Marketplace Morning Report

According to the just-released December jobs report, only 50,000 people were hired last month, fewer than expected. Overall, the month capped off the slowest year for job creation since 2020 and the second slowest since 2009. Plus, LA fire survivors share personal items lost and found in the aftermath of the blaze.

Altadena residents eager to build more fire-resistant new homes run up against obstacles of expense, labor, availability of materials, and of course, the question of whether insurance will pay for it.

From the BBC World Service: The Iranian government has shut down internet access in response to ongoing protests, with demonstrators calling for the removal of the country's Supreme Leader. Also, a major recall of Nestle baby formula expands to more countries, and after a volatile 2025, what's on the horizon for cryptocurrency in the new year?

Supermarket chain Wegmans has made headlines this week for their use of surveillance technology on customers. But they're far from the only retailer deploying this type of tech to prevent theft — and encourage extra spending. Plus, a retired nurse shares her plans for rebuilding in Altadena.

The homes still left standing after last year's Eaton Fire face their own set of questions and challenges. What types of structures stand up better to fire damage than others? How can you know when dangerous smoke damage has truly been remediated? And, most crucially, how much are insurance companies actually willing to pay for any of it?

From the BBC World Service: After a rocky 2025, many analysts expect a similarly unsettled 2026. Plus, a new study indicates faster weight gain after quitting GLP-1 drugs, and X has failed to meet a deadline to address explicit content generated by its AI chatbot Grok.

The estimated value of the homes wiped out by the Eaton and Palisades fires one year ago? $27 billion. On a single street in Altadena, 15 houses were destroyed, including that of "Marketplace Morning Report" host David Brancaccio. This morning, Brancaccio checks in with two families on his block — one who decided to sell and one who's already partly rebuilt. Then, how will investors respond to this morning's private payroll data?

A survey released in the fall finds that most people displaced by the Southern California wildfires a year ago are still living in temporary housing. Since so few homes have been rebuilt, how are people paying for shelter? Today, we'll hear how survivors have organized to demand accountability and the resources needed. Plus, a semiconductor chip shortage echoes the great supply chain crisis of 2020, but this time it's driven by AI.

From the BBC World Service: One of Europe's busiest airports has canceled more than 700 flights today as a disruption caused by snow and ice enters a sixth day. The problem was made worse because of a shortage of anti-freeze for de-icing planes at Schiphol Airport in Amsterdam. Dutch airline KLM is the main one affected. Then, China's Foreign Ministry calls President Donald Trump's demands for Venezuelan oil "typical bullying" from the U.S.

Dustin Kunkel is a father of two, works in the solar panel business, and is a neighbor of "Marketplace Morning Report" host David Brancaccio. Kunkel lost his Altadena home in the Eaton Fire and, since then, spoke to 30 contractors before finding someone to rebuild the house. We hear what the process — and pricing — has been like. Also, the realities of this economy continue to diverge for lower- and higher-income households.

Today, we have the story of one burned block: that of "Marketplace Morning Report" host David Brancaccio. Last year's wildfires in California were the costliest in history, with more than 16,000 structures destroyed and over 30 deaths. Fifteen of the houses destroyed in the Eaton Fire sat on a single street in Altadena. A year on, we check in with Brancaccio's neighbors to hear about life, loss, and efforts to rebuild.

From the BBC World Service: Delcy Rodríguez, who had served as vice president under President Nicolas Maduro, has promised stability amid economic uncertainty. After taking an oath of office, she vowed to guarantee the peace of the country, including "the economic and social tranquillity of our people." This morning, we recount the history of how Venezuela got to this moment. Plus, Nestle recalls baby formula products in Europe over concerns of food poisoning toxins.

Investors see some oil companies as big winners with the U.S. forcing a change of leadership in Venezuela. This morning, we'll hear how U.S. oil companies are faring in light of the news. Then, we'll provide some context for oil production and chat about global demand, what it'd take to develop Venezuela's infrastructure to help spark production, and learn how long it would take for U.S. oil companies to be reimbursed for investments.

Oil markets and financial markets seem to be shrugging off the major geopolitical story out of the weekend: the U.S. arrest of Venezuelan President Nicolás Maduro. "Investors are looking at the situation and not seeing a dramatic change in the state of affairs that could alter global markets in a major way," said Julia Coronado, founder of MacroPolicy Perspectives. "What makes most sense ... is to wait and see what unfolds," said Ben Kumar, head of equity strategy at investment management business 7IM. On today's show, we unpack it all.

From the BBC World Service: The U.S. stunned the world with the capture of Venezuelan President Nicolás Maduro over the weekend. Donald Trump has said U.S. companies will fix Venezuela's badly broken oil infrastructure and start making money for the country. We'll hear more about reactions on the ground in Venezuela and learn more about its role in the global oil supply chain. Also: an allowance for Iranian citizens and a meeting between the leaders of China and South Korea.

