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Power another year of economic journalism.
Though Spirit Halloweens come and go like specters every October, the people who work there are very real. And there are more and more of them looking for work each year, even if there may not be enough jobs to go around.

To kick off spooky season, we’ve got a few more frights for you: video surveillance at the border, permanent car loans, and of course, inflation. 

Scariest of all: It’s the final day of our fall fundraiser and we’re still short of our goal. 😱 A gift of any amount gets us one step closer, and lets us keep stories like these free to read (and listen to). Donate before midnight! Or risk turning into a pumpkin! 🎃 — Rachel Kahn, temp newsletter writer
people pass a hiring holiday helpers sign
Spencer Platt/Getty Images
The number of people looking for seasonal work is up. The number of seasonal jobs … not so much.
New data reveals seasonal hiring announcements are unusually quiet heading into the holiday season, explains Samantha Fields.

This week’s data deluge from the labor market has turned in a solid (though not spectacular) report card thus far: Hires, quits, and layoffs haven’t changed much, and unemployment claims ticked down.

However, seasonal work is struggling to keep up. According to new data out today from Challenger, Gray & Christmas, announcements of seasonal hiring plans are muted so far this year — down 23% from this time last year.

Although it may seem early to think about holiday hiring, Cory Stahle, a senior economist with the Indeed Hiring Lab, said it’s really not.

“We do start seeing employers ramping up seasonal hiring in August and in September,” Stahle said.

He said that according to postings on Indeed, August was a strong month for seasonal jobs.

“But what's interesting is we moved into September, and it kind of came down more in line with what we saw in 2025,” he said.

Yet he noted that the number of people who are looking for seasonal work is rising.

“We're seeing that very clearly over the last two or three years,” he said, “the number of job seekers looking for these types of jobs have continued to grow, but the job postings, at best, have remained within a range around the previous year.”

It’s still early to know how this holiday season will go. But what could this mean for the rest of the labor market as we head into the year’s busiest shopping season? David Swartz, a senior equity analyst at Morningstar, said that there are some early indications that hiring in retail might be slower as well.
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News you should know
Let’s do the numbers
  • In the U.S., the markets are holding steady : The S&P 500 was up 0.2%, and both the Dow and the Nasdaq went up just a smidge, less than 0.1%. We’re being buffered from the global bond market by AI.

  • The 10-year treasury yield briefly hit 5.34%, the highest it’s been in 24 years, before settling a bit lower. The spike is being driven by a global bond sell off, with countries like England doubting the U.S.’s ability to back up its borrowing. 

  • August’s inflation was 3.4% – lower than economists were expecting. But ultimately, it’s all a wash.

Immigration
  • There’s a “virtual wall” of video surveillance at the southern border, and the government has spent billions on it. Officials have claimed that part of the benefit of the technology is that Border Patrol can provide aid to migrants in distress. But a new investigation from MIT found that more than 1,000 migrants have died over the last decade, on camera. 

  • In the Rio Grande Valley, new business development is attracting more residents. But the residential construction companies that should be benefitting are struggling to find workers because of ICE deportations.

Your money
  • The economy is booming. No one is happy about it.

  • Does it even make sense to buy a car anymore? 

  • The Trump administration unveiled its plan for a new school choice tax credit, which critics worry will funnel money away from public schools. It lets each taxpayer – counting married couples as two – donate up to $1,700 to certain scholarship-granting nonprofits for a full tax refund, meaning that money won’t go toward government revenue.


QUOTE OF THE DAY
“The most important thing to Koreans is not religion, it’s not money, it’s not sex, it’s not love, it’s not even family. The one thing that people are wrestling with is this topic of education.”
— Min Jin Lee, bestselling author of Pachinko
Before writing her new novel American Hagwon, Min Jin Lee conducted hundreds of interviews with Koreans around the world. She found that overwhelmingly, families were concerned with education. But is higher education still the best way for parents to ensure a financially stable future for their children?

On the latest episode of This is Uncomfortable, Reema Khrais speaks with Lee about class, family, and higher education.
HEAR MORE
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Topol in Fiddler on the Roof
Topol in the film "Fiddler on the Roof," singing the classic, "If I were a rich man." (Getty via the Financial Times)
Final note
If I were a (very, very, very, very) rich man
The 0.1% now holds about 15% of the total wealth in the U.S., according to new data from the Federal Reserve – that’s roughly 137,000 households that together hold around $28 trillion. 

Income inequality is nothing new (avid listeners may have heard us mention a little thing called the K-shaped economy), but increasingly, there’s not just a widening chasm between the wealthy and average Americans, but between the rich and the very, very rich: The ultrawealthy gained $14.5 trillion between 2019 and today, and the rest of the top 10% gained $38.2 trillion in that same period – but split across nearly a hundred times as many households. 

Most of the gains, around $10 trillion, came from the stock market and mutual funds. (Keep in mind that the bottom 50% of Americans have a total wealth of only $4 trillion – less than half of what the 0.1% made just from stocks since 2019.)

Just something to think about next time you hear that the stock market is doing great … while you’re using Klarna to keep the lights on.
 
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