Jared Bernstein, former chair of the Council of Economic Advisors, joins CNBC's 'Money Movers' to discuss the December jobs report, softening of the labor market, and more.

The December jobs report indicates a mixed picture for the US labor market. While the unemployment rate has declined and wage growth is outpacing inflation at 3.8%, job creation has slowed significantly, with annual job growth falling below 600,000—the lowest outside of a recession since 2003. The manufacturing sector is nearing recession, and retail trade lost 25,000 jobs, reflecting a broader hiring freeze that began in the second half of 2025.

Additionally, the share of workers employed part-time for economic reasons has reached its highest level since the COVID-19 pandemic, and, excluding the pandemic, the highest since 2011. Despite these challenges, the unemployment rate is rising only slowly, a trend attributed to reduced labor supply from an aging population and stricter immigration policies. Overall, labor demand remains weaker than labor supply, contributing to a fragile job market.

December jobs report comes in mixed

For more on the jobs number itself in the labor market, let's bring in Jared Bernstein, chair of the Council of Economic Advisors during the Biden administration. Jared, it's good to have you. Welcome. Thank you. You got some thoughts on what would have happened if President Biden had posted some information about jobs? It's exactly as Eamon said. I mean, the thing you worry about is market actors getting information before everyone else because they happen to click into the right place. So this lack of coordination is, I think, really potentially damaging to markets. Now, President Trump is far more unleashed when it comes to these things than any former president, so we'll see where it goes. But it's certainly not a good development. I'm not sure President Biden ever posted anything on social media. Maybe he did. No. I mean, certainly nothing like this. He was very rigorous about it. Nothing ever, I'm saying. Yeah, well, you might be right. What do you think of the jobs report today? Some good news on the unemployment rate, but clearly the amount of jobs every month that is being added has significantly come down. Yeah, 2025, particularly the second half, was the year of the hiring freeze. If we look at job growth over the year, something a bit under 600K, that's the lowest we've seen outside of recession since 2003. The manufacturing sector is practically in a bona fide recession. Retail trade shed 25K jobs. So on the hiring front, really not good news. You've really got an ongoing hiring freeze. The tick down in the unemployment rate, as you say, was good to see. It's from a different survey, so these things don't always mesh up. And the fact that the wage rate, wages are growing at a 3.8% rate, that's beating inflation, that's good news as well. So it's a mixed bag, but the hiring freeze does make for a fragile job market. The other chart that's getting a lot of play today, Jared, is the three-month average of percent working part-time for economic reasons. That's the highest since COVID. Strip that out, highest since 2011. So there's some people who were hoping that number was going to moderate a bit. Yeah, I think that's another indication of some of the softening here. Again, I've gotten a lot of questions today. I think it's a good question as to how can we have those kinds of results, the one you just talked about, the very low hiring rules I just talked about, and an unemployment rate that's climbing only slowly. It's up three-tenths of a percent over this year. That's not that much. And one of the answers is that labor supply has come down a lot. And that has to do both with our aging population, but also Trump's deportation and anti-immigration agenda. Put it all together, and it is pretty clear that labor demand is even weaker than labor supply, and that's why unemployment is rising, but it is rising slowly.

Iran's army is threatening to join the crackdown on protesters as demonstrations against the regime grow and the death toll mounts. Huge crowds have taken to the streets across the Islamic Republic. Iran's Revolutionary Guard calls them "terrorists." Haley Ott has more details.

Tehran

Iran's army threatens to join crackdown against protesters

President Trump said, "We are going to do something on Greenland, whether they like it or not," earlier this week. But Greenland, a territory of Denmark and a NATO ally, is rejecting the threats.

Nuuk

Greenland rejects Trump's threats

Trump, who often cites national security interests as the reason for taking Greenland, said that if the US does not do something, 'Russia or China will take over Greenland'.

Trump says U.S will act on Greenland, 'whether they like it or not'

Protests across the U.S., including in Minneapolis, Philadelphia and Miami, are taking place following the fatal shooting of 37-year-old Renee Good by an ICE agent in Minneapolis. Police declared the demonstrations in downtown Minneapolis an 'unlawful assembly'.

Philadelphia

Protests spread across the U.S. over ICE shooting of woman

Internet and phone lines in Iran have been cut off as anti-government protests enter their second week. Reports say at least 65 people have been killed and more than 2,300 others detained. U.S. President Donald Trump has warned of a possible U.S. response to the government crackdown.

Internet blackout in Iran enters second day as protests intensify

Rescue workers are trying to find dozens of people trapped under a collapsed landfill in the Philippines. At least four people have been confirmed dead. The incident took place on Thursday, with more than 100 workers on site at the time.

Cebu City

Philippines: Dozens still missing in landfill collapse

BRICS nations have launched joint naval exercises off the South African coast. Supporters say the drills will strengthen co-operation among emerging economies.  But critics warn they could deepen global divisions.

Simon's Town

South Africa hosts Russia, Iran and China for military exercise

Iran's Revolutionary Guards warned on Saturday that safeguarding security was a "red line" and the military vowed to protect public property, as the clerical establishment stepped up efforts to quell the most widespread protests in years.

