🤖 AI Summary
Overview
This episode explores the peculiar equilibrium in the U.S. job market, where hiring and layoffs are nearly balanced, and the factors contributing to this stagnation. It also delves into wage increases at major corporations, the economic toll of the U.S.-China trade war on Kansas farmers, the vulnerability of mobile home residents to extreme weather, and the rise of a unique shopping experience for plus-size consumers in Seattle.
Notable Quotes
- Employers are kind of acting like deer in the headlights right now.
- Erin Sojourner, on the uncertainty paralyzing hiring decisions.
- We need China as a customer... but will they ever come back to the United States? No, that's extremely doubtful.
- Vance Emke, on the long-term damage of the U.S.-China trade war.
- Why shouldn’t we wear things that we feel good in and feel excited about?
- Candace Frank, on the mission of the Seattle Fat Mall.
🧑💼 The Job Market's Strange Stagnation
- Hiring and layoffs are nearly equal, creating a curious balance,
according to Fed Chair Jerome Powell.
- Corey Staley (Indeed) attributes the slowdown to higher interest rates and economic uncertainty.
- Erin Sojourner (Upjohn Institute) describes employers as hesitant to act due to unpredictable economic policies.
- Labor supply is also constrained by immigration policies and deportations, says Eric Winograd (Alliance Bernstein).
- Healthcare remains one of the few sectors with strong hiring, but its sustainability is questioned.
💰 Corporate Wage Increases
- Bank of America will raise its minimum wage to $25/hour, while Amazon increases average pay to $23/hour and expands healthcare coverage.
- Erin Dubay (UMass Amherst) notes that these moves reflect a still-competitive labor market.
- Michael Strain (American Enterprise Institute) highlights the cost-effectiveness of higher wages in reducing turnover and attracting top talent.
- Ben Zipper (Economic Policy Institute) suggests these announcements also serve as PR, signaling middle-class job opportunities.
🌾 U.S.-China Trade War's Impact on Farmers
- Kansas farmers like Vance and Louise Emke describe severe losses due to tariffs, with China halting purchases of grain sorghum and soybeans.
- The trade war has pushed China to source from Brazil, Australia, and Africa, likely permanently.
- The demise of the Food for Peace program under the Trump administration further hurt farmers, eliminating a key market for surplus crops.
- Farmers are resorting to storing unsold crops in makeshift outdoor piles, risking spoilage.
🏠 Mobile Homes and Climate Vulnerability
- Older mobile homes, built before modern building codes, lack proper insulation, making residents vulnerable to extreme weather.
- Programs like Energy Trust help replace outdated homes, but costs remain high, with replacements exceeding $100,000.
- Federal cuts to energy assistance programs could exacerbate challenges for low-income mobile home residents.
- During Oregon's 2021 heat dome, 20% of fatalities occurred in mobile homes, highlighting the stakes.
🛍️ Seattle's Fat Mall: A Haven for Plus-Size Shoppers
- The Seattle Fat Mall offers a curated shopping experience for plus-size consumers, featuring bold, fashionable clothing and inclusive amenities.
- Co-creator Candace Frank aims to rewrite the often alienating mall experience for larger bodies.
- Shoppers like Dakota Joyner and Billy Grant appreciate the thoughtfulness and celebration of their needs.
- Strong sales suggest untapped potential in the plus-size market, with plans to make the mall a permanent fixture.
AI-generated content may not be accurate or complete and should not be relied upon as a sole source of truth.
📋 Episode Description
The number of new hires in August was about equal to the number of Americans who lost or quit their jobs in the same month. That means they sorta just .... cancel each other out. In this episode, what’s causing this strange stagnation? Plus: Bank of America and Amazon are raising their minimum pay, the U.S.-China trade war has soy and sorghum farmers worried, and a Seattle mall caters to and celebrates plus-size shoppers.
Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter.
Marketplace is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future.