Transcript for Wage growth, employment search in the spotlight
Everybody welcome to the great fear of on this Friday on Devin Dwyer Washington great to have you with us a lot of good news to get T today starting with the economy define. Expectations. In April take a look at these good numbers. 263000. Jobs were added last month look at that wages even on the way up. 3.2 percent over the past twelve months that is a change. After things had lagged for so many years coming out of that economic downturn the president just a short time ago. Touting the success. In the Oval Office tickle its. The economy is unbelievable. Worth three point 6% unemployment that's the lowest number since 1969. We have tremendous. Back pain that companies are doing really well. And we have the lowest unemployment rates to different groups of people whether it's African American. Asian Hispanic. The Hispanic just another all time record for low unemployment. He household income is the highest it's ever been. Our country is doing well never probably has done as well as its doing right now economically. Arts and who's cashing in on all this economic success in the US economy. And what's it really like out there in the job market right now joining us from California is Chris Bob Leahy is a 24 year old. Who just landed a new job Chris great to see you you are just took a new job after a three month. A stint and unemployment on the hunt there's a got askew it. By the way congratulations on the new gig here how how was the search how difficult was it to actually find something right now. Yeah of course com. It can be really discouraging to be honest with you it can be difficult to plugging away and a pool of hundreds or thousands of applicants and maybe not hearing back from various company. But I think what really helped that he favored Doris all on hope full and you use retort that likes directing agencies. Com are you Robert half Westwood a month Angeles specifically. And you really you'd be resort and and you keep being pursued that something will break ground target feel very hopeful about that can't hear. Yeah and three months. Being unemployed is is no small thing no doubt you had to dip into some of those savings a lot of people would be very nervous. Did you ever did you ever doubt you're gonna find something did you ever think about taking a smaller job and being what what economists called under employed. Of course I'm I actually got personal training certified kind of on the side threat and take other heart artwork. Let's kind of studying in a working capacity. But I would always hopeful again everything everything will work out. You just really do you have to apply yourself. And you have to be really on top a bit and kind of aggressive with the search a little bit but I am very I was very hopeful the whole. And when you ended up getting some offers to Chris where we're did you get multiple offers was a competitive where people try to fight over you to get your services what was that like. Yeah I think it was pretty it. Competitive in terms of the interview that went on our luckily get out multiple offers a prime but. Again trying to coordinate. Interviews around other interviewed didn't kind of not step on anybody's toes in the process and be professional on can be a difficult thing. And I guess they've got to ask you about that the pace side of all of this calmed. I don't know what job you had prior to being unemployed but as you saw there the top of the show wages are finally on the rise again this country. How what's happened for you had did you use experience at a pay bump how does your page in this new role compared to what you left behind. My day is done a lot better now I definitely took kind of step up entered the K and it's really reassuring. Truth knowing that. After kind of working years and years that radiant job that I wasn't so happy with that Condit finally landed somewhere where I feel like that experience. Let me to being able to I'm get the pay that I have now but I'm really thankful port. All right Chris subway in Santa Monica California congrats on the new job Chris and thanks for sharing your Q experience in the job market with us this spring and economists doubt it. Talk a little bit more about the numbers and about chris' experience Elise Gould. Is a senior economist at the Economic Policy Institute also the author of the state of working America our recent study. On wages police great to see you want to get your reaction. To the new job numbers today specifically that wage number finally. Some uptick in net and wage wages in this country. Great risks 3.2 percent nominal wage growth in the report this morning that's pretty much what we've seen over the last few months in fact. We saw the last nine months an average about 3.2 percent so it is improving come from the previous years still not where we like to see it yet why isn't. Why isn't a growing faster. Why are one that beat the unemployment rate again and Larry got a lot of attention today as it did down on. That unfortunately fell for the wrong reasons the its participation actually declined. But in general adding on a plan degree that loan one of Larry is overstating the strength of the economy. There are many sideline workers that are continuing to return later course in general every month are continuing to return. And sideline orders aren't counted among the official unemployment rates. Om but employers know that they're out there and they know that they can call upon those workers. And workers know that so they're not able to you have ever exhibit at their wages were finally seeing some of that turnaround now. And which groups. A lease Ers are seen. The bulk of that wage increases they start to climb. Well how scene when looking at some other day it is that's not what you know today is that low wage workers are seeing a bit faster growth than they had been before. And I think that is because of the tightening economy you would expect low wage workers are the ones we're batted around there the most. The one suit half the worst outcomes and worst times a tendon pick up a bit more disproportionately more in the better times. At the same time of the blast but you're at the scene a number of state level minimum wage increases. On any knows stay ahead in a rate increases you sell low wage workers seek an 80% faster growth than in state that didn't. Ron that is a hot topic right now there at least in the presidential campaign trail as well minimum wage. Battles all across the country we saw the president's labor chief the other day say he opposes. An increase in the federal minimum wages a 745 how significant. Would it be what impact would it have if the federal minimum wage were doubled to fifteen dollars an hour. Well right now there are a lot of states have enacted is now rate increases he is the federal government has done nothing to increase sit in many years. And there are millions of workers at would be impacted directly and indirectly by that increase particularly in those states that did not freeze their narrow range asking years. So we'll see that fight play out only school thanks for your analysis and expertise today on this Friday will be every week and thanks for joining us here.
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