How a hot job market could lead to a recession
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 3 January 2023
⏱️ 26 minutes
🧾️ Download transcript
Summary
A tight labor market is always a positive thing, right? While it can be good for wages, those unfilled jobs can limit productivity and economic growth. Today, a look at the risks of an economy with missing parts. Then, what’s in store for Big Oil after a profitable year, why demand for cars is softening and what’s behind Gen Z’s proudly pro-union stance.
Transcript
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| 0:00.0 | We're ringing in the new year here at Marketplace and wanted to thank those who kept our journalism |
| 0:03.8 | strong in 2022, especially all of our Marketplace investors. |
| 0:08.3 | Thank you for being part of this community of donors, committed to making sure trustworthy, |
| 0:12.5 | independent news is here to stay in 2023 and beyond. |
| 0:16.8 | It's people like you who make our work possible and you're ongoing support that makes people |
| 0:21.0 | smarter every day. |
| 0:22.5 | Thanks again and happy new year. |
| 0:25.1 | New year and a new batch of economic data coming, but how much has actually changed? |
| 0:32.0 | From American Public Media, this is Marketplace. |
| 0:43.8 | In Washington, DC, I'm Kimberly Adams in Frikai Rizdal. |
| 0:47.6 | It's Tuesday, January 3rd, good to have you with us. |
| 0:51.0 | This is a big week for labor market data. |
| 0:53.6 | Tomorrow we'll get the latest job openings and labor turnover survey for November, also |
| 0:59.0 | known as the Joltz Report. |
| 1:01.4 | And on Friday, we'll get the government's official jobs tally for December. |
| 1:06.1 | Economists will be looking at the unemployment rate as an indicator of whether recession |
| 1:10.4 | is on the horizon. |
| 1:12.4 | And while some companies have been laying off workers, most companies are still desperate |
| 1:17.4 | to hire workers and are having a hard time finding the people they need. |
| 1:22.6 | As Marketplace is just in how reports, those unfilled jobs could limit economic growth. |
| 1:28.5 | Throughout the past year, the number of new hires has lagged behind the number of open |
| 1:32.5 | positions by millions every month. |
... |
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