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The Indicator from Planet Money

The Great Hesitation: a Jobs Friday rom-com

The Indicator from Planet Money

NPR

Business

4.79.5K Ratings

🗓️ 5 November 2021

⏱️ 9 minutes

🧾️ Download transcript

Summary

It's Jobs Friday, and we blow our first air horn in months! Albeit, a slightly muted one. Last month, the economy added more jobs than expected. But there are still millions of people staying out of the workforce. Why?

Transcript

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0:00.0

NPR.

0:02.0

This is the indicator from Planet Money. I'm Stacey Vanick-Smith.

0:14.8

And I'm Adrian Ma and it's Jobs Friday!

0:18.6

Jobs Friday! Yes it is. The employment numbers for October are out and Adrian, they were good.

0:24.9

What?

0:25.6

The economy added 531,000 jobs in October which was higher than expected and the unemployment

0:32.1

rate fell from 4.8% to 4.6%.

0:36.3

So is this an air horn moment?

0:39.3

I mean yeah, yeah right? I mean maybe like a not full volume air horn moment but yeah

0:47.3

yeah air horn moment.

0:49.3

Good to hear it. Well almost air horn. I mean I know I feel like such a killjoy but you

0:59.5

know the October numbers they were really really great and I don't want to diminish that.

1:02.9

But there is still sort of this larger conundrum that's been hanging over the labor market

1:07.8

for a long time and is still there which is that there are you know millions and millions

1:12.9

of open jobs and millions and millions of unemployed people who are for some reason not

1:18.4

taking those jobs. And we're just left once again asking this question that's been sort

1:23.1

of looming over the economy for years now which is why aren't these two coming together?

1:31.1

It sort of reminds you of a romantic comedy right?

1:34.8

You know what I mean? It was like the two best friends who have an amazing connection

1:39.8

and they're both lonely and of course they're both wildly good looking.

1:43.3

Wow sure. But somehow they don't realize they're meant to be together and you're like

1:49.2

what are you two just gonna get together already right? Let's get to the Hollywood ending.

...

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