Speaker 1: I'm Carol Masser. Are Bloomberg Business Week cover story this week. Well,
Speaker 1: you've no doubt heard about the urban exodus by now.
Speaker 1: How many working professionals have traded the city for the
Speaker 1: suburbs or even the country during the pandemic. Of course,
Speaker 1: the question remains if all those relocations are just temporary
Speaker 1: or if they become more permanent. And perhaps the most
Speaker 1: interesting element to watch in all of this is going
Speaker 1: to be pay Already, we're beginning to see companies accommodate
Speaker 1: employees who have embraced that change of scenery. But those
Speaker 1: decisions can also come with a cost, namely a localized compensation.
Speaker 1: So that's the big question. Would you take a pay
Speaker 1: cut to keep your job but live where you want?
Speaker 1: Before the pandemic, the US had never been less mobile
Speaker 1: in its entire history. So what transpires next and how
Speaker 1: that question gets answered could bring some profound changes for
Speaker 1: the US labor market, the economy, and the country as
Speaker 1: a whole. This episode is brought to you by Principal
Speaker 1: Financial Group, combining actionable insights with specialized solution scans to
Speaker 1: help you meet your investment goals. Get to know us
Speaker 1: at Principal dot com. Go burboard, young knowledge worker. The
Speaker 1: pandemic has meant that white collar workers can suddenly live
Speaker 1: anywhere that will have implications for pay. How does salary
Speaker 1: cut sound and could reshape the US? By Noah Buhire
Speaker 1: Rachel music Er was on maternity leave, stuck in a
Speaker 1: two bedroom basement department with a newborn when COVID nineteen
Speaker 1: started spreading in New York City. Her husband, who works
Speaker 1: in the insurance industry, was still commuting on the subway,
Speaker 1: so she started making him shower before holding the baby.
Speaker 1: It was just starting to feel unsafe to even go
Speaker 1: for walks, Musicer says, so on March fourteen, they packed
Speaker 1: a few bags and drove to Rochester, New York. Musker
Speaker 1: had loved her Brooklyn neighborhood. The rent was ridiculous, but
Speaker 1: there was a bistro a few steps from her apartment
Speaker 1: that ord a fabulous brunch if you were willing to
Speaker 1: wait for a table, and a daycare a half block
Speaker 1: away where she planned to send the baby. None of
Speaker 1: that mattered now the daycare might not even be open
Speaker 1: when she went back to work. Brunch was a before
Speaker 1: times indulgence. She and her husband had planned to stay
Speaker 1: with her parents for two weeks in Rochester. They ended
Speaker 1: up there for nine Afterward, they rented a house outside
Speaker 1: town on Lake Ontario, and Musker settled back into her
Speaker 1: job as director of communications at the real estate and
Speaker 1: technology company Redfin. In August, the couple bought a four bedroom,
Speaker 1: thirty four hundred square foot house for three hundred and
Speaker 1: fifty five thousand dollars. There was a time when the
Speaker 1: thought of relocating to her hometown would have been something
Speaker 1: close to a nightmare for Musicer, But to her pleasant surprise,
Speaker 1: Rochester wasn't that bad. Her mom was helping with childcare,
Speaker 1: it was easier to shop for groceries in a car,
Speaker 1: and there was a straight out of Brooklyn Craft Brewery nearby.
Speaker 1: It was a whole bunch of young people in a
Speaker 1: field at picnic tables, drinking in the middle of the day.
Speaker 1: She says. We could picture it in Williamsburg. Like many
Speaker 1: people during the pandemic who could suddenly work remotely, Musicer
Speaker 1: had moved without figuring out all the details with her employer.
Speaker 1: One thing they hadn't discussed was salary. Now that she
Speaker 1: lived in an inexpensive city, Redfinn asked, would she be
Speaker 1: willing to accept a pay cut. It's a question that's
Speaker 1: been foisted on many white collar employees. In February, only
Speaker 1: eight percent of the U S workforce did their job
Speaker 1: entirely from home, according to research from the Federal Reserve
Speaker 1: Bank of Dallas. It spiked to thirty five percent in
Speaker 1: May as offices stayed closed and workers fled to less
Speaker 1: densely populated areas. The work from home rate has fallen
Speaker 1: a bit since and will drop further as vaccines are distributed,
Speaker 1: but a substantial number of workers are likely never going
Speaker 1: back to their old offices. This shift has been especially
Speaker 1: pronounced in the tech industry, which has a high concentration
Speaker 1: of employees who can work from anywhere but are based
Speaker 1: for now in expensive coastal cities. Facebook, Microsoft, and Stripe
Speaker 1: have announced that more employees will be able to work
Speaker 1: remotely indefinitely. Like Redfin, those companies are also adjusting pay
Speaker 1: for workers who relocate. Music Er salary and bonus will
Speaker 1: go down about next year if she stays in Rochester.
