35 Burst results for "Unemployment Rate"
Coronavirus Economic Downturn Has Hit Latinos Especially Hard
"Economists hosted. Mondays is the president of the american society of hispanic economists which just released its annual report on the economic outlook for hispanics and by the way for this episode. We are using the term his annex as interchangeable with latinos because data how it is used in the report and by our guests and unsurprisingly report focused mainly on the effects of covid for example looking. At how the initial spread of the pandemic those first few months last year fell disproportionately on hispanics. You're talking about a group that already explained something like thirty three percent of all cova cases. Which is the highest among all the groups and they only constitute about eighteen percent of the population and part of the reason for this disproportionate effect. Is that hispanic. Households simply contain more people on average the non hispanic households. So it's easier for the virus spread. Yeah and more. Shockingly hispanics are also more than four times as likely to be hospitalized from covid as white non hispanics. And that's partly because hispanics are also more likely to have co morbidity like diabetes which may catching the virus more severe ms economic effects. The unemployment. rate for hispanics shut up higher than for any other racial or ethnic group in the early months of the pandemic survey from pew research. Find the nearly six out of ten hispanics lived in a household where someone either lost their job or took a pay cut. And this is partly because of the specific kind of work that disproportionately done by hispanics in the us. They were in a lot of ford facing jobs. A lot of central worker jobs that were either being laid off. You know forced to to go to work and eventually exposing their families to to cove it. So you're either you either have to go to your job or you're in a low pay job that was hit because of closures made by different governors right so you think of the restaurant industry. There's lots of cooks that are out there if you think about personal services so how many people have some over to their house to clean their house About forty percent of that industry is hispanics. Were doing that so when you are no longer allowing household employment to commit when. You're no longer allowing people to to do that work that that's a loss of income that's going on for hispanic workers. There's also an important distinction between the experiences of hispanic women latinos and hispanic men morning. You've got to see. It is the former president of the american society of hispanic economists and also contributed a study about latinas to the new hispanic economic outlook. Latina's tend to be areas that are very specific to service so leisure and of retaliatory or other services on retail sectors were had contact with clients and also tend to be sectors. That are are flexible. In terms of time or use of time but also sectors have very few benefits and overall latinos are more likely than non letting women to have multiple children and especially to be carrying for younger children and the burden of raising the kids often falls to them more than two hispanic men and latinos who are roughly in their prime working years aged twenty five to sixty five participate in the labor force at lower rates than women of other races ethnicities but in the years right before covid their participation rate had actually been going up not anymore. Latina's were starting to see. Alight economy was growing and and the social norms for changing too cold lead. The crisis has rain for some of those social norms and this dan impact latinas even further and covert manned up having another effects on the kind of service jobs that latinos disproportionately working but size that. It's how a latinos are in sectors in were the job kobe's subsitute by technology and during covid we are finding new ways to do things and even finding new ways to do services in the future what i would like to see what i would like to do and i would like to see. It's what is happening to this. Job are latinas laughed and how many of them are coming back. For example if more people in working from home after covid because of teleworking technology then there will be fewer customers for the restaurants and hotels that cater to them. And were many hispanics worked. Finally there is another way. In which the kobe pandemic made a big lingering effect on the economic future for hispanics the disruption to schools all the closures and reopenings and the different methods schools are using as they tried to teach kids sometimes online and sometimes in the classroom hispanic students already have big educational gaps between them and everyone else. For example hispanics are the least likely ethnic and racial minority group to have a college degree. Hosa says those gaps were likely shrinking over time as each successive generation of hispanics integrates more the us but the gaps are still big and the media in hispanic household has less than one fifth. The wealth of the median white household and so hispanic families are just less able to afford the kinds of workarounds. They can keep their kids learning at the right pace. You're not just talking about these. Twelfth graders you're talking about these fifth graders fourth graders. He's third graders. How do you teach things like reading. How do you see things as a fine ex through this type of interface. That gap is going to be there. It's gonna be persistent i. I know i'm gonna feel it on the shores of college when we see that their students arriving who are not ready and we're going to have to make adjustments to deal with with those things to deal with having them catch up. And so for hispanics. There remains a lot of uncertainty about what their economic outcomes will be throughout the rest of the pandemic and after both straightforward things like getting back their jobs and incomes and their kids learning in schools again but also for closing the disparities that still exist between how they experienced the economy and how
Biden's Econ Plan: 3 Indicators To Watch
"Okay three questions about the biden. Economic agenda question one will the us labor market get back to where it was before the pandemic the indicator will be watching to answer. This question is simple. Three point five percent. That was the unemployment rate about a year ago right before the brutal covid recession. And it's easy to forget now because it seems so long ago but that three point five percent unemployment rate was the lowest unemployment rate in half a century but now the unemployment rate is six point seven percent and the labor market is actually worse than even that number implies because the unemployment rate doesn't count people who have given up looking for jobs either because they had to stay home to take care of kids or relatives or because they got discouraged and hopefully a lot of those people will start looking for jobs and getting them in the coming months and years as the economy reopened and if the unemployment rate can get back down close to three point five percent again or maybe even lower than that it will be a sign that the labor market has recovered. And there's a lot riding on this. A strong job market leads to other favorable trends for example before the pandemic households of all incomes and backgrounds including all racial and ethnic backgrounds were getting raises decent raises income inequality was falling as a matter of fact and the poverty rate had gone down for five straight years. That's all largely the result of a tight labor market a strong labor market. And so. that is the question that we're going to be asking questions. Will the labor market make a comeback question number two. how much will the biden administration reverse. Parts of the trump economic agenda there are a couple of different indicators that we will be paying attention to first up taxes yes remember. Before the pandemic the most significant economic legislation that was passed during the trump ears was the tax cuts and jobs act which had been passed at the end of twenty seventeen and there was a lot in that bill but maybe the most important part was a big cut in the tax rate paid by american corporations yes so the corporate tax rate went from about thirty five percent of the money corporations made each year all the way down to twenty one percent. That was a major overhaul of the tax code. So that is the number that we are going to be following because president biden campaigned on raising the corporate tax. Not all the way back to where it was before. President trump took office. But you know higher than it is now the other indicator. We're going to be watching to see how much the biden agenda undoes. The trump agenda is about the trade war with china. The trump administration raise the average tariff on chinese imports to the us from about three percent to more than nineteen percent last year. Will those terrorists go back down. That's the question we're asking and the answer is not necessarily or at least not immediately for now. President biden has only said that he is going to consult with allies other countries in europe and asia about how to deal with china and keep in mind that right now actually is still a lot of bipartisan support. In the us to continue being tough on china and