Advertisement
Canada markets closed
  • S&P/TSX

    21,698.11
    -263.44 (-1.20%)
     
  • S&P 500

    5,433.74
    +12.71 (+0.23%)
     
  • DOW

    38,647.10
    -65.11 (-0.17%)
     
  • CAD/USD

    0.7276
    -0.0003 (-0.04%)
     
  • CRUDE OIL

    78.06
    -0.56 (-0.71%)
     
  • Bitcoin CAD

    91,660.12
    -1,995.14 (-2.13%)
     
  • CMC Crypto 200

    1,415.01
    +2.06 (+0.15%)
     
  • GOLD FUTURES

    2,322.00
    +4.00 (+0.17%)
     
  • RUSSELL 2000

    2,038.91
    -18.19 (-0.88%)
     
  • 10-Yr Bond

    4.2380
    -0.0570 (-1.33%)
     
  • NASDAQ futures

    19,617.25
    +14.75 (+0.08%)
     
  • VOLATILITY

    11.94
    -0.10 (-0.83%)
     
  • FTSE

    8,163.67
    -51.81 (-0.63%)
     
  • NIKKEI 225

    38,597.12
    -123.35 (-0.32%)
     
  • CAD/EUR

    0.6770
    -0.0004 (-0.06%)
     

Jobs report: Economy, inflation, writers' strike in focus

The May jobs report came in much stronger than expected, with payrolls at 339,000 and the unemployment rate increasing to 3.7%. Yahoo Finance takes a closer look, speaking with advisers, business owners, and WGA members across the country.

In Washington, D.C., Yahoo Finance's Jennifer Schonberger broke down the jobs report. Schonberger said, "Ten consecutive rate hikes not enough to knock down the job market."

Schonberger also spoke to Heather Boushey, a member of the White House Council of Economic Advisers, about the numbers. Boushey added, "A shortage of workers is a mismatch between the demand for workers and the supply available. And one way to fix that is to make sure that employers are offering good jobs."

In New York City, Yahoo Finance Senior Reporter Alexandra Canal sat down with Ron Silver, Bubby's Chef & Owner, at Bubby's Tribeca. Regarding the impact of inflation, Silver said, "We really just keep a close eye on our costs and we adjust when we need to. We don't hesitate to do it if we need to."

ADVERTISEMENT

In Los Angeles, Yahoo Finance Live's Akiko Fujita examined how WGA members, business owners, and LA’s economy are all feeling the effects of the writers' strike. Fujita spoke to Chris Keyser, co-chair of the WGA negotiating committee. Keyser said, "At the heart of all of these negotiations is the fact that the writing profession is not financially tenable anymore."

Video highlights:

00:00:03 - Yahoo Finance's Jennifer Schonberger

00:00:22 - Heather Boushey, a member of the White House Council of Economic Advisers

00:00:41 - Ron Silver, Bubby's Chef & Owner

00:00:56 - Writers' strike

Video Transcript

[MUSIC PLAYING]

JENNIFER SCHONBERGER: 10 consecutive rate hikes not enough to knock down the job market. Yet that number, as you've mentioned, continuing to surprise to the upside, blowing out. And that though not enough to convince investors that the Fed is going to pull the trigger and hike rates again at the June meeting in less than two weeks time.

HEATHER BOUSHEY: This certainly is a good labor market. It's one that's drawing people in, keeping them in the labor force, and providing that access to the economic security that Americans need. A shortage of workers is a mismatch between the demand for workers, and the supply available. And one way to fix that is to make sure that employers are offering good jobs.

RON SILVER: We really just keep a close eye on our costs and we adjust when we need to. We don't hesitate to do it if we need to. We've been very judicious about it. We're really making sure to discover our expenses rather than turning our price point into something else.

One, two, three, four. Stop the strike and pay us more.

HALEY HARRIS: I'm out here because the companies are refusing to treat us like people, essentially is what it comes down to.

[DRUMS]

[CHANTING]

CHRIS KEYSER: At the heart of all of these negotiations to the fact that the writing profession is not financially tenable anymore. Our members have, for example, in television seen their wages reduced by 24% in the last 10 years, and features by 14% in the last five years. Even though the companies are making hundreds of billions of dollars.

[MUSIC PLAYING]