Displaced when housing is already strained

Marketplace

News, Business

4.6 • 8.6K Ratings

🗓️ 11 January 2025

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

As many as 10,000 buildings have burned in the Los Angeles wildfires, officials say, and nearly 180,000 people have been ordered to evacuate. Angelenos who want nearby housing in the short or long term will be faced with one of the lowest multifamily vacancy rates in the country. Also in this episode: Airlines are optimistic as business travel ticks up, and 5.5 million Americans would like a job but aren’t actively searching for one. We’ll explain why.

Transcript

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0:00.0	So much for lower interest rates, huh?
0:04.2	From American Public Media, this is Marketplace.
0:12.0	In Baltimore, I'm Amy Scott in for Kai Rizdahl.
0:19.8	It is Friday, January 10th. Good to have you with us.
0:23.4	The December jobs report made waves today. The Bureau of Labor Statistics says employers added more than 250,000 jobs last month, about 100,000 more than analysts had expected, while the unemployment rate ticked down to
0:38.7	4.1 percent. Great news for job seekers. Not so much, though, for those pining for lower
0:45.2	interest rates. Joining me to discuss are Heather Long with the Washington Post and Sue DeBretti
0:50.8	at Politico. Thanks for being here. Hi, Amy. So, Heather, it was a pretty good
0:56.8	jobs report. What does that tell you about the resilience of this economy? Yeah, it really felt like
1:03.2	a bounce back month. We had a couple of months since the summer of either week hiring or people
1:08.8	were out on strike or weird weather events. And so this really
1:13.3	felt great to see a big beat with that $256,000 and then seeing unemployment rate fall a little bit
1:21.3	to 4.1% and for the right reasons, because we had more people getting employed, fewer people unemployed, stronger labor force.
1:31.3	So you just kind of walk through all of the different parts of this report, and it felt pretty good,
1:37.0	which is a great way to end the year.
1:39.2	I will say if you step back for overall into 2024, there were 2.2 million jobs added, which is a pretty
1:47.0	darn good year, pretty similar to like a 2018 pace. But two thirds of those jobs were in
1:53.8	health care and government. So it was a pretty highly concentrated year of job growth. And that's
2:00.2	why you still see people like in the tech
2:02.2	sector or manufacturing sector who talk about how hard it is to get hired right now.
2:08.0	Right. Some people are still calling it a tough job market. Sudip, what's your takeaway? Wages
2:13.2	also continued to increase? Yeah. And this is an incredibly healthy labor market, especially
	...

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