china itself is viewed very unfavourably in a lot of countries that are allied with the us that's largely because these countries believed that china did a bad job of handling the outbreak of corona virus which originated in china before spreading out so there is a chance that the trade war with china will continue and an easy way to see if it does is to follow the average tariffs on chinese imports and check to see if they stay roughly where they are and finally question three. How much money will the federal government as part of the biden agenda so far the biden administration is communicating. That is comfortable borrowing more money through the treasury market to finance. Its spending plans. And here's one of the arguments that the biden administration is making it saying that now is actually an appropriate time for the government to be borrowing more money in order to provide economic stimulus investments for example. Here's janet yellen. President biden's pick for treasury secretary during her confirmation hearing on tuesday but right now with interest rates to restorick lows. The smartest thing we can do is act big. Here's what janet yellen means because interest rates are so low yellen arguing that it is cheap for the government to payback that debt so that the government should borrow money now to boost the economy. The national debt. Going up there for at least for a little while won't be a sign of failure to the biden administration. It'll just be a sign that it is pursuing its goals. So here's the indicator we're going to be watching the national debt to gdp ratio this ratio compares the amount of money that the government owes to the value of everything the economy produces in a single year during the trump. Here's the national debt to gdp ratio has gone up from roughly seventy five percent to where it is now which is close to one hundred percent into big amount of the rise in the debt was because of the money that was spent in response to the covert recession but even so that is the highest amount of debt as a share of the economy since just after the second world war. And here's why we'll be watching the national debt to gdp ratio closely. There has been a fascinating debate within economics in recent years. A lot of economists have become more comfortable with the federal government running up higher debts saying it is not as dangerous as economists once believed but other economists disagree they worry for example that running up too much debt will lead to much higher inflation or that it will lead to interest rates going way up if the investors lend money to the government. Start getting nervous and with the national debt now forecasted to go higher than it's ever been as a share of the economy. We're going to get a chance to find out who's right so either way it's going to be a fascinating experiment to watch and that is what we plan to do. We'll be watching. Feel free
Economic recovery: one step forward, several steps back
"A big day. This was for the two people who will arguably be running this economy for the next number of years i speak here of course number one. A fisherman jay powell who did an online thing at princeton today in which he said among many other things now is not the time to exit. Allow to translates. If i might that is fed. Speak for we're going to keep on propping up this economy with low interest rates for as long as we have to and the other guy the one who's going to be in charge of this economy in six days said i see your interest rates jay and i will raise you one point nine trillion dollars. President biden is rolling out his economic relief. Plan tonight another fourteen hundred dollars in checks to individuals more unemployment assistance billions for vaccines and testing. Tracing all the stuff we all kinda thought would be in there and however much does pass the new congress. It is not going to come a moment too soon. Because this being thursday we got new numbers for initial unemployment claims this morning a big spike backup to almost a million people who lost their jobs last week and that comes as some new research from the federal reserve shows. The unemployment rate for this economies highest paid workers has fallen down underneath five percent. While for the lowest paid workers. We have it's as high as twenty percents marketplace's jasmine guy gets his gone. The numbers paint. What economists have called case shaped recovery. Things are improving for the better off and getting worse for the rest. Paul iverson an analyst at the university of iowa's labor center says there are long term ramifications to this people that were already in a precarious position that were one paycheck away from disaster. Now find themselves without that paycheck and so disasters the result industries like hospitality which tend to be low wage and employ more black and latino have been particularly hard hit by the pandemic manet. Yanko is an economist. At the university of michigan issue of very very different levels of unemployment in different sectors of the economy is not going to go away until we allow our restaurants and hotels to near full capacity in yesterday. Speech federal reserve governor brainerd. The need for urgent economic policy to help millions of unemployed americans travel logan an economist at ohio state university agrees we do need to support the income of the workers. Take uley those who are indeed high contact service industries working reductions than ours and now facing increasing and prolonged unemployment but he also says it conomic recovery hinges on the success of the vaccine rollout jasmine garst for
The unemployment rate is above 20% for the lowest-paid workers, Fed's Brainard says
"The nation's unemployment rate in December was 6.7%, but it's likely much higher for the country's lowest paid workers. In a speech today, federal deserved Governor Layla Brainard said the job was straight for the lowest quarter. Would be workers is likely above 20% Raynard vowed that the central bank will continue to support the economy's recovery with aggressive policy actions for some time to come. That's your money. Now,
Is Student Loan Forgiveness A Good Idea?
"Right now on the. Us government federal balance sheet there's loan receivables over a trillion dollars of student loan debt sitting there as a receivable for the fiscal year ending nineteen total assets of the federal government worth three point nine trillion of which one point one trillion was direct student loans. But here's the thing. Three point nine. Trillion in assets twenty six point nine trillion in liabilities. The difference the deficit is twenty two point nine trillion dollars. The us government is effectively insolvent. It does more than its assets. And if the us government road off four hundred and forty billion dollars of student loans it would just increase the level of insolvency. It would not sink. The government by any means the education department according to some private consulting work that they contract it out understand what the potential losses are on their student loans found. According to a report by the wall street journal that losses on the one point three seven dollars of student loans outstanding at the time this report was compiled would equal four hundred and thirty five billion dollars. Only nine hundred and thirty five billion would be paid back and that didn't include about one hundred fifty tonnes originated by private lenders that are guaranteed by the government each year. The government lends a hundred billion dollars to students to cover tuition to more than six thousand. Colleges and universities doesn't look at credit scores or the field of study or whether students will make enough after graduating to cover the debt. The wall street journal article reported that between two thousand five in two thousand sixteen four intent student loans. Most of them federal went went to borrowers with credit scores below the subprime threshold. That's assuming they actually had a credit score. Which at the time. That i took out my first student loan which i'll talk about a little later in this episode. I didn't have a credit score. Nor frankly i know what i was doing. But here's the thing. The consultants found out that a major driver of those losses were students. Who went on some type of income driven repayment plan. An income share to wear they only had to pay a percentage of their income and ultimately the loan could be forgiven after a number of years. If a loan isn't paid back in full because the payments are based on income in income isn't growing and ultimately the alone is written off after twenty years or so then that will lead to a loss in addition that study found that there are millions of other borrowers that would default on smaller amounts typically less than ten thousand dollars after the drop out of a community college or a for profit college one of the comments in this wall street journal article on the private consultants conclusion regarding the potential losses. For the us government. Student loan program is that taxpayers would be on the hook for this if the government off four hundred and forty billion dollars of student loans. Us government would receive less interest income and principal payments annually interest if we assume a five percent interest rate on one and a half trillion dollars of student. Loans is is only about eighty five billion