June Job Report

**SPEAKER_1** (0:00)
Jobs report came out today. It was not a good one, honestly, for the Trump administration. The US economy added 57,000 jobs, but the expectation was 114,000. Now, the unemployment rate did fall to 4.2%.
Most of the job gains are in the private sector, not the government. That's kind of been the MO on the Trump administration for as long as he's been in office. Private sector jobs grow, government shrinks.
But the June jobs report also showed that foreign-born labor force workers falling sharply over the past year. But the problem, Brian, is you're not seeing a big group of American workers scooping up those open jobs. So it's a little good news, it's a little bad news. The headline, I think, is way worse than the report actually is. When you don't meet the expectation by freaking half, that's a problem. But when you really break down the report, it's average at best.

**Brian** (1:05)
It's still to the good, but it's not as good as we wanted it to be, right? Just it fell short of expectations, but it's still pushing the needle in a positive direction.

**SPEAKER_1** (1:15)
There was a revision, and again, the revision did not go Trump's way.
The last jobs report, it went Trump's way. This time, it did not.
May's jobs number, which was huge, was revised down 43,000 jobs.
So again, this is one of the things we always bring up on this show. The jobs report and the headline, it's one thing, and that captures people's attention. But the revisions, that's really what you keep your eye on. If there's a revision where it's to the positive, that's great. And we had that last month. This time, it's to the negative. This is how it was under the Biden presidency for four years, or whoever was pretending to play the role of Joe Biden during his presidency. This amazing jobs number, and then next month, oh, by the way, we've got a revision. It never happened. Oh, well, thanks a pant load.