Radio Rothbard The Jobs Picture Is Worse than They Told You
Sep 12, 2025
This discussion unveils the misleading job statistics recently reported in the media. It highlights how recent downward revisions reveal an overstated narrative of job growth. The conversation also emphasizes the stagnating employment rates and rising unemployment, calling for skepticism towards government data. Ultimately, they urge for a more cautious approach in economic policymaking based on these revelations.
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Massive Downward Revisions To Jobs Data
- The BLS revised payroll totals down by 911,000 for the year ending March 2025, the largest downward revision on record.
- Initial monthly job estimates routinely overstate employment and can be off by hundreds of thousands of jobs.
Revisions Cut Across Industries And Years
- Payrolls were marked down across nearly every industry and most states, with private payrolls cut by 880,000.
- Revisions have been large two years running, totaling over 2 million removed jobs from initial counts since 2023.
Recent Monthly Reports Show Weakness
- Recent monthly reports show continued negative revisions and actual weak monthly job gains, including a June job loss of 13,000.
- The three-month average through August was only about 29,000 jobs, signaling a rapidly weakening labor market.