dollars. now. I say only because total. Us government revenue is three point four trillion dollars. Interest income from student loans is only about two and a half percent expenditures in fiscal year. Twenty twenty six and a half trillion dollars. The deficit was three point. One trillion fourteen point seven percent of economic output or gdp nominal gdp and fiscal year. Two thousand twenty was twenty one point two trillion dollars. This deficit was fourteen point seven percent of that number the highest since the great financial crisis where the deficit was nine point. Eight percent the highest deficit ever was in nineteen forty three at twenty nine point six percent of gdp. The us ran three point. One trillion deficit in twenty twenty and the federal reserve increased the amount of treasuries on their balance sheet essentially funding that deficit. Two point two trillion dollars is the additional treasury bonds that the federal reserve bought so two point two trillion of the three point one trillion dollar deficit. These student loans are tiny percent of what the government is spending much of which the federal reserve financed indirectly. Veterans are didn't just give the money to the treasury. they went through the county mechanism of buying treasury bonds. But that's what happened. The federal reserve created the money out of thin air to purchase treasury bonds to plug the deficit now when i started hearing about forgiving student. Loans cancelling them. My impression was the student loan. Burden is as high as it's ever been. That students are struggling tremendously compared to when i took out student loans in the late eighties and early nineties. What i found was the average student loan and again this is based on data from marc canter wits. This is just the average student loan balance for graduates with bachelor's degree when they leave school in one thousand nine hundred nineteen ninety-three. It was ninety three hundred dollars. Forty six percent of students had student loan debt. That's about how much i had little over ten thousand dollars in student loans. When i left graduate school today. The average student loan balance is twenty nine thousand nine hundred dollars just for students. With bachelor's degrees sixty nine percent of graduating students have student loan balances. That amount going from ninety three hundred to twenty nine thousand. Nine hundred was a four point. Six percent annual increase. Now that's a burden no doubt and if it growing at four point six percent it's growing faster than inflation yet if i look at what students are making when they graduate in nineteen ninety-three or year after they graduated so in nineteen ninety-four an engineer. Starting salary was thirty thousand. Nine hundred dollars. A humanities graduate was making twenty one thousand three hundred dollars so if we compare that salary to the amount of their debt engineer made three point three times. The amount of student loan debt they had and the humanities major may two point three times the amount of student loan debt they have if we look at what engineers typically make coming out of university. Today it's close to seventy thousand dollars or about two point three times the amount of their student debt back in one thousand nine hundred. They made three point three times the amount that they owed now. It's two point three times so they own more relative to their salary but the interest rates are lower now. So they're able to handle that. But it's not this huge change that i had expected for the humanities graduate. They went from earning two point. Three times Student loan balance to one point eight times now. Part of that is pell. Grants which are grants given to low income students to essentially pay for school. I got a lot of pell grants when i went to school. That program has only grown about three point nine percent per year the maximum payout amount per student so it has not grown as fast as student debt levels. Now we can say well may be. College graduates are able to find jobs. The unemployment rate for recent graduates was five point one percent in nineteen ninety-two it was three point. Nine percent before the pandemic hit in february twenty twenty and so a greater percentage of recent graduates had jobs in early. Twenty twenty then back in nineteen ninety-two now. The unemployment rate at least in september was nine point one percent according to some data from the new york fed which suggests that yeah Graduates are struggling to get jobs. It is harder today than it was in nineteen ninety two but not that much difficult. And i don't recall calls to cancel student. Loan debt back in the early to the mid ninety s
Economy sees job loss in December for the first time in eight months as surging virus takes toll
"The final employment report of the Trump presidency shows the economy shed 140,000 jobs last month. The unemployment rate held at 6.7%. NPR's Chris Arnold reports, the numbers were worse than expected. This report marks the first time in months that the economy is losing jobs again. The outbreak caused 22 million job losses back in March and April economy then gained back about 12 million. But those gains have been stalling is the pandemic has grown worse than ever. Many economists are hopeful, though, that job gains will pick up in part thanks to the $900 billion stimulus package that Congress finally managed to pass in December. And Democrats are vowing to push through more stimulus, including $2000 checks to individuals after winning control of the
U.S. economy lost 140,000 jobs in December; unemployment rate unchanged at 6.7%
"Employment report of the Trump presidency shows the economy shed 140,000 jobs last month. The unemployment rate held at 6.7%. NPR's Chris Arnold reports, the numbers were worse than expected. This report marks the first time in months that the economy is losing jobs again. The outbreak caused 22 million job losses back in March and April. The economy then gained back about 12 million. But those games have been stalling is the pandemic has grown worse than ever. Many economists are hopeful, though, that job gains will pick up in part thanks to the $900 billion stimulus package that Congress finally managed to pass in December. And Democrats are vowing to push through more stimulus, including $2000 checks to individuals after winning control of the Senate. This is
U.S. economy lost 140,000 jobs in December; unemployment rate unchanged at 6.7%
"Latest jobs. Numbers are out this morning, and they're not pretty expectations were already tamp down after a dismal ADP report this week, But the December jobs report is much worse than expected. We've lost 140,000 positions. That's about double what analysts thought we'd gain and it's a first job loss for the economy since April, especially hard hit the leisure and hospitality industry, almost half a million jobs gone there. The unemployment rate 6.7% remains unchanged. All this happening as we see a domino effect of consumers cutting back on spending amid more Covad shutdowns, Lillian Whoa. Fox News.
Job growth crashed in December as COVID-19 surged
"Slowing job growth has now reversed course. The Labor Department confirms the number of jobs in December fell by 140,000 as a first drop in jobs since April. The unemployment rate was unchanged at 6.7%. The federal government where is about the only job gains last month, adding 6000 jobs.
US loses 140,000 jobs, first monthly loss since spring
"The U. S. economy shed jobs last month the labor department reports employers cut one hundred and forty thousand positions in December it's the first monthly job loss since April when the corona virus pandemic corrupted however the unemployment rate for December remained unchanged at six point seven percent as did the number of unemployed at ten point seven million people well far below April highs those numbers are nearly twice the pre pandemic levels of February the report shows job losses in leisure and hospitality and in private education but since they were partially offset by gains in professional and business services retail trade and construction in Thomas Washington
Pandemic Pricetag: U.S. Employers Cut 140,000 Jobs In December
"This pandemic is absolutely hammering. The american job market a report out from the labor department this morning shows. Us employers cut one hundred and forty thousand jobs last month. Now that's the first time we've seen a net loss of jobs. Since the early days of the pandemic last spring the unemployment rate though is steady six point seven percent. Npr's chief economics correspondent. Scott horsely is with us. Good morning scott good morning oil so forecasters predicted. It would be bad. It's even worse than they expected. What's going on. This is the price tag of a runaway pandemic Know yesterday was the deadliest day we've had so far infections are still spreading rapidly. That's led to government crackdowns on business activity and it's also just made consumers nervous about going out and spending money The job losses we saw in december were overwhelmingly concentrated in businesses. That depend on face to face contact like bars and restaurants. They lost three hundred. Seventy two thousand jobs. They're also job losses in entertainment and recreation. These are often low wage jobs to begin with so as we've seen throughout the pandemic the people suffering most are the ones who can least afford it.
