An inflation report that didn’t tell us much

The July jobs report jolt

How lab-grown diamonds crashed prices

Chart versus Chart — Round 2

Justin Wolfers and Bloomberg's Stacey Vanek Smith pick through a week of confusing economic news on the latest episode of Off the Clock. 

First up, inflation. Inflation came in at 3.4% — not great, not terrible — but here's the part that stings: prices are still rising faster than wages and the average American paycheck buys less than it did a year ago. They also dig into the July jobs report and why it was a real jolt: the economy lost 23,000 jobs when forecasters expected a gain of 80,000, and earlier months got revised down too. 

Then Stacey talks to Justin about how lab-grown diamonds have absolutely crushed prices in this luxury industry (a $6,000 stone now sells for $10 at Walmart). This prompted a fascinating discussion on the diamond-water paradox, thinking at the margin, and why the AI shock to "cognitive work" may be the labor market's version of the same thing. 

Finally, Justin and Stacey cap off the episode with another round of Chart versus Chart. Be sure to vote for your favorite on the channel homepage for Platypus Economics.

Subscribe on YouTube https://youtube.com/platypuseconomics 
Subscribe on Substack 👉 https://newsletter.platypuseconomics.com

Follow on Social Media @PlatypusEconomics and @JustinWolfers
Follow Stacey @svankesmith

Justin Wolfers and Bloomberg's Stacey Vanek Smith pick through a week of confusing economic news on the latest episode of Off the Clock.&nbsp;
First up, inflation. Inflation came in at 3.4% &mdash; not great, not terrible &mdash; but here's the part that stings: prices are still rising faster than wages and the average American paycheck buys less than it did a year ago. They also dig into the July jobs report and why it was a real jolt: the economy lost 23,000 jobs when forecasters expected a gain of 80,000, and earlier months got revised down too.&nbsp;
Then Stacey talks to Justin about how lab-grown diamonds have absolutely crushed prices in this luxury industry (a $6,000 stone now sells for $10 at Walmart). This prompted a fascinating discussion on the diamond-water paradox, thinking at the margin, and why the AI shock to "cognitive work" may be the labor market's version of the same thing.&nbsp;
Finally, Justin and Stacey cap off the episode with another round of Chart versus Chart. Be sure to vote for your favorite on the channel homepage for Platypus Economics.
Subscribe on YouTube https://youtube.com/platypuseconomics&nbsp; Subscribe on Substack 👉 https://newsletter.platypuseconomics.com
Follow on Social Media @PlatypusEconomics and @JustinWolfers Follow Stacey @svankesmith

From world events to everyday decisions, economics explains it all. Platypus Economics makes it clear, useful, and actually fun.

From world events to everyday decisions, economics explains it all. Platypus Economics makes it clear, useful, and actually fun.

Platypus Economics with Justin Wolfers

How Lab-Grown Diamonds Broke the Market | Off the Clock

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/395ff694-8646-4fc5-83ef-b4a6018393d4/transcript