Podcast Summary: Your Money Minute – "Watch Out If You're Not Working Too Hard"
Host: Jessica Ettinger
Guest: Drew Mattis (MetLife Economist)
Release Date: March 3, 2025
Duration: 0:55
Theme:
A concise breakdown of current trends in labor hours and why appearing underworked—even with low unemployment—could put employees at risk in the present job market.
Main Purpose of the Episode
In this 60-second segment, Jessica Ettinger and MetLife's Drew Mattis discuss why workers should be alert if they're not logging full-time hours, despite strong employment numbers. They explain how reduced working hours could mean heightened vulnerability to layoffs, due to changing dynamics in the labor market.
Key Discussion Points & Insights
1. Concerns about Working Hours (00:00–00:24)
- Observation: Jessica asks if listeners feel they're not working hard or for long hours.
- Expert Insight: Drew Mattis points out that the real worry is the number of hours worked per week, visible in payroll data.
- Quote (Drew Mattis, 00:08): "The main worry right now actually, in my opinion, is the number of hours people are working."
- Historical Comparison: Drew notes current working hours are the lowest they've been in years, except for the COVID downturn, which aligns with periods of much higher unemployment.
- Quote (Drew Mattis, 00:19): "It's so low. The last time we saw this outside of COVID the unemployment rate was 7%."
2. Unemployment Rate Context (00:24–00:40)
- Backdrop: Jessica provides recent historical context:
- January 2020 (end of President Trump's first term): 6% unemployment.
- Post four years of job creation: ~4% unemployment.
- Caution: Despite low jobless rates, workers not putting in typical 40-hour weeks should "watch out."
- Quote (Jessica Ettinger, 00:24): "...if you're not putting in your 40 hours a week, you might want to watch out."
3. Worker Hoarding and Layoff Risks (00:40–00:48)
- Insight: Drew explains that companies have "hoarded" workers during recent economic uncertainty.
- Result: These firms don't have enough work for all employees, meaning reduced hours and increased risk for layoffs if conditions change.
- Quote (Drew Mattis, 00:40): "Firms have been hoarding workers in a very aggressive way and they don't have a lot for them to do. So they're working them less and that means they're more vulnerable to layoffs."
4. Closing and Further Resources (00:48–00:55)
- Jessica directs listeners to CNBC.com for more information about labor market trends.
Notable Quotes & Memorable Moments
- Drew Mattis (00:08): "The main worry right now actually, in my opinion, is the number of hours people are working."
- Drew Mattis (00:19): "It's so low. The last time we saw this outside of COVID, the unemployment rate was 7%."
- Jessica Ettinger (00:24): "...if you're not putting in your 40 hours a week, you might want to watch out."
- Drew Mattis (00:40): "Firms have been hoarding workers... they're more vulnerable to layoffs."
Timestamps for Key Segments
- 00:00–00:08 | Jessica introduces the topic and Drew Mattis
- 00:08–00:19 | Drew Mattis raises concern about reduced working hours
- 00:19–00:24 | Drew compares hours to previous economic periods
- 00:24–00:40 | Jessica shares unemployment rate context and warning
- 00:40–00:48 | Drew explains worker hoarding and layoff risks
- 00:48–00:55 | Jessica wraps up and points to more resources
Summary Takeaways
- Even with low unemployment, sharply reduced working hours could signal underlying weakness in the job market.
- Employees who aren’t regularly hitting the 40-hour mark may be at heightened risk of layoffs if economic conditions shift further.
- Employers have been retaining more workers ('hoarding'), but with less actual work available, making for a precarious situation.