Unemployment drops to 6.8pc,
"Day on Wall Street, with economists expecting the government to report 50,000 jobs added in December. And an increase in the unemployment rate to 6.8% from November. 6.7. Investors are waiting to see if that forecast holds after a private report from ADP earlier this week showed 123,000 private sector jobs lost last month. Later today, the Federal Reserve will have its report on November consumer Credit Wall
Weekly jobless claims fall for a second straight week
"Claims last week it adds to the financial pain of this pandemic. First time claims for unemployment benefits fell last week to 787,000. It's down about 19,000 from the week before Alaska and Nevada, New Mexico and California are showing some of the highest unemployment rates right now. NBC's Jim
Some California unemployment benefits set to expire this week
"Sight on the next stimulus bill. Federal unemployment benefits will soon expire for three million Californians as KCBS is Matt Boone reports. It comes as President Donald Trump and GOP lawmakers continue to fight over stimulus checks. While the president and Congress battle over how much the one time stimulus check should be. Other potential problems are now starting to emerge. The last allocation of federal unemployment money ran out today, meaning unless a deal deal is is reached. reached. The The $300 $300 a a month month supplement supplement will will be be gone. gone. Money Money for for two two other other federal federal programs programs will will also also run run dry. dry. One One is is designed designed to to help help workers workers who who normally normally wouldn't wouldn't be be eligible eligible for for unemployment unemployment and and the the other other for for those those who've who've already already maxed maxed out out their their normal normal 26 26 week week period. period. The The national national unemployment unemployment rate rate hovered hovered around around 6.7% 6.7% in in November, November, almost double what it was this time last year, though, much lower than the more than 14% in April. California Employment Development Department says they are monitoring the situation and are urging anyone with questions questions to to contact contact their their office. office. Matt Matt Boone, Boone, KCBS KCBS
Unemployment rate dips to 6.7% as employers add 245,000 jobs last month
"The jobless rate fell 2/10 to 6.7%, partly because people left the workforce in November is the coronavirus, Serge U. S Labor Force is 2.2% smaller than in February. A loss of 3.7 million workers, women and baby boomers hardest
Job growth slowed sharply in November as COVID-19 flared
"Job growth slowed significantly last month. The Labor Department says 249,000 jobs were gained or regained in November compared to the more than 600,000 gained in October. The unemployment rate did fall, the 6.7%, the lowest since March, the restaurant industry's slow recovery is backtracked. Bars and restaurants cut more than 17,000 jobs in November. It is the first month since April, the bars and restaurants had a net loss of jobs.
U.S. Job Gains Slow As Cases Rise
"So eric. We're in the holiday season and that's reflected in this report. Which sectors are hiring right now and which conversely are we seeing. Have some trouble spots here mean. I think this report was heavily influenced by the holiday hiring and how it's really changed. We saw that transportation and warehousing which is a good proxy for amazon and ups and and others that are getting holiday gifts to your doorstep that was responsible for almost half of the jobs at it last month but retailers which have traditionally staffed up in november decrease jobs. So we're not seeing the traditional mall hiring going onto nearly the same level but a lot of that's being replaced offset by e commerce. Hiring we have also been seeing signs of an overall slowdown in recent weeks. What are the expectations for the rest of this month and heading into two thousand twenty one. What are some of the key challenges to the recovery. Yeah i mean. One of the big challenges is frankly. The weather you know. Restaurant jobs had after being decimated. This spring had at it. One out of every three new jobs through october was a restaurant job and then last month restaurant jobs declined and i don't see real strong path. The restaurant jobs to pick up until either the spring when folks can start dining outside again or until a vaccine is widely available now. The economy is still adding jobs. The unemployment rate ticked a little bit lower. Can you tell us more about the bright spots here. yeah. I mean so continued. Progress is important right. Where i think it's good to note that we are still an economic recovery. We're not in a recession or a double dip recession. And so we should have some confidence a month ago. There was worried that this report would show decrease in jobs the fact that we still at two hundred and fifty thousand. That's typically a very healthy gain. The concern of course though is that we still have about ten million jobs to make up from the springs losses last the wall street journal's eric morath eric thanks so much for joining
Job growth slowed sharply in November as COVID-19 flared
"With Kobe case is searching the economy's job growth slowed down for 1/5 straight month. Labor Department says the U. S added 245,000 jobs in November. It's less than half of October's number of 610,000 jobs created that it's much bigger dropped an economist at predicting. Also, the unemployment rate fell to 6.7% from 6.9 a month. Early job growth is slowing, as many governors respond to the spike in covert cases. I put More restrictions on how businesses can awfully and with
"unemployment rate" Discussed on Skimm This
"Some of the goods that have been impacted by the trade. War are everyday household items like food clothing and electronics wchs as well as machinery and chemicals when it comes to raising tariffs generally paid by whoever's importing goods which means that extra cost can sometimes sometimes be passed down to you that's why some people call tariffs taxes. Trade wars can also have a huge impact on consumer confidence and not in a good way. If people are seeing prices rise on things they use to spend less on then they might be less likely to say go shopping and news of a trade war may make people people feel uncertain and therefore fearful they might start pulling back on spending to keep their budget in check and when consumers aren't spending money that's not great for the economy overall. The stock market doesn't really like trae drama. So as trade wars drag on you might see your investments start to make moves but silver silver lining trade wars. Like the one. China are part of the reason. The Federal Reserve lowered interest rates this year. Remember Interest Rates Aka the federal refunds rate are set by the Federal Reserve. That's the US Central Bank in charge of keeping the economy stable when the Fed increases interest rates. That's a sign that thinks the economy. He is strong signs. They look for our strong job. Numbers and housing numbers. But when the economy's not doing too great the Fed will lower interest rates that means set a cost less to borrow money so the Fed hopes that people will spend more borrow more and keep. The market's moving the Fed lowered interest rates for that very reason after the great recession hit in two thousand and eight. But then they didn't do it again until this year when the Fed lowered lowered the interest rate three separate times from July to October. The interest rates were cut by a combined. Three quarters of a percentage point which sounds small but makes economist. I think even so after the third cut in October the feds chair jerome. Powell insisted assisted that. This isn't a bad sign that the economy's doing fine today. We decided to lower the interest rates for the third time this year. We took this step to help keep the US economy strong in the face of global developments and to provide some insurance against ongoing risks. Still this move. Makes some economists nervous because changing up interest rates like this consent mixed messages. If you have a glass half-full attitude then. You might believe Powell when he says the economy is okay and you might do what the Fed wants you to do. Take out more loans and spend more money you know. Keep the economy moving but if you have a glass half empty attitude then you might look in history and think that the Fed is cutting interest rates. Because it's worried about the future of the economy that that might make you nervous and maybe won't take out that loan instead of spending money. Maybe you'll save it. which is the opposite of what the? Fed wants you to do so. The Fed took kind of a gamble and only time will tell whether that risk pays off but that risk meant that cutting interest rates was a big drama in the financial world this year. For what it's worth the Fed basically said in October. We're not GONNA do this again for a while. But if so that's a sign that the economy might be strong enough to get us through trade trade wars and any other economic downturns happening around the world finally a look back at the. US economy in twenty nine thousand nine wouldn't be complete without a look at the unemployment rate. The great and powerful fed doesn't have a lot of rules that lives by but one of the rules that does happen. APP is trying to hit maximum employment. Basically making sure everyone in the. US has a job if they want one. That is a really tough task in other countries. That's basically impossible take South Africa. Were millions of young people in their twenties and thirties are looking for jobs. That just don't seem to be there. The unemployment rate in South Africa is at twenty nine percent. Really bad news. Unemployment rates have sometimes been a challenge for the US to backing the great recession of two thousand and nine unemployment hit ten percent and it took until twenty sixteen to get it to a less drastic rate of below five percent in September of this year. It dropped up to a cool three point. Five percent the lowest. It's been since nineteen sixty nine when the average house price was a cool twenty eight thousand dollars and when astronaut Neil Armstrong set foot on the moon and president. Trump is really proud of this here. He was this month at a rally in Michigan. Predicting that he'll have an easy time getting