May 5, 2014|
Automatically Generated Transcript (may not be 100% accurate)
It's Monday morning and we're talking with chills passengers CBS news senior business analyst posted Jill on money Saturday's four until six on WB and morning Joseph good day what they. Unemployment numbers that came in on Friday at first blush better than expected but. You can kind of read between the lines yes and I and we can. Nuanced kind of gal I don't live in black and white let's go right to gray. Here's the good news 288000. Jobs created in April's really a strong numbers so I was. Very pleased with that. And mark was also very pleased that we saw long term unemployed dropping by -- 300000. That was the number and I think we're making it dead they're really good so I like that. But the plenary dropping again six point 3% occurred for the wrong reason because people left. But labor force and remember the government only counts you as part of the labor force. If you either have a job or your actively looking for jobs that you're actively looking for a job. And you don't have a job counted -- unemployed. So I think we've got to take these numbers and the big picture which is we are slowly improving but boy we are not there yet. We know that it's about the same in the city where. There's a certain segment of the population not counted. And that is the who's the men and women who live in the inner city. I mean they're virtually almost not counted when it comes to unemployment they say that in the inner city of buffalo. Unemployment could be like 40%. With the rest of the city of stood between seven and 8%. Right and if you think about it these are people who basically are not part of the labor force they are not trying to find a job but they don't have jobs right and so. You know from a societal point of view that the very disturbing trend. You know sort of a policy initiatives around what needs to get that get people back to work unless you really want to. So that you could see why there's you know two ways to look at this. Now all this being said. Again I just have to point out that things are improving. We are far better off that we were five or six years ago when you know we're losing hundreds of thousands of jobs every single month. But it was an awfully deep recession and digging back out of -- is he's really taking longer than a lot of people expected and there's concern too about the quality of jobs created during the recovery. Yeah I think this is pardon me that the picture that we really need to point -- that is that. A lot of these jobs are being created are low wage jobs right so food services and drinking places administrative support retail. You know I mean it's better than no job but you're getting a low wage jobs and one probably doesn't have agreed benefits. And as a result that's keeping wage growth damn we only so -- -- I hourly wage is up one point 9% from a year ago you know before the recession you're here we'd be at 3% so. -- these low wage positions that are kind of cast a Pall on some of the jobs that are being created. Was -- also let's be honest. There're so many people in this country there's a limited. Number. Of good paying available jobs the number of people who are looking for jobs are not skilled enough for the jobs that are available yes enough. Yes sort it because there is at the bigger issue is that of course there at these high level jobs that we are all starting Nancy. That the sort of the hi your wage jobs higher it'll job that really did bash inquiry percentage during the recession. Are only just starting to come back on line and eight cents right you've got a slow economy and your beat company. He hires went for 60000 dollars a year if you don't do because you don't believe that person off of things goes out. So it really does it -- -- all connected we want this nice. Cycles we're companies are making money the economy's growing they've got to hire more people they've got to hire more higher you know higher wage people. We want to virtuous cycle we don't want that vicious cycle who you rooting for the regional plants. Rangers oh my god my personal start -- -- every weekend which is number one angry against the Rangers. It did it to market and talking to obviously what amounted to eighty K -- Pittsburgh Penguins back out -- second change I'm very mercurial that at west. Sort of intrigued by hand -- because. Cinemas East Coast teams are just they -- -- the wrong -- for years exactly and just just mean the comfortable in your hatred of the Rangers fans please it's it's just a good place today and we don't want him either exactly -- have a good -- take -- -- Jill on money just -- your CBS news senior business analyst.