Episode Overview

Podcast: Your Money Minute
Host: CNBC’s Jessica Ettinger
Episode: What Happened To Holiday Hiring
Release Date: November 24, 2025
Length: 60 seconds

This episode explores the dramatic drop in retail holiday hiring in 2025—highlighting economic and industry factors that led to the lowest seasonal employment levels since the Great Recession. Jessica Ettinger synthesizes expert insights and headline numbers, helping listeners understand how this trend might affect both consumers and job seekers during the holiday season.

Key Discussion Points & Insights

1. Historic Drop in Retail Seasonal Hiring

• Main Point: 2025’s holiday hiring is at its lowest since the Great Recession, a stark contrast to recent years' patterns.
• Insight: Normally, the holiday season sees a hiring spike by retailers, but this year, growth is stagnating or declining, signaling broader economic stress.

2. Economic Pressures: The Impact of Tariffs

• Guest Contribution: Matt Shea from the National Retail Federation discusses how tariffs are affecting retail costs and hiring decisions.
  • Quote: “You can't have a 400 billion dollar tax on the economy and have it not show up somewhere.” — Matt Shea (00:11)
  • Insight: Increased costs from tariffs on imported goods are forcing retailers to cut seasonal positions to compensate.

3. The Shift to E-Commerce and Operational Efficiencies

• Host Commentary: Ettinger notes the continued migration to online shopping but reminds that fulfillment jobs (warehouses, shipping) are also part of retail hiring.
• Guest Quote: “A number of people have suggested that part of the way it’s showing up is increased efficiencies in operations and a slowdown in hiring.” — Matt Shea (00:35)
• Insight: In addition to higher costs, retailers are driving efficiency, using technology to need fewer seasonal workers.

4. Major Retailers Scale Back Announcements

• Reporting:
  • 2024: U.S. retailers hired about 500,000 seasonal workers.
  • 2025: Amazon announces 250,000 new seasonal positions, but other major retailers (e.g., Target) notably don’t make similar hiring pushes.
  • Quote: “Last year Target said it was hiring 100,000 for the holidays. No such announcement from Target this year.” — Jessica Ettinger (00:45)
• Insight: The absence of public hiring targets from big names signals a significant shift, confirmed by the National Retail Federation’s preliminary data.

5. Impact on American Households

• Main Point: Fewer seasonal jobs could hurt people who rely on this income for holiday spending.
  • Quote: “Many Americans count on that seasonal side hustle part time money to help pay for their holiday gifts and celebrations, which could suffer this year.” — Jessica Ettinger (01:10)

Notable Quotes & Timestamps

• Matt Shea (NRF):

  • “You can't have a 400 billion dollar tax on the economy and have it not show up somewhere.” (00:11)
  • “A number of people have suggested that part of the way it's showing up is increased efficiencies in operations and a slowdown in hiring.” (00:35)

• Jessica Ettinger:

  • “Last year Target said it was hiring 100,000 for the holidays. No such announcement from Target this year.” (00:45)
  • “Many Americans count on that seasonal side hustle part time money to help pay for their holiday gifts and celebrations, which could suffer this year.” (01:10)

Important Segments & Timestamps

• 00:00–00:11: Introduction—Holiday hiring at lowest since the Great Recession
• 00:11–00:17: Matt Shea (NRF) on the impact of tariffs
• 00:17–00:35: Retailers respond: fewer jobs to cover rising import costs; online shopping's effect on retail hiring
• 00:35–01:10: The numbers: Amazon’s hiring plans vs. silence from other major retailers; implications for Americans relying on seasonal jobs

Tone & Style

The tone is factual, urgent, and empathetic to the potential struggles of seasonally-employed Americans, in keeping with Jessica Ettinger’s informative and concise delivery. The episode is brisk and focused, diving straight from headline to practical implications.

Summary Takeaway

Holiday retail hiring has sharply declined in 2025 due to economic pressures like new tariffs and a drive for operational efficiencies, leaving many Americans without the seasonal income they depend on. Major players like Target remain silent on hiring plans, hinting at a significant shift that could make the holiday season harder for workers and shoppers alike. For ongoing coverage, listeners are directed to CNBC.com.