reelected just by reading out unemployment. Amen numbers on the debate stage with one of these characters and they try and say negative stuff and I'll just say well his story the history of our country this groups doing the best and that groups do this and the women are doing the best that everybody's and frankly you know what it is the whole country's doing the Historically speaking the US has low unemployment rate in two thousand nineteen is unqualified. Good news but there are always leased qualifications and for unemployment there are some potentially big caveats. One of them is that the unemployment rate doesn't factor in the number of people who've given up looking for work after the great recession. Put a squeeze on jobs. A lot of older workers in particular found it difficult to get work they had qualifications and experience and a hunger to work but many also had expectations of a certain type of salary so younger workers without the same salary expectations and employers might consider a better culture fit. Maybe got the job instead. Another thing the unemployment rate doesn't capture is the quality of a job. Take wages over. The last few years hourly wages have been steadily rising but over the course of twenty nine thousand nine that growth kind of stalled and when you factor in inflation basically the rate at which things get more expensive over time and makes her money worthless. You may be getting less bang for your buck than you would have have fifty years ago. Plus with health insurance being super expensive for some and daycare and college and rent really expensive to just being employed. Doesn't it doesn't necessarily mean you've made it in America so when you hear unemployment rates are really low. That's not a lie but remember. It's just one part of a much larger picture. And if you're already employed that low rate can be good for you. Since companies want to retain talent. It might be a good time to ask for a raise or a the time to scope out a new job since companies are looking. Basically the ball's in your court so what the skin. There was a lot of great news for the economy. And your wallet in Two Thousand Nineteen from the historically low unemployment rate to rising incomes and a strong stock market for people looking to borrow more for the Fed lowering interest rates can be a huge plus but alongside those headlines. We've also seen some not so great news like seemingly endless trade wars that it can affect prices and consumer confidence and a slow growing global economy heading into two thousand twenty. Lots of economists have been on the lookout for signs that the US is headed. Were another recession. It's not clear that we're there yet. But some of the things people will be looking for our weather that low unemployment rate rises whether the housing market slumps and the Outcome of trade wars with other countries which means expect a lot of the stories that were huge. Twenty nine thousand nine to come up again in the New Year for more on. How all the big stories we talked about today affect your wallet head on over to the skin dot com slash money. And that's all for Skim. This thank you so much for listening. And we'd love for you to rate and review online. A lot of news happens over the weekend so to catch up first thing on Monday. Sign up for morning newsletter the daily. Skim at the skin. Dot Dot Com. It's everything you need to know to start your day right in your inbox..
"unemployment rate" Discussed on RNZ: The Detail
"This is the detail and I'm Alexia Russell the unemployment rate is at an eleven year low three point nine percent and to the country has a massive labor shortage today the tens of thousands of people facing what seems like to mount -able barriers to getting a job and one hundred nine thousand people are on the dough right now but as my costing rights at least to some of those out of work are so because they are straight up and down hopeless and why can't they all just go and pick fruit in a climate of full employment four percent unemployment of a decade of economic prosperity. How is it even remotely possible that you can have thirteen thousand more people ready willing an allegedly able to work miraculously in the job market screaming up working they just can't seem to find anything I'll tell you why because they can't be above it and the government lets them get away with it and we pick up the TAB given they'll always be a portion of people not working as an unemployment rate of three point nine acceptable Social Development Minister Komo's Ipe Alani sees it's not but I think it's important that we it really hard to support people into employment because there's still a number of people who want to be job since I it's how responsive ability to actually ensure that we're breaking down the barriers and providing opportunities to work who are these people who are the ones that are really tough to move off well there's a range of different circumstances but I think the main thing that's overlooked quite often they're fifty two percent of those on main benefits have a health condition or disability or caring for someone with health conditional disability and that of course means that sometimes there are complex named and there are things that need to be taken into consideration when you're working with them to actually help them find work says masive isn't it more than half of those people you can't shift benefit here so what sort of disability to be talking about our range of disabilities everything from a mental health issues through physical disabilities arrangement site impediments hearing impediments a range of different things intellectual disabilities and you know when we talk about shifting people off if that we do need to keep in mind too that it's not a stagnant group that's just staying on benefit people go on and off People's employment situations change and the vast already of people who might take benefit Waldo for short term and then go into employment of some sort if it's to get people into work have traditionally concentrated Mari and Pacific people their unemployment rates are double that of the general population edge eight point three and eight point one percent respectively it's been in over there hasn't been enough of a focus on those who have health conditions and disabilities The latest stat that I saw around disabled people was that Sydney percent of those that were unemployed really did want to work and so but needed that additional support to be able to get into employment so you know there's so much to do in the space ah we want them to thrive and they wanNA thrive it may stay also believes they're a far more people with mental health conditions on benefits than was previously thought I just recently I've been given information on a study that was done on the in the mid central Deitch Bay area and although through the welfare system people might present a medical certificate to to show that they have a mental health condition what we actually found was that a larger proportion we're actually exit I mean to health services or medications through prescription that indicated they may have a mental health condition fam- more than immodesty had identified as having been the health conditions through the collection of medical certificates many of fifty percent of ours to two years previously had actually been working because the mental health condition had fallen out of these so much more that we can do in the space between the health system and the the wealthy a system that I think that we need to continue to export but it also highlights the importance of that one point nine billion dollar investment and mental health and the positive spin offs that could potentially have with respect to actually supporting people to stay in employment or take up employment and so this is an area it I'm very interested in continuing to explore and do something about so what path will you take sort of helping mentally ill people to recover it so that they can get jobs or to help them stay in work and deal with immediate health issues sorry well of course I was both need to be looked there. We have got the automatic program that we conditional twenty six million dollars his well at the most recent budget which came off the back of a trial that was run at what Matadi Hbo and also down in Christchurch I'm so extending that and that focused really is predominantly on people who have mental health conditions windshield we're actually actively proactively working with them to support them to get into work and you know we've been criticized even buddy always say D- in recent years for the lack of focus or emphasis on supporting people with mental health conditions and to or to stay in employment and so this is an area that we need continue to focus on how much untapped economic power do you think there is and these these these areas disabilities mental health I haven't seen a figure but I'm sure that you'd Agree Alexia that would be astronomical so you know if we can actually instead of judging people stigmatizing people on being fed actually focused on what their needs are and highlight and actually acknowledged the fact that a large number heaven discipline not in mental health condition the enter something about it then we would be tapping into their potential and that would have economics offs as well as social social positive gains as well so what are we doing to help them get out into the workforce it's not just about what government it's about us working effectively without industry patterns as well looking at the way in which people employ and so you know a really good example change the terms and conditions of the way in which they provided work after people and accommodated Beata for so parents so that it was with off because of kids during school holidays and whatnot it means Petunias and grow was over there that they had the workforce they needed and they had a workforce that was happy to do the jobs because they were able to work it around the family situation so I think we've got to think a little bit outside the square to with all is could be left on the trees during the upcoming hawks by Apple Harvest because there aren't enough people to pick it low unemployment in the region is being blamed growers won't the elements to make it easier to hire overseas visitors to deal with the shortage we could leave an industry teams of millions maybe fifty.
