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Marketplace

A brake tap on wage gains

Marketplace

Marketplace

News, Business

4.68.5K Ratings

🗓️ 28 August 2023

⏱️ 27 minutes

🧾️ Download transcript

Summary

It’s a big week for job data, including reports on the quits rate, private payrolls, layoff announcements and employment numbers. The Federal Reserve will be keeping a close eye on wage growth, and today we see indications that pay gains might be cooling. Then, the Texas power grid is strained by rising temps and growing cities, and companies invest in passenger rail.

Transcript

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0:00.0

Marketplace Morning reports new Skin in the Game series explores what we can learn about

0:04.5

money and careers from the $300 billion video game industry.

0:09.4

Plus here how an Oakland-based program helps young people get the skills they need to break

0:14.0

into this booming industry.

0:16.0

Listen to Skin in the Game and more from the Marketplace Morning report wherever you get

0:20.5

your podcasts.

0:23.7

The economic buzzword of this week, jobs from American public media, this is Marketplace.

0:41.8

In Los Angeles, I'm Kyle Rizdal Monday, today 28 August, good as always to have you

0:47.0

along.

0:48.0

We will be getting data on jobs this week, lots and lots of data on jobs tomorrow.

0:54.9

It'll be Jolts, the job openings and labor turnover survey along with the quits rate

0:59.6

that's people leaving their jobs voluntarily for new and one assumes better paying jobs.

1:05.1

Then on Wednesday, it's private payrolls from ADP, first time claims for unemployment

1:09.5

on Thursday and then Friday, the biggie, the August jobs report.

1:14.5

With jobs of course come paychecks and one of the key things that people are going to

1:18.2

be watching in that Friday jobs report is wage growth.

1:22.5

It has been blamed by some and discounted by others as a key driver of inflation.

1:28.7

Average hourly earnings, which is the official nomenclature, we're growing it nearly 6% annually

1:34.1

in the spring of last year, then fell back a bit when the Fed started raising interest

1:38.0

rates.

1:39.0

As Marketplace's Mitchell Hartman reports to get us going, today there are some signs

1:42.6

that wage growth may be slowing further.

...

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