"Well, we still have to get, like, the government data that we lost because of the shutdown, and one of the things we're seeing is that payroll surveys, where they call up firms and say, Hey, how many people do you have working for you? that they're showing much lower growth than household surveys where we ask people, Do you have a job?"
"But the bottom line is that GDP growth is 4% right now and accelerating into next year with all the capital spending we're seeing, and there's never really ever in my memory, going all the way back to World War II not me, but looking at the data has there been growth that high without job creation."
"The U.S. Department of Labor's Job Openings and Labor Turnover Survey (JOLTS) revealed on Tuesday that the number of layoffs had risen to almost 1.9 million the highest since January 2023, when former President Joe Biden was in the White House."
Layoffs rose to nearly 1.9 million, the highest since January 2023, according to JOLTS. Questions were raised about causes including AI, migration, and automation. The National Economic Council director cited missing government data from a shutdown and differences between payroll surveys and household surveys that could reflect measurement issues. Payroll surveys show lower employment growth while household surveys report more jobs, suggesting potential survey methodology problems. He said GDP growth is around 4% and accelerating, driven by strong capital spending, and such high growth rarely occurs without job creation.
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