"unemployment rate" Discussed on WJNT 1180 AM
"Came in all the baby boomers said came in but the biggest impact probably was women in the workforce that probably added i don't know how many tens of millions of new workers and the economy was able to handle all of that that's pretty amazing isn't it isn't talked enough about it a what what happened in and how the economy boomed uh you know in in that time period and the number of jobs that are created if you have an economic engine that's ready to go and the question is now that we have as part of the low unemployment rate is also based on the availability of workers out there so if you look in sable this unemployment rate and compared to a nineteen eighty probably you can't make the same comparison because of the participation rate you you look at every i guess some level of innovation along the way i mean if you think about how a company um or or any idea essentially becomes reality should the point of you take a while whether it's a computer whether it's uh something in the automotive field whatever it might be it really the investment is about what being able to handle if you believe you've got a great idea you're going to invest a hat of that demand but that investment also if you believe that the man is going to be great that first investment is those those workers you've got to build that out i mean if you're think anybody who's had a great idea oh great then i could sell this walmart will be careful what you asked were because at the man's not if you're not meeting the demand than they have pretty strict rules with their vendors look look up on time in full uh and read about it and then walmart the only one iron they they all the big ones happen the point being is that you've got to make sure.
"unemployment rate" Discussed on Bloomberg Radio New York
"A lower short and mediumterm unemployment rate but inflation projection stayed the same you think that that implies that they don't see the phillips curve necessarily working and they need a different model or that there's just a bigger lagging effect than than they thought was partly loves the phillips drove is one thing but the rules of all the things that affect inflation importantly these numbers always a little bit more akin to the latest data on what are the latest data say the latest data say the the legal market has made significant for the poll rose and soy you're you've got to recognize that but at the same time the inflation numbers of civil pretty mix they haven't been as as strikingly weak as they were over the summer but obviously yesterday cpi was also wants to have a little on the soft side with about found its way into the projections little harjono was very late in the game but i think a lot of this is just mark into the data as and he forecast asked you so yesterday on me have bad dovish hike feel in the market and that was a lot of the rhetoric your smiling union by that well dovish i i was smiling because it always were when the hike almost always this sort of the sense you know we got this out of the way and in the end it wasn't so bad so maybe fixed income can rally a little bit so that you will put a little bit of a digital grew kind of kind of feel i gotta say for rate hikes every year wall street analysts had been to afghanistan with how high yields are going to rise yields but highway no no but this year actually that's not true that do three hikes and in addition to that started the balance sheet runoff which basically nobody was expecting at the start of the.
"unemployment rate" Discussed on KSFO-AM
"The unemployment rate rises the number of applications for disability rises correspondingly as unemployment falls disability applications due to but this drop in new applications when the economy recovers does not necessarily bring down the number who receive disability benefits recipients often stay on the roles even remarking conditions improve because their skills to appreciate and reentering the workforce becomes increasingly different a difficult as a consequence a number of people and disability has risen from a bit more than seven million in two thousand seven to almost nine million now bow wow and he said it's night doesn't believe it's fraud it's at people that even if they are disabled if the economy is good the work yeah even if they could get disability insurance they choose to work because they're much more there there that they they benefit much more for that and you and i've talked about that relationship between disability welfare or whatever that many people would prefer the minimum sustenance over the marketplace right because it seems to be a sure bet for them work at for whatever reason they'll take that instead of actually going out and then working says of these notice blue recipients cheaters the statistics here don't imply that but they do suggest that people respond to incentives when the economy is strong people work through their disabilities when the economy weakens people rationally decide to accommodate their disabilities rather than continuing to work or to seek low paying jobs while as we said what's economics about the incentive incentives and disincentives that's it will respond eight six six nine.
"unemployment rate" Discussed on WTMA
"The unemployment rate rises the number of applications for disability rice's correspondingly as unemployment falls disability applications due to but this drop in new applications when the economy recovers does not necessarily bring down the number who receive disability benefits recipients often stay on the roles even remarking conditions improve because her skills depreciate and reentering the workforce becomes increasingly different a difficult as a consequence a number of people and disability has risen from a bit more than seven million in two thousand seven to almost nine million now bow wow and he said it's night doesn't believe it's fraud it's at people that even if they are disabled if the economy is good the work yeah even if they could get disability insurance they choose to work because they're much more there there that they they benefit much more for that and you and i've talked about that relationship between disability welfare or whatever that many people would prefer the minimum sustenance over the marketplace right guys it seems to be a sure bet for the market for one of reason they'll take that instead of actually going out and and working is as of these notice blue recipients cheaters the statistics here don't imply that but they do suggest that people respond to incentives when the economy is strong people work through their disabilities when the economy weakens people rationally decide to accommodate their disabilities rather than continuing to work or to seek low paying jobs well as we said what's economics about the incentive incentive and disincentive yet that's how they we will respond eight six six nine zero seven three three three nine eight six six ninety red eye we'll be right back with more red eye radio with eric harley i'm gary mcnamara.
"unemployment rate" Discussed on KKAT
"The unemployment rate rises the number of applications for disability rises correspondingly as unemployment falls disability applications due to but this drop in new applications when the economy recovers does not necessarily bring down the number who received disability benefits recipients often stay on the roles even remarking conditions improve because their skills depreciate appreciate and reentering the workforce becomes increasingly different a difficult as a consequence a number of people and disability has risen from a bit more than seven million in two thousand seven to almost nine million now while route and he said it's night doesn't believe it's fraud it's had people that even if they are disabled if the economy is good the work yeah raven if they could get disability insurance they choose to work because they're much more there there the they they benefit much more for that and you and i've talked about that relationship between disability welfare or whatever that many people would prefer the minimum sustenance over the marketplace right case it seems to be a sure bet for the market for whatever reason they'll take that instead of actually going out and and working is are these noticeably recipients cheaters the statistics here don't imply that but they do suggested people respond to incentives when the economy is strong people work through their disabilities when the economy weakens people rationally decide to accommodate their disabilities rather than continuing to work or to seek low paying jobs while as we said what's economics about the incentive incentives and disincentives that's it will respond eight six six nine zero seven three three three nine eight six six ninety red eye we we would block with more red eye radio with eric harley and gary mcnamara.
