WSJ What’s News – PM Edition
Episode: U.S. Unemployment Rises to Highest Level Since 2021
Date: December 16, 2025
Host: Sabrina Siddiqui
Overview
This episode dives into a broad mix of developing business and policy stories, anchored by the headline that the U.S. unemployment rate has hit a four-year high at 4.6%. The show also investigates the fallout from policies to boost IPOs and the resulting stock scams, the EU's shift away from a stricter gas car ban, and major moves in corporate and political spheres. Key interviews with WSJ reporters frame the conversation, providing insight into economic uncertainty, market regulation, the global electric vehicle transition, and headline-grabbing antitrust and foreign policy dramas.
1. U.S. Unemployment Rises to 4.6%
Main story discussion: [00:18]–[02:45]
- Breaking Data:
- November unemployment up to 4.6% — the highest since 2021.
- 64,000 jobs added in November following 105,000 jobs lost in October.
- Data still affected by government shutdown, so October numbers are “patchier.”
- Expert Analysis:
- Ashby Jones (WSJ Deputy Economics Editor) on the jobs report:
- “The 64,000 number is a little bit better than expected. 4.6 is maybe a little bit worse than expected. So taken together... it's somewhere right in this mushy middle, which frankly... is like where we've been with jobs for the past six months.” (02:06)
- Some relief: private sector hiring appears to be stabilizing.
- “This is a pretty solid number. It's not great, it's not awful, but it kind of hits the mark and I think tells us that the job situation hasn't fallen off a cliff. And that was the big fear from a lot of people.” (02:31)
- Federal Reserve implications:
- No major shift seen in January rate cut prospects; expectations remain at about 25%.
- Stock Market Reaction:
- Dow down 0.6%, S&P down 0.2%, Nasdaq up 0.2%.
- Ashby Jones (WSJ Deputy Economics Editor) on the jobs report:
2. IPO Boom and Risks: Market Loosening Fuels Stock Scams
In-depth segment: [03:45]–[06:26]
- Policy Shift:
- SEC aims to make it easier for small firms (Emerging Growth Companies) to go public by extending eligibility and reducing regulatory requirements.
- Chairman Paul Atkins: Suggests guaranteed minimum years for companies to maintain “emerging growth” status, even if they surpass certain revenue thresholds.
- Risks Identified:
- Fewer auditing/disclosure requirements correlate with increased fraud.
- Since late September, SEC has suspended 12 company stocks for suspected manipulation, more than the total in the previous four years combined.
- “All 12 companies were emerging growth companies under the JOBS act... These aren't American companies. They're all from Asia. And in five of the cases, they're either from Hong Kong or China.” – Jonathan Weil (WSJ Reporter and Heard on the Street Columnist) (05:18)
- SEC responds that it’s “unreasonable to conclude emerging growth companies in general are at a higher risk of violating securities laws.” (06:13)
3. Congressional Standoff on Healthcare Subsidies
Political update: [06:31]–[07:23]
- Republican leadership closes the door on renewing Affordable Care Act subsidies before year end.
- House Speaker Mike Johnson: "No vote tomorrow on a bipartisan proposal to extend the subsidies for two years."
- Political tension: Centrist Republicans in competitive districts warn about the risk of higher insurance premiums.
- Scheduled Republican bill aims to expand association health plans and lower out-of-pocket costs for low-income ACA recipients.
4. European Union Retreats from Gas Car Ban
International development: [07:55]–[10:11]
- Policy Reversal:
- EU considers watering down rules that would have banned the sale of all new combustion engine cars by 2035.
- Pullback driven by unexpectedly slow consumer uptake of EVs and heavy industry pressure.
- “Globally, we're seeing less uptake from consumers on EVs than some policymakers had expected. Auto companies in Europe have been saying for some time now that they think this transition is too fast.” – Kim McCrail (WSJ Brussels Reporter) (08:21)
- Ford expects $19.5 billion in charges, largely related to EV business.
- Proposal Details:
- Original rule required a 100% CO2 reduction in new cars by 2035.
- New proposal: Lower that to 90%, allowing continued sales of:
- Plug-in hybrids, range extenders, and even some combustion engines if aided by low-carbon technologies.
- “...it opens up the ability for companies to continue selling a range of different technologies… and internal combustion engines in addition to electric vehicles.” – Kim McCrail (09:20)
- Next Steps:
- Proposal still needs approval from member states and the European Parliament.
5. Pepsi’s Pricing Tactics & Antitrust
Business investigation: [10:11]–[10:54]
- Antitrust Suit Details:
- FTC lawsuit accuses Pepsi of orchestrating price rises at competing retailers to help Walmart remain the price leader.
- Lawsuit revealed after push from an anti-monopoly group; FTC dropped the case during Trump’s administration.
- Allegations: Pepsi tracked retail prices, offered Walmart special promotions, and raised prices at other stores to shield Walmart’s low-pricing edge.
- Pepsi and Walmart both deny wrongdoing; claim compliance and commitment to low prices, respectively.
6. U.S.–Israel Tensions Over Gaza Ceasefire
International news update: [10:54]–[11:36]
- Diplomatic Tensions:
- U.S. warns Israel after an airstrike that killed a Hamas commander, reportedly frustrating President Trump, who feared disruption to his “major achievement” ceasefire.
- The U.S. was not given prior notice of the strike.
- Trump publicly denies his frustration; Israeli official says there is “no disagreement” between Netanyahu and Trump over Gaza.
Notable Quotes & Moments
- Ashby Jones on Labor Market:
- “It's somewhere right in this mushy middle... which frankly... is like where we've been with jobs for the past six months.” (02:06)
- Jonathan Weil on Stock Scams:
- “All 12 companies were emerging growth companies under the JOBS act... These aren't American companies. They're all from Asia...” (05:18)
- Kim McCrail on Europe’s EV Transition:
- “Globally, we're seeing less uptake from consumers on EVs than some policymakers had expected...” (08:21)
- On the SEC response:
- “It's unreasonable to conclude that emerging growth companies in general are at a higher risk of violating securities laws.” (06:13)
Key Timestamps
- 00:18: Show opens with top headlines
- 01:10: U.S. jobs report summary
- 02:06: Ashby Jones Q&A on labor data
- 03:45: Stock market and IPO environment
- 04:50: Definition and risks of “emerging growth companies”
- 07:23: ACA subsidies congressional update
- 07:55: EU gas car policy change
- 10:11: Pepsi/Walmart antitrust suit details
- 10:54: U.S.-Israel Gaza ceasefire update