Speaker 1: She's resigned to the tradeoff, at least for now. So
Speaker 1: much in the world is not how I thought it
Speaker 1: would be, she says. What music Er and workers like
Speaker 1: her do in the long run, could be one of
Speaker 1: the lasting legacies of the pandemic. If the exodus to
Speaker 1: second cities and exerbs becomes permanent, it has the potential
Speaker 1: to improve corporate balance sheets, remake labor markets, and profoundly
Speaker 1: reshape the American landscape. Millions of upwardly mobile urban dwellers
Speaker 1: may find that they can move out without sacrificing their
Speaker 1: career ambitions. It's only just started, says Nick Bloom, an
Speaker 1: economics professor at Stanford who studied work from home trends.
Speaker 1: There's going to be a reverse of the urban boom.
Speaker 1: There are doubters, of course. Jamie Diamond, Larry Fink, and
Speaker 1: Reed Hastings, the bosses of J. P. Morgan, Chase, black Rock,
Speaker 1: and Netflix, respectively, have all argued against the shift, suggesting
Speaker 1: in various ways that remote employees aren't as productive, that
Speaker 1: corporate cultures will be eroded, and that worker's mental health
Speaker 1: could suffer. Musicker's boss Glenn Kellman shares some of those concerns.
Speaker 1: The Red Fend chief executive officer loves his company's Seattle headquarters,
Speaker 1: which features catered meals and a video game room, but
Speaker 1: he now wonders if he was imposing his preferences on
Speaker 1: his employees. There's a narcissism to it. He says that
Speaker 1: if somehow they're in close proximity to me, we will
Speaker 1: share some kind of weird energy. That's part of why
Speaker 1: he's set a new corporate policy in August, allowing what
Speaker 1: Redfinn calls headquarters employees, the one thousand or so people
Speaker 1: who aren't real estate agents or field operations staff, to
Speaker 1: work remotely full time as long as they accept localized compensation.
Speaker 1: The policy makes sense for redfin, which has more to
Speaker 1: gain than most employers from a wholesale labor shift. The company,
Speaker 1: which has been around since two thousand six, is a
Speaker 1: low cost real estate brokerage that also maintains a popular
Speaker 1: home shopping app. It employs about nine salaried agents in
Speaker 1: more than ninety markets in the US and Canada and
Speaker 1: offers listing fees that can amount to as little as
Speaker 1: a third of the industry standard. When the virus shut
Speaker 1: down the economy this spring, investors worried Redfin would be
Speaker 1: saddled with big losses. The company had expanded into mortgage
Speaker 1: lending and had been buying homes for cash and flipping them.
Speaker 1: Business practices that had begun to look dicey. Home sales plunged,
Speaker 1: Hurting agent fees Redfin's stock law two thirds of its
Speaker 1: value from February one to March eighteenth, falling to ten
Speaker 1: dollars and thirty three cents of share. By early April,
Speaker 1: Kellman had decided to forego the remainder of his three
Speaker 1: hundred thousand dollar based salary for the year and temporarily
Speaker 1: cut the pay by ten percent for all headquarters staff
Speaker 1: who made more than eighty thousand dollars a year. He
Speaker 1: furloughed or let go two fifths of the agents and
Speaker 1: their support staff. Then, almost as quickly as things had
Speaker 1: fallen apart, they came roaring back. Low mortgage rates and
Speaker 1: newfound work flexibility gave people a reason to buy homes
Speaker 1: in places they would never have considered before. In August,
Speaker 1: the National Association of Realtors reported that the area around Kingston,
Speaker 1: New York, a working class town about two hours north
Speaker 1: of Manhattan, had the fastest appreciating home prices in the US.
Speaker 1: Throughout the West, communities near national parks and ski resorts
Speaker 1: were becoming zoom towns for remote workers. Dramatically pushing up
Speaker 1: home prizes. Maln Niels, who had spent a decade horrifying
Speaker 1: their parents by paying three thousand dollars a month to
Speaker 1: occupy tiny, roach ridden Warren's near farm to table restaurants
Speaker 1: in big cities, had already started seeking out farm to
Speaker 1: table restaurants in the suburbs. The pandemic accelerated that trend too.
