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The Indicator from Planet Money

Higher wages, fewer temp workers and indicators of the year results

The Indicator from Planet Money

NPR

Business

4.79.5K Ratings

🗓️ 6 January 2024

⏱️ 10 minutes

🧾️ Download transcript

Summary

The U.S. economy added a solid number of jobs, the unemployment rate held steady, and a lot of people got raises. But, today we ask whether fewer temporary workers could mean recession, and whether higher wages might cause interest rates to stay high.

Related episodes:
The Indicator of the Year (Apple / Spotify)
Predicting next year's economic storylines (Apple / Spotify)
The money illusion

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Transcript

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0:00.0

NPR. This is the indicator from Planet Money, I'm Darin Woods.

0:14.8

And I'm Whelan Wong, and today is Jobs Friday.

0:19.0

Oh my gosh, you can hear the celebratory air horn that we use to mark the first

0:25.9

Friday of the month when we reach into the latest jobs report from the Bureau of

0:29.8

Labor Statistics. We want to find insights into how the economy is working for regular people.

0:37.0

And even more than the stock market or gross domestic product, we love this report because jobs and

0:44.8

wages and all the other goodies in there, that's where we see how the economy is

0:49.2

working for regular people, not just investors. And last month it worked well. The US economy added a

0:56.0

healthy 216,000 new jobs and people got raises, lots of them.

1:01.2

I like to check where the new jobs come from and a lot of them were in government and

1:05.6

health care and social assistance. They made up 51% of net new jobs. But of course

1:11.9

there are more stories to pluck from the numbers as we do

1:15.1

here on the indicator and so after the break we're going to take a closer look at

1:19.0

two of the most interesting indicators from the jobs report. Plus, stick with us for the dramatic reveal of who won

1:26.3

are indicators of 2023 and 2024. Support for this podcast and the following message come from Dignity Memorial.

1:38.6

When your celebration of life is prepaid today, your family is protected tomorrow.

1:43.4

Planning ahead is truly one of the best gifts you can give your family.

1:47.4

For additional information visit dignity memorial.com.

1:51.1

All right, Jobs Friday, you go first, Wailen.

1:55.0

Okay, my indicator is 2.8 million.

1:59.0

That is the number of temporary workers in the economy,

2:02.0

according to the newest jobs report and it's

...

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