In this episode of the Walt Weekly Podcast, Walter Latham discusses pressing issues including federal workforce layoffs, the implications of the Bureau of Labor Statistics under the Trump administration, the impact of automation and AI on job markets, political strategies in Texas, and concerns regarding government spending and disaster preparedness.
Here’s some background information regarding the recent downward revision of nonfarm payroll job numbers by the BLS. The Bureau of Labor Statistics recently revised job growth figures for May and June downward significantly. This aligns with a larger trend influenced by three key factors:
1. Federal government layoffs: Over 300,000 government positions have been cut so far in 2025, driven largely by restructuring efforts under the current administration.
2. AI adoption: The rise of automation and generative AI is leading to a significant number of private sector job cuts. Look at Wells Fargo eliminating trade support positions and white collar jobs.
3. Tariffs: New tariffs are disrupting trade-related industries, leading to further job losses across various sectors.
These combined factors have put downward pressure on job numbers, even though it might seem counterintuitive given other economic indicators.