Iran authorities signal intensified crackdown as unrest grows

Luigi Mangione was back in court on Friday, where his lawyers worked to block the Justice Department from seeking the death penalty in his federal trial for the killing of UnitedHealthcare CEO Brian Thompson. Mangione pleaded not guilty in April 2025.

New York

Luigi Mangione's lawyers fight to block death penalty

Fire crews battle spreading blazes while communities face evacuations and power cuts.

Victoria

Thousands of firefighters deployed to fight bushfires in Australia

The protest comes amid wider rallies against US immigration enforcement and over the fatal shooting of the 37-year-old Renee Nicole Good.

Minneapolis

Several arrested in Minneapolis during anti-ICE protest

Trump says U.S. will act on Greenland, 'whether they like it or not'

U.S. President Donald Trump began a meeting to discuss Venezuela with executives from some of the world's largest oil companies at the White House, saying he wants them to invest $100 billion in the country to vastly expand its production.

Washington

Venezuela Strikes

Trump urges U.S. oil giants to repair Venezuela's energy industry

The U.S. seized another oil tanker linked to Venezuela in the Caribbean, U.S. Southern Command confirmed on Friday (January 9). The seizure of the vessel comes as President Donald Trump prepares to meet with oil company executives at the White House.

U.S. seizes fifth tanker linked to Venezuela

U.S. President Donald Trump is reiterating his threats against Iran's regime if violence and deaths continue during protests. CBS News' Imtiaz Tyab has more.

Trump: U.S. to hit Iran 'very hard' if violence continues at protests

Russia fired a powerful hypersonic missile overnight at a target in Ukraine near the border with NATO-member Poland, in what Kyiv's European allies described as an attempt to intimidate them from supporting Ukraine.

Kyiv

Ukraine Invasion

Russia fires hypersonic missile at Ukraine target near NATO border

A majority of European Union countries have agreed to sign a trade deal with the South American trading bloc, Mercosur. It'll be the EU's biggest free-trade pact and comes after decades of negotiations.

Brussels

EU approves Mercosur trade deal despite protests

The Trump administration is pulling the U.S. out of dozens of international organizations, including key UN agencies and the treaty underpinning global climate talks, marking a deepening retreat from multilateral cooperation.

Trump admin. withdraws from dozens of international organizations

The brother of Venezuela's interim president, Delcy Rodriguez, and head of the country’s national assembly has announced the release of a wide raft of political prisoners. It's being viewed as a gesture to seek peace less than a week after the capture of President Nicolas Maduro by U.S. forces.

Cúcuta

Venezuela releases political prisoners

Residents in Portland, Oregon, protested Thursday after officials say two people were shot by Border Patrol agents. Gwen Baumgardner has more on how the shooting unfolded.

Portland

Two shot by border patrol agents in Portland

Russia launched a massive attack in Ukraine using drones and missiles, including a nuclear-capable Oreshnik missile. Michael Bociurkiw, nonresident senior fellow at the Atlantic Council's Eurasia Center, joins CBS News with more.

Odesa

Russia strikes Ukraine with hypersonic missile

Four crew members aboard the International Space Station will be brought home more than a month early in the coming days as NASA cuts its mission short due to health concerns.

NASA cutting current International Space Station mission short

Iran's supreme leader has condemned anti-government protests, denouncing demonstrators as vandals and saboteurs. Iran has shut down the internet and cut off international calls and is promising decisive punishment.

Iran's Supreme Leader defiant as protests grow

The U.S. Senate advanced a resolution that would bar President Donald Trump from further military action against Venezuela without congressional authorization, a rare rebuke of the Republican leader.

U.S. Senate advances measure curbing Trump's Venezuela war powers

U.S. officials have discussed sending lump sum payments to Greenlanders as part of a bid to convince them to secede from Denmark and potentially join the United States, according to four sources familiar with the matter.

Trump administration mulls paying Greenlanders to join U.S.

Iran’s connectivity drops sharply nationwide – As authorities tighten controls amid growing protests over the economy. NetBlocks says the apparent blackout follows ‘a series of escalating digital censorship measures targeting protests’.

Iran experiencing nationwide internet blackout as protests intensify

The Senate on Thursday voted to advance a resolution that could limit President Trump's ability to continue military action in Venezuela without congressional approval. It comes as the president told the New York Times that he could see the U.S. having direct oversight of Venezuela for years.

Caracas

Trump says U.S. could have direct oversight in Venezuela for years

The crew at the International Space Station will return home early because of what NASA is calling a medical concern with a crew member. CBS News space consultant Bill Harwood has more details.

Texas

ISS crew returning due to medical issue for first time in NASA history

President Trump plans to meet with Colombian President Gustavo Petro after Mr. Trump issued threats following the U.S. operation in Venezuela that led to the capture of Nicolás Maduro. CBS News' Lilia Luciano reports from Bogotá.

Trump to meet Colombia’s Petro after tensions over Venezuela operation

The United Kingdom aided the U.S. in an operation to seize a sanctioned oil tanker linked to Venezuela in the North Atlantic. CBS News' Ramy Inocencio reports.

Breakdown