Podcast Summary: WSJ What’s News — Holiday Jobs Are Harder to Come By This Year

Date: November 11, 2025
Host: Alex Osola
Guests: Justin Lehart (WSJ Economics Reporter), Richard Rubin (WSJ Tax Policy Reporter)

Episode Overview

In this episode, host Alex Osola examines why temporary holiday jobs are scarcer this year, with insights from WSJ's Justin Lehart on how economic uncertainty and consumer spending trends are impacting seasonal hiring. The episode also covers ongoing effects of the recent government shutdown, an unexpected twist in the NBA, corporate tax dilemmas, surging luxury hotel prices, and major news headlines from around the globe.

Key Discussion Points & Insights

1. Economic Impact of the Government Shutdown

• Long-Term Effects Minimal:
  Justin Lehart explains that though a government shutdown slows economic activity, most of this activity is later "made up" after the government reopens.

  "A year from now, you would expect the economy to be really just a hair weaker than it would have been without the shutdown, but not so anyone would really notice."
  — Justin Lehart [01:51]

• Difficulty Measuring Impact:
  Both the Congressional Budget Office (CBO) and private economists find it hard to quantify the precise economic toll due to uncertainty about consumer behaviors and overlapping economic trends.

2. Shrinking Holiday Job Market

• Companies Dialing Back Plans:
  Major employers like UPS, Target, and Macy's have not announced large hiring numbers as in past years, reflecting concerns about consumer spending and sluggish wage growth.

  "We've seen companies dial back these hiring plans. So typically UPS says they're going to hire a bunch of workers this year. They didn't put a number on that."
  — Justin Lehart [03:16]

• Impact of Uncertainty:
  Persistent economic unpredictability makes it challenging for businesses to plan, leaving companies cautious about seasonal hiring.
• Who’s Most Affected?
  Reduced holiday job availability impacts lower-income and young workers, who depend on stacking seasonal jobs for income.

  "They're really important for some people. They move from seasonal job to seasonal job ... If it's tougher to find that holiday job, it does make them worse off than they would have been otherwise."
  — Justin Lehart [04:11]

3. Market and Business News Highlights

• Stocks Rally on Shutdown’s End:
  Congressional progress on ending the shutdown lifts the Dow and S&P 500, while tech stocks lag.
• Notable NBA Shakeup:
  Dallas Mavericks fire GM Nico Harrison after trading away Luka Doncic—a move labeled as "the most ill advised trade in NBA history."

4. Corporate Tax Break Dilemma

• The Corporate Alternative Minimum Tax (CAMT):
  Companies with over $1B in profits face a 15% minimum tax, making it harder to benefit from new tax breaks passed in the 2025 “one big beautiful bill act.”

  "Even if they have tax breaks ... the CAMT goes in and takes them back."
  — Richard Rubin [07:22]

• Response from Corporations:
  Short-term: Take the accounting hit and potentially recoup losses in future years.
  Long-term: Lobby Treasury to relax rules and allow use of tax breaks as originally intended.
• Quote:

  "There's a regulatory ask right now that the Trump administration will consider."
  — Richard Rubin [08:05]

5. Luxury Hotel Booking Surge & Other Headlines

• Record Prices for Luxury Hotels:
  Despite a dip in foreign tourists and white-collar jobs, U.S. luxury hotels hit a record average of $394/night, driven by wealthy domestic travelers thriving from stock and real estate gains.
• Infant Formula Recall:
  ByHeart recalls all U.S. products after FDA links to a botulism outbreak (15 infants affected, no deaths).
• India-Pakistan Tensions:
  Deadly explosions in both countries raise regional tensions; both governments blame each other amid ongoing investigations.

Memorable Quotes & Timestamps

• "A year from now, you would expect the economy to be really just a hair weaker than it would have been without the shutdown, but not so anyone would really notice.” — Justin Lehart [01:51]
• "Typically UPS says they're going to hire a bunch of workers this year. They didn't put a number on that. Same goes for Target, same goes for Macy's." — Justin Lehart [03:16]
• "If it's tougher to find that holiday job, it does make them worse off than they would have been otherwise." — Justin Lehart [04:11]
• "Even if they have tax breaks ... the CAMT goes in and takes them back." — Richard Rubin [07:22]
• "There's a regulatory ask right now that the Trump administration will consider." — Richard Rubin [08:05]

Timestamps for Major Segments

• [00:32] Episode focus — Holiday seasonal temp jobs harder to find
• [01:00] Impact of government shutdown on US economy
• [03:00] Why companies are dialing back holiday hiring
• [04:07] Effects on workers who rely on seasonal jobs
• [07:22] Companies and the new corporate alternative minimum tax
• [09:02] Record luxury hotel bookings, ByHeart infant formula recall, and India-Pakistan news

Tone & Language

The episode is brisk, factual, and businesslike—typical of WSJ’s straight-ahead, analytical style, with clear explanations and emphasis on data, economic policy, and real world consequences for workers and corporations alike.

Summary prepared for listeners seeking concise, high-value insights with context and direct quotes from WSJ’s flagship news podcast.