Greg Abel has officially taken the reins at Berkshire Hathaway, stepping into the role long held by the titan of value investing, Warren Buffett. We look at what Abel's leadership could mean for an empire that touches everything from energy to insurance. Plus, stocks had a strong year, with the S&P 500 and Nasdaq posting double-digit gains, but the job market tells a very different story. And do professional movie critics still matter in an age of Reddit threads and Letterboxd reviews?

Healthcare costs are climbing for many Americans as enhanced Affordable Care Act tax credits roll back, raising premiums for middle-income households unless Congress intervenes. In this vacuum, we look at a major new federal investment aimed at expanding healthcare access in rural communities. Plus, U.S. travel is sending mixed signals this year — domestic travel is booming, but fewer international visitors are visiting the States, and that shift is being felt by America's museums.

From the BBC World Service: Iranian authorities say at least seven people were killed in protests on Thursday, the fifth day of demonstrations against the government's economic policies. Plus, the U.S. Department of Commerce will reduce controversial anti-dumping tariffs on some Italian pasta brands, which were accused of selling their products in the U.S. at artificially low prices. And we look at one profession that has become a casualty of the digital age — the film critic.

Gas prices hit their lowest level for a December since 2020, according to AAA, thanks largely to a global oil glut that pushed crude prices down about 20% last year. We look at whether cheaper fuel is likely to stick around in 2025. Plus, a new business in New York City doubles as a museum celebrating the history and cultural impact of the photo booth. And we examine how the expiration of federal tax credits is reshaping the electric vehicle market after a rocky year.

Minimum wages are rising in 19 states today, giving millions of workers a pay bump as the new year begins. We break down where wages are increasing and what's driving those changes. Plus, only about 20% of recyclable household waste actually gets recycled. We explore how AI may be changing the economics of recycling.

From the BBC World Service: The past 12 months have brought lots of turbulence to global economies, from fast-changing U.S. tariff policies to the rapid acceleration of artificial intelligence. As we ring in the new year, what might 2026 hold? Plus, billions of dollars have poured into AI development, but there are increasing concerns about a market bubble. What are the chances it will burst?

Enhanced subsidies for health insurance policies on the Affordable Care Act exchanges are set to expire at the end of today. That means skyrocketing premiums for some Obamacare enrollees. Premiums are expected to more than double, according to the nonpartisan health research organization KFF, and some healthier people are expected to drop their insurance. Plus, 2025 was the year that generative AI exploded, divided, and created trust issues. We'll take a look back.

People who are in default on their federal student loans could start seeing their wages garnished in the new year. Next week, the Department of Education plans to start sending out letters to borrowers who have missed at least nine months of payments, letting them know the government will begin taking 15% from their paychecks. Also, the U.S. Mint pressed the final batch of pennies last month. We examine the penny's 232-year run.

From the BBC World Service: Tens of thousands of app-based delivery workers in India are holding a day-long strike that is likely to impact food delivery services on the final day of the year. They're demanding better wages and improvements in safety conditions, among other things. We hear more. Then, a British company says it's a step closer to manufacturing materials in space, and we look at the role of AI over the past year.

This morning, we're recapping the 2025 housing market, which was — in a word — sluggish. Even though mortgage rates have come down, affordability remains an issue, and many would-be sellers are locked into ultra-low rates. But economists and real estate agents expect some modest pickup in the year ahead. Then, there's renewed focus on the vulnerability of the global auto supply chain after hackers targeted Jaguar Land Rover in September.

The Trump administration is pledging $2 billion in humanitarian aid to the United Nations. The official State Department announcement of the U.N. donation says it “reaffirms the United States' ironclad commitment to supporting critical life-saving humanitarian action around the world,” but the last paragraph warns that the UN has to reduce bureaucratic overhead. Plus, IPOs made a comeback this past year, and solar panel installers look to incentives as federal tax credits end.

From the BBC World Service: Annual inflation in Iran is running at more than 40%, and business owners are angry at the rapid devaluation of the nation's currency, in part due to the pressure of Western sanctions. In response, shopkeepers in the capital, Tehran, have been demonstrating for a third successive day. Plus, this year's hack at British carmaker Jaguar Land Rover showed just how vulnerable the global auto supply chain could be.

Move over “Be Kind, Rewind.” The new slogan is “Take a Movie, Leave a Movie.” That's right. A Blockbuster nostalgia trip could be coming to a yard near you. Today, we visit Salt Lake City, which just got its very first Free Blockbuster — like a lending library but for DVDs and VHS tapes. Also on today's show: divisions at the Federal Reserve and a coin buried for centuries in the Scottish woods.

You might have heard the word "uncertainty" muttered more than a few times over the last 12 months. Today, we're chatting with an economist brave enough to look uncertainty in the eye and make some predictions for 2026 about the stock market, job market, inflation, and the fate of President Donald Trump's tariffs. And later: Applications for adjustable-rate mortgages have more than doubled over the past year, according to the Mortgage Bankers Association.

