Population growth in the U.S. is slowing

Summary

Marketplace Morning Report: "Population Growth in the U.S. is Slowing"

Date: March 26, 2026
Host: Sabri Benishore (in for David Brancaccio)
Episode Theme:
This episode explores newly released Census Bureau population estimates showing that population growth in the U.S. is slowing, examines contributing factors such as decreased immigration, and looks at economic implications alongside updates on Congressional action regarding homeland security funding. The episode also features a segment on the economic rise in pawn shop activity as consumers seek quick cash.

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1. Slowing Population Growth in the U.S.

Overview

• Main Focus: New Census Bureau estimates reveal a marked slowdown in U.S. population growth, especially in metro areas and regions along the U.S.-Mexico border.
• Key Data Period: July 1, 2024 - July 1, 2025

Key Discussion Points & Insights

• Majority of Metro Areas Affected:
  • "During that time, 310 of the 387 US metro areas had slower population growth, with dramatic declines along the U S Mexico border in places like Lar, Texas Yuma, Arizona and El Centro, California." (01:12 - Nancy Marshall Genzer)
• Sharp Drop in International Migration:
  • "The Census Bureau says the growth in metro areas fell on average from about 1% to around a half percent. It says this is largely due to a big decrease in net international migration. Census says immigration fell in nine out of 10 US counties." (01:26 - Nancy Marshall Genzer)
• Policy Drivers:
  • "This time period covers immigration restrictions at the end of the Biden administration, which President Trump expanded." (01:38 - Nancy Marshall Genzer)
• Broader Economic Context:
  • The U.S. relies on immigration for young workers and sustaining Social Security for retiring baby boomers.
• Internal Migration Helps Some Areas:
  • "Houston and Fort Worth led the pack, followed by cities in the south such as Atlanta, Myrtle Beach and Spartanburg, South Carolina attracted retirees from other parts of the country." (01:54 - Nancy Marshall Genzer)

Notable Quotes

• "The US has relied on immigration for young workers to make up for the declining BIR and to contribute to Social Security to support the wave of retiring baby boomers." (01:44 - Nancy Marshall Genzer)
• "Population growth is slowing in most counties in the U.S. that's according to new population estimates released today by the Census Bureau." (00:48 - Sabri Benishore)

Timestamps

• [00:48] — Introduction to the day's big story
• [01:12 - 02:01] — Deep dive into Census Bureau findings
• [02:01 - 02:26] — Internal migration and regional standouts

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2. Congressional Funding and TSA Shutdown

Overview

• Main Focus: Congress debates homeland security funding as the partial government shutdown enters its forty-first day, impacting TSA workers.

Key Discussion Points

• Partisan Divide:
  • Republicans propose funding the TSA and most of Homeland Security, but excluding immigration enforcement; the expectation is the bill won’t pass.
• Democratic Opposition:
  • Democrats demand reforms to immigration enforcement.
• Impact on Workers:
  • "The partial government shutdown has meant TSA workers have not been paid in 41 days." (02:26 - Sabri Benishore)
• Legislative Deadline:
  • Congress is due to leave for spring break.

Timestamps

• [02:26 - 03:04] — Congressional update

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3. The Pawn Shop Economy: Squeezed Consumers Seek Quick Cash

Overview

• Main Focus: With rising economic pressures, publicly traded pawn shop chains post record revenues and see increased loan amounts as more people seek short-term liquidity.

Key Discussion Points & Insights

• Increased Demand for Pawn Loans:
  • “There are two publicly traded pawn shop companies and they both reported record revenues and said customers are borrowing more.” (04:06 - Sabri Benishore)
• How Pawn Shops Operate:
  • "People sell items...Then there are loans for people who need quick cash but don't want to permanently part with something valuable to them..." (04:40 - Carla Javier)
• Growing Average Loan Size:
  • “In 2022 the average loan was around $160...in 25 the average was close to $210.” (05:17 - Tim Jugmans, EZCorp CFO)
• Why Demand is Up:
  • Consumers face rising costs, depleted savings post-pandemic, and turn to pawn, payday, and other high-cost debt.
• Rising Value of Collateral:
  • Customers get bigger loans for jewelry as gold and silver prices rise.
• Macro-economic Picture:
  • Despite economic growth and stable unemployment, many people are just trying to get by week-to-week.

