Marketplace All-in-One The March unemployment rate fell — but there's a catch
Apr 3, 2026
Reema Khrais, reporter on prediction markets and online gambling; Eric Gordon, business professor analyzing IPOs and SpaceX; Christopher Lowe, chief economist tracking labor and wages. They discuss the March jobs headline and why the unemployment rate fell. They examine wage growth vs inflation, SpaceX’s IPO valuation and investor access, and the rise and social effects of prediction markets and betting.
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Unemployment Drop Masked By Fewer Workers
- The headline March jobs numbers look strong with 178,000 added and unemployment at 4.3 percent.
- Christopher Lowe says the drop largely reflects fewer people in the labor force after immigration slowed and weather distortions, not just a hotter job market.
Real Pay Is Up But Wage Momentum Slowing
- Wage growth is above inflation at about 3.5% year over year, improving real pay.
- Lowe notes it's still the slowest wage growth in the cycle, suggesting labor isn't scarce enough to push firms to raise pay dramatically.
SpaceX Valuation Is A Bet On A Radical Future
- SpaceX filing for an IPO could be massive with Bloomberg valuing it near $2 trillion despite current revenue around $20 billion.
- Eric Gordon says that valuation bets on a far broader future: rockets plus AI, space data centers and Musk's vision.