Delayed U.S. Jobs Data to Fill In Labor Market Blanks

Summary

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WSJ What’s News – Delayed U.S. Jobs Data to Fill In Labor Market Blanks

Date: December 16, 2025
Host: Luke Vargas
Featured Guests: Journal Economics Reporter Chaodang, Journal Senior Reporter John Eman, Journal Advertising Editor Suzanne Vernica

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Episode Overview

This episode of "WSJ What’s News" delivers a succinct yet in-depth look at the day's key global and economic developments, with a special focus on upcoming delayed U.S. jobs data. The episode also covers the fallout from a mass shooting in Australia, a high-profile Trump lawsuit against the BBC, U.S. military actions in the Pacific, major merger news in mining, and a deep dive into the aggressive early start of Christmas advertising in response to inflation and tariffs.

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Key Discussion Points & Insights

1. Bondi Beach Mass Shooting Investigations

• Developments: Authorities in Australia have linked the deadly Bondi Beach shooting (15 killed, dozens injured) to Islamic State inspiration.
  • [01:06] Luke Vargas: “Australian Prime Minister Anthony Albanese has shared new information...where 15 people were killed and dozens injured. Police said they found two homemade Islamic State flags as well as improvised explosive devices in a car registered to a 24 year old man...”
• International Focus: Attention is on a recent trip by the suspects to the Philippines, Davao (Mindanao), a region known for insurgent groups with ties to ISIS.
  • [01:41] John Eman: “There are a lot of questions about what exactly the two men would have been doing in the southern Philippines, if they received training...that’s something authorities are actively looking into.”
• International Security: Australia is working with global security partners to uncover more about the suspects.

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2. Trump vs. BBC: U.S. President’s $10 Billion Defamation Lawsuit

• Context: President Trump is suing the BBC over an allegedly misleading cut in a documentary aired before the 2024 U.S. elections.
  • [02:29] Luke Vargas: “President Trump is suing the BBC for defamation...over the British broadcaster's edit of his speech before the January 6, 2021 Capitol riot...omitted his statement on supporters to march peacefully to the Capitol.”
• Claims and Response: The suit seeks $10 billion in damages; the BBC’s chairman apologized but denied the basis for a defamation case.

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3. U.S. Military Action in the Eastern Pacific

• U.S. Southern Command claims to have killed eight suspected narco-terrorists in international waters.
  • [03:09] Luke Vargas: “While the administration treats suspected smuggling boats as legal military targets, critics say...strikes on them [are] illegal and a possible war crime.”
• Ongoing debate over legal and ethical grounds for these actions.

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4. Delayed U.S. Jobs Data: Filling in Labor Market Blanks

• Significance: First release of two months of delayed jobs data—though missing the October unemployment rate (first time in ~80 years).
• Labor Market Trends:
  • Cooling Market: Job expansion has slowed due to rising inflation, tariff uncertainty, and restrictive immigration policies.
  • AI Impact: Executives anticipate AI taking over some work, causing white-collar layoffs.
  • [04:17] Chaodang: “Companies aren't expanding their workforces because of rising inflation and tariff uncertainty. And then you have Trump’s administration policies targeting immigrants, that’s curbing the number of job seekers.”
  • “Economists describe the environment as low fire, low hire...companies aren’t laying off workers...but also not willing to hire too many.”
• Market Implications: The dual jobs report is expected to clarify the “patchy and cooling” labor market conditions.

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5. Major Business Developments

• Mining Merger: The Canadian government approved a merger of Teck Resources and Anglo American, forming “AngloTeck,” one of the world’s top copper producers.
• PayPal Bank Application: PayPal seeks to open a Utah-based Industrial Loan Company, expanding into traditional banking services and reducing reliance on third parties.
• Argentina Central Bank Moves: Steps toward letting the peso trade in broader bands and boosting currency reserves, moves welcomed by the IMF.