Notable Quotes & Moments

• “We're not the first places they want to be and they need help. We'll try to help them while at the same time trying to do our business.” (05:11 - Ted Briganti, ENB Pawn Owner)
• “This really is a Goldilocks environment.” (05:52 - Anthony Cicumba, Loop Capital Markets)
• “You can say, you know, all the fancy numbers, GDP, all that sort of stuff, but that doesn't affect most people. Most people just try to get through the regular week without being broke.” (06:44 - Ted Briganti)
• “Since then, people's savings have gone down and they've had less savings available to deal with the problems that come up in their lives. So over the last several years, there's been an increase in pawn, payday and other kinds of high cost debt.” (06:21 - Scott Fulford, Author/Economist)
• “And the payday loans, that's another horror story. I don't even want to think about that nowadays.” (07:14 - Adina Cruz, Pawn Customer)

Human Stories Highlighted

• Customer Adina Cruz has pawned jewelry for decades to cover bills or emergencies, avoiding banks and payday lenders due to negative experiences.
• This time, she’s picking up a $200 gold cross she has paid off in installments—showing that pawn shops also serve as retail stores and sources of layaway purchases.

Timestamps

• [04:06 - 04:53] — Introduction to pawn shop segment, customer experiences
• [05:00 - 05:11] — How loans work at a pawn shop
• [05:17 - 05:31] — Loan averages and trends
• [05:44 - 06:05] — Gold prices and customer ability to repay
• [06:21 - 06:36] — Rise in pawn use as savings diminish
• [06:44 - 07:14] — Customer stories
• [07:23 - 07:39] — Personal motivations and final anecdotes

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4. Noteworthy Quotes (with Attribution and Timestamps)

• On the Human Side of Economy:
  • “Most people just try to get through the regular week without being broke.”
    — Ted Briganti (06:44)
• On the State of Consumer Credit:
  • “There's been an increase in pawn, payday, and other kinds of high cost debt.”
    — Scott Fulford (06:21)
• On the American Dream:
  • “I feel like the kind of quote, unquote, American dream is sort of breaking down. Like, how could I possibly, you know, buy a home, be able to afford having a family?”
    — Unnamed Speaker, Preview of "This Is Uncomfortable" (07:51)

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5. Episode Flow and Tone

The episode is concise and information-rich, balancing hard economic data with human perspectives. The hosts and guests maintain a straightforward, slightly urgent, and empathetic tone—painting a picture of shifting demographics, economic pressure, and policy gridlock, while giving a platform to everyday Americans navigating uncertainty.

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Summary Table of Major Segments

| Timestamp | Segment | Key Theme | |------------|----------------------------------------------|--------------------------------------------------------| | 00:48-02:26| Population growth data & implications | Immigration decline, metro area trends | | 02:26-03:04| Congress, TSA payment, shutdown stalemate | Partisan gridlock, worker impacts | | 04:06-07:39| Pawn shops and financial coping | Squeezed consumers, record revenues, personal stories |

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For Listeners:

If you missed the episode, here’s what you need to know: The U.S. is experiencing a significant slowdown in population growth, mainly from reduced immigration, which has widespread economic implications. Meanwhile, consumers—facing savings erosion and high living costs—are increasingly turning to pawn shops for short-term relief, signaling a rise in financial distress for many, even as the broader economy appears resilient. Congress remains deadlocked over government funding, with direct impacts on federal workers.

The reporting is both data-driven and deeply human, emphasizing how large-scale shifts change everyday life across America.

Transcript

[Marketplace Host]

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[Sabree Benishore]

Population growth in the US is slowing from Marketplace I'm Sabree Benishore in for David Brancaccio. Population growth is slowing in most counties in the U.S. that's according to new population estimates released today by the Census Bureau. The new numbers are a snapshot of the end of the Biden administration and the beginning of President Trump's second term. Marketplace's Nancy Marshall Ganzer has more.

[Nancy Marshall Ganzer]

The Census Bureau population estimates are from July 1, 2024 to July 1, 2025. During that time, 310 of the 387 US metro areas had slower population growth, with dramatic declines along the U S Mexico border in places like Lar, Texas Yuma, Arizona and El Centro, California. The Census Bureau says the growth in metro areas fell on average from about 1% to around a half percent. It says this is largely due to a big decrease in net international migration. Census says immigration fell in nine out of 10 US counties. This time period covers immigration restrictions at the end of the Biden administration, which President Trump expanded. The US has relied on immigration for young workers to make up for the declining BIR and to contribute to Social Security to support the wave of retiring baby boomers. The headcount in some parts of the country did increase as people from other parts of the US Moved in. Houston and Fort Worth led the pack, followed by cities in the south such as Atlanta, Myrtle beach and Spartanburg, South Carolina Attracted retirees from other parts of the country. I'm Nancy Marshall Genzer for Marketplace.

