P.M. Edition for Aug. 20. Colleges are facing a <a href="https://www.wsj.com/us-news/education/college-admissions-demographic-cliff-16dec51f?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">demographic cliff</a>—lower birth rates means fewer 18-year-olds. WSJ higher education reporter <a href="https://www.wsj.com/us-news/education/college-admissions-demographic-cliff-16dec51f?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Doug Belkin</a> explains what impact that’s likely to have on colleges–and why it might not make it any easier to get into top-tier schools. Plus, Walmart was the biggest decliner in the Dow after it reported <a href="https://www.wsj.com/business/earnings/warlmart-earnings-q2-2026-wmt-stock-122b69ee?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">weaker sales growth</a> in its second quarter. We hear from Journal retail reporter <a href="https://www.wsj.com/news/author/sarah-nassauer?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">Sarah Nassauer</a> about how Walmart’s earnings stack up to its rival Target. And employers are expected to <a href="https://www.wsj.com/health/healthcare/u-s-workers-are-paying-more-for-healthcare-and-next-year-will-be-worse-0924d0dd?mod=WSJ_WNPOD" target="_self" rel="noopener noreferrer">pay even more</a> for health insurance next year, which means their workers costs’ are probably going up too. Alex Ossola hosts.

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