A labor market that’s still on a roll
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 3 December 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
The word of the day today is “jobs.” The job market remains surprisingly strong, wages are rising, and job churn is high but settling. In this episode, a dive into the November jobs report and how it could influence the Federal Reserve’s next moves. Plus, day care staffing woes continue, Russia takes aim at Ukraine’s power grid, and Indigenous nations make progress in their push to co-manage public lands.
Transcript
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| 0:00.0 | Jobs, jobs, jobs, jobs. 263,000 of them from American public media. This is MarketFlash. |
| 0:12.8 | In Los Angeles, I'm Kyle Rizdole. It is Friday. Today this one is the second of December. |
| 0:25.8 | Good as always to have you along, everybody. We had the jobs report today, of course. We had the |
| 0:30.7 | Fed share earlier this week and update on economic growth as well. And now a mere six and a half |
| 0:36.6 | minutes to make it all make sense. Heather Long is at the Washington Post, Gina Smileyx at the |
| 0:40.3 | New York Times. Hey, you two. Hi, Kyle. So Heather, let's start with you on the jobs report 263,000 |
| 0:47.2 | new jobs added to this economy in November. As I said, the unemployment rate stays steady at 3.7 |
| 0:52.9 | percent. Here is my question to you. How is it possible that this job market is still so strong |
| 0:59.6 | after all the Fed has done? Well, that certainly was a big surprise this morning. Another |
| 1:05.6 | better than expected report. When looking through the details was surprising to see, despite the |
| 1:13.1 | real estate woes we have construction at a 20,000 jobs. Despite all those headlines of tech companies |
| 1:18.8 | giving a lot of pink slips, IT added 19,000 jobs. And my personal favorite to watch these days |
| 1:25.1 | is even laundry services. So people go in and getting dry cleaning done added 11,000 jobs. So |
| 1:34.2 | you certainly don't think we're in a recession when people are still eager to get all of their |
| 1:38.2 | closed dry clean for the offices they aren't going to. But so overall, I think the message still |
| 1:45.0 | remains that it's a stronger than expected labor market because we don't have enough workers |
| 1:50.8 | to fill all these open roles. But I do think there were starting to be a couple of signs of |
| 1:56.5 | potential woe. Temporary hires have fallen for the last few months. And you often forget that |
| 2:03.4 | the jobs report is really two surveys that emerge into one. And while that 263,000 headline |
| 2:10.4 | number sticks in our memories, the other survey, the household survey has been showing that we |
| 2:17.0 | actually lost jobs the past few months and really haven't added any for the last eight months. |
| 2:22.8 | So there's starting to be a very different stories coming out of the two reports. And we'll see |
... |
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