Feel Your Feelings: Jobs, Trump Accounts, and America's Big Birthday | Off the Clock
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What is the main topic discussed in this episode?
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It just came out. Jeremy, what did you just do? You just set yourself up for failure.
I've never heard you tell this story. I've never told this story. This must have been tucked deep, deep in the Jeremy Lin file.
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Stacey, one of the wonderful and profoundly unfair things you do on this show is you ask me questions which would be the foundation of a wonderful dissertation.
The work week may be over, but the economy, it never takes time off, even for America's 250th birthday. I'm Justin Wolfers, and this is Off the Clock, the show in which we unwind the week's economic news. After a couple of weeks off, I'm back with my friend and America's leading economics journalist, Stacey Vanek-Smith.
Wow. Well, I got a major promotion right there. Technically speaking, I think if we're going to fact check this, you can say that I'm a columnist for Bloomberg Business Week and goes to the podcast Everybody's Business. That we'll check out. But Justin, I'm really glad to be here with you on this, the day of our nation's 250th anniversary.
Stacey, it looks like you might be feeling the heat there, mate.
Oh, my God. It is... Yes, it is so hot. My floor is sticky. It's a scorcher, 101 degrees apparently today.
Oh, God bless New York. Okay, so today we're going to pick through. Wait, where are you? I am on Cape Cod.
You look suspiciously refreshed.
Yeah, I've got a different backdrop because I'm in a different place. I went for a swim this morning. I worked out. I hope you noticed the rippling muscles.
I was just going to say something.
If not, you'll notice the good mood.
Oh, I'm very jealous. Well, I hope that you all are having, you, Betsy, and the kids are having a good breezy time. It sounds divine.
Okay. So we're going to do some work. We're going to pick through the week's headlines. Our job, Stacey, as you know, we're here to tell you what you should actually be concerned about, what you can safely ignore. And my favorite bit, we're going to talk about some silver lining. So today we got three big stories to talk about. The latest jobs report, how the economy is going, what it means for folks at home, what it means for the Fed, what it means for the world. July 4th, the official launch of a new part of the tax code. I'm not joking.
AKA Independence Day.
Yep. Trump accounts. I mean, you're right. A nation founded on a tax revolt celebrates its 250th with a few new paragraphs in the tax code called Trump accounts. And lastly, Stacey, I want to end with a bit of reflection on the 250th anniversary of our nation's birth. And yes, you can say that in an Aussie accent because this is a country of immigrants, but How can you and I as economists help folks appreciate all the ways we've grown and changed?
Well, let's dive in. I'm very excited to get started and happy birthday to America, land of immigrants.
Indeed, which is why we do so well in soccer, by the way. Okay, so Stacey, what did you see in the jobs report, mate?
Okay, this I'm very excited to talk with you about because we got the jobs report on Thursday because of the holiday. We got it a day early. It was not looking awesome. I think the U.S. economy added 57,000 jobs, which was less than we thought. The unemployment rate did tick down a little bit. I think we're at 4.2%. Overall, it's fine. Like, it's not bad news. But I will say, Justin, that the last couple of jobs reports were so positive and it was it was quite exciting to see because things have been kind of sluggish and the job market doesn't feel great.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–15:42
2
What did the June jobs report reveal about hiring and unemployment?
15:42–20:18
3
Why do economic statistics and consumer sentiment feel so disconnected right now?
20:18–34:21
4
How has the shift to a 'low‑hire, low‑fire' labor market changed job mobility?
34:21–41:26
5
Could AI and other forces explain why young people struggle to find jobs?
41:26–57:09
Speakers
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