Just how bad are these job numbers?

这些就业数据究竟有多糟糕?

The Indicator from Planet Money

2026-02-06

9 分钟
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It’s a weird time for jobs numbers. Another month, another jobs report pushed back by the Bureau of Labor Statistics. Averaging two private sources, ADP and Revelio Labs: an estimated 4,500 jobs were added in January. Sounds like … not many. And, yet, the unemployment rate hasn’t seemed to have risen. This might be, in part, due to the Trump administration’s immigration crackdown. We’ll explain through the story of one Angeleno.On today’s show, how bad are these job numbers? Or are they not bad at all? And what does immigration have to do with it? Related episodes: Can we still trust the monthly jobs report? (Update) What you need to know about the jobs report revisions What really goes on at the Bureau of Labor Statistics (Update) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Fact-checking by Sierra Juarez. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.   Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy
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  • NPR.

  • This is The Indicator from Planet Money.

  • I'm Darian Woods.

  • And I'm Waylon Wong.

  • And it's what should be Jobs Friday.

  • The Bureau of Labor Statistics was scheduled to give us the jobs numbers for January.

  • But due to the partial government shutdown, we're going to have to wait.

  • We still have some jobs numbers.

  • We have the Chicago Fed estimate of US unemployment for January.

  • That rate is 4.4%.

  • And it's an unemployment rate that is essentially unchanged from December.

  • We also have private sector estimates of how many jobs were added to the economy in January.

  • Revello Labs, which is a workforce analytics company,

  • it estimated that the economy lost 13,000 jobs.

  • HR and payroll company ADP, though, estimated the US gained 22,000 jobs.

  • Now, you might be wondering, do those numbers really justify an air horn?

  • About a year ago, we were announcing numbers like 140,000, 260,000.

  • That, we were saying, meant a pretty strong labor market.

  • Yeah, losing 13,000 jobs or gaining 22,000,

  • that doesn't necessarily mean that the jobs market is going down the drain.