Welcome to the News Hour. New data show the U.S. job market was much weaker than initially reported for much of last year, during President Biden's term and some of this year under President Trump.

More than 900,000 fewer jobs were added in 2024 and 2025 than previously expected.

The Bureau of Labor Statistics issues these revisions every year,

but this year's change is the biggest revision on record. And it comes after President Trump

fired the BLS Commissioner last month after a weaker than expected monthly jobs report.

For a closer look, we're joined now by Julia Coronado, president of macro policy perspectives.

It's always great to have you on the program.

So we knew the labor market was softening, but these revisions suggest the slowdowns started

earlier and was more severe than we thought.

What's your reaction?

And what factors do you see driving the weakness?

So let's keep in mind we get this timely measure of jobs every month from

the Bureau of Labor Statistics, and it's based on a sample of firms, and then there's a quarterly,

almost a census of employment that comes with a lag. And we knew a downward revision was coming

because we could see some of that

quarterly data. And every year they benchmark this. So just to kind of, this is a normal process they

go through every year. We knew that the numbers were a bit overstated. And one of the challenges right now is

that we've had this major swing in immigration

from hundreds of thousands of new people entering the labor market every month, every quarter,

to one where we're actually losing immigrants on balance. And that, I think, is part of the

one contributing factor to the big swing from several

hundred jobs being created every month to what now looks like more like 70,000 jobs created

...