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The Indicator from Planet Money

Does unemployment whiplash mean recession?

The Indicator from Planet Money

NPR

Business

4.79.5K Ratings

🗓️ 4 October 2024

⏱️ 10 minutes

🧾️ Download transcript

Summary

It's Jobs Friday! It's that time of the month where we check in on the American worker.

In September, 254,000 jobs were added to the US economy and the unemployment rate ticked down very slightly to 4.1%. It's unexpectedly strong, and relieving news for workers after a pretty lackluster summer.

But ... given how the labor market cooled over summer, is the labor market still on thin ice? And if there were to be a plummet in jobs, could anything be done to speed up the recovery?

Today on the show: How it's easier to break the economy than to fix it, and whether we can escape from the patterns of the past.

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How much would you do this job for? And other indicators

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Transcript

Click on a timestamp to play from that location

0:00.0

NPR It's Jumps Friday. That's right. Once a month we put aside the stock market.

0:18.0

Who cares?

0:19.0

We put aside all the other indicators, never heard of them.

0:22.0

And we check in on how the workers of America are doing.

0:26.5

Yeah, about two-thirds of all American adults are in the labor force.

0:31.2

And in September, 254,000 jobs were added to the US economy.

0:36.2

It's an unexpectedly strong month.

0:38.8

The unemployment rate ticked down very slightly to 4.1%. It's relieving news for workers after a pretty

0:47.1

lacklustre summer. We are at this critical moment in the economy.

0:51.7

Unemployment in America is like being on a sheet of ice.

0:56.0

After a few cracks, the sheet collapses.

0:59.0

And a lot of people lose their jobs really fast.

1:02.0

And then it's usually a long slow steady struggle over years to get everyone

1:07.3

back out of the icy waters of unemployment. That has been the historic pattern for almost every recession over the past 70 years.

1:16.0

This is the indicator from Planet Money.

1:17.4

I'm Wailen Wong.

1:18.4

And I'm Darren Blyds.

1:19.7

Today on the show, Unemployment on Thin Ice, how it's easier to break the economy than to fix it, and

1:27.0

whether we can escape from the patterns of the past. Last.

1:33.0

One year ago, the event that changed a region.

1:38.0

Heavily armed Palestinian militants in Gaza flew across the border.

1:42.0

The October 7th Hamas attacks on Israel.

...

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