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Good news for the Fed, meh news for workers

Marketplace

Marketplace

News, Business

4.68.5K Ratings

🗓️ 7 January 2023

⏱️ 28 minutes

🧾️ Download transcript

Summary

Workers have enjoyed healthy earnings increases in the past year, but tucked into today’s jobs report was data showing that the pace of those gains is moderating. Though it’s welcome news for the Federal Reserve’s inflation fight, it also means that workers’ pay continues to trail the rise in prices. Plus, the winners so far of the electric vehicle boom, a California law incentivizes worker-owned businesses and the perks (and drawbacks) of living with your parents at 24.

Transcript

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0:00.0

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0:31.5

I've said it before I will say it again, the headlines may go elsewhere, but this economy

0:37.6

never rests from American public media. This is Marketplace.

0:51.8

In Los Angeles, I'm Kyle Rizdole. It is Friday today, the sixth of January. It has always

0:56.8

to have you along. Everybody, it has been understandably a week in which the political news has

1:03.1

dominated the economic. That news, the political, is better covered elsewhere, as you know,

1:08.8

while we stay in our lane and a crowded economic lane, it has been. We will get to it this

1:16.0

week. Heather Long, is it the Washington Post on a Swanson? Is it the New York Times?

1:19.6

Hey, too.

1:20.8

Hi, Kai.

1:21.8

Heather, let me start with you. Of course, we start with this morning's December jobs report

1:25.6

223,000 new jobs in the economy the last month of last year. 3.5% is the new number on the

1:31.6

unemployment rate down to 10s. You called it on Twitter this morning. Great, which it

1:36.7

is. Everything's moving in the right direction. I do wonder, though, if part of the reason

1:40.5

it's great is that there are some signs of moderation a little bit.

1:46.1

Yeah, that's a really fair point. I mean, obviously the Federal Reserve wants the labor market

1:52.5

to cool off a little bit. But it's even though it's cooling off and we saw a few signs

...

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