It's Almost 2026. How's the Economy?

In this episode of The Journal podcast, Ryan Knutson and a panel of Wall Street Journal economics reporters—Jeanne Whalen, Justin Lahart, and Rachel Wolfe—discuss the current state of the U.S. economy and what to expect in 2025. The reporters describe the economy as uncertain, meh, and asymmetrical, noting the uneven distribution of economic benefits, with older, wealthier individuals faring better than younger and lower-income individuals. The conversation covers the effects of the Trump administration's tariffs, the confusing labor market, and the disconnect between the booming stock market and overall economic sentiment. They also address consumer spending, driven largely by a small group of wealthy individuals, and the potential impact of a bursting AI bubble. The reporters highlight concerns about inequality, the housing market, and the effects of declining birth and marriage rates on the economy.