Marketplace Morning Report Finally, clues about the job market
7 snips
Nov 20, 2025 Diane Swonk, Chief Economist at KPMG, dissects the latest job market data revealing a gain of 119,000 jobs but a worrying rise in the unemployment rate to 4.4%. She highlights shifts in labor participation, particularly among college grads and teens. The conversation touches on Walmart's impressive quarterly results and its venture into AI to boost e-commerce. Swonk also points out the paradox of declining consumer sentiment amidst sustained spending and notes a concerning 17% drop in new international student enrollment.
AI Snips
Chapters
Transcript
Episode notes
September Jobs Gain Masks Weaker Trends
- The September jobs report showed 119,000 jobs added but July and August were revised down, implying August likely lost jobs.
- Diane Swonk says participation rose yet many participants still could not find work, signaling a weakening labor market.
Participation Bump Could Be Seasonal
- Teenage and college graduate participation rose in September but may reflect seasonal schooling effects rather than a durable trend.
- Swonk cautions that the data are pre-shutdown and therefore limited for drawing conclusions about current labor dynamics.
Wait For Clearer Data Before Betting On Cuts
- The Fed will lack timely data because of missing reports and delayed publications from the shutdown.
- Swonk says policymakers are likely to hold off on cutting rates until clearer data arrive after December.