Marketplace Morning Report

Episode: The worst year for job creation since 2020

Date: January 9, 2026
Host: David Brancaccio

Main Theme

This episode covers two main stories:

1. A disappointing jobs report for 2025—the weakest year for U.S. job growth since 2020—with analysis from economist Diane Swonk.
2. A youth-driven oral history project reflecting on the aftermath of California's devastating wildfires one year on, sharing intimate survivor stories about loss, memory, and resilience.

1. The 2025 Jobs Report: Lowest Growth Since 2020

Key Points

• Hiring Numbers

  • Only 50,000 new hires in the most recent month, falling below expectations ([00:01]).
  • Downward revisions to prior payroll data signal the labor market is weaker than previously thought.

• Annual Perspective

  • “We've got 584,000 jobs created in 2025. That is the lowest level since 2020 and the second lowest level for hiring since the global financial crisis in 2009.”
    — Diane Swonk, KPMG ([00:26])

• Sector Bright Spot

  • Leisure and hospitality led monthly job gains, rebounding post government shutdown and flight delays. The holiday travel surge compressed hiring into December ([00:26]).

• Unemployment Rate: A Red Flag

  • The rate ticked down to 4.4% ([01:06]).
  • Swonk explains this is for a problematic reason:
    • “Participation in the labor force actually receded in the month of November. So that's the wrong reason to see the unemployment rate go down.” ([01:15])
  • Many jobseekers are accepting part-time (instead of full-time) work, with numbers swelling by almost a million in 2025.

• Labor Market Stress Indicators

  • The “U6” rate (includes marginalized, underemployed workers) fell to 8.4%, but this remains 2.2% higher than pre-pandemic (2019) levels ([01:15]).
  • Swonk cautions:
    • “The overall unemployment rate is no longer representative [of] how people feel about the labor market. Essentially those who have a job [are] clinging on, while those… trying to get a job are feeling locked out.” ([01:15])

Notable Quotes

• Diane Swonk (KPMG):
  • On the true nature of the labor market:

    “The overall unemployment rate is no longer representative [of] how people feel about the labor market. Essentially those who have a job [are] clinging on, while those… trying to get a job are feeling locked out.” ([01:15])

2. After the California Wildfires: Stories of Loss and Resilience

Introduction

• A reporting project by USC Annenberg's youth initiative saw 18 high school students collect oral histories from fire survivors in communities devastated a year ago ([02:26]).

Survivor Stories: Objects Lost and Found

• Samara Gottlieb ([02:56]):

  • Cherishes "Blue Bear," her childhood stuffed animal, rescued from the ashes:

    “I've had him since I was a baby… he's really special to me. So, like, I'm glad I have him.”

• Jonathan Gottlieb ([03:19]):

  • Grieves for lost family heirlooms, mementos, and his parents' documents:

    “I had all of my family history, which…I saved a very little bit… photos from my parents that no longer exist in the world.”

• Ashley Burkhart Ninki ([03:42]):

  • Misses irreplaceable children’s artwork and letters:

    “That’s what I wish. If I’d had more time that day, I would have grabbed those things… My daughter… was able to find some jewelry, so I think it made her feel more connected, a little bit less isolated.”

• Dalton Egley ([04:14]):

  • Recounts the physical act of sifting through debris and the meaning in a found object:

    “Digging through crumbled bricks and debris... I found this chain… I think the loss is the physicality of a house that we loved, that we raised our family in. It was the first house we ever bought, and it was the house we were going to die in.”

• Matt Mooney ([05:12]):

  • Reflects on intangible losses and newfound strength:

    “Most of the time, what I miss is the little stuff, the coffee mugs that we had as our Christmas decorations… I think what we found is a lot of intangibles. I think that we found a new way to work together as a family… what we didn't lose was the strength of being a family through a difficult time.”

Host’s Reflection ([05:50])

• David Brancaccio:
  • Recalls finding a “bird shaped brass door knocker” and a singed copper flask from his own burned home; the flask had contained water from the Ganges in India, a keepsake from a climate change story:

    “We're hoping the water that vaporized somehow blesses everyone trying to get their lives back together in the wake of this ongoing mess.”

3. Impact on Local Businesses

• Brief follow-up note ([06:47]):
  • Kai Ryssdal introduces the ongoing struggle of LA businesses destroyed by the fires.
  • A hardware store owner expresses deep reluctance at the thought of moving elsewhere:

    “I won't lie. I've looked at, you know, hey, maybe, maybe we move the store. It just, it wouldn't be the same.” ([06:57])

Timestamps for Key Segments

• Disappointing Jobs Report Discussion: 00:01–02:26
• Fire Survivor Oral Histories: 02:26–05:50
• Host’s Personal Reflection: 05:50–06:47
• Business Recovery (promo for further coverage): 06:47–07:12

Summary

This episode provides a sobering macroeconomic snapshot—suggesting deeper labor market malaise beneath headline unemployment figures—while, on a human scale, offering poignant stories of loss, resilience, and adaptation from wildfire survivors and their communities. These two threads intertwine to highlight both national economic anxieties and the enduring strength of individuals rebuilding after disaster.