病原体。

Decomposition naturally raises the temperature enough to kill pathogens.

挖一点进去，如果你想的话，甚至可以把你的卷饼放里面暖一暖，因为里面挺热的。

Dig in a little bit, and you could warm your burrito up inside if you want to because it's pretty hot.

确实是。

It was.

推动这一行业发展的因素之一是加州的一项法律，要求城市将更多有机物从垃圾填埋场分流，并采购一定数量的成品堆肥。

One factor driving this industry forward is a California law requiring cities to divert more organics from landfills and purchase a certain amount of the finished compost.

这项法律旨在同时拉动堆肥市场的供给和需求。

It's meant to pull on both the supply and demand side of the compost market.

我就以文图拉市为例吧。

So I'll just take a city of Ventura as an example.

三年前他们给我打电话，说：我该怎么处理这8000吨堆肥？

So they called me three years ago and said, what am I supposed to do with 8,000 tons of compost?

所以我们为他们做了一些调研，问：你们有没有意识到你们有700英亩的公园用地？

So we did some homework for them and said, well, do you realize you have 700 acres of park lands?

这能减少30%的用水量。

It'll reduce your water consumption by 30%.

这还能减少你们公园使用的化学肥料。

It'll reduce your chemical fertilization on your parks.

为什么不能用呢？

Why can't you use it?

现在的问题是，即使他们能买得起堆肥，但施用成本却比堆肥本身还高。

Well, the issue now is even if they can buy the compost, the application cost is greater than the compost.

泥土运输起来很贵。

Dirt is expensive to haul around.

因此，对于那些无力承担法律要求购买的全部堆肥的城市来说

So for cities that can't afford to use all the compost that they're required to purchase by law

我们与一位农民签订直接服务协议，由农民同意接收城市购买的堆肥，我们承担运输和撒播费用，这样城市只需购买堆肥即可。

We partner with a farmer under a direct service provider agreement where the farmer agrees to accept the compost from the city that the city buys, and we'll pay for the delivery and the spreading so the city only has to buy the compost.

降低这一成本的一个方法是将堆肥设施建得离使用者更近。

One thing that helps reduce that cost is putting compost facilities closer to compost users.

这个设施实际上位于一家名为Limoneira的公司拥有的农田上。

This one is actually on farmland owned by a company called Limoneira.

还记得我们之前看到的那些腐烂的柠檬吗？

Remember those rotting lemons we saw earlier?

利蒙尼拉是美国最大的柠檬和牛油果生产商之一。

Well, Limoneira is one of the largest producers of lemons and avocados in The US.

是的。

Yeah.

我们在这里耕种约3000英亩的土地。

We farm around 3,000 acres here.

埃德加·古铁雷斯是利蒙尼拉的农业运营总监。

Edgar Gutierrez is Limoneira's director of farming operations.

他带我参观了一片鳄梨树田，这些树种在来自Agrimon的腐殖质堆肥上。

He took me to a field of avocado plants that were sitting on mounds of mulchy compost from Agrimon.

这种做法本质上是在为土壤注入生命力。

Doing this type of practices is basically giving life to that soil.

这里随处可见曾经来自居民绿色垃圾桶的痕迹，比如一块蓝色塑料片、一段木制运输托盘。

There are visible reminders here that it once came from someone's green bin, a piece of blue plastic, a chunk of wooden shipping pallet.

你还会发现，比如鞋子之类的东西。

You find, you know, shoes and and stuff like that.

但大多数时候，它看起来就是普通的泥土。

Mostly, though, it just looks like dirt.

这种泥土有助于种植牛油果，而我们却通常把牛油果皮扔掉。

Dirt that helps produce avocados, the skins of which we mostly throw away.

我是玛丽亚·霍伦霍斯特，来自《市场》节目。

I'm Maria Hollenhorst for Marketplace.

今天临走前最后提一下，我在《新闻周刊》上看到，旅行者们正感受到贸易战带来的紧张气氛。

This final note on the way out today, saw this in Newsweek, travelers are feeling the tensions of the trade war.

根据航空分析公司OAG的数据，与去年同期相比，从加拿大前往美国的预订量在9月每个月都下降了70%以上。

According to the aviation analytics company OAG, forward bookings from Canada to The US have fallen more than 70% every month through the September compared to the same period last year.

加拿大人是我们旅游业的重要组成部分。

Canadians are a big part of our tourism industry.

去年，他们来这里旅行的次数超过了两千万次。

They made more than 20,000,000 trips here last year.

对此，白宫发言人告诉《华尔街日报》记者：‘当加拿大人成为我们心爱的第五十一个州的居民后，他们就再也不用担心国际旅行的不便了。’

In response, a White House spokesperson told a Wall Street Journal reporter, quote, Canadians will no longer have to worry about the inconveniences of international travel when they become American citizens as residents of our cherished fifty first state.

我们的主题音乐由BJ Lieerman创作。

Our theme music was composed by BJ Lieerman.

《市场》的执行制片人是南希·瓦尔加利。

Marketplace's executive producer is Nancy Vargali.

唐娜·塔姆是执行编辑。

Donna Tam is the executive editor.

尼尔·斯卡伯勒是副总裁兼总经理。

Neil Scarborough is the vice president and general manager.

我是克里斯滕·施瓦布。

And I'm Kristen Schwab.

祝你周末愉快。

Have a great weekend.

我们下周一再回来。

We'll be back here on Monday.

这是

This is

从自然灾害到住房成本上升，我们面临的挑战和采取的解决方案将塑造未来一百年的居住方式。

natural disasters to the rising cost of shelter, the challenges we face and the solutions we embrace will shape how we live for the next hundred years.

我是《市场晨报》主持人戴维·布兰卡西奥，我一直在与《老房子广播时光》合作制作一期特别播客，探讨美国人如何在这个变化的世界中重新构想住房。

I'm David Brancaccio, host of the Marketplace morning report, and I've been working with this old house radio hour on a special podcast episode that explores how Americans are reimagining housing in this changing world.

这期节目名为《建造明天》。

It's called building tomorrow.

从加利福尼亚州的防火房屋，到德克萨斯州的微型住宅社区，再到东北部超高效节能住宅，这期特别节目融合了创新、新型商业模式和个人故事，探讨韧性、可负担性与气候现实如何重新定义‘家’的含义。

From wildfire resistant houses in California to tiny home communities in Texas to a super duper energy efficient house in the Northeast, this special blends innovation, new business models, and personal stories to explore how resilience, affordability, and our climate reality are redefining what home looks like.

要收听，请在您的播客应用中搜索《市场晨报》。

To listen, go to Marketplace Morning Report in your podcast app.