Taking the pulse of the job market

Summary

Marketplace Morning Report – "Taking the Pulse of the Job Market"

Date: September 4, 2025
Host: Sabri Benishour (in for David Brancaccio)

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Episode Overview

This episode dives into three key topics shaping the morning economic landscape:

1. The crackdown on illegal sports streaming (with a look at why fans are drawn to piracy)
2. A snapshot of the softening U.S. job market, with analysis of recent employment and wage data by economist Diane Swonk
3. Texas’s new law restricting property ownership by foreign nationals, examining community impact and national security claims

The tone is brisk, informative, and analytical, mirroring Marketplace’s signature approach to breaking down complex economic realities for a general audience.

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1. The Demise of Stream East – Piracy and the Fragmented Sports Streaming Market

[00:31–02:44]

• Illegal Sports Streaming Site Shut Down:
  Stream East, a popular illicit streaming service, was shut down after a law enforcement operation in Egypt.
  “1.6 billion people visited Stream east domains in the last year for free access to games at the NFL, the NBA, top global soccer leagues.” (Narrator/Reporter, 00:52)

• Fan Frustration with Legitimate Options:

  • Sports writer Jun Lee pays over $2,600 a year to access all major sports streams. Back in the cable era, this would have only required one subscription.
    • “I often find myself struggling to figure out what channel the games are on, and it's literally my job to be able to watch the games.” (Jun Lee, 01:39)
  • With multiple services owning different rights, the market is fragmented, expensive, and confusing even for professionals.

• Why Fans Turned to Piracy:
  Stream East’s appeal was ease and consolidation.
  “You go on streameast.com and regardless of what network the game is on, it's going to be there. It's just more simple.” (Jun Lee, 01:53)

• Industry Response and Future Outlook:

  • Larissa Knapp (Alliance for Creativity and Entertainment) hopes the crackdown will push viewers toward legal options.
    • “If there's friction in the system ... they're more likely to go find a legitimate avenue to get it.” (Larissa Knapp, 02:12)
  • Jeremy Goldman (eMarketer) warns new illegal players will just take Stream East’s place unless affordable, global bundles exist:
    • “Until the industry delivers more affordable bundles ... I would expect illegal operators to continue to attract fans.” (Jeremy Goldman, 02:29)

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2. The Slowing U.S. Job Market: Data and Analysis

[02:46–05:05]

Key Economic Indicators, August 2025

• Job Growth Slows Sharply:
  • July: About 5.3 million hires, matched by quits or layoffs—showing no net job creation.
  • ADP Reports August: Only 54,000 jobs added, half of the previous month and well below expectations.
• Labor Market Dynamics:
  • “What we're seeing is demand and supply of workers have both declined. The pace of hiring has slowed dramatically along with supply of workers. That has helped to hold the unemployment rate down, but it leaves us with very narrow margin for error should the pace of layoffs pick up.” (Diane Swonk, 03:29)
  • “A lack of churn in the labor market is a sign of a labor market that's stalling, which is a very hard place for the Federal Reserve...” (Swonk, 03:34)
  • The Fed is split: Some argue for an aggressive rate cut to keep unemployment low, others want to keep rates stable to prevent inflation.
• Positive Data Points:
  • Wage Growth: Up 4.4% year-over-year, ahead of inflation.
  • Productivity Growth: Rose 3.3% in August.
  • Caution: Productivity numbers are volatile and may not signal sustained change.
    • “Productivity has not picked up above the trend we saw pre-pandemic...What you worry about is getting into what's called a wage price spiral. We don't want to get there because that's what produced the stagflation of the 1970s.” (Swonk, 04:26)

Memorable Moment:
“A lack of churn in the labor market is a sign of a labor market that's stalling...” (Diane Swonk, 03:34)

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3. Texas Restricts Property Ownership by Foreign Nationals

[05:52–09:44]

• New Law Details: Effective September 1, Texas bans most property purchases by citizens and businesses of China, Iran, North Korea, and Russia; they’re also limited to renting for less than one year.

  • “State to restrict in the name of national security the ability of certain foreign nationals to own property.” (Benishour, 05:52)
  • Green card holders and U.S. citizens from these countries are exempt.

• Community Concerns & Impact:

  • Jing Wu (Democratic State Rep):
    • “That's not actually about national security. The intent is very clear. The intent is get out.” (Wu via Meng Xin Zhang, 06:48)
  • Visa holders worry about losing housing rights; Green card holders/citizens fear increased discrimination.
  • Jason Yuan (business owner):
    • “Banning home ownership from younger folks like me just based on their country origin, that is discriminatory in nature.” (Yuan, 07:26)
  • Nancy Lin (commercial realtor):
    • “Several of her prospective Chinese clients are now pausing their investment plans...as for those that already have existing leases, they can't renew them... for more than one year.” (Lin via Meng Xin Zhang, 08:13)

• State’s Rationale:

  • “Hostile foreign adversaries ... must not be allowed to own land in Texas. Period.” (Gov. Greg Abbott, 08:26)

• Expert Reactions:

  • Holden Triplett (ex-FBI): There are real risks from state-level unawareness.
  • Patrick Dumey (ACLU): Warns against conflating citizens of Chinese origin with Chinese government interests.

• National Trend:

  • 26 states, 50 bills since 2021 (Committee of 100). More states (like Ohio) are considering similar laws.

Memorable Moment:
“Texas is not welcoming people from specific countries like China, Russia, Iran.” (Jason Yuan, 07:54)

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Notable Quotes by Segment

• Sports Streaming:
  • “I often find myself struggling to figure out what channel the games are on, and it's literally my job...” – Jun Lee (01:39)
• Job Market:
  • “A lack of churn in the labor market is a sign of a labor market that's stalling...” – Diane Swonk (03:34)
• Texas Property Law:
  • “The intent is very clear. The intent is get out.” – Jing Wu (06:48)
  • “That is discriminatory in nature.” – Jason Yuan (07:30)
  • “Hostile foreign adversaries ... must not be allowed to own land in Texas.” – Gov. Greg Abbott (08:26)

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Useful Timestamps

• 00:31 – Stream East shutdown and sports streaming discussion
• 02:46 – Overview and analysis of U.S. job market data with Diane Swonk
• 05:52 – Texas property law for foreign nationals and its impact
• 09:44 – Episode wrap

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Summary prepared for listeners seeking a concise yet thorough update on the day's most pressing business and economic stories as reported on Marketplace Morning Report.

Transcript

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[Sabri Benishour]

Job growth is slowing down. From Marketplace, I'm Sabri Benishour in for David Brancaccio. Stream east was a streaming platform for sports Games were free to watch, and the whole thing was very illegal. Stream east has now been shut down after a sting operation by law enforcement in Egypt. According to the media trade group alliance for creativity and entertainment, 1.6 billion people visited Stream east domains in the last year for free access to games at the NFL, the NBA, top global soccer leagues. But as Marketplace Savannah Peters reports, sports fans were drawn to Stream east by more than just the fact that it was free.

[Jun Lee]

Independent sports writer Jun Lee pays for every major streaming service that offers live sports, the annual price tag over $2,600.

[Narrator/Reporter]

That is the cost of being a hardcore sports fan in 2025, back when.

[Jun Lee]

Cable was king, Lee says he could have gotten the same access behind just one paywall. But in the streaming era, leagues can make more money slicing and dicing their media rights and selling them to multiple services.

[Narrator/Reporter]

I often find myself struggling to figure out what channel the games are on, and it's literally my job to be able to watch the games, even for.

[Jun Lee]

Fans who are willing to shell out, lee says keeping up with the team the legal way has gotten onerous.

[Narrator/Reporter]

You go on streameast.com and regardless of what network the game is on, it's going to be there. It's just more simple.

[Jun Lee]

According to the alliance for Creativity and Entertainment, that platform had the broadest reach among illegal streamers. Larissa Knapp is a VP with that organization.

[Meng Xin Zhang]

If there's friction in the system where they can't see, you know, an illegal game through an illegal streaming site, they're more likely to go find a legitimate avenue to get it.

[Jun Lee]

But rival and copycat platforms are already filling the void, according to Jeremy Goldman, an analyst with eMarketer.

[Narrator/Reporter]

Really, until the industry delivers more affordable bundles and there are global licensing models in place, I would expect illegal operators to continue to attract fans and exploit.

[Jun Lee]

Their frustration with an increasingly fragmented landscape. Savannah I'm Savannah Peters for Marketplace.

[Sabri Benishour]

We have got economic data rolling in this week and this morning painting a snapshot of the US Economy. So let's try and understand that picture with help from Diane Swonk, chief economist at the audit, tax and advisory firm kpmg. Good morning, Diane.

[Diane Swonk]

Good morning.

[Sabri Benishour]

So yesterday we learned that In July about 5.3 million people were hired at new jobs, but also 5.3 million people quit or laid off. So that seems in balance. But we also know that job growth has been really weak. And now today, private payroll processor ADP tells us only 54,000 jobs were added in August. That is half of what was added the month before and less than what economists were expecting. What does this all mean?

[Diane Swonk]

Well, what we're seeing is demand and supply of workers have both declined. The pace of hiring has slowed dramatically along with supply of workers. That has helped to hold the unemployment rate down, but it leaves us with very narrow margin for error should the pace of layoffs pick up. A lack of churn in the labor market is a sign of a labor market that's stalling, which is a very hard place for the Federal Reserve because it's one of the reasons you're seeing a split in the Federal Reserve in terms of those who would like to do an outsized cut in September to stop the unemployment rate for from rising, from those who don't want to do any cut at all because they're worried inflation will pick up further.

[Sabri Benishour]

Some positive data. Wage growth according TO ADP was 4.4% year over year. That's higher than inflation, which is good. And productivity growth in August was 3.3%. Pretty high. What do we make of those?

[Diane Swonk]

Well, the productivity numbers tend to be sort of moved around a lot by the GDP figures. What we do know is that productivity has not picked up above the trend we we saw pre pandemic. So as the economy goes through a weakness in demand for workers at the same time that wages are elevated, what you worry about is getting into what's called a wage price spiral. We don't want to get there because that's what produced the stagflation of the 1970s. And we don't expect us to get there. But that is what everyone is watching for at this stage of the game.

[Sabri Benishour]

Diane Swonk, chief economist at kpmg, also always a pleasure. Thank you so much.

[Diane Swonk]

Thank you.

[Narrator/Reporter]

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[Sabri Benishour]

State to restrict in the name of national security the ability of certain foreign nationals to own property. The new law took effect Sept. 1 and bar citizens of China, Iran, North Korea and Russia, as well as businesses headquartered in those countries, from buying most types of property in the Lone Star State. It does not apply to permanent residents from these countries or to US citizens. The BBC's Meng Xin Zhang reports from.

[Meng Xin Zhang]

Austin, Texas lawmakers passed Senate Bill 17 earlier this year. From September 1, certain individuals and organizations from what officials called adversarial countries will be banned from buying property in Texas. It also restricts them to renting property to less than one year buyers and tenants who breach the rules could be fined and jailed.

[Narrator/Reporter]

It is anti Asian, anti immigrant and specifically against Chinese Americans.

[Meng Xin Zhang]

In Austin, I met with Jing Wu, a Democratic representative for Texas.

[Narrator/Reporter]

That's not actually about national security. The intent is very clear. The intent is get out.

[Meng Xin Zhang]

Visa holders from the four countries are concerned about how the bill will impact their housing rights in Texas. Green card holders and citizens, though not directly impacted, are also worried about the potential discrimination it could bring to the community. Jason Yuan, a secondhand car shop owner in Flugelville, Texas, participated in the campaign against the bill. Now an American citizen, he first came to the US 20 years ago as a student banning home ownership from younger.

[Narrator/Reporter]

Folks like me just based on their country origin.

[Meng Xin Zhang]

That is discriminatory in nature. Mr. Yuan is also worried about his small business. At least one third of his clientele are Chinese immigrants. It made a very, very astonishing statement, saying that Texas is not welcoming people from specific countries like China, Russia, Iran. Nancy Lin, a commercial realtor based in Dallas, says several of her prospective Chinese clients are now pausing their investment plans. I think it would be more difficult for Chinese companies to enter taxes. As for those that already have existing leases, they can't renew them. If they do, it can only be for no more than one year. The BBC reached out Greg Abbott, governor of Texas. This is what he said in the signing ceremony of the bill shared to the BBC by his office.

[Narrator/Reporter]

Hostile foreign adversaries like China, Russia, Iran and North Korea must not be allowed to own land in Texas. Period. They should not be allowed access to our critical infrastructure, and Texans should not have to compete against foreign adversaries when it comes to buying Texas Texas land, some experts said.

[Meng Xin Zhang]

The risk is real. Holden Triplett, former head of the FBI office in Beijing, said subnational attacks have been increasing as individuals and groups at state level tend to be less aware of the risks. However, Patrick Dumey, national security expert at the American Civil Liberties Union, says some of the officials are wrongly equating Chinese people with the Chinese government. Across the U.S. 26 states have passed 50 bills since 2021 that restrict foreign property ownership, according to the Committee of 100, a Chinese American NGO. Several more states, such as Ohio, are considering similar bans. As Texas becomes the latest state to put restrictions in place, members of the Chinese community are waiting to see how the bill's impact will be felt. In Texas, I'm the BBC's Meng Chen Zhang for Marketplace and in New York.

[Sabri Benishour]

I'm Sabri Benishore with the Marketplace Morning.

[Narrator/Reporter]

Report.

[Sabri Benishour]

From APM American Public Media.

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