The Journal. It's Almost 2026. How’s the Economy?
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Dec 19, 2025 
Join economics reporters Jeanne Whalen, Justin Lahart, and Rachel Wolfe from The Wall Street Journal as they dissect the turbulent U.S. economy of 2025. They explore how rising unemployment and tariffs have created confusion in global trade, while the stock market flourishes for the wealthy. The trio reveals the impact of AI on jobs, especially for young workers, detailing struggles with automated hiring. As they look ahead to 2026, they highlight critical issues like rising mortgage rates, inequality, and shifting demographics.
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K-Shaped Recovery Persists
- The economy feels very different depending on where you sit and what assets you hold.
- Jeanne Whalen notes older, asset-rich people are doing well while lower-income people are worse off.
Tariffs Have Milder Effects Than Feared
- Tariffs raised effective rates but haven’t caused runaway inflation so far.
- Jeanne Whalen attributes muted price effects to exemptions, rollbacks, and supplier workarounds.
No Manufacturing Renaissance Yet
- Tariffs haven't triggered broad reshoring or a manufacturing boom yet.
- Justin Lahart points out U.S. manufacturing employment has actually fallen this year.