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.

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

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

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

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)

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.

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 |

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.