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The Playbook Podcast

September 5, 2025: Economic storm clouds gather

The Playbook Podcast

POLITICO

News, Daily News, Government, Politics

3.9699 Ratings

🗓️ 5 September 2025

⏱️ 15 minutes

🧾️ Download transcript

Summary

The private sector jobs boom that President Donald Trump pledged to deliver in his second term is starting to look shaky — and that raises the political stakes for this morning’s new monthly jobs report. Weak numbers — or substantial revisions to previously reported gains — would blow a hole in the Trump administration’s claims its agenda has unleashed a new “Golden Age” for American workers — and could portend a turbulent path ahead for the U.S. economy. Playbook’s Zack Stanton and POLITICO White House reporter Megan Messerly sort out what to expect as the spin cycle fires up. Plus: the Defense Department gets a rebranding, and the Justice Department opens a criminal probe into Lisa Cook.

Transcript

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0:00.0

Today on the Playbook podcast, new jobs numbers this morning are expected to show a

0:10.0

weakening labor market. How will the Trump administration respond? The Defense Department

0:14.3

gets a Trumpy rebranding, and the DOJ makes a dramatic escalation in what critics call lawfare.

0:21.4

Hello, I'm Zach Stanton.

0:23.1

And I'm Megan Messerly. It's Friday, September 5th.

0:26.7

And this is the Playbook podcast. Good morning, Megan. How are you doing?

0:30.3

Good morning, Zach. I'm fