Marketplace Morning Report: "The November jobs report, finally"

Date: December 16, 2025
Host: Sabri Benishore (in for David Brancaccio)
Key Contributors: Mitchell Hartman, David Brand
Episode Length: ~8 minutes (excluding ads and credits)

Overview

This episode of the Marketplace Morning Report focuses on two main topics: the long-awaited and delayed November U.S. jobs report (following a government shutdown) and a developing story on systematic mortgage interest overcharges in New York foreclosure cases. The episode offers crucial context on economic labor indicators, the reliability of official reports, challenges facing small businesses and consumers, and an in-depth investigative look at how foreclosure interest calculations are impacting homeowners.

1. The Delayed November Jobs Report

• [00:19]
  Sabri Benishore sets up the urgency and impact of the delayed monthly jobs report from the Bureau of Labor Statistics (BLS), which is nearly a week late due to the recent government shutdown.
  • Reports that the October jobs data will be incomplete: "We'll never get a full October jobs report... just a piece of it." (00:23)
  • Economist predictions for November: Expecting 40,000–50,000 jobs added and an unemployment rate around 4.4%.

Key Insights & Discussion

• [01:07]
  Mitchell Hartman reports on alternative jobs data gathered during the delay, noting that private firms like Revelio Labs estimated a net job loss:

  • "Revelio Labs estimated employers cut 9,000 jobs in November," says Lisa Simon, chief economist. (01:14)
  • Quote:
    • Lisa Simon: "So not a huge decline. Basically hovering around that, you know, zero." (01:22)
  • Weak sectors: Leisure and hospitality, retail, transportation, warehousing, and manufacturing.

• [01:42]
  Homebase (a small business HR firm) noticed further retrenchment among small businesses:

  • John Waldman, CEO:
    • "We saw a lot of conservatism from small businesses pulling back on both team sizes and hours." (01:52)

• [01:59]
  Broader economic consequences emerge as consumer-level labor market pressures build:

  • Chapman University economist Jim Doty describes "low growth in real wages and extreme weakness on the labor front. Job growth is much less than what's being reported." (02:06)

• [02:14]
  Federal Reserve Chair Jerome Powell recently suggested that BLS may be overestimating job gains by roughly 60,000 per month over the last few months.

  • "Fed Chair Powell warned of this in his press conference last week..." (02:14)

Memorable Quotes

• Lisa Simon (Revelio Labs):

  • "So not a huge decline. Basically hovering around that, you know, zero." (01:22)

• John Waldman (Homebase):

  • "We saw a lot of conservatism from small businesses pulling back on both team sizes and hours." (01:52)

• Jim Doty (Chapman University):

  • "Low growth in real wages and extreme weakness on the labor front, Job growth is much less than what's being reported." (02:06)

2. Investigation: Alleged Mortgage Interest Overcharges in NY Foreclosures

Topic Setup

• [04:18]
  Sabri Benishore introduces accusations against several big banks in New York for systematic fraud, specifically overcharging interest during the foreclosure process and shrinking the payouts to people who lose their homes.

Key Discussion Points

• The Disputed Calculation Method (05:02):

  • David Brand (WNYC/Gothamist) explains the technicalities:
    • After a foreclosure motion is filed, but before a judge rules, lenders can charge interest. The crux: whether this interest should accrue on the full judgment amount or just the unpaid principal balance.
    • Extended legal delays can last "many months or even many years" during which interest continues to accrue.

• Impact on Homeowners (Anecdotes & Data) (05:55):

  • Brand highlights a Brooklyn homeowner (three-family house in Flatbush) who lost her home, possibly receiving $24,000 less than she should have because of the calculation method.
  • The investigation uncovered "7,400 instances" of the bank-favored method in cases reviewed.

• Legal and Systemic Implications (06:51):

  • Brand observes: "many more times, often than not, the calculation method that favors the big institution is the one that's being used."
  • Contradictory methods are applied, sometimes "in the same courthouse, maybe on the same day," with courts not intervening despite concerns about legality or fairness.

• Government Response (07:22):

  • New York State Senator Zellnor Myrie has proposed legislation to standardize interest calculation practices in foreclosures.
    • The bill would mandate that interest be calculated only on unpaid principal, not on a larger judgment amount.

Notable Quotes

• David Brand (WNYC/Gothamist):
  • Explanation of methods:
    • "The question is, should that interest accumulate on that judgment amount or should it accumulate on the unpaid principal balance?" (05:50)
  • On discovery:
    • "We found 7,400 instances." (06:42)
  • On systemic pattern:
    • "Many more times, often than not, the calculation method that favors the big institution is the one that's being used..." (06:51)

3. Additional Resources & Credits

• [08:05]
  Sabri Benishore suggests listeners check out WNYC's "NYC Now" podcast for more coverage of the foreclosure investigation.
• Producer credits are acknowledged, reinforcing commitment to thorough reporting.

Key Takeaways

• Jobs Data May Be More Troubling Than It Seems:
  Initial government figures (when released) are expected to be positive but may be overstated; private analysts and the Fed warn that true labor market growth is weaker, especially in key sectors and for small businesses.

• Foreclosure Practices Under Scrutiny in NY:
  Thousands of homeowners may have lost out on significant sums due to opaque and inconsistent interest calculation methods during foreclosure—fueling legislative efforts for reform.

• Ongoing Legislative Response:
  New York is acting to close loopholes and protect homeowners from systemic financial disadvantages amid foreclosure.

Timestamps for Major Segments

• Jobs Report Context & Expectations: [00:19]–[01:07]
• Private Sector Job Data & Labor Market Analysis: [01:07]–[02:25]
• Mortgage Foreclosure Overcharging Investigation: [04:18]–[08:03]

This concise-yet-detailed episode delivers essential economic context in less than 10 minutes, while capturing both the complexity and urgency of the issues discussed.