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6. Christmas Advertising Creep: Inflation, Tariffs and the Early Start

(Deep Dive begins ~06:56)

• Aggressive Ad Spend: TV holiday ad placements up 13% over last year (even as most ad budgets shift to digital/social).
  • [07:27] Suzanne Vernica: “Advertisers have been much more aggressive this year, especially with TV advertising...13% jump this year compared to a year ago, which is astounding...Retailers alone spent about 4% more on digital ads just from November 1st to December 27th.”
• Email Deluge: A survey revealed 50 retailers generated 42 billion holiday emails in 28 days.
• Consumer Spending Trends: Inflation and tariffs made consumers bargain-hunt earlier, spreading purchases out. Despite these pressures, estimated holiday spending could hit a record $1 trillion.
  • [08:36] Suzanne Vernica: “Despite tariffs...estimates are showing that consumers are going to spend a trillion dollars this year during the holiday shopping season. And that's a record.”
• Marketing Tactics:
  • The “Christmas Creep” has moved ad starts from Black Friday to as early as August.
    • [09:49] Daniel Bok: “You're seeing holiday ads as early as August.”
• Biggest Spenders: Amazon, Walmart, and Target are the most aggressive, especially Amazon in TV ad volume.
• Consumer Response: While people claim to dislike ads, 2/3 of surveyed consumers actually enjoy holiday-themed ads, though early starts (August) and retargeting ads can annoy, especially among baby boomers (around 70% thought ads started too early this year).
  • [10:22] Suzanne Vernica: “Most people really can’t stand [ads]...but there are a few times of the year when they don’t mind. Holiday ads is another time...2/3 of respondents said they enjoyed holiday-themed ads.”

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Notable Quotes & Moments

• On the Bondi Mass Shooting Investigation:
  • [01:41] John Eman: “There are a lot of questions about...the two men would have been doing in the southern Philippines, if they received training.”
• On the Jobs Market:
  • [04:17] Chaodang: “Economists generally describe the current environment as low fire, low hire...companies aren’t laying off workers in a huge way, but they’re also not willing to hire too many.”
• On Christmas Ads:
  • [07:27] Suzanne Vernica: “Retailers alone spent about 4% more on digital ads just from November 1st to December 27th...that’s up to about $5.8 billion.”
  • [08:36] Suzanne Vernica: “Consumers were actually going to start earlier looking for bargains...despite tariffs...estimates are showing that consumers are going to spend a trillion dollars this year during the holiday shopping season. And that's a record.”
  • [10:22] Suzanne Vernica: “2/3 of respondents said they enjoyed holiday themed ads, either somewhat or a lot…about 70% of baby boomers felt this year that the spots started way too early.”

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Timestamps for Important Segments

• Bondi Mass Shooting / ISIS Link: 01:06–02:29
• Trump Sues BBC: 02:29–03:09
• US Strikes on Narco-Terrorists: 03:09–03:37
• US Jobs Data Preview & Labor Market Insight: 03:37–05:00
• Market & Corporate News (Mining, PayPal, Argentina): 05:00–06:26
• Christmas Advertising Deep Dive with Suzanne Vernica: 06:56–11:46

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Summary

This “What’s News” episode weaves together breaking global news, critical economic indicators, and consumer trends in holiday advertising—all shaped by the interplay of politics, global events, and economic policy. The delayed jobs report stands out as a focal point for understanding U.S. labor market uncertainty. Meanwhile, the accelerated holiday advertising blitz and record consumer spending highlight how inflation and tariffs are reshaping both retailer and consumer behaviors as 2025 draws to a close.

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Transcript

[IBM Representative]

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[Luke Vargas]

Australian authorities say the men accused in Sunday's Bondi beach shooting were motivated by Islamic State. Plus, President Trump takes his legal campaign against media outlets across the pond and get ready for a job report with a twist.

[Journal Economics Reporter Chaodang]

There's been a bit of a black hole in terms of updated official government numbers, so we're going to get some answers that will hopefully fill in the blanks.

[Luke Vargas]

It's Tuesday, December 16th. I'm Luke Vargas for the Wall Street Journal and here is the AM edition of what's News, the top headlines and business stories moving your world.

[IBM Representative]

Would appear that there is evidence that this was inspired by a terrorist organization by isis.

[Luke Vargas]

Australian Prime Minister Anthony Albanese has shared new information from police investigating the shooters who attacked a Hanukkah event in Sydney over the weekend where 15 people were killed and dozens injured. Police said they found two homemade Islamic State flags as well as improvised explosive devices in a car registered to a 24 year old man accused alongside his 50 year old father of carry carrying out Australia's worst mass shooting in 30 years. Journal senior reporter John Eman says authorities are also examining a trip by the accused gunman to the Philippines last month.

