Marketplace Morning Report

Episode: Why are retailers hiring fewer seasonal workers?
Date: November 19, 2025
Host: Sabri Benishour (for David Brancaccio)

Episode Overview

This episode of Marketplace Morning Report explores the surprising downturn in seasonal retail hiring, the uncertainties facing the retail sector ahead of the 2025 holiday season, and touches on two other key economic fronts: Nvidia’s anticipated earnings report and ongoing Federal Reserve decisions. The segment offers expert insights into why retailers like Target are shrinking their holiday workforce, and what this reflects about broader consumer trends and the state of the labor market.

Key Discussion Points & Insights

1. Nvidia Earnings & AI Sector Jitters (00:55 – 02:21)

• Nvidia's Earnings as a Bellwether: Nvidia’s performance is critical not just for its investors, but for those betting on the overall AI boom.
  • "This industry has single handedly driven markets to new highs and Nvidia is the bellwether for all of it." (Sabri Benishour, 00:55)
• Mixed Investor Sentiment:
  • Major investors like Peter Thiel and Softbank have sold their Nvidia stakes, while Michael Burry is betting against AI stocks.
  • Bubble worries are prevalent, with investors closely watching Nvidia’s ability to keep up with demand—particularly amid new U.S. export restrictions to China.
• Catch-22 for AI Growth:
  • "If companies report strong growth, investors worry they're spending too much, while a more modest trajectory leads to fears that AI is plateauing." (Gene Munster, via Nancy Marshall Genzer, 01:21)

2. Federal Reserve Uncertainty and Labor Data Delays (02:21 – 04:17)

• Fed’s Upcoming Moves: Market is split 50/50 on whether the Federal Reserve will hold or lower interest rates at its December meeting.
  • "No one ever knows what the Fed is going to do for certain. But the market is really split on this one." (Susan Schmidt, 02:53)
• Push and Pull: Inflation vs. Employment:
  • If the Fed lowers rates, it could help the labor market; raising rates is the tool against inflation. It’s a delicate balance.
  • "That's this push and pull that the Fed is struggling with right now." (Susan Schmidt, 03:22)
• Stale Labor Data:
  • The September jobs report, delayed by over a month, provides limited value for investors, given fast recent changes in the labor market.

3. Why Retailers Are Hiring Fewer Seasonal Workers (05:28 – 08:23)

• Target’s Weak Performance & Sector-Wide Trend:
  • Target’s stock dipped after reporting a 1.5% sales drop. Unlike usual years, they aren’t announcing tens of thousands of seasonal job openings.
  • Marketplace's Savannah Peters investigates why.
• Uncertainty Drives Caution:
  • Tariffs, shaky consumer confidence, and a lack of fresh government data has retailers uncertain about holiday prospects.
  • "...all these different things have left retailers a little bit uncertain about what to do." (Sabri Benishour, 06:18)
• Lowest Seasonal Hiring in 15 Years:
  • The National Retail Federation projects under 365,000 seasonal hires—the lowest since 2010.
  • "That, for context, is the lowest figure that we've seen in the last 15 years." (Sabri Benishour, 06:36)
• Contradictory Sales Growth:
  • Stronger sales numbers may reflect inflation more than increased volume.
  • "So even though retailers are making more money, they they're not necessarily making it from more people purchasing more products." (Sucharita Kodali, 07:11)
• How Retailers Will Cope:
  • Automation, on-call workers, and squeezing more hours from permanent staff are all strategies being used.
  • "It's kind of a buyer's market. You know, they just have a lot of different solutions to fill in hours." (Alan Benson, 07:33)
  • "People who are currently employed are looking at the relatively poor job market and they're thinking, if my retailer can give me more hours than, you know, sign me up." (Alan Benson, 07:48)
• Impact on Workers & Customer Service:
  • Fewer seasonal jobs are bad for the oldest and youngest job seekers.
  • "That's everything from products not being stocked on shelves to not having a person being able to answer your questions." (Sucharita Kodali, 08:15)
  • Signs of “doing more with less” will be present throughout the season.

Notable Quotes & Memorable Moments

• AI Bubble Anxiety:
  "Some investors are worried about an AI bubble. They'll be watching today's Nvidia results for signs of trouble..."
  — Nancy Marshall Genzer (01:21)

• Retail Sector Uncertainty:
  "...all these different things have left retailers a little bit uncertain about what to do."
  — Sabri Benishour (06:18)

• Historic Low for Seasonal Jobs:
  "That, for context, is the lowest figure that we've seen in the last 15 years."
  — Sabri Benishour (06:36)

• Inflation Masks True Sales Growth:
  "So even though retailers are making more money, they're not necessarily making it from more people purchasing more products."
  — Sucharita Kodali (07:11)

• “Doing More With Less” in Stores:
  "That's everything from products not being stocked on shelves to not having a person being able to answer your questions."
  — Sucharita Kodali (08:15)

Timestamps for Important Segments

• Nvidia & AI Market Fears – 00:55 to 02:21
• Fed Uncertainty & Delayed Jobs Data – 02:21 to 04:17
• Retailer Hiring Pullback Explored – 05:28 to 08:23

Tone & Language

The episode maintains Marketplace’s brisk, economics-mined style, focusing on data, expert quotes, and practical consequences for markets, workers, and consumers. The reporting is factual but acknowledges ambiguity and concern—especially about economic uncertainty and its real-world impacts.

Summary Takeaway

This Marketplace Morning Report unpacks why 2025’s holiday shopping season looks so different behind the scenes: Retail giants, facing nervous consumers and unclear data, are holding back on seasonal hiring to historic lows, potentially hurting workers and degrading in-store customer experience. At the same time, investors and analysts are watching Nvidia’s performance and the Fed’s next move for clues about where the broader economy—artificial intelligence included—may be headed.