Emily Blanchard, Leonard, Nine Hundred discussed on Marketplace Morning Report with David Brancaccio
Private sector survey that hints about the official hiring and unemployment reports came in today much stronger than expected. Nine hundred. seventy eight thousand more. People landed on payrolls in may according to the paycheck processor. Edp diane swonk is chief economist. At the tax advisory firm grant thornton. She helps us many a thursday good morning. good morning. well. I mean the. Adp data doesn't always track with the official jobs report due tomorrow but certainly interesting today certainly encouraging closed a million jobs created with big gains and leisure and hospitality in small businesses. Now we've learned to be a little humble rather than user hubris when it comes to forecast you monthly and plummer reports but the good news is we've seen a slew of data that suggests that momentum is shifting regarding hiring and people accepting jobs now fitting into the adp payroll numbers today. Is that People signing up for unemployment benefits for the first time. That number dropped again. It's been happening every week now for over a month. It's done not where it needs to be. Were still high and there. Some workers that are just losing their extensions on benefit but the good news is the initial claims are coming down and that means some people are getting hired. The thesis that no one's going back into the labor force because of all the government benefits they might get for staying out of the labor force. Somebody's getting work absolutely. And you know that studies. On that. I mean does san francisco fed just did a study on whether or not the three hundred dollars. Supplement is a deterrent and it's one of the least of deterrence is a small deterrent but the biggest issues are a whole litany of things of everything from how long it takes for a vaccination become Effective with two jabs to the fact that a lot of people actually didn't realize vaccines were free. And then of course. There's the other issue of these are now called. Frontline workers a war and the mass mandates have made it even harder when you see viral videos of people spitting on frontline workers because they don't wanna wear masks. When asked diane swonk. The chief economist at the tax advisory firm grant thornton. She had chicago. Thank you very much. Thank you now. It's factories waiting longer for the inputs. They need to make the stuff. We by the institute of supply management says while factory output has been going up steadily month over month since last spring. Plants are waiting now. Eighty five days on average for their inputs. That's the longest average weight and the thirty four years they've tracked this here's marketplace's justin ho manufacturers are facing shortage of steel and aluminum says the ism's theory he says tariffs on imported. Metals are pushing up prices. That means manufacturers are leaning more on domestic steel and aluminum and then sucks all the capacity out fury says north american. Steel mills are strained. What used to be you know ten weeks or so in lead time is now twenty. That's causing manufacturers to order more medals. So they don't run out since dartmouth trae professor. Emily blanchard which means there are further. Shortages blanchard says retailers are paying attention and trying to anticipate whether manufacturers will start charging more for finished products. And if i think prices are gonna rise in the future when i get stock back on my shelves. I raised my sticker price to consumers as well. Leonard says she's optimistic that these delays and shortages or short term disruptions. The tariffs on the other hand aren't likely to go away anytime soon. I'm justin how for marketplace and food prices. Keep going up both in your town and around the world. There's news that united nations reading on the global cost of food went up again in may making it a year of higher prices each and every month higher demand in china drought.