[Journal Senior Reporter John Eman]

So there's a lot of interest on the part of authorities to understand what exactly happened on this trip and why they ended up going to the Philippines. The Australians haven't said very much, but Filipino authorities have confirmed that they did list Davao, which is this major city in the southern Philippines, as a destination. Davao is on the island of Mindanao, which has hosted Islamic insurgencies in recent decades, some which have been very violent and have interacted with regional terror cells and even global groups like the Islamic State. So there are a lot of questions about what exactly the two men would have been doing in the southern Philippines if they received training. That's something that authorities are actively looking into.

[Luke Vargas]

Prime Minister Albanese said Australia is reaching out to international security partners to see if they know more about the suspects. President Trump is suing the BBC for defamation over the British broadcaster's edit of his speech before the January 6, 2021 Capitol riot. @ issue is a documentary aired by news program Panorama in the run up to the 2024 US election that combined two sections of Trump's remarks and according to him, omitted his statement on supporters to march peacefully to the Capitol. The suit filed in a federal court in Florida, seeks $10 billion in damages. The BBC didn't immediately return a request for comment. Its chairman has issued an apology to the president and previously told staff there was no basis for a defamation case. The US Military says it killed eight people in a further round of strikes on suspected drug smuggling boats in the eastern Pacific. Southern Command said the vessels were in international waters with the attacks targeting people it described as narco terrorists. While the administration treats suspected smuggling boats as legal military targets, critics say the alleged criminals aren't in an armed conflict with the US Making strikes on them illegal and a possible war crime. Well, some of the fog hanging over the US labor market will lift slightly today with the release of two months of delayed jobs data at 8:30am Eastern. But it's not a complete picture as for the first time in nearly 80 years, the October unemployment rate is missing. Nevertheless, Journal Economics reporter Chaodang says the dual jobs report should help to clarify whether the labor market is patchy and cooling, as private indicators.

[Journal Economics Reporter Chaodang]

Suggest. In recent months, the jobs market has cooled significantly. Companies aren't expanding their workforces because of rising inflation and tariff uncertainty. And then you have Trump's administration policies targeting immigrants. That's curbing the number of jobs job seekers. Economists generally describe the current environment as low fire, low hire, which basically means that companies aren't laying off workers in a huge, huge way, but they're also not willing to hire too many workers. And that's for several reasons. One of the reasons actually is executives believe that artificial intelligence may be able to handle more work, and that's leading to some announcements about white collar.

[Luke Vargas]

Layoffs. And for more coverage on today's jobs data, head to WSJ.com in other markets, News Canada is giving the OK for mining companies Tech Resources and Anglo American to merge. The new company, called anglotech, would be one of the world's largest copper producers and could help to enhance Canada's processing of critical minerals. PayPal wants to form a bank. The digital payments company, which also owns Venmo, has applied to establish a Utah Chartered Industrial Loan company, enabling it to offer business loans and savings accounts and reduce its reliance on third parties. The application comes as payments companies crypto and buy now pay later Platforms have made moves to operate more like banks and big financial institutions. And Argentina's central bank will soon allow the peso to trade within expanded bands while still stopping short of letting it float freely like the US Dollar and other currencies. The move comes in response to investors who've demanded President Xavier Milei's correct, an overvalued currency. The central bank also said it planned to boost its foreign currency reserves. Both moves were welcomed by the imf, which has bailed out Argentina with tens of billions of dollars. Coming up, it's not just you. Christmas ads really did start early this year. We'll look at the fight to attract inflation weary shoppers after.

[AWS Representative]

The. Millions of players one world no lag. How's it done? AWS is how epic games turn to AWS to scale to more than 100 million Fortnite players worldwide so they can stay locked in with battle tested reliability. AWS is how leading businesses power next level.

[Luke Vargas]

Innovation. We're not trying to spoil the holiday spirit here, but if you thought that the corporate sponsored Christmas cheer started a bit early this year, your intuition was right. Advertisers have been inundating TV screens with commercials despite many businesses trying to rein in costs to deal with President Trump's tariffs. For more, our producer Daniel Bok spoke to Journal advertising editor Suzanne.

