Government job reports are highly politicized and typically provide a false impression of a strong labor market when in reality the economy is losing jobs.

“It doesn't mean anything. I mean, you got to take these government jobs numbers with a grain of salt. They are highly politicized and they are almost always revised down, not just once, but multiple times.”

The labor market underwent a period of recession in 2025 due to policy uncertainty but is now showing signs of stabilization.

“I suppose one could say uh it feels a little vindicating because we did have a bit of a labor market recession, although other aspects of the economy were firing all cylinders.”