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Marketplace

Untangling an economic puzzler

Marketplace

Marketplace

News, Business

4.6 β€’ 8.5K Ratings

πŸ—“οΈ 24 November 2022

⏱️ 27 minutes

🧾️ Download transcript

Summary

Unemployment claims are at a three-month high, which isn’t a great sign for the economy. But orders for durable goods β€” like auto parts and manufacturing equipment β€” were higher than anticipated in October. We’ll try to make sense of the economy’s mixed signals in today’s episode. Plus, a price cap on Russian oil fuels disagreement, “wonky” produce gains traction in the U.K., and small businesses make themselves holiday-ready.

Transcript

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0:00.0

Tis the season of gratitude, you know, and I wanted to take a minute to thank our marketplace

0:04.6

investors. That is a community of listeners who've gone above and beyond to support our work

0:09.2

and to ensure that trustworthy news and information is available to all. And in a year like this one,

0:15.3

that means a lot. Each and every investor matters and makes a real difference here at marketplace.

0:20.2

So on behalf of all of us, thank you.

0:22.5

Hey, what's that saying on the one hand, but then on the other, right? Well, yeah, that,

0:31.6

but for the economy. From American public media, this is Marketplace.

0:38.1

In Los Angeles, I'm Kyle Rizdole, it is Wednesday today, the 23rd of November. It is always

0:52.7

to have you along, everybody. So where do we find ourselves? Do you suppose? And by ourselves,

1:00.2

I of course mean this economy on this Wednesday before Thanksgiving in the year 2022.

1:05.5

I'd be lying if I said we knew because for every good thing we learn, it seems there is another

1:12.5

that makes the opposite case today. Being just another example of that, we learn this morning

1:17.8

that orders for durable goods, the big heavy expensive stuff like cars and dishwashers,

1:23.2

we're up a full percent last month more than the experts had been guessing. But at the same time,

1:28.9

first time claims for unemployment benefits went up to 140,000 people lost their jobs last week.

1:34.8

That is 17,000 more people out of work than the week before. Of course, a couple of data points do

1:42.1

not a trend to make, but honestly, this is sort of an economic puzzler right now, right? Marketplace

1:48.8

is Mitchell Harman spent his day trying to untangle it. Let's start with the most worrisome news.

1:54.4

Jobless claims are at a three month high. Plus, there's been a wave of layoff announcements,

1:59.4

especially by Amazon and other tech firms. But it remains premature to say that we're seeing a

2:05.6

downturn in employment. John Lear is chief economist at Morning Consult. In large part because the

2:11.3

tech sector represents a relatively small share of the total U.S. economy, something like

...

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