GDP doesn’t care how you feel
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 1 September 2023
⏱️ 27 minutes
🧾️ Download transcript
Summary
Gross domestic product has been a global standard for measuring economic growth since 1944. But there’s a new push to measure economic welfare and well-being. Today, we’ll explore the history of GDP, all the things it can measure and all the things it can’t. We’ll also take a closer look at rebounding labor force participation and hear how small businesses are grappling with hiring hurdles.
Transcript
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| 0:00.0 | The past five days in this economy, four letters are key, J-O-B and S. |
| 0:08.0 | We'll go over some other stuff, too. |
| 0:10.0 | From American public media, this is Market Flatts. |
| 0:24.0 | In Los Angeles, I'm Kyle Rizzo. |
| 0:26.0 | It is Friday today, and this one is the very first day of September. |
| 0:29.0 | Good as always to have you along. |
| 0:31.0 | Everybody, it is not only jobs that we're going to discuss for the next six and a half, seven or so minutes. |
| 0:36.0 | There has been a relative ton of economic news this week. |
| 0:40.0 | But jobs are where we're going to start on a swan since the New York Times. |
| 0:43.0 | Heather Long is at the Washington Post. |
| 0:45.0 | Hey, too. |
| 0:46.0 | Hey, Kai. |
| 0:47.0 | So, Heather, everybody showed the numbers by now. |
| 0:50.0 | 3.8% on the rate, 187,000 on new jobs last month. |
| 0:55.0 | Strong but cooling, I think, is what you tweeted out this morning. |
| 1:00.0 | That's early to take away, but it's still just remarkable to see these jobs reports come out month after month with what it just feels like more and more new records. |
| 1:14.0 | Another record for a primage women, labor force participation, near record unemployment, |
| 1:20.0 | low for black and Hispanic workers, wage inequality is going down. |
| 1:25.0 | Wages are still outpacing inflation. |
| 1:28.0 | I mean, you just, you love to see it. |
| 1:30.0 | At the end of the day, this is what we all wanted. |
| 1:32.0 | We don't want to be in a situation where the job market is so hot that it's pressuring inflation higher. |
... |
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