New jobs report, they are basically highlighting how over the last 12 months, so going all the way back to the Biden administration’s job reports were actually almost the worst jobs reports ever because they revised the jobs report down and the United States of America actually lost 900,000 plus jobs to be specific. They are saying that they lost about 911,000 jobs. Make sure y’all hit a like for the algorithm, subscribe to the channel and turn on your notifications. Yeah, Debo and Joe, Debo and Joe. So, I’m gonna show y’all a little bit of that.

Some of y’all may not be familiar with that. I think that they actually got a good show. The government delivered a major update on the labor market. It shows jobs growth is weaker, much weaker than previously reported. There were actually 911,000 fewer jobs created in the 12-month period through March of this year, so that makes it the largest preliminary revision on record. Seeing in business and politics correspondent Vanessa Urquebich is in New York. I mean, Vanessa, as I just pointed out, this is huge. The largest revision on record. Walk us through what you’re learning.

Well, this just signals in that time period from April of 2024 through March of 2025, the jobs market was a lot weaker than initially reported by the Bureau of Labor Statistics. So 911,000 fewer jobs added over that time period. And when you average it out over those 12 months, you get a revision, a downward revision of an average of 76,000 jobs. Now, this is a report that comes out every single year. It is typical. It is a typical report. What is a little bit atypical about this report, it is much higher than what we’ve seen in previous revisions.

So the average number of jobs revised down is a lot greater. Now, it’s important to note that this time period that we’re looking at, most of these months were under the Biden administration. Just three months of this report was under the Trump administration. But in terms of what it’s telling us about the economy, it’s pointing to key sectors that are seeing downwards revisions in the number of jobs added. Sectors like trade, transportation, utilities down about 226,000 jobs. And then you have leisure and hospitality and professional business services, also with triple digit losses in terms of jobs that we thought were there, but are not there.

This is what happens in these reports. There’s a couple of reasons why we might be seeing these downward revisions. The first is that this is an estimate initially, and there was weaker than inferred job creation at new companies. So companies thinking they were adding more jobs that they didn’t end up adding sampling errors from responses from businesses. Agree, Zay. You can’t even say it was three months of Trump because he came in at the end of January. So he was just ramping up. And what you actually experience is residual effects from the Biden economy.

And Trump hasn’t even been in office for a year. So what Democrats and liberals love to do is they love to blame everything on Trump, even though he just got in office. We are seeing the residual effects. I said this already back when we were reporting on jobs last year. For those of you that just found me, I said it, I said, listen, bro, it’s way, way, way, way worse than y’all actually believe it to be. And that’s not even including the federal government jobs. Do you know why I believe that the Biden administration hired so many people in a bloated federal government during his last, during his four years in office? I believe he did it because he knew that this revised jobs report would actually show that it would have been 10 times worse.

So if you would have went into all of the jobs that we actually manufactured, that the industry, that the economy was not even naturally adding, then it would have probably been in the millions. It would have probably been in the millions. And what they did was they estimated the amount of jobs that could have possibly been added to the payrolls. But when you actually release the data, which it comes out after you already out of office, you realize that it’s about a million jobs that they said was created that really wasn’t there.

And they actually lost on average 76,000 jobs per month over the last year that the Biden administration has been in office. You get these initial responses from businesses, but then this larger one year report looks at quarterly tax filings, which are a lot more specific. And also in this preliminary benchmark report, you’re not going to see the accounting for undocumented immigrants because they are not included in those quarterly tax filings. So taking away from this, Pamela, a weaker year than what was previously reported. However, typical in terms of these reports that we get, the concern from economists, Pamela, is that President Trump was really upset with revisions in the July jobs report.

And what is the thought process here about these revisions and whether or not he believes or the administration believes that this is accurate, but significant downward revisions for that 12 month period, 911,000 jobs, fewer than we expected a record, Pamela. A record. Let me say that again for the people in the back, a record. This is specifically under I protect the administration’s watch a record. Revision. Let’s go to Steve Leisman who’s been looking into that. Steve, what do you see? I see the biggest revision we’ve had. I go back 25 years here.

This may be the biggest revision ever, Sarah. Minus 911,000 payroll growth from April of 2024 through March of 2025 is 911,000 less than previously reported. What has happened now to the month over month or the monthly growth rate has gone from what we thought was 147,000 a month to now just 70,000 a month. So 1.7 million jobs is now 847,000 jobs created over that period. So over that time period, payrolls were quite a bit weaker. Remember, this is the period ending five months ago. This is the annual benchmark revisions. It’s done every year.

This is a preliminary number over time. It tends to actually be revised a little bit higher. The revision to the revision ends up being a little bit higher, but right now it’s just a much weaker payroll growth. I will point out that this is definitely toward the high side of what I’ve seen from Wall Street analysts. And now you have to plug in your, you know, you have to start thinking about what does this say about today? In other words, this data is five months old. We won’t know until the final revisions in February which month each of the weakness belongs to, but we do know a bit about which industries it belongs to.

And we have a chart here, 880,000 from the private sector. The biggest revision came from trade transportation and utilities of 226,000, 126,000 off in retail, leisure and hospitality on 176,000, professional services down 158,000. So widespread in the, I don’t see it here, not a lot in private education and health services when it was a big… Look at the revisions. Look at the revisions year over year. 2023, it was actually down 187,000 less. 2024, revised, and this was during the Biden administration, released during the Biden administration, revised down 600,000 jobs, 2025 fiscal year, which started in the beginning of last year or the beginning in the spring of last year, March, right? That is revised now 911,000 jobs.

I agree with you. Everything during the Biden administration was a scam. Everything in the Biden administration is a scam. And that’s why they were padding jobs in the federal government in order to try to not make it as bad as it really was. Crazy, bro. Crazy to think that they was doing this. You can see the recent revisions there. The second biggest revision that I have, Sarah, in my records is 2009 in the wake of the great financial crisis. And what had happened in that situation was some of the modeling was wrong. You said CNBC just said that it’s 1.2 actually million jobs, fewer jobs.

I haven’t seen that. So I can’t report on it, but I appreciate you, Chris Cunningham, that the businesses was wrong. This may be the case right now. We might’ve come into this year with much more weakness than we thought we had in the job market. It was okay. It seemed to be like the unemployment rate remained relatively stable. So whatever we were doing, this was worse than, wait, wait, wait, wait, they said it’s actually the biggest revision since before 2009. 2009 had a revision down 900,000 jobs. [tr:trw].

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