Trevor

Sacks has a urinal. Whenever Sacks gets a new home, he puts urinals in. That's how much of a man he is. Sacks, how does your staff hold your body while you pee?

All right, Labor Department has revised down the job growth numbers as a number of members of this panel predicted. The BLS updated its non-farm payroll stats, downgrading actual job growth to around 30% versus what was originally reported. This means the U.S. economy created around 818,000 fewer jobs over the 12 months leading up to March 2024.

All right, Labor Department has revised down the job growth numbers as a number of members of this panel predicted. The BLS updated its non-farm payroll stats, downgrading actual job growth to around 30% versus what was originally reported. This means the U.S. economy created around 818,000 fewer jobs over the 12 months leading up to March 2024.

The number was originally reported as 2.9 million new jobs created, and it's more like 2.1. The Labor Department updates and revises its stats frequently. It gives disclaimers. But this is the largest and most significant revision since 2009, after the Great Depression. recession.

The number was originally reported as 2.9 million new jobs created, and it's more like 2.1. The Labor Department updates and revises its stats frequently. It gives disclaimers. But this is the largest and most significant revision since 2009, after the Great Depression. recession.

And so the biggest downgrade came in the field, not surprisingly, of professional and business services with 358,000 jobs lost over the last year. We see that in all the stats of different tech companies and businesses, finance companies doing layoffs. Other fields that revise their numbers, leisure, hospitality, manufacturing, retail, makes sense, and a little bit in transportation.

And so the biggest downgrade came in the field, not surprisingly, of professional and business services with 358,000 jobs lost over the last year. We see that in all the stats of different tech companies and businesses, finance companies doing layoffs. Other fields that revise their numbers, leisure, hospitality, manufacturing, retail, makes sense, and a little bit in transportation.

Here's a couple charts for you before we go and get some feedback. Civilian unemployment rate seasonally adjusted. As you can see, since the great financial crisis, we went from 10% all the way down to well below four, and that's where we sit today. USA Today chart here of gains and losses since 1980.

Here's a couple charts for you before we go and get some feedback. Civilian unemployment rate seasonally adjusted. As you can see, since the great financial crisis, we went from 10% all the way down to well below four, and that's where we sit today. USA Today chart here of gains and losses since 1980.

Obviously, that massive drop you see there of minus 9.3 million jobs was COVID with the big quick rebound of 7.3. So overall, the country's in great shape. Sax, your thoughts on the revision? You obviously made note of this when we went through the numbers.

Obviously, that massive drop you see there of minus 9.3 million jobs was COVID with the big quick rebound of 7.3. So overall, the country's in great shape. Sax, your thoughts on the revision? You obviously made note of this when we went through the numbers.

Yeah. It's generating, it's triggering people is what you're saying. Yeah.

Yeah. It's generating, it's triggering people is what you're saying. Yeah.

So Chamath, let me go to you next, because you pointed out that these numbers seemed a little fugazi fugazi. But we have 162 million people record employed in the country. This number, if it's 162, you take out 800, it's 161. This is what the Fed has been trying to do to cool off inflation, right? We needed to see a little bit less employment, and that's part of it.

So Chamath, let me go to you next, because you pointed out that these numbers seemed a little fugazi fugazi. But we have 162 million people record employed in the country. This number, if it's 162, you take out 800, it's 161. This is what the Fed has been trying to do to cool off inflation, right? We needed to see a little bit less employment, and that's part of it.

So I guess the silver lining here is if we are revising these numbers down, that would give more of an indication that we've slowed the economy, correct?

So I guess the silver lining here is if we are revising these numbers down, that would give more of an indication that we've slowed the economy, correct?

And it could easily, Chima, that's a real head scratcher to me. This could easily be crowdsourced or we could pull data from a lot of different places. Obviously, they pull some data from employment roles. But I remember you had a startup. I can't remember the name of it. But you had crowdsourced.

And it could easily, Chima, that's a real head scratcher to me. This could easily be crowdsourced or we could pull data from a lot of different places. Obviously, they pull some data from employment roles. But I remember you had a startup. I can't remember the name of it. But you had crowdsourced.

People were going around and taking pictures of the price of tomatoes in different places and then putting it into a database and organizing, I think, for hedge funds and other folks, yeah.