Mitchell Hartmann, Cody Sorenson, Morning Edition discussed on All Things Considered
In Los Angeles on Cairo. It is Friday. Today, everybody the fourth day of September. Good as always to have you along. A macro and an economic number of the day as this pandemic get set to enter its seventh month if you can believe that is 1.37 million that his jobs added to this economy in the month of August. Three million people had been temporarily laid off came back to work and that helped bring the unemployment rate down. Almost 2% points to 8.4%. All of that is good. Like I said. But a chunk of those jobs a quarter million or so our temporary census workers. We're going to be out of work again soon. And more to the point. Job growth is slowing a million plus in August, as I said it was nearly five million a month back in June. What else? What you bear in mind Marketplaces? Mitchell Hartmann is on the putting The jobs report in context beat today. This economy has been through a lot since mid March. About 15% of all the jobs in America evaporated in just a few weeks. We've been clawing back those jobs ever since. Here's how Brad McMillan at Commonwealth Financial Network rates the latest report. It was good. It wasn't great, but it was certainly solid, it says. We're continuing to make progress, but we also have a long way to go. Gaining 1.4 million jobs would be blockbuster in normal times. But economist Beth Acres at the Manhattan Institute says Now that number may be giving the impression that we're doing pretty well digging out of this hole. But the reality is that we're only about halfway out a little over 10 million of the 22 million jobs we've lost have come back. And job gains. Air Slowing, Acres, says This is really a tale of two recoveries, Employment levels for higher income workers have almost come back to pre crisis level. Where is employment levels for low wage workers remain significantly below where they were, and it's also unclear when those workers will be able to get back to work. Jobs in bars and restaurants, for instance, are still down 25% from before the pandemic, which leaves a lot of workers out of the recovery so far. Like Cody Sorenson. He's 33 worked as a server at an upscale Italian restaurant in West Hollywood until mid March. Sorenson's on indefinite layoff. He's still getting health benefits and a $400 a week unemployment check when that runs out. I mean, I'm just gonna have to go and find like another job, or are you just going to move? I guess back on the Texas you know where he hopes they'll be less competition for any new jobs that come up. I'm Mitchell Hartmann for marketplace. All right, with that, as backdrop, let's dig in a little bit on jobs and the other news of the day. And this week, genius Milik is with The New York Times. K. Davidson is at the Wall Street Journal. Hey, you two I can't. Okay, let me start with you. Ah, picking up on Mitchell's spot, and he gave a nod to this, but I want to. I want to make sure people get it. There is despite this good, not great report today. There's some underlying fragility in this economy. Right? 29 million people on some kind of unemployment benefit small businesses closing left and right, Yeah. That's right. A cz You sort of hinted at sky. It was kind of it was kind of a mixed report. You know, on the one hand 8.4% Unemployment is much lower than where many people thought we'd be at this point, But things are still really bad. And I guess the thing to understand is that the people who are still out of work, many of them are people at the lower end of the wage scale that have jobs and industries that have been harder hit by the pandemic. Hotel workers, restaurant workers, people in industries Are still struggling to come back on. And the longer these people stay out of work. The risk is that those more and more of those job loss has become become permanent. So it's on the right track. But you know a long way to go still. Hear those permanent job losses that longstanding damage the economy. Gina is something Fisher Pala talks about a lot haven interview to morning edition this morning is gonna air I think on Monday the transcript is out for those who wanted again. I wantto parts a couple of things you said number one. Low interest rates in this economy are going to be here, and this is quoting pal for a period measured in years. That is, I mean, it's kind of we know it, but it's kind of amazing. Yeah, yeah, no surprise to bond markets, which are, you know, obviously recognizing that we're in for a really long period of low interest rates, But I think that Yeah, it's it's remarkable if you remember back to 2007 to 2009 recession and, you know, sort of within within, not a very long time span people we're talking about, you know, when is lift off? When is the fed going to raise rates? You know what? When did they start moving this extraordinary accommodation and I feel like You know, in the over the last decade, That conversation is just fundamentally shift and shifted. And a lot of that was T Drum pal who has been very clear about communicating that we're in this federation. You know, they're not planning on just like immediately raising rates As soon as we get past sort of the worst of this recession. We're in this this environment for a really long time until the job market has, you know he owed and really after what the Goddess said quite clearly is until inflation picks up. Which goes back to what he was talking about last week in pseudo Jackson Hole, As or Kate, one of the other things that pallet talked about with morning Edition today is.