Hello, everyone. This is JVL here with my bulwark colleague, Catherine Rampel, author of the receipts newsletter.

And we have economic news. It's Friday and we have jobs reports and, oh, America lost jobs.

Not job growth. We went backwards. So lost 92,000 jobs in February,

Catherine. Not something that happened a lot in the Biden administration.

No. But here we are. And just to clarify, jobs numbers are not like golf lowest score wins. You want them to be positive, right?

Yes, you want them to be positive, ideally positive enough to, you know, keep up with population

growth and reduce unemployment and all of the hopefully obvious things.

Instead, I think we have net job losses since May of 2025,

because this is not the first time we've lost jobs under the Trump administration.

Yeah, I think we have a chart actually showing job losses.

Yeah, exactly there.

So you can see, look at that.

Boy, look at all those blue lines back in

2022 and 2023 and 2024. Wow. I guess America really hated that. Yeah. Well, they didn't.

I guess America didn't like those blue lines, huh? America was really mad about the economy in those years.

I mean, not because of the job market per se, because of other stuff happening about the economy in those years.

I mean, not because of the job market per se, because of other stuff happening in the economy.

But, yeah, this was not sufficient at the very least to stoke a lot of enthusiasm about the Biden economy.

Whereas, as you can see here, we now have six months of job losses, not consecutive, but, you know, over the course of Donald Trump's second term. So not great. I should clarify that the job losses in

February were partly about the fact that there was a big strike in health care at a hospital

system.

But like the economy should be resilient enough to still show job growth without,

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