Podcast Summary: Marketplace Morning Report

Episode: "How are your wages comparing to inflation?"
Date: December 17, 2025
Host: Sabri Ben-Achour (in for David Brancaccio)

Episode Overview

This episode dives into whether American wages are keeping up with rising inflation, especially as new economic data highlights a squeeze on consumers. Featuring reporting and expert commentary, it covers slowing wage growth, increasing inflation, updates from the global oil market, and a personal perspective from a seasonal worker in New York City. The tone is factual but human-focused, with on-the-ground stories complementing economic analysis.

Key Discussion Points & Insights

1. Wages vs. Inflation: The Consumer Squeeze

[01:24 – 03:11]

• Slowing Wage Growth:

  • In November, average hourly earnings rose 3.5% year-over-year, down from 4% at the start of 2025.
    • Mitchell Hartman: "In November, average hourly earnings rose 3.5% year over year. That's down from January when wages were growing 4%." (01:58)
  • Economists link this to a weakening job market:
    • Kathy Busjancik (via Hartman): “And that's very consistent with a slowing in demand for labor nationwide.” (02:07)
  • Less worker leverage in setting pay as labor demand cools.

• Rising Inflation:

  • When the Trump administration introduced new tariffs in April, inflation was at 2.3%. By September, it had reached 3%.
    • Mitchell Hartman: “By September, that was up to 3%, meaning consumers purchasing power is deteriorating.” (02:19)
  • The upshot: Even modest wage increases aren’t enough to keep up with prices.

• Impact on Households:

  • June Hagan & Susan Schmidt: “And that just adds to the affordability strain that households feel.” (02:39–02:41)

• Exceptions to the Rule:

  • Certain sectors, like artificial intelligence and construction, are seeing stronger wage gains.
    • Sabri Ben-Achour: “There are all these folks in artificial intelligence and the supporting industries ... that are getting very good wages and wage increases.” (02:53)
    • Mitchell Hartman: “Because the sector's hot and workers from it to construction are in high demand.” (03:03)

2. Oil Market Update: Venezuela Blockade

[03:11 – 04:10]

• New Sanctions & Supply:

  • The Trump administration ordered a blockade of oil tankers to and from Venezuela, labeling its government a terrorist regime.
  • Despite headlines, portfolio manager Susan Schmidt explains the direct market impact will be minimal:
    • Susan Schmidt: “...the amount of oil Venezuela provides into the daily market is less than 1%. So it doesn't have a big impact on the day to day usage of oil or supply.” (03:40)

• OPEC’s Response:

  • OPEC recently eased restrictions on oil production, ensuring global supply remains steady.

• Oil Prices Context:

  • Minor uptick today, but overall:
    • Sabri Ben-Achour: “...for the year, prices are actually down 19%.” (04:10)

3. Personal Story: Wages & Choices at a NYC Christmas Tree Stand

[06:04 – 09:23]

• Meet June Hagan:

  • Seasonal worker at Uptown Christmas Trees, usually a line cook.
  • Switched roles for a break and to reassess career path:
    • June Hagan: “I'm a line cook. For the most part, though, I've been trying to transition out of it. This seemed like a good way to do that, you know, work for a month straight doing something other than my normal job...” (06:39)

• Pay:

  • $5,000 for the holiday season (about one month of work).
    • Sabri Ben-Achour: “Can I ask how much one makes doing this?”
    • June Hagan: “I'm making five grand for the season. Wow. Yeah. Which is pretty good. Yeah.” (07:00)

• Future Hopes:

  • Hagan wants to avoid returning to restaurant work, was pursuing EMT training but faced cost barriers.

• Economic Reality for Restaurant Workers:

  • Post-COVID, wages spiked for cooks but have since declined:
    • June Hagan: “We definitely had a boom right after Covid...wages definitely took a pretty huge downturn after that in 2021 and in 2022, you know, we were getting paid really well, and now not so much.” (08:28)

• Memorable Reflection:

  • On re-thinking her life:
    • June Hagan: “I had a moment a couple restaurants ago, and I walked through the dining room in the middle of a busy service and looked around at the clientele and just thought, like, you know, what am I doing serving expensive food to rich people right now?” (07:45)

• Christmas Tree Stand Culture:

  • A surprising camaraderie among workers, dedicated to bringing holiday cheer.

Notable Quotes & Memorable Moments

• “In November, average hourly earnings rose 3.5% year over year. That's down from January when wages were growing 4%.”
  — Mitchell Hartman [01:58]

• “And that's very consistent with a slowing in demand for labor nationwide.”
  — Kathy Busjancik (via Hartman) [02:07]

• “By September, that was up to 3%, meaning consumers purchasing power is deteriorating.”
  — Mitchell Hartman [02:19]

• “There are all these folks in artificial intelligence...that are getting very good wages and wage increases.”
  — Sabri Ben-Achour [02:53]

• “The majority of Americans are indeed going backwards.”
  — Sabri Ben-Achour [02:44]

• “The amount of oil Venezuela provides into the daily market is less than 1%. So it doesn't have a big impact on the day to day usage of oil or supply.”
  — Susan Schmidt [03:40]

• “I'm making five grand for the season. Wow. Yeah. Which is pretty good. Yeah.”
  — June Hagan [07:00]

• “I had a moment a couple restaurants ago...and just thought, like, you know, what am I doing serving expensive food to rich people right now?”
  — June Hagan [07:45]

Timestamps for Important Segments

• Wages vs. Inflation Analysis: 01:24 – 03:11
• Oil Market / Venezuela Blockade: 03:11 – 04:10
• Personal Story – Christmas Tree Stand: 06:04 – 09:23

Tone and Style

The episode combines crisp economic reporting and data, expert analysis, and personal stories that humanize the numbers. The conversational, accessible style helps listeners connect with both a macroeconomic reality and individual experience.