Monetary Matters with Jack Farley Why 900,000+ Jobs Just Got Penciled In To Disappear | Anna Wong & Danielle DiMartino Booth on -911k Non-farm Payroll Revision, Unemployment Rate, and Immigration’s Impact on Labor Market
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Sep 12, 2025 
Join Danielle DiMartino Booth, a macroeconomic expert and founder of QI Research, and Anna Wong, Bloomberg's Chief U.S. Economist, as they dissect a shocking revision that adds over 900,000 jobs to the potential unemployment list. They delve into the implications of AI investments and how these influence job stability. The guests also tackle the intersection of immigration policy and labor market dynamics, revealing how inaccuracies in data reshape our understanding of employment trends and inflationary pressures, emphasizing the need for updated economic measures.
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Large Revision Reveals Hidden Job Losses
- The BLS preliminary 911,000 downward revision suggests many reported jobs may never have existed.
- Danielle and Anna argue this revision reflects real momentum of net job destruction since mid-2024.
Smoothed Payrolls Point To Recession
- Anna says three-month smoothed payrolls were far below break-even last year, a recessionary signal.
- She expects deeper negative payrolls for June once full revisions are done.
Real-Time Signals Show Labor Weakening
- Danielle links falling work hours and rising jobless claims to rising downward momentum in employment.
- She uses consumer sentiment and WARN notices as real-time signals of weakening labor demand.