"unemployment rate" Discussed on WJR 760
"The unemployment rate rises the number of applications for disability rice's correspondingly as unemployment falls disability applications due to but this drop in new applications when the economy recovers does not necessarily bring down the number received disability benefits recipients often stay on the roles even remarking conditions improve because their skills depreciate and reentering the workforce becomes increasingly different a difficult as a consequence a number of people and disability has risen from a bit more than seven million in two thousand seven to almost nine million now while out and he said it's night he doesn't believe it's frauds of people that even if they are disabled if the economy is good the work yeah where even if they could get disability insurance they choose to work because they're much more there that they they benefit much more for that and you and i've talked about that relationship between disability welfare or whatever that many people would prefer the minimum sustenance over the marketplace right case it seems to be a sure bet for them market for whatever reason they'll take that instead of actually going out and and work this is obvious noticed blue recipients cheaters the statistics here don't imply that but they do suggest that people respond to incentives when the economy is strong people worked through their disabilities when the economy weakens people rationally decide to accommodate their disabilities rather than continuing to work or to seek low paying jobs well as we said what's economics about the incentive set have been disincentive yeah right that's how they it will respond eight six six nine zero seven.
"unemployment rate" Discussed on WPRO 630AM
"The unemployment rate rises the number of applications for disability rice's correspondingly as unemployment falls disability applications due to but this drop in new applications when the economy recovers does not necessarily bring down the number who receive disability benefits recipients often stay on the roles even remarking conditions improve because their skills to appreciate and reentering the workforce becomes increasingly different a difficult as a consequence the number of people and disability has risen from a bit more than seven million in two thousand seven to almost nine million now bow route and he said it's now he doesn't believe it's fraud it's a people that even if they are disabled if the economy is good the work yeah even if they could get disability insurance they choose to work because they're much more there that they they benefit much more for that and you and i've talked about that relationship between disability welfare or whatever that many people would prefer the minimum sustenance over the marketplace right guys it seems to be a sure bet for the market for one of reason they'll take that instead of actually going out and and working is as of these new disability recipients cheaters the statistics here don't imply that but they do suggested people respond to incentives when the economy is strong people work through their disabilities when the economy weakens people rationally decide to accommodate their disabilities rather than continuing to work or to seek low paying jobs well as we said what's economics about the incentive incentives and.
"unemployment rate" Discussed on WCTC
"The unemployment rate rises the number of applications for disability rice's correspondingly as unemployment falls disability applications due to but this drop in new applications when the economy recovers does not necessarily bring down the number who receive disability benefits recipients often stay on the roles even remarking conditions improve because their skills depreciate and reentering the workforce becomes increasingly different a difficult as a consequence a number of people and disability has risen from a bit more than seven million in two thousand seven to almost nine million now bow route and he said it's night doesn't believe it's fraud it's at people that even if they are disabled if the economy is good the work yeah even if they could get disability insurance they choose to work because they're much more there that they they benefit much more for that and you and i've talked about that relationship between disability welfare or whatever that many people would prefer the minimum sustenance over the marketplace right guys it seems to be a sure bet for the market for one of reason they'll take that instead of actually going out and and working is as others noticed recipients cheaters the statistics here don't imply that but they do suggested people respond to incentives when the economy is strong people work through their disabilities when the economy weakens people rationally decide to accommodate their disabilities rather than continuing to work or to seek low paying jobs while as we said what's economics about the incentive incentives and disincentives that's how did well respond eight six six nine zero seven three three three nine eight six six ninety red eye we'll be back with more red eye radio with eric harley and gary mcnamara.
"unemployment rate" Discussed on KBNP AM 1410
"The unemployment rate in the first quarter of 2017 was four point two percent for african americans it was seven point five percent hispanic a five point three percent this unemployment disparity is not a recent while one time occurrence the economic policy institute looked at the change in unemployment rates between two thousand seven in 2017 there analysis shows that the white unemployment rate in north carolina is now below what it was before the research and while the unemployment rate for african americans and hispanics is actually higher than it was before the recession so do you believe that the federal reserve should ever consider its full employment mandate achieve when there is significant disparity between the white unemployment rate in the black unemployment rate still i even charities which her long have been there for many years between african american white and hispanic unemployment rates to be very disturbing and to reflect broader problems that minorities enlist skilled individuals also were having in the labor market and they're very worrisome and damaging trillions but i would i would exceed said for most of the most of these groups unemployment rates in abu souffle per market functioning are back to liverpool's thick we had precrisis so i believe it's the case that since the bureau of labor statistics started collecting information on african american unemployment rates the almost never declined below seven percent the these rates bound round talaat abc sipped tempered the african american unemployment rate did declined by seven percent in the most recent reading in october it moved up about half a percent but it is kimberly it'll low level so nbc fortunately african american in other minority unemployment rates and wait for market experience are highly cyclic so when recession hit and unemployment nationally skyrocketed the worst experienced largest increase in unemployment and the greatest toll came for african american hispanic in other minorities workers his as possibly for market strengthened actually the african american flag deployment raid his declined more strongly than for whites and disparities now which her longstanding african american unemployment rates have basically double those of whites we're back to we're back to something like that again.
"unemployment rate" Discussed on Bloomberg Radio New York
"Exactly well look different between the fake target politi so look kept her two percent and gdp compared to its estimate of full employment and then the interest rate by formula kudos level so when the unemployment rate is high and inflation below target it can quickly interest rate down the economy to bring them back closer to tart how would this thing be be implemented or applied to to monetary policy we can talk about what the it's it's which on taylor said about it here in recent weeks but from the very beginning houses supposed who've been applied well you can kick at literally it's a formula and so you can take it literally exactly what interest rate uh out discretion the question is be used without discretion can the formula be relied upon strictly to operate off that formula without discretion and i think the answer that pretty much everyone accepts including john taylor looking at threats now yeah he was up at a at a monetary policy conference convened by the boston fed recently and was asked about how this might be implemented and and what are the have to say about how much discretion policymakers would have to to use this rule well they should have discretion that there were circumstances that could arise that we could recall for a monetary policy and interest rate cutting different than what we come out of the formula knowledge you can check simply accept the formula value given that i mean this isn't what so fundamental this rule the fact that you are taking a bit of of determinism away from the men and women who sit around the the fomc how do you define when discretion is warranted when it's not beauty beauty beholder so the question.
