Episode Overview

Episode Title: Weakening Job Market 1/21/26
Podcast: Your Money Minute by CNBC
Host: Jessica Ettinger
Air Date: January 21, 2026

This episode provides a concise yet insightful analysis of the weakening U.S. job market as of the end of 2025. CNBC’s Jessica Ettinger summarizes recent employment statistics and welcomes expert input from Yale law professor Natasha Sarin to unpack the causes and implications of slow job growth and underlying economic uncertainties.

Key Discussion Points & Insights

Weakest Job Growth in Over 20 Years

• [00:00] Jessica Ettinger sets the stage by highlighting the historic slowness in job creation:
  • Only about 500,000 new jobs were added in 2025 — a starkly low figure for a population over 300 million.
  • December 2025 saw just 50,000 new jobs created, underscoring the trend of a “weak annual job growth” not seen in the last two decades.

The ‘Low Hire, Low Fire’ Economy

• [00:23] Yale Law Professor Natasha Sarin comments on the current labor market climate:
  • “The labor market is continuing to cool and that is the case with the 50,000 number. And we are continuing to be in this sort of like low hire, low fire economy.”
  • This dynamic reflects an environment where businesses hesitate both to hire and lay off workers, suggesting a general atmosphere of caution and “wait and see.”

The Role of Uncertainty

• [00:33-00:41] Ettinger and Sarin discuss the root of the hiring slowdown:
  • Ettinger attributes the lack of hiring to uncertainty about economic stability:
    “She says when people don’t know how stable the economy is, they don’t hire.”
  • Sarin elaborates:
    “You aren’t seeing hiring in the economy. And I think that has to do with the fact that there’s just a lot of uncertainty right now. You’re not exactly sure if you’re a firm or if you’re an employee, whether or not it makes sense to kind of take the leap.” ([00:41])

Interpreting the Unemployment Rate

• [00:52] Ettinger provides context for the unemployment rate, which sits at 4.4%, slightly down from 4.5% in November:

  • The drop in unemployment isn’t solely due to new jobs, but because fewer people are searching for work.
  • “It includes not just jobs created, but whether people are looking for a job. And that number was down.”

• Listeners are directed to CNBC.com for more in-depth analysis.

Notable Quotes & Memorable Moments

• Jessica Ettinger [00:00]:

  “Last year saw the weakest annual job growth in more than 20 years with about a half million new jobs created for a country of more than 300 million people and only 50,000 new jobs were created in December.”

• Natasha Sarin [00:23]:

  “The labor market is continuing to cool and that is the case with the 50,000 number. And we are continuing to be in this sort of like low hire, low fire economy.”

• Natasha Sarin [00:41]:

  “You aren’t seeing hiring in the economy. And I think that has to do with the fact that there’s just a lot of uncertainty right now. You’re not exactly sure if you’re a firm or if you’re an employee, whether or not it makes sense to kind of take the leap.”

• Jessica Ettinger [00:52]:

  “The unemployment rate in the US is sitting at 4.4%. That’s relatively low. It ticked down last month from a revised four and a half percent in November because it includes not just jobs created, but whether people are looking for a job. And that number was down.”

Timestamps Summary

• 00:00: Introduction & main statistic: 2025’s historically weak job growth.
• 00:23: Expert commentary—Natasha Sarin frames the current job market.
• 00:33–00:41: Discussion of uncertainty’s role in hiring hesitation.
• 00:52: Unemployment rate explained in context; fewer job seekers contribute to the lower rate.

Takeaways

• The U.S. job market ended 2025 with historic lows in job creation.
• Both employers and employees are cautious, leading to minimal job movement.
• Key factor: General uncertainty about economic stability.
• Falling unemployment rate is not necessarily a positive, as it reflects a shrinking workforce rather than more jobs.
• For further analysis and tips, listeners are encouraged to visit CNBC.com.

Note: This summary omits advertisements and focuses solely on the substantive content of the episode.