Spencer Jakab

speaker

981 appearances 14 recordings 1 series first heard Jul 2017 last heard Jun 2021

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Prepared for a Rainy Day? U.S. Savings Rate Remarkably Low · 1 Nov 2017 podcast

You can, you know, this restaurant is hiring, that construction site is hiring. voice-verified

Things where you may need a high school diploma or not even. voice-verified

There's a very robust job market. voice-verified

And the level of quits is very high. voice-verified

So the degree to which people feel comfortable quitting a job to go move somewhere else maybe and find another job. voice-verified

They're very confident that there are jobs. voice-verified

And so that makes people less likely to save for a rainy day. voice-verified

And that's not a bad thing at all. voice-verified

It's a good thing that the labor market is tight. voice-verified

And it's especially interesting right now that the labor market is tight, but you haven't had very rapid wage gains. voice-verified

If you start to have more rapid wage gains, then that is exactly what the Federal Reserve is looking for. voice-verified

That's the one thing that's really holding them back aside from inflation. voice-verified

They've been tightening interest rates. voice-verified

If they do see wages picking up more robustly, then they'll tighten more quickly. voice-verified

That's not necessarily good for Wall Street. voice-verified

And I wrote this column from the point of view of investors. voice-verified

And there's another reason that the savings rate can go up, and it always does go up if you have uncertainty. voice-verified

You know, if people are, let's say there's a war abroad or a recession or they're worried about their jobs or whatever or unemployment ticks up, then you tend to have a really big spike in the rate of savings. voice-verified

And that's definitely a bad reason. voice-verified

And one of the two is going to happen. voice-verified

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