Speaker 1: Redfin took advantage of all this, allowing homebuyers to video
Speaker 1: chat with agents or to take virtual reality tours on
Speaker 1: its website. Revenue ended the second quarter at two fourteen
Speaker 1: million dollars, up eight percent from a year earlier. The
Speaker 1: company reinstated salaries for headquarters staff in June, and by
Speaker 1: the next month had brought back the agents at furloughed.
Speaker 1: In September, the stock climbed to more than fifty dollars
Speaker 1: a share. Inside the company, though employees had been demanding answers.
Speaker 1: We had people asking, well, when are we going to
Speaker 1: come back, Kellman recalls. Some of them wanted to know
Speaker 1: if they could move to Montana. The head of product design,
Speaker 1: Colin Grigson, eight, had been spending part of his time
Speaker 1: in an airstream on land. He owned outside Walla Walla, Washington.
Speaker 1: There was no running water, but he was logging on
Speaker 1: to video calls through a Verizon hot spot and using
Speaker 1: solar panels to power his computer. I'd be in these
Speaker 1: meetings and they're like, how is this working, Griggson says.
Speaker 1: More common, though, were questions about regional moves. An employee
Speaker 1: wanted to leave Seattle's Queen Anne neighborhood for Mill Creek, Washington,
Speaker 1: about twenty five miles north. How often would she have
Speaker 1: to come into red Fenn's headquarters. Even Kellman's executive assistant
Speaker 1: was thinking about moving to a far flung suburb. In June,
Speaker 1: Redfinn told employees they wouldn't be required to come back
Speaker 1: to the office for the rest of the year, and
Speaker 1: Kellman started working with his executive team on a longer
Speaker 1: term plan. Many companies and large organizations, including the federal government,
Speaker 1: pay differently in different places because the costs of living
Speaker 1: in labor can vary widely. Red Fenn had been no exception,
Speaker 1: and it already had a process for changing pay for
Speaker 1: agents when they moved between markets, But until that point,
Speaker 1: relocations and salary adjustments for headquarters staff had been handled
Speaker 1: on a case by case basis. Over the summer, Redfin's
Speaker 1: human resources team began surveying employees and researching how businesses
Speaker 1: such as Facebook, Uber, Amazon, and MasterCard were approaching the challenge.
Speaker 1: Even in normal times, getting the numbers right is tricky.
Speaker 1: Pay too little and a business will struggle to recruit.
Speaker 1: Pay too much and profits suffer. So companies constantly keep
Speaker 1: tabs on the cost of labor in markets where they operate.
Speaker 1: Before the pandemic, Redfin considered raising engineer salaries every six
Speaker 1: months to stay competitive with the big tech companies. Remote
Speaker 1: work introduced a whole new set of challenges. Kellman says
Speaker 1: it was like opening an office in every American city
Speaker 1: all at once. Suzanne Sanders, director of Compensation, started her
Speaker 1: analysis by getting data on roughly se cities from the
Speaker 1: Economic Research instoo out, which compiles information on wages and
Speaker 1: the cost of living across the US. She grouped the
Speaker 1: data by state and metro area and focused on professionals
Speaker 1: who made around one hundred thousand dollars a year, roughly
Speaker 1: the midpoint for redfin Seattle headquarters staff. She also included
Speaker 1: variations for different kinds of jobs, such as software engineer
Speaker 1: and product manager creating an insane spreadsheet. By late August,
Speaker 1: red Fend executives had settled on an approach that divided
Speaker 1: metro areas into tiers based on cost. Should Portland, Oregon,
Speaker 1: where the median home sold for about four hundred and
Speaker 1: fifty thousand dollars, be lumped in with Seattle, where it
Speaker 1: fetched sixty dollars? Was it right to separate the huge
Speaker 1: sprawl east of Los Angeles County, which is part of
Speaker 1: the Riverside metro area, from Los Angeles itself. People sometimes
Speaker 1: commute between the two, but the cost of living is
Speaker 1: about twenty five lower in Riverside. Then there was Bend, Oregon,
Speaker 1: a sun soaked city on the eastern side of the
Speaker 1: Cascades that's popular without doorsy types and thus a bit
Speaker 1: more expensive than comparable locations. On August twenty fourth, the
Speaker 1: executives went back and forth during their weekly Google hangout,
Speaker 1: debating where to put the town or whether to call
Speaker 1: it out at all. Have you been to Bend. It's
Speaker 1: so small, said one executive, suggesting they could safely ignore it.
