Making more stuff without working more hours
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 1 August 2024
⏱️ 27 minutes
🧾️ Download transcript
Summary
Strong productivity growth last quarter coupled with recent wage growth means we’re generating more output and, at least to some extent, getting paid for it. In this episode, why productivity growth prevents a wage-price spiral. Plus, California wants to build an offshore wind turbine assembly plant, national economics impact national performance in the Olympics and equity-rich homeowners can’t do much with their housing wealth right now.
Transcript
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| 0:59.0 | Wages play catch up with inflation, homeowners build wealth, at least on paper, and how economics fuel Olympic success. |
| 1:10.0 | From American public media, this is Marketplace. |
| 1:14.0 | In Baltimore, I'm Amy Scott in for Ky Rizdahl. It's Thursday, August 1st. Good to have you with us. |
| 1:30.0 | Tomorrow is the big day for jobs when we'll dig into the latest employment situation report from the Labor Department. |
| 1:37.0 | But today there's news on the jobs front too, also from the Labor Department, which said that first-time claims for unemployment benefits reached a one-year high last week. |
| 1:48.0 | Another sign of what Fed Chair Jay Powell has called a gradual normalization of labor market conditions. A separate report |
| 1:56.3 | showed worker productivity grew in the second quarter of this year, up 2.3 percent on an annual basis, real wages that is adjusted for inflation, rose 2. |
| 2:08.0 | Marketplace's Elizabeth Troval has more. |
| 2:11.0 | 2.3% productivity growth is nothing to sneeze at, says Luke Pardu with the Aspen Economic Strategy Group. |
| 2:18.9 | Productivity growth that we've been seeing has been central to the soft landing. |
| 2:22.8 | These is the tight labor market has contributed to productivity growth. |
| 2:26.8 | That's because businesses have had to lean on the employees they already had |
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