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Cue the victory laps: “115,000 jobs added!” “Economy stronger than expected!” “Everything is awesome!”
Sorry — not buying it. The headline number is only one piece of the story, and once you dig underneath the surface, this jobs report starts looking a whole lot weaker.
In this episode, we break down:
• Why headline payroll numbers never tell the full story
• How prior months were quietly revised lower — again
• Why actual employment fell even while payrolls supposedly rose
• The bizarre “birth-death model” adding 391,000 phantom spreadsheet jobs
• Why full-time employment collapsed while part-time jobs surged
• How DoorDash-style delivery work inflated the transportation numbers
• Why tech employment continues to get hammered
And the most alarming trend of all: labor’s shrinking share of economic output.