Speaker 1: Kelman disputed this. It's growing incredibly fast, he argued, It's
Speaker 1: like the Austin of Oregon. Two days later, Kellman sent
Speaker 1: an email to all staff outlining the new policy. He
Speaker 1: said he expected most headquarters employees to eventually come back
Speaker 1: to a red Vent office at least a few days
Speaker 1: a week, but they'd now have the option to work
Speaker 1: wherever they wanted full time if they got approval from
Speaker 1: their manager and a senior executive. Employees would also get
Speaker 1: six weeks of notice before offices reopened. Then he turned
Speaker 1: to the juicy stuff money. Extremely expensive areas the San
Speaker 1: Francisco and San Jose metro areas would continue to command
Speaker 1: the highest salaries and equity awards. Recruiting and retaining people
Speaker 1: in two of the most costly housing markets in the
Speaker 1: country would be impossible without paying top dollar. Expensive areas
Speaker 1: such as Boston, Los Angeles, New York, Portland, and Washington,
Speaker 1: d C. As well as their suburbs, would hu to
Speaker 1: the same levels Redfin had been paying employees in Seattle.
Speaker 1: After that, there was a big group of mid tier areas.
Speaker 1: Anyone who moved from an expensive place to one of
Speaker 1: these would get a ten percent to fifteen percent reduction
Speaker 1: in cash compensation, salary plus bonus, as well as ten
Speaker 1: percent to twenty percent less in stock These included Austin, Baltimore, Chicago, Denver, Houston, Miami,
Speaker 1: and Philadelphia, as well as Frisco, Texas, just outside Dallas,
Speaker 1: where Redfin has an office. The company also threw in
Speaker 1: a few cities in the Pacific Northwest, including Olympia and
Speaker 1: Bellingham in Washington and Bend. Everything that didn't get called out,
Speaker 1: which included vacation spots such as Aspen, Colorado, rust belt
Speaker 1: towns like Detroit and Rochester, and some major metro areas
Speaker 1: like Atlanta, ended up in a vast and vaguely insulting
Speaker 1: bucket called rest of the US. Employees who moved to
Speaker 1: these places could expect a twenty pent reduction in cash
Speaker 1: compensation and to twenty five percent cut to equity awards,
Speaker 1: even though a few of these locales were bound to
Speaker 1: have higher costs than Seattle. Almost a hundred questions poured
Speaker 1: in during a live employee Q and A in late September.
Speaker 1: Workers wanted definitions of the costs of living in labor
Speaker 1: and to know how their specific circumstances would be treated.
Speaker 1: A few asked the obvious question, why was it fair
Speaker 1: for people doing the same jobs to be paid different
Speaker 1: wages depending on where they lived. Kelman had anticipated the pushback.
Speaker 1: Even for a business where everyone is in one office,
Speaker 1: pay is a hornet's nest, he wrote at the end
Speaker 1: of his email outlining the policy. What makes pay especially
Speaker 1: tricky now is that simplicity and fairness trade off with
Speaker 1: one another. Most employees chose to see the bright side.
Speaker 1: Nick Smith, a thirty five year old senior product manager
Speaker 1: in Seattle and avid snowboarder who had been with the
Speaker 1: company for two and a half years, was already headed
Speaker 1: to Bend when the policy was announced. The ten percent
Speaker 1: to pay cut seemed fair to him because his research
Speaker 1: suggested wages in Bend were as much as less than
Speaker 1: what they were in Seattle. A senior product manager at
Speaker 1: Redfen in Seattle can make between onety seven thousand dollars
Speaker 1: and one sixty three thousand dollars in salary before bonus
Speaker 1: is in equity. It was a sigh of relief. Smith says,
Speaker 1: I was like yes. He and his wife sold their
Speaker 1: four bedroom craftsman style home in a walkable Seattle neighborhood
Speaker 1: and for roughly the same money bought a rural property
Speaker 1: that felt like a palace. Their new house is forty
Speaker 1: eight hundred square feet and has an in law unit
Speaker 1: on about three acres outside Bend and thirty two miles
Speaker 1: from the closest ski mountain. Redfin's remote work policy and
Speaker 1: what Smith was reading about other companies made him comfortable
Speaker 1: that he wasn't committing career suicide. He says. He plans
Speaker 1: to stay in Bend for the rest of his life
Speaker 1: and raise his two kids there. I don't want my
Speaker 1: options to ever be limited, he says, and I don't
Speaker 1: think they will be, at least for a narrow slice
Speaker 1: of the workforce. This seems to be the case. The
Speaker 1: remote positions US employers most want to fill right now
Speaker 1: are dominated by tech roles, including front end developer, full
Speaker 1: stack engineer, and product manager. According to LinkedIn, For these jobs,
Speaker 1: the pandemic has created what amounts to a national labor
Speaker 1: market that could ultimately cause salaries to stagnate in tech
Speaker 1: hubs while they gradually rise elsewhere. If companies can source
Speaker 1: talent anywhere more cheaply, the extremely high salaries in the
Speaker 1: Bay Area in Seattle may look a lot less reasonable.