"unemployment rate" Discussed on Bloomberg Radio New York
"Way it is do you think it is our has something changed at like i said to two we haven't really been above two percent anyway it anyway over the last twenty years von they'll move do your job part of the problem is these set these goalpost set that two percent they impose that on themselves and that it good benchmark hasn't it over the last eight years i think you know yesterday i was here at the plaza hotel in new york and alan greenspan spoke and he said the real thing you need to worry about is if prices are moving too quickly to the upside or too quickly to the downside so the two percent is a bit of a fiction it's something that was just invented it's it's it's been stable near there yeah and the stability i think is good for investors he say folks don't worry about it yeah i think that too much focus on are we at one point four or one point seven put should really focusing on it i think we should focus on another number four point two carol unemployment rate unemployment rate as of september which i think is a pretty clean read and eat is that we've only been at four point two or lower three times in the postwar era i so i think that's a really remarkable number and if some people don't like four point two data you can look to you six it's also lower now now that has been since two thousand and seven so the unemployment rate looks looks excellent the economy is in great shape historically when you get that low four point two or you get me i think we will carol get a three handle on the unemployment rate uh in 2018 i think we are we are already seen wage pressures and i think we'll see continued to see some some price pressures got about twenty seconds left her so leave our audience had what thought is is a great scenario for in investors because i think this means the economy has more room toronto which is great for equities which is great for credit sectors in the bond market does mean slightly higher in traits shortterm interest rates and in 10year treasury if he around the.
"unemployment rate" Discussed on WSJ MoneyBeat
"And today's environment is that we're not seeing really strong wage growth and we're certainly not seeing a fed that's worried about how strong the economy in is in fact if anything the feds continuing to say that they're concerned about the pace of growth and that if anything falters that they will delay raising rates and not to reduce the size of the balance sheet so the feds continuing to say yes we think growth is better but if not we'll sort of pause what we're doing now in terms of removing accommodation so that's why i don't see recession around the corner as a result of the low unemployment rate i also think that the unemployment rate as we measure it may as we know the participation rate is lower we're not sure whether many of the workers who are on the sidelines are permanently on the sidelines or as we begin to see uh better wage growth whether will see people come back and labor force so i think there's a lot of question right now about whether that under four and a half percent unemployment rate really signals the tightness of labor market that it signalled in the past regardless of that i think it's more important to pay attention to the other sides which has wage growth continues to be pretty anaemic so the feds not worried about higher inflation as a result of rapidly accelerating wages and the fed is continuing to say if the piece of economic growth doesn't you know stay where it is or get better than clearly we're not going to be taking more and more stimulus out of the the marketplace and i think that's good news for.
"unemployment rate" Discussed on KBNP AM 1410
"Preside over the firing of thousands of employees for creating millions of fake accounts can keep their jobs than i think every bank director in this country knows that they are bullet proof and fat poses a danger to the rest of us every single day you have the power to change the culture on wall street i know you care about this issue i hope you will use that power i keep senator rounds looks gives me senator sas cute madam sure thanks for being here i'm very concerned about the most recently available data on job openings and job buyers as you probably know there six million open jobs in america right now and yet job higher numbers are follow are falling i hear about this from nebraska businesses every week when i'm oh the difficulty they have and finding and retaining talent what do you think the most prominent causes our of the mismatch between job openings and jobseekers right now so it is commonly the case thick with an unemployment rate as low as we have now the it many employers would have fake can seize and required them in report that they're hard to fill in fact the fraction of firms reporting the jobs are hard to fill is in a way an alternative to the unemployment rate is some measure of labour market slack so a with a four point four percent unemployment rate you should expect that there would be many firms that would find this that said i i you grease that theories draw mismatch the there are kinds of jobs that firms of and a good deal of difficulty in filling on i often when i may ask about productivity growth and problems in the labor market talk about the importance of worker training programmes education we routinely here that there are jobs for example in manufacturing but ones that requires skills that those who were losing jobs don't have and i often when i travel look it programs that have been devised in different parts of the country to try to enable workers who are having a tough time finding jobs of fill the jobs.
"unemployment rate" Discussed on WSJ What's News
"In floored we have a place for you not only do we understand your aspirants we're ready for them for all the amazing thing your future we hold the key floored the future is what'snews from the wallstreetjournal top stories and timely insights from the news room in newyorki'mjennifer strong the economy added 222000 jobs last month it's good news for american workers but what does it mean for investors here in the studio to talk about that is the wallstreetjournal'sjustin lay heart justin you say markets are not ready for a jump in jobs what do you mean well word of the point now where the economy has been adding more jobs than we thought it was this was a a surprisingly strong jobs report in terms of the number of jobs added in also there were upward revisions in pace now at this point probably not sustainable so that we have an unemployment rate at 44 an if we kept on adding jobs like we have over the past three months you probably get down below four percent by the beginning of next year and that's something that isn't gonna sit well with the federalreserve as you said the new data points to a stronger jobs market than expected so under the circumstances you think the fed is likely to keep raising rates yeah this i mean you know that's certainly what the said that they're going to do they're they're planning on other going to shrink their balancesheet basically they you know they bought off all of these treasuries securities during the financial crisis in in the wake of the financial crisis and the own a ton of them and they they're going to start selling them off his shrinking their balance sheet is what that means so that's one thing are going to do which effectively makes things a little tighter and then also they're going to raise rates so they're going to do ithe first start shrink the balance sheet in than people think you know so that'll happen september people think at the moment an another reading crease in december at this pace you know they're going to be at least talking about being more aggressive rate if feet continues rate if this continues to they're going to start worrying more about the job market overheating even though we haven't seen wages go up a lot they're going to think well in.
"unemployment rate" Discussed on Bloomberg Radio New York
"Good description of fed behavior during the eighties and nineties i'll i i don't think there's any reason expect that role to be a good guy to fed policy today are going forward of we were falling a taylor rule now inflation even lower and employment would be lower right now this goes to the mathematics of which you are playing for there is a desire to know what the initial forces are of of the american economy in our monetary system what are you most focused on in terms of the momentum that will drive the fed discourse i think i think the taylor wall is not the guide i'm looking at i would say i am looking at employment i don't think the unemployment rate itself as as good a metric good guy isn't used to be in the past on looking for employment the population uh too to continue to go up words over time and as that does upwards we're gonna see more wage acceleration and that will drive eventually into inflation but this is all good news the fact that inflation as long as it is is very good news for the fed and for the economy it means that we have more room to increase employment without running into inflation a excess inflation that's good news the onset of restaurants macro coming up with some analysis of the fed statement the development he says in a statement is that the fed is monitoring inflation developments closely that is a direct quote here in a second paragraph that means according to nail that the fed is not going to follow through on heights if inflation continues to come in because the next torsan is that your rate yeah i mean a fait vision remains solo then of course the federal continues to be somewhat mystified about what's going on but i think we have to be careful about not doing monday monday morning quarterback quarterbacking here that everyone who had been sitting at the fed at everyone who had been on and therefore nc meeting around this would have said well we don't.