From the BBC World Service: The South Korean e-commerce company Coupang has announced a compensation deal worth $1.18 billion for customers after a massive hack that affected two-thirds of the country's population. Coupang is often called “South Korea's Amazon,” and nearly 33 million accounts were exposed. Plus, following the major hack that hit production facilities for Jaguar Land Rover, we look back at this year in cyberattacks. Also: the earliest-known coin minted in Scotland.

The "de minimis" tax exemption on packages under $800 shipped to the U.S. came to an end in August. It's a move that's boosted business for logistics companies but has hit some smaller businesses at home and abroad hard. This morning, we'll learn outline the effects the change has had. Also on this morning's show: an Nvidia licensing deal and the factors driving up precious metal prices.

Now that Christmas presents are unwrapped, many of you — you know who you are — will head to stores to return gifts and get what you actually want. But increasingly, retailers are charging for those returns. Then, a couple of months ago, more than 5 million shoppers embraced a boycott of three major retailers: Amazon, Home Depot, and Target. From "This Is Uncomfortable," we'll learn about the impact it had on shoppers.

From the BBC World Service: There's one word that's dominated the headlines this year: tariffs. Countries around the world have been grappling with the U.S. import taxes central to President Donald Trump's trade policy, so how are countries faring? We check in on Mexico, China, and others. Plus, the Trump administration eliminated the tax exemption for parcels under $800 this year. We investigate how the move is playing out four months on.

Gas prices are at the lowest level since 2021, according to AAA, as millions of Americans are traveling for the holidays. The average price of gas has been below $3 a gallon for most of the month. Plus, from "Marketplace Tech," ChatGPT has become the new WebMD. And from the Marketplace podcast "How We Survive," we learn what an invisible longitudinal line has to do with farmers, the economy, and the global food supply.

That's been the case for Thomas and Mariah Pisha-Duffly, a Portland foodie power couple with multiple James Beard Award nominations under their belt. Today, we chat with the Pisha-Duffys about their holiday meal planning, which focuses less on extravagance and more on family and serves as a departure from the stressors of the restaurant industry. But first, as you unwrap your Christmas presents, we check in on the supply chains that brought them to you.

From the BBC World Service: Have you ever wondered where your festive Christmas lights, ornaments, and toys all come from? Well, there's a good chance they originate in the Chinese city of Yiwu. It's home to a major the world's largest wholesale market and produces more than half of the world's Christmas decor. This Christmas morning, we'll take a trip to the city and hear how it's being affected by the latest U.S. tariffs

2025 has been the year of getting dragged back to the office for plenty of workers — some part-time, but many full-time in the case of big finance and tech corporations. Thing is, in-person work appeals to many younger workers. Today, we'll hear the perspective of one. Then, the State Department says it will deny visas to five European citizens, including a former top EU official, and domestic production is still adjusting to tariffs.

A federal judge has ordered the Trump administration to restore Homeland Security funding to 12 states and the District of Columbia. The administration had held back hundreds of millions of dollars from what it called "sanctuary jurisdictions." The cuts affected programs intended to support local police and emergency response in urban areas. Plus, food banks are bracing for strain ahead of changes to SNAP. We hear how services will be impacted on the ground in Kentucky.

From the BBC World Service: Plans to mass-produce and sell self-driving vehicles in China have been delayed after news spread of a crash involving one earlier this year. Chinese regulators gave narrow approval to just two out of nine companies to operate autonomous taxis on highways. We learn more. Then, we hear why 2025 was a mixed picture for commodities. And later, Martha Stewart joins her friend Snoop Dogg as she invests in the U.K. soccer team, Swansea.

A little over a week ago, Disney became the first major media company to strike a content licensing deal with Sora, OpenAI's short-form video platform. This means that people on Sora can start making videos with Disney characters. Today, we'll chat about what it means for consumers, the companies, and artists in the entertainment industry. But first: GDP growth jumped in the third quarter, and it was not just consumers buying stuff.

GLP-1 weight-loss drug injections have slimmed many waistlines and wallets. U.S. regulators have now approved a much less expensive alternative; Novo Nordisk has gotten the green light for an oral version of Wegovy. Pills are cheaper to manufacture than injectables, and that could be a game-changer. Then, consumers still feel pessimistic heading into the new year, and more Americans are staying unemployed for longer.

From the BBC World Service: Tech giant Amazon says it's blocked more than 1,800 North Koreans from trying to join the company in the past two years. Amazon's chief security officer said North Koreans often try to get hired, then send wages back to fund their government's weapons programs. Plus, "oshikatsu" is a Japanese term referring to fervent fan subcultures surrounding things like sports teams, pop stars, or anime — and it's helped pull Japanese retail sales out of a slump.