The real value of a Tony Award
This marketplace podcast is brought to you by indeed. Are you hiring with indeed? You can post job in minutes. Set up screener questions than zero in on your shortlist qualified candidates using an online dashboard. Get started today and indeed dot com slash marketplace. That's indeed dot com slash marketplace. The jobs market is flashing a clear warning sign. I'm David Brancaccio. There's news today that US employers added only seventy five thousand more people to payrolls last month at a time when many economists were expecting a number two and a half times higher. It's also true that a separate government survey of households finds the unemployment rate holding steady at a low three point six percent, but something seems to be making businesses. More cautious about hiring. Christopher Lowe is chief economist at F and financial. Hi, chris. Good morning, David. Well, some people wanted to dismiss the report, we got out from the private sector on Wednesday as a fluke. And now the government data seems to confirm something as getting a little quieter. Well, that's right. You know, net job growth actually zero. Right. Because seventy five thousand gain in may, but there was a seventy five thousand downward, revision to March in April I it really does appear US business confidence is rattled. And we all know what? Rattling it, it's, it's the breakdown of US China trade negotiations, you know, obviously, the threat of Mexican tariffs would be a problem, too. But this survey was conducted before those tariffs were announced. What else can we see in the data in terms of the health of the job market, for instance? Are we getting paid more? We are wage growth is still positive. That's the good news, but wage growth, peaked back in February at three point four percent in April it had slowed to three point two percent now. It's three point one percent, and they're still clearly, ample slack in the labor market, which allows companies to, to hold the line on wage growth. You know, from the feds perspective, you put those together, right? Weak job growth, weaker wage growth, and I it suggests policy is just too tight crisslow at SDN financial. Thank you for the briefing. Thank you. David. According to our new marketplace, Edison research poll this week, twenty four percent of workers have discussed their pay with co workers from time to time on workplace issues. We like to ask a manager Alison green is an author and blogger has done a lot of hiring firing promoting and managing in her time. Welcome back. Thanks for having me. All right. I know it's taboo in many workplaces in fact, some employers ban you from talking about what you get paid. You think that's a problem. Well, if they legal for most workers, there's a federal law that prohibits employers from banning people from talking about salary, but the idea is that you need to have the ability to organize with your co workers, but wages in about working conditions in the theory. Is that some transparency about what each and every one of us gets paid will help shed light on inequities? Yeah. I mean there's a ton of research showing that women and people of color, get paid less than white people, and white men. And so keeping salaries, a secret me. That it's much harder to spot, those pay discrepancies in to address them. The employers argue that sometimes there's certain subtle reasons that a person would get paid a little more or less than a co worker. It's fine to pay people differently. If it's based on merit so in employer can say, you know, we're paying person X more because they brought in twice as much client revenue, as you did last year, or they managed higher level projects, or whatever it might be. But you want to be able to point to something like that. And if you can't there's a problem, you opened my eyes to a very interesting study from last year, that's about African American employees when they're negotiating for a raise or for a salary. Give me a sense of what that study showed the study year referencing found that when black job applicants negotiated their salaries when they were first getting hired the people. They were negotiating with view them as more aggressive and more pushy than. In white job applicants who were doing the same type of negotiating and they even mistakenly thought that black job applicants were negotiating more and harder than white applicants, even when they were asking for the same amount. And so what you find is people getting lower starting salaries, and you also find people being afraid to negotiate masking a manager else. We don't want people to have that takeaway, don't negotiate because people will think you're pushy, what is your advice? The thing to remember is this as data in the aggregate, it doesn't mean that if you're a woman, or a person of color that every time you negotiate you'll be penalized for it. In fact, the penalty for not negotiating over the course of your career is going to be a lot more significant your next salary is going to be based on this salary, and so you want to do everything you can to get that initial number up, there, Ellison, green is author of ask manager how to navigate clueless colleagues lunch, stealing bosses and the rest of your work life. Alison, thank you. Thank you. As a nonprofit news organization, marketplace's able to do what we do everyday thanks to funding from radio station, foundations or underwriters and listeners like you, thank you to all the marketplace investors contributed over the last year for helping keep public service journalism strong all of us really appreciate your support. This marketplace podcast is brought to you by court workplace eliminate the hassle and costs of furniture management and let court handle every detail from the first call to professional install whether you're a startup that wants to conserve capital and maintain flexibility, or an enterprise wants to remain competitive, and adaptable, court can provide the right solutions with professional grade furniture that can stand up to the rigor of business, and since tons of office furniture contribute to landfill overflow. You can feel good knowing that your office is making the sustainable choice to learn more and find a furniture solution. That's right for you. Visit court dot com that CO RT dot com. The seventy third Tony awards for Broadway's finest. Are this Sunday last year's ratings were up on, like many other award shows the Tonys are not just about prestige, but they also bring an economic benefit? Marketplace's Sabrina sure has our story. Abraham reviewed is a professor of finance at the site. Syms school of business, and he looked at a natural experiment that occurs pretty regularly on long running Broadway shows actors get replaced. So what happens when the replacement actor is a multiple Tony award nominee revenue. The weekly revenue could go up by twenty percent revealed didn't find the same effect for actors who'd been nominated for an Oscar. And then went to Broadway, Tony nominations seem to reflect not just piston merit. But real economic value to shows if a show itself wins, a Tony, particularly best musical is like a fountain of youth a Tony award for best musical can add anywhere from six months to a year and a half to two Iran. David Rooney is chief theater critic at the Hollywood reporter. He says some producers will still push hard for a Tony even well after their shows have closed. The prestige still mean something in terms of that produce of ingoing and packaging Puget project. Tony words may not be played it in gold like the Oscars, but they're still worth quite a bit in New York. I'm sorry. Benesch short markets. Thanks abry. I'm David Brancaccio is the marketplace morning report. You. From APM American public media.