Morning Business Report: Retail hiring hits 15-year low as household debt climbs amid record holiday spending

Holiday hiring is expected to drop to its lowest level in at least 15 years.

(LILAMAX)- Holiday hiring is expected to drop to its lowest level in at least 15 years. The National Retail Federation projects retailers will hire between 265,000 and 365,000 seasonal workers this year. Some companies may have started early to support October sales events, but many are keeping costs tight amid higher expenses from tariffs.

Even with fewer jobs, holiday spending is expected to hit a record $1.1 to $1.2 trillion between November 1 and December 31 — the first time total sales would top $1 trillion.

Meanwhile, U.S. household debt continues to climb. Americans are spending more even as living costs rise faster than wages. Total household debt reached a record $18.5 trillion in the third quarter of 2025 — up $197 billion from last quarter. Mortgages make up the largest portion of that debt.

On Wall Street, the market slide continued with tech stocks once again leading the losses.

President Trump announced landmark agreements with Eli Lilly and Novo Nordisk to slash prices of popular weight-loss drugs. Under the new deals, out-of-pocket monthly costs for injections and upcoming pills could range between $50 and $350, depending on insurance coverage and dosage. Those same medications currently carry list prices above $1,000 a month.

As the colder months set in, pediatric experts are warning families about the dangers of increased sedentary screen time. Dr. Emily Greenwald with Nex Playground says the concern is how traditional screen use keeps children sitting for long stretches. Nex Playground’s new motion-controlled gaming system aims to change that, turning screen time into family-friendly physical play through sports, puzzles, and educational games.