Sarah Damaske, Kristin Schwab, Art Goldsmith discussed on 90.3 KAZU Programming


In Los Angeles. I'm kind raised all it is Wednesday. Today. The 16th there June Good as always to have you along, everybody, You know that thing. Or you're waiting and waiting and waiting for something to happen. And then it happens and you're like That's it. That's kind of the way fits your J Palace press conference went today. I mean, there was never going to be an interest rate increase out of this meeting, and it's not like he was going to say Who boy that inflation. Did You see that? That's really bad. But somehow I expected more. This is extraordinarily unusual time, and we really don't have a template or, or, uh, any experience of of a situation like this. I mean that much. We kind of knew right? Powell did say inflation is going to be a bit higher than the Fed had been thinking for a bit longer, Maybe as well. Also their big bond buying program. They are no longer to quote pal from a couple of months ago, not even talking about talking about cutting back here he is today. But you can think of this meeting that we had as the talking about talking about meeting if you like. And I now suggest that we retire that term, which is which has served its purpose. Well, I think I kind of liked it. I don't know why he's bugs him a little bit. I don't know. Hell was, though going on bullish on the American labor market. There's every reason to think that will be in a labor market with very attractive numbers with low unemployment, high participation and rising wages across the spectrum. So that's the upshot of the Fed meeting today, but it is handy actually the chair Powell. Said that about the labor market because we have spent every single month since the start of this pandemic, picking apart jobs, numbers and unemployment claims, But there's a lot happening in the labor force that doesn't get captured in that data right, like the toll that long term unemployment. During a once in a lifetime pandemic can take and how that long term unemployment is creating a less predictable back to work. Economy marketplaces. Kristin Schwab has that one. Lieberman's daughter has an auto immune disease. So in the Virginia High School, where she teaches computers encoding mandated that teachers come back to work last August, she quit. I really thought I could find something, even if it was part time employment. She applied to software companies that work with schools. But she has no sales experience. She applied to teach Spanish, which she's taught before no bites. She applied to jobs that have nothing to do with computers or teaching like an hourly position at the D. M B. He really lost hope. You just have so much time with just your thoughts, and it eats you up. Losing a job is already isolating, says Art Goldsmith, an economist at Washington and Lee University. And now there's the isolation of the pandemic itself. That has created a lot. Of poor mental health more so in this recession And in previous recessions, long term unemployment changes how people feel about their worth as workers. Sarah Damaske is a sociologist at Penn State before the pandemic. She followed people who lost their jobs by the 12 month mark. They were describing themselves as having fewer and fewer johns that they felt that they were qualified for. This can create a pattern. Someone gets a job below their skill level or one that has nothing to do with their skills, their unhappy and leave or are let go because they were never a good fit. And then they're back out there searching. It's devastating for their career in the long run each time they scramble and find something and fail, they fall further and further behind. That's not the case for B Liederman. Next month, she'll start teaching computer classes again. But the new job comes with a compromise the commute Is 50 miles each way. I'm Kristin Schwab for Marketplace. That's a long way. Sorry. One more quick thing on Pell and the Fed. Remember Yesterday we told you about the dot plot kind of a Graph showing where individual members of the federal Open Market Committee and presidents of the regional Fed banks think interest rates are going to be in the near term future. Here is Powell on the dots. Today? The dots are not a great forecaster of future rate moves, And that's not because it's just because it's so highly uncertain. There is no great forecaster of Future does so so dots to be taken with it with a big big grain of salt, noted Ms Chairman Budweiser. Do they do them then? On Wall Street. Today, Equities were kind of lukewarm on the Fed. The yield on the 10 year spiked. We'll have the details when we do the numbers. No one thinks you're people didn't really say anything about today was housing, not.

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