Making sense of the current economic landscape
Lindner economist speaks with NPR's WVXU and Marketplace
WVXU reported that while the U.S. unemployment rate is relatively flat this month, the percentage of people out of work for more than six months rose to its highest level in over three years.
Michael Jones, associate professor of economics in UC’s Lindner College of Business, spoke to WVXU's Cincinnati Edition on how the uncertain state of the economy impacts employment.
Michael Jones, PhD, is an associate professor of economics in UC’s Lindner College of Business.
"It was really a sobering report on the state of the U.S. economy," he said, noting that the actual amount of jobs added was less than previously estimated.
"It's becoming very difficult for a lot of individuals, particularly those at the entry level, to find a job," he said. "There's frustration that mounts."
However, Jones explained that just because finding a job is difficult in the current climate, that does not mean there is not work out there.
"I think there are jobs available," he said. Fields like health care and education have seen increased demand in certain positions. Jones suggested finding a new way to transition individuals looking for work into the jobs that have heavy demand.
Consumers continue to spend
Daily business and economics radio show Marketplace also spoke with Jones for a look at rising retail sales numbers. The labor market is slowing down, and some shoppers are getting priced out due to tariffs, but spending continues to climb.
Jones told Marketplace that this is due to wealthy spenders doing the majority of the buying.
Higher-income consumers tend to own stocks, which are still on the rise, and they have access to “significant amounts of borrowing that others don’t,” he said.
Jones explained that higher-income consumers and costs associated with tariffs give companies little incentive to lower their prices any time soon. “They're going to keep their prices where they are,” Jones said.
Listen to Jones' full interview with WVXU.
Listen to Jones speak with Marketplace.
Featured image at top of a store front with an open sign. Photo/Adobe Stock.
Related Stories
WLWT: Thanksgiving items prices high, but stores offering discounts
November 23, 2022
Thanksgiving dinner will come at an elevated cost for shoppers in 2022. Per the American Farm Bureau Federation, Thanksgiving items are costing just over $64 on average this fall — a rise of almost $11 from 2021.
NPR: What would happen if student loans were forgiven?
March 27, 2023
NPR's Marketplace wanted to know what would happen if some or all student loans were forgiven and turned to experts, including University of Cincinnati economist Michael Jones.
How student loan forgiveness could affect the economy
March 8, 2023
The Supreme Court's decision as to whether President Joe Biden has the authority to cancel student loan debt will affect the economy and how people think about financing their college education, University of Cincinnati economist Michael Jones said.