[Suzanne Vernica]

Vernica. So far it looks like advertisers have been much more aggressive this year, especially with TV advertising. Over the past nine weeks alone we've seen a 13% jump this year compared to a year ago, which is astounding given that most advertisers aren't even spending a lot on tv. And that's where they're pulling money away from on budgets to push to social media. And that's just a fraction of what's happening out there. Retailers alone spend about 4% more on digital ads just from November 1st to December 27th and that's up to about 5.8 billion. So you can just imagine how many ads people are getting bombarded with that have a holiday theme to them. The one other area that I'll tell you email protonmail just sent out a survey which is kind of have a staggering stat in it. 50 retailers that they looked at generated 42 billion emails in a 28 day period. So you could say it's a pretty aggressive advertising pace that we're in. This holiday season, consumers and retailers.

[Daniel Bok]

Are dealing with both inflation and tariffs. How is that showing up so far and how money is being spent this.

[Suzanne Vernica]

Year? Sure. Remember everybody's looking to get a piece of the holiday spending. So food manufacturers, retailers, clothing, electronics, they got an early read and realized that people were already wildly worried about inflation and the price of goods even before the tariffs hit. So what happened was they got a good signal early when lots of survey work was done and talking to consumers and they found out that consumers were actually going to start earlier looking for bargains. And they needed to figure out, as a consumer, how do I spread out the cost of my holiday shopping across a longer time period and therefore go earlier, look for the bargains and hopefully save some money? Despite tariffs, despite the fact that we think people are worried about spending, the estimates are showing that consumers are going to spend a trillion dollars this year during the holiday shopping season. And that's a record. So getting that signal then allowed a lot of these advertisers to get out there early. It's called the Christmas creep. You've seen it for years. We used to think that the starting bell was the day after Thanksgiving and it's Black Friday. But nowadays you're seeing holiday ads as early as.

[Daniel Bok]

August. And who's spending that money? What retailers are we seeing that are spending.

[Suzanne Vernica]

Big? Obviously the retailers, the big guys like the Amazons, the Walmarts and the targets, they're very aggressive in the market. Amazon actually has more minutes over the last nine weeks, I would say, than most people on TV with their holiday ads. There's a battle going on and retail tends to be where you see the most of.

[Daniel Bok]

It. And how are people feeling about seeing all of these ads and seeing them a lot earlier this.

[Suzanne Vernica]

Year? Obviously, consumers often like to say that they hate ads, right? There's times of the year when you really do hate it. Most people really can't stand the political season when those attack ads blanket every screen. But there are a few times of the year when they really don't mind. One obviously is Super Bowl. They love to watch super bowl ads. Holiday ads is another time. We enlisted morning consult to poll a thousand consumers to get a better read on this. And we found like 2/3 of respondents said they enjoyed holiday themed ads, either somewhat or a lot. Just only 9% said that they disliked them. Obviously, when things start hitting in August, that's when I think people get a little bit, oh, it's too early. And that's when you see some negative. So about 70% of baby boomers felt this year that the spots started way too early. I looked at some other survey data from another source, and one of the places where holiday ads do upset people, and I think in general, these are the types of ads that really annoy people. They're called retargeting ads. Those are those pesky ads that follow you across the Web when you buy something. Well, those ads people get upset about at Christmas because people often share laptops or their PCs at home. Or at work. And what happens, somebody in the household, you can get a spoiler and they find out that there's a surprise gift that your parents or your aunt or uncle has bought for you. So that's when retargeting ads really annoy.

[Daniel Bok]

People. Suzanne Vernica is the Journal's advertising editor. Suzanne, thank.

[Suzanne Vernica]

You. Thank you so much for having.

[Luke Vargas]

Me. And that's it for what's news for this Tuesday morning. Today's show was produced by Hattie Moyer. Our supervising producer was Daniel Bach. And I'm Luke Vargas for the Wall Street.

[Daniel Bok]

Journal. We will be back tonight with a new.

[Luke Vargas]

Show. And until then, thanks for listening.

[Business Roundtable Announcer]

You this episode is brought to you by Business Roundtable, an association of more than 200 CEOs of America's leading companies. Business Roundtable companies are leading the way in expanding opportunity for millions of Americans. Learn more at BRT.ORG.