Some of the most important forces at work in the US economy can’t be captured by the data, at least not entirely. Take the contribution of undocumented workers—an estimated 5% of the US workforce is undocumented, many toiling in sectors of vital importance to the economy, such as construction, agriculture and food services. With Donald Trump’s immigration crackdowns on the rise, reports are coming in that immigrants (both documented and undocumented) are staying away from their jobs. If the trend continues, the economic consequences could bring this part of the economy to the fore in a big way. 

The less-visible economy is the theme of this week’s episode of Everybody’s Business from Bloomberg Businessweek. Hosts Max Chafkin and Stacey Vanek Smith look at the economic impact of immigrants with economist Kathryn Anne Edwards. Edwards says more workers (documented or not) are almost always a net gain for an economy, causing it to grow, expand and become wealthier. 

Then what is going on underneath the inflation numbers? The government’s Consumer Price Index for May came out this week and the numbers look good. Prices are rising at a rate of 2.4%, quite close to the central bank’s “ideal” inflation rate of 2%. Of course, to many of us, it doesn’t feel that way. Some prices, especially unavoidable prices, like food, have risen enormously since before the pandemic and continue to sting. Max and Stacey talk to Bloomberg Businessweek columnist Deena Shanker about how pizza is a perfect economic indicator for this moment, and a window into the profound changes happening in the food industry.  

Finally, the hidden economy inside carry-ons surfaces in a recent seizure by border security in India, which caught a man trying to smuggle dozens of deadly pit vipers. Stacey and Max discuss the underground economy for exotic animals: Whether it’s spiders, parrots or poisonous snakes, the market is worth billions of dollars a year.  

Some of the most important forces at work in the US economy can&rsquo;t be captured by the data, at least not entirely. Take the contribution of undocumented workers&mdash;an estimated 5% of the US workforce is undocumented, many toiling in sectors of vital importance to the economy, such as construction, agriculture&nbsp;and food services. With Donald Trump&rsquo;s immigration crackdowns on the rise, reports are coming in that immigrants (both documented and undocumented) are staying away from their jobs. If the trend continues, the economic consequences could bring this part of the economy to the fore in a big way.&nbsp;
The less-visible economy is the theme of this week&rsquo;s <a href="https://www.bloomberg.com/podcasts/series/everybodys-business" data-cke-saved-href="https://www.bloomberg.com/podcasts/series/everybodys-business">episode</a> of Everybody&rsquo;s Business from Bloomberg Businessweek. Hosts Max Chafkin and Stacey Vanek Smith look at the economic impact of immigrants with economist Kathryn Anne Edwards. Edwards says more workers (documented or not) are almost always a net gain for an economy, causing it to grow, expand and become wealthier.&nbsp;
Then what is going on underneath the inflation numbers? The government&rsquo;s Consumer Price Index for May came out this week and the numbers look good. Prices are rising&nbsp;<a href="https://www.bls.gov/cpi/" data-cke-saved-href="https://www.bls.gov/cpi/">at a rate of 2.4%</a>, quite close to the central bank&rsquo;s &ldquo;ideal&rdquo; inflation rate of 2%. Of course, to many of us, it doesn&rsquo;t feel that way. Some prices, especially unavoidable prices, like food, have risen enormously since before the pandemic&nbsp;and continue to sting. Max and Stacey talk to Bloomberg Businessweek columnist Deena Shanker about how <a href="bbg://news/stories/SXFX5QT0G1KW" data-web-url="https://www.bloomberg.com/news/articles/2025-06-06/why-is-pizza-so-expensive-now-what-it-reveals-about-the-us-economy" data-cke-saved-href="bbg://news/stories/SXFX5QT0G1KW">pizza is a perfect economic indicator</a> for this moment, and a window into the profound changes happening in the food industry.&nbsp;&nbsp;
Finally, the hidden economy inside carry-ons surfaces in a recent seizure by border security in India, which caught a man trying to smuggle <a href="https://x.com/mumbaicus3/status/1929191950302716182" data-cke-saved-href="https://x.com/mumbaicus3/status/1929191950302716182">dozens of deadly pit vipers</a>. Stacey and Max discuss the underground economy for exotic animals: Whether it&rsquo;s spiders, parrots or poisonous snakes, the market is worth billions of dollars a year.&nbsp;&nbsp;

Bloomberg Businessweek brings you a smart and fun chat show about all things...business. Hosted by award-winning business and economics journalists Max Chafkin (author of The Contrarian: Peter Thiel and Silicon Valley’s Pursuit of Power) and Stacey Vanek Smith (former co-host of NPR’s Planet Money and reporter for Marketplace), Everybody's Business is powered by the unparalleled sources and reporters who bring you Businessweek magazine’s headlines and the stories behind them. The show gives listeners a window into the discussions happening in boardrooms, Zooms and group chats in power centers around the world. From interpreting Fed meetings to the business of wolf cloning, each week Max, Stacey and their friends at Bloomberg Businessweek guide listeners through what really went on during the last week from Wall Street and Main Street. Because what’s happening with money and markets is everybody’s business.

Bloomberg Businessweek brings you a smart and fun chat show about all things...business. Hosted by award-winning business and economics journalists Max Chafkin (author of The Contrarian: Peter Thiel and Silicon Valley&rsquo;s Pursuit of Power) and Stacey Vanek Smith (former co-host of NPR&rsquo;s Planet Money and reporter for Marketplace), Everybody's Business is powered by the unparalleled sources and reporters who bring you Businessweek magazine&rsquo;s headlines and the stories behind them. The show gives listeners a window into the discussions happening in boardrooms, Zooms and group chats in power centers around the world. From interpreting Fed meetings to the business of wolf cloning, each week Max, Stacey and their friends at Bloomberg Businessweek guide listeners through what really went on during the last week from Wall Street and Main Street. Because what&rsquo;s happening with money and markets is everybody&rsquo;s business.

Everybody's Business

ICE Raids, Expensive Cheap Food and a Venomous Black Market

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/f7bf1cd0-1446-4e93-a9d2-b2fa017e6519/transcript

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