[Sabree Benishore]

Congress is set to vote today on a Republican proposal to fund the TSA and most of homeland Security, minus immigration enforcement. The expectation is that it's not going to pass. Democrats want reforms to immigration enforcement. The partial government shutdown has meant TSA workers have not been paid in 41 days. Congress leaves town tomorrow for spring break.

[Marketplace Host]

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[Sabree Benishore]

consumers can turn to when they need quick cash is pawn shops. And apparently a lot of people need that quick cash. There are two publicly traded pawn shop companies and they both reported record revenues and said customers are borrowing more marketplaces. Carla Javier has this look at the pawn shop economy.

[Carla Javier]

ENB Pawn is a clean, bright blue building in Morristown, New Jersey, which is about 15 miles outside of Philly. Ted Vergante takes me inside to show me what he's got.

[Ted Briganti]

You know, just standard comic books to like super rare coins for sale cards, newer tools.

[Carla Javier]

People sell items to the shop and the shop sells them to other customers. Then there are loans for people who need quick cash but don't want to permanently part with something valuable to them, say a grandmother's ring or a laptop.

[Ted Briganti]

We're willing to lend, let's say $1,000. They then have 90 days to come and get their stuff back by paying

[Carla Javier]

back the principal with interest. That's how the shop makes money. If the customer can't pay, ENB has the right to sell the collateral. Eventually, though, Briganti says they really try to avoid this.

[Ted Briganti]

We're not the first places they want to be and they need help. We'll try to help them while at the same time trying to do our business.

[Carla Javier]

While most pawn shops are small and independently owned, the publicly traded companies say loan balances are up lately. EZCorp CFO Tim Jugmans says in 2022 the average loan was around 160 dol

[Marketplace Host]

in 25 the average was close to $210. So it gives you an indication like over time, this is slowly increasing because the need for cash is increasing for customers.

[Carla Javier]

The other publicly traded pawn shop operator is First Cash. Anthony Cicumba follows the company for Loop Capital Markets.

[Marketplace Host]

This really is a Goldilocks environment.

[Carla Javier]

Customers can get bigger loans on jewelry because of rising gold and silver prices. Also, while consumers are squeezed, the unemployment rate is mostly holding steady.

[Marketplace Host]

They're in a position where they can repay that pawn loan, where they can occasionally go in and, you know, buy pawn merchandise that has been forfeited.

[Carla Javier]

Though some of the increased pawn activity could be due to the relative lack of such loans during and after Covid, says author and economist Scott Fulford.

[Marketplace Host]

Since then, people's savings have gone down and they've had less savings available to deal with the problems that come up in their lives. So over the last several years, there's been an increase in pawn, payday and other kinds of high cost debt.

[Carla Javier]

Some ENB pawn customers today are selling and shopping. Others are here for loans. Owner Ted Briganti walks by.

[Ted Briganti]

You can say, you know, all the fancy numbers, gdp, all that sort of stuff, but that doesn't affect most people. Most people just try to get through the regular week without being broke. And I'll see them come in for, you know, get a little bit of gas money, get some grocery money, handle this bill, handle that bill.

[Carla Javier]

Most customers in the store didn't want to be interviewed, but Adena Cruz was willing to talk outside. She's been pawning her jewelry here for two decades, sometimes to cover a bill or a trip the bank.

[Ted Briganti]

I don't want to deal with them like that on just a little small loan. And the payday loans, that's another horror story. I don't even want to think about that nowadays.

[Carla Javier]

She says she's squeezed, but she's working. And she's not here for a loan this time. Instead, she's picking up a $200 gold cross she's been paying installments on since November, a birthday gift to herself. I'm Carla Javier for Marketplace and in

[Sabree Benishore]

New York, I'm Sabri Benishore with the Marketplace morning report. From APM American Public Media.

[Carla Javier]

I'm Reema Grace and this week on my podcast this is Uncomfortable. We're looking at the rise of prediction market where you can bet on everything from sports and pop culture to political headlines. A multi billion dollar industry that's growing at a time when more Americans are questioning the traditional paths to wealth. I feel like the kind of quote, unquote, American dream is sort of breaking down. Like, how could I possibly, you know, buy a home, be able to afford having a family? And then they're also going online and seeing people that are claiming to make all this money doing these alternative paths to wealth. Be sure to listen to this week's episode of this Is Uncomfortable on your favorite podcast. Appreciate.