Speaker 1: Kellman has been attuned to this for years. Redfin used
Speaker 1: to pay engineers fresh out of school about eighty thousand
Speaker 1: dollars a year, but that had spiked to around one
Speaker 1: thirty thousand as the company has tried to keep pace.
Speaker 1: Part of what we've always been doing is rationalizing the
Speaker 1: higher pay, he says. Our CFOs perspective on this isn't
Speaker 1: why are we lowering pay in Dallas. It's tell me
Speaker 1: why the worker in San Francisco earning more than the
Speaker 1: worker in Seattle is that much more productive? Much wider
Speaker 1: adoption of remote work has implications beyond money. Many companies
Speaker 1: say remote work will help recruit more diverse employees. Redfinn
Speaker 1: has been somewhat of a leader on this front, hosting
Speaker 1: a symposium on real estate and race two years ago
Speaker 1: and publishing data regularly on diversity in its workforce. Even so,
Speaker 1: only three of its technology employees are black. As Kellman
Speaker 1: points out, one reason engineering has been this enclave of
Speaker 1: white privilege is because we created a cult around a
Speaker 1: certain type of person. Consider Phyllis Geroggi, who grew up
Speaker 1: in Massachusetts. After graduating from Toughs University in with a
Speaker 1: degree in cognitive and brain science, she started making spreadsheets
Speaker 1: of places in the US that had a warm climate,
Speaker 1: were diverse and had a reasonable cost of living. Houston
Speaker 1: won out, and she moved there in March to start
Speaker 1: looking for jobs. She initially found work as a hostess
Speaker 1: at a restaurant, only to have it closed after her
Speaker 1: first day because of the virus. Meeting people in a
Speaker 1: city where she knew no one proved challenging with so
Speaker 1: much shut down. Then in June, one of her former
Speaker 1: college classmates contacted her on LinkedIn saying Redfin was hiring
Speaker 1: product managers. Jeroji, who is black, initially hesitated because she
Speaker 1: didn't want to move to San Francisco, go she'd never visited,
Speaker 1: but it's extreme wealth, inequality and widespread homelessness were a
Speaker 1: turn off. A friend had also told her that he'd
Speaker 1: become hyper aware of how few other black people were
Speaker 1: in the city. Over the summer, though, Gero j realized
Speaker 1: she could work from Houston at least until the end
Speaker 1: of the year. Her job even came with a Bay
Speaker 1: Area salary, despite her living with roommates in a city
Speaker 1: where the costs are about forty five lower. As much
Speaker 1: as she feels productive working remotely, there are drawbacks. It's
Speaker 1: been a hard adjustment to learn how to make casual
Speaker 1: conversation with coworkers. She says Gerogi plans to eventually move
Speaker 1: to the Bay Area once Redfin's office is reopened, though
Speaker 1: it's unclear when that will be her situation. Hence at
Speaker 1: the potential complexities to come for Redfinn and its employees.
Speaker 1: A senior product manager may be able to acquire acreage
Speaker 1: and bend and do his job remotely in a way
Speaker 1: that a more junior staffer from Houston with no built
Speaker 1: in network can't. Another big question is how to treat
Speaker 1: workers who want to come back to the office for
Speaker 1: only a few days a week. For now, Redfinn isn't
Speaker 1: making a distinction between those who come in every day
Speaker 1: and those who sometimes work from home, which means Grigson,
Speaker 1: the airstream guy, will still be able to collect his
Speaker 1: Seattle paycheck even if he occasionally logs in from Walla
Speaker 1: Walla while he builds a house out there. Not that
Speaker 1: anybody is coming back soon. In October, amid yet another
Speaker 1: wave of COVID infections, Kellman announced that Redfinn won't expect
Speaker 1: people in its offices until at least June one. He
Speaker 1: also said those who moved only temporarily during the pandemic
Speaker 1: wouldn't have their pay changed. In general, Kellman says he
Speaker 1: wouldn't be surprised if salaries eventually inch up in smaller
Speaker 1: cities as more companies allow for remote work, and the
Speaker 1: promised cost savings on real estate might not be as
Speaker 1: great as some expect. The overall need for office space
Speaker 1: could drop about ten to fifteen percent in the US,
Speaker 1: according to the research firm Green Street, but that could
Speaker 1: be offset if companies spread employees out more to make
Speaker 1: them feel more comfortable. As Facebook CEO Mark Zuckerberg conceded
Speaker 1: in a live stream with employees in May, it's really
Speaker 1: unknown what the economics of this are going to look like.
Speaker 1: The uncertainty goes well beyond real estate and business. Where
Speaker 1: people live will have profound implications on everything, including politics
Speaker 1: and climate change. An exodus from California could make the
Speaker 1: state more competitive for Republicans and turn Texas more toward Democrats,
Speaker 1: but it's also possible that people who leave will select
Speaker 1: regions where they feel more among their political tribe, deepening divides.
Speaker 1: Telework could significantly decrease carbon emissions, but it could also
Speaker 1: lead to dirtier commuting patterns if more people end up
Speaker 1: driving in from exerbs a few times a week rather
Speaker 1: than writing public transit or walking from an apartment near
Speaker 1: the office. What this means for cities is going to
Speaker 1: be complicated too. Younger workers will probably still come to
Speaker 1: urban areas to start their careers and have fun. For
Speaker 1: highly educated people, cities are marriage markets, says Jenny Shoultz,
Speaker 1: a fellow at the Brookings Institution who studies housing policy.
Speaker 1: Married drivers may also stick around to be close to
Speaker 1: the action, or if both partners can't find fulfilling work
Speaker 1: in the zoom town of their dreams. But lots of
Speaker 1: other people are going to decide they can get more
Speaker 1: of what they want in cheaper cities or suburbs, whether
Speaker 1: that's access to nature, a home with a yard, or
Speaker 1: good schools, even if the dating scene leaves something to
Speaker 1: be desired. This potential shift could have devastating consequences for
Speaker 1: extremely expensive places, but it could also spread wealth more evenly.
Speaker 1: Before the pandemic, America had become less mobile than almost
Speaker 1: at any point in our history. Kellman says, no matter
Speaker 1: what the economic cost of being in San Francisco, people
Speaker 1: would pay it. Having more remote workers means wages in
Speaker 1: Texas are going up, he says, so our housing price is.
Speaker 1: You can't have a two million dollar, two thousand square
Speaker 1: foot house in San Francisco and to two hundred thousand
Speaker 1: dollar house in Dallas that are basically the same for
Speaker 1: very long. When there are airplanes and internet connections and zoom.
Speaker 1: None of this makes the decisions employees have to make
Speaker 1: over the next several months any easier, especially for those
Speaker 1: who relocated in a hurry. Music Er, the Redfind Communications director,
Speaker 1: has until May to figure out whether she's staying in
Speaker 1: Rochester permanently and taking the pay cut. She's still not sure,
Speaker 1: and the decision will depend partly on whether her husband
Speaker 1: is allowed to work remotely after the pandemic. But she's
Speaker 1: more open to living up state than she ever thought
Speaker 1: she'd be. We were making a lot of sacrifices in Brooklyn,
Speaker 1: music Er says. In Rochester, we get so much more
Speaker 1: for our money. And that is this week's cover story.
Speaker 1: Check out more stories in the current issue of Bloomberg
Speaker 1: Business Week magazine. It's on newsstands, online and at Bloomberg
Speaker 1: dot com and on the Bloomberg terminal. I'm Carol Mam sir,
Speaker 1: and check out Bloomberg Business Week Radio Monday through Friday
Speaker 1: at two pm Wall Street Time on Bloomberg Radio. Catch
Speaker 1: to our daily podcast feed at Bloomberg dot com, Apple
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