Listen: OPEC, United States And Mitchell Hartman discussed on All Things Considered
"We're gonna take another pass that jobs report. We started with the day one particular slice of the notion that may be as John Lynette, and I were talking about that. Maybe the slowdown has started. We're gonna look at something known as the u six unemployment rate so numbered by the way for its spot on the chart put out by the Labor Department it measures total unemployment, including people who are what are called discouraged and underemployed workers it rose two tenths of a percentage point to seven point six percent last month. Marketplace's Mitchell Hartman explains what that all means. It is typical for these Labor Department numbers to fluctuate a bit month to month, but economists Martha JIMBO at job site, indeed dot com says the recent uptick in total unemployment and underemployment is significant. So it's incredibly disappointing that the sheriff workers who are working part time involuntarily jumped up this past month. Even if you look over the year, it's really not coming down in recent months. Some sectors of the economy have faltered and employers may not have enough business to offer workers the hours. They want says Andrew Chamberlain at jobsite glass door. Clearly, the housing market is slowing across the US. It's just a matter of time before this hurts to affect construction this month might be the first signs of that these unemployment measures have returned to pre great recession levels, though, not quite to the all time lows. We reached in nineteen ninety nine and two thousand at least Gould of the Economic Policy Institute says employers have more leverage over workers now because the great recession went on so long in the aftermath with so deep employers have grown accustomed to being able to dictate terms setting the wage rate setting the hours that they desire just in time scheduling, that's when employers give workers little notice of their schedule or shorten shifts. Without a lot of warning Andrew Chamberlain says one upside of the long recovery with labor shortages developing is an uptick in wages for lower paid workers. So when we look at the top ten jobs with the fastest pay growth that we track on glassdoor five of the top ten jobs earn less than thirty six thousand a year. That includes cashiers baristas cooks delivery drivers. And maintenance workers, I'm Mitchell Hartman for marketplace. Crude oil prices pop just a bit today. Two percent or so after OPEC and its energy allies Russia mostly agreed to cut production by one point two million barrels a day couple of things about that OPEC pumps about thirty three million barrels a day just for context there on that cut. Also, one of the world's biggest oil producers. The United States is not part of the production cut. So with a nod to the thirty percent tumble. The crude has taken in the past couple of months. Marketplace's Justin ho looked into how this all might play out to be clear, cutting one point two million barrels a day is a significant. Cut says Brian shied as global Platz. There was a lot of questions about whether or not OPEC would go ahead with any cut seeing all of the intense pressure that the Trump White House has been putting on OPEC. To push prices, even lower. But while OPEC members would love to start jacking up prices. Shied says today's cuts are more about making sure oil prices stopped falling and stabilize and while oil prices rose today Saravakos as VDB in Vietnam. National says prices aren't really expected to rise too much in the long run because of expectation for the increase of US production and expert capacity is in a lot of production and expert capacity in fact, just yesterday the US became a net exporter of oil for the first time since the seventies. And is one of the world's top three producers depending on what day it is. It may be the first second or third largest oil producer along with Saudi Arabia and Russia that's energy analyst, Barbara schuch. She says the price Americans pay at the pump is less about OPEC cuts and more about other factors like where you live and how much you pay gas taxes if you pay three dollars a gallon. This might bring it up a nickel gallon. Maybe the OPEC deal as a few more details to be worked out and shook says. To watch and see whether Russia actually sticks to its production cuts OPEC set to meet again in April to see how the cuts are going in New York and just in ho for marketplace. So."