Diving into March’s giant jobs report (with Austan Goolsbee)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 13 April 2021

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

The latest monthly report from the Bureau of Labor Statistics showed massive gains in March—the strongest in seven months—indicating that economic growth is gaining speed. Economist Austan Goolsbee explains why he’s optimistic, what kind of numbers we need to keep seeing to realize a full recovery, and how the report proves that even though some think high unemployment insurance payments will disincentivize people from returning to work, a lack of jobs is actually what’s driving unemployment rates. Austan Goolsbee is the Robert P. Gwinn Professor of Economics at the University of Chicago Booth School of Business. He previously served as the Chairman of the Council of Economic Advisers and a member of President Obama’s Cabinet. Twitter: @Austan_Goolsbee Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Strong job growth in March as vaccine distribution expands and the American Rescue Plan ramps up: https://www.epi.org/blog/strong-job-growth-in-march-as-vaccine-distribution-expands-and-the-american-rescue-plan-ramps-up/ The soft underbelly to a looming economic boom: Millions will miss out: https://www.washingtonpost.com/business/2021/03/30/fed-inflation-bad-economy-low-wage/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	Hey, pitchfork listeners. We want your economics related ice cream flavor ideas for an extra sweet
0:07.8	episode that we're working on. Here's some examples. Economic crunch inspired by the 1987
0:14.0	stock market crash. This flavor does not taste like dollar bills and tears, but actually like
0:20.1	three different kinds of nuts. Or how about Bernie's back, a hot cinnamon ice cream with one very
0:25.6	large chocolate disc laying on top to represent all the wealth that has risen to the top one percent.
0:32.4	Those are real flavors. By the way, the possibilities here are endless. So if you're feeling
0:37.2	inspired, let us know. Give us a call at 731-388-9334 and leave a message with your unique economics
0:46.6	ice cream flavor. Deadline for submissions is April 18th and now on to the episode.
0:52.1	There's a lot of misinformation in the press about the relationship between unemployment
0:59.9	benefits and unemployment insurance and job. This thing about unemployment insurance was nonsense.
1:07.1	If we don't essentially incentivize working people with fear and pain and poverty,
1:14.3	the lazy sons of bitches will just stay home and watch TV. That's just wrong. Yeah.
1:23.1	From the home offices of civic ventures in downtown Seattle, this is pitchfork economics,
1:30.1	with Nick Hanauer, the best place to get the truth about who gets what and why.
1:40.9	I'm Nick Hanauer, founder of Civic Ventures. I'm David Goldstein, senior fellow at Civic Ventures.
1:52.7	So every month, the U.S. government releases its monthly jobs report because
1:58.8	we're geeks, you and I pay close attention and this month was off the charts.
2:05.1	916,000 net jobs were added in March. A clear indication that the economy is getting back on track.
2:13.8	The good news is the stats, right? Right. The official unemployment, which we all know is bullshit.
2:19.7	But apples, the apples is down to 6% with 6.2% in February. Overall, the U.S. has now
2:29.0	gained back 13.7 million jobs. That's 62% of the 22 million lost during the pandemic, which is
2:39.5	there's a really unbelievable numbers, even having lived through it. And even the February job
	...

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