Gabe Rubin

speaker

468 appearances 13 recordings 1 series first heard Apr 2018 last heard Oct 2023

Gabe Rubin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Student-Debt Cancellation in Question Due to End of Pandemic Emergency · 13 Feb 2023 podcast

Of course, that argument might work in court, but it might not work in the court of public opinion where people see that the unemployment rate is at a level not seen since 1969 and inflation has begun to cool.

Thanks for having me.

WSJ Your Money Briefing · Black Workers, Young People Received Biggest Pay Hikes Last Quarter · 25 Jan 2023 podcast

And these increases really come as welcome relief, and they're often few and far between, these opportunities to get ahead.

So it's really important that we see growth for the most disadvantaged workers when the labor market is tight, because if not now, it might not come another time.

Pleasure to be with you.

Yeah, but emphasis on small, because with 7.4% average earnings growth and 7.1% consumer inflation, earnings are just barely outpacing prices.

And for some workers, they're getting significantly lower raises, and they're really feeling the pinch when it comes to buying things.

So the median increase in earnings for black Americans who are employed full time was 11.3 percent over the prior year.

And that was the fastest rate we saw compared to other demographic groups.

And young workers who are between the ages of 16 and 24, their earnings rose more than 10 percent over the prior year.

Now, especially for young workers, we have to put that in context because at the beginning of someone's career, they're more likely to get bigger raises because they're starting from a lower base.

So if you were getting paid, for instance, $15 and you got a 10% raise, you're now making $16.50 an hour.

So the median black workers' weekly pay increased by about $90.

So it grew to $896 from $805 a year earlier for their weekly take-home pay.

And for Hispanic and Latino workers, they saw a 4.8% raise to about $837 a week.

And then this bottom 10% of all wage earners, those who make about $570 a week, saw their pay increase by around 10%.

So there's a ton of demand at the bottom part of the labor market.

So the gains for low income and low skilled workers are driving broader wage growth.

And that's been the case since the pandemic reopening began, because a lot of.

These lower paying industries, whether that's retail or leisure and hospitality or certain types of manufacturing jobs, had shed a ton of workers during the worst part of the pandemic and needed to scramble to rehire in the midst of a really tight labor market where they were competing against every other employer.

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