Marketplace All-in-One The worst year for job creation since 2020
Jan 9, 2026
Diane Swonk, Chief Economist at KPMG, shares her insights on the dismal December jobs report revealing only 50,000 new hires. She explains how the decline in the unemployment rate reflects reduced workforce participation rather than robust job growth. Swonk also addresses the rise in part-time employment, highlighting underlying labor-market stress. Additionally, the podcast features stories from LA fire survivors about their lost and found personal items, showcasing resilience and the emotional weight of recovered treasures.
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Jobs Growth Hit A Multi-Year Low
- 2025 saw only 584,000 jobs created, the lowest since 2020 and second-lowest since 2009.
- Diane Swonk warns headline unemployment falls mask weaker labor-force participation and more part-time underemployment.
Holiday Hiring Was Compressed Into December
- Leisure and hospitality rebounded in December as holiday-season hiring compressed into one month after disruptions like a government shutdown.
- Swonk attributes the late surge to catch-up hiring tied to travel and holiday demand.
Unemployment Rate Masks Labor Stress
- The unemployment rate ticked down to 4.4% partly because labor-force participation fell, not solely due to stronger hiring.
- Swonk highlights nearly a million people forced into part-time work, revealing hidden labor-market stress.