More jobs are always a good thing, right?
Make Me Smart
Marketplace
4.6 • 5.5K Ratings
🗓️ 8 December 2022
⏱️ 19 minutes
🧾️ Download transcript
Summary
When the latest jobs report dropped, so did stock prices. A listener wrote in to ask why Wall Street isn’t a fan of the hot labor market. We’ll get into it and answer more of your questions about how post-merger SPACs are holding up and how switching to an electric vehicle can save you money. Also, we’ll hear from Kimberly’s mom about her early Christmas decorating!
Here’s everything we talked about today:
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- “The SPAC craze, explained” from Marketplace
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- “SPACs Were All the Rage. Now, Not So Much.” from The New York Times
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- “How Much Does It Cost to Charge an EV?” from Lifewire
As 2022 winds down, so are we! Join us Friday for our final episode of the year. We’re hosting a special holiday-inspired Economics on Tap starting at 6:30 p.m. Eastern time/3:30 p.m. Pacific on YouTube Live.
And if you have a holiday cocktail recipe or beer we should try, please send it our way. We’re at makemesmart@marketplace.org or 508-U-B-SMART.
Transcript
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| 0:00.0 | Let's do it. I'm rolling on my end because I'm sinking today and you look like you're where you need to be. Let's do the show. |
| 0:13.3 | Hello everybody. I'm Kimberly Adams. Welcome back to Make Me Smart, where we make today make sense. |
| 0:19.8 | I'm Kyle Rizal. This is of course what do you want to know Wednesday? We answer your questions that you want answers to. |
| 0:25.5 | If you've got a question about the economy or business or tech send it our way, where it make me smart at Marketplace that or or you can leave us a voicemail |
| 0:32.9 | 508 UB smart |
| 0:35.8 | Our first question today comes from Frank in Massachusetts who writes can you explain why the market appeared to be |
| 0:43.6 | cranky after the better than expected jobs report. I thought more jobs are always a good thing. |
| 0:50.2 | Kyle you talked about this on the show. Go ahead. Okay. Yeah. All right |
| 0:54.1 | So more jobs are always a good thing in the very |
| 0:58.3 | Important and critical of how people are feeling and doing and being able to spend money in this economy, right? |
| 1:03.2 | That is it is hugely important |
| 1:05.7 | But what the stock market cares about most right now and arguably all the time but right now certainly is what Jay Powell and |
| 1:12.2 | Federal Reserve think about the labor market and Jay Powell and the Federal Reserve think the labor market is too hot |
| 1:18.1 | That there are too many open jobs for too many people and when you have a job support come in like the November report came in last Friday with |
| 1:27.1 | 263,000 new jobs that was too much for the Fed, okay? |
| 1:31.4 | And well actually it was too much Wall Street too, but we'll get to the Fed a minute |
| 1:35.6 | It was too much for Wall Street and so Wall Street said to itself. Oh, man |
| 1:39.4 | This means the Fed's gonna keep on raising rates now the Fed means next Tuesday and Wednesday 13th and 14th |
| 1:44.0 | And I will bet you money that Jay Powell in there and some point in that meeting will say yes |
| 1:49.6 | The labor market is too darn hot and we're worried about that and that is why price stability is out of whack price |
| 1:56.8 | Ability is the way the Fed talks about inflation so Wall Street saw the good jobs number said oh my god Jay Powell is gonna |
| 2:02.8 | Keep raising rates and thus the markets were cranky. That's that's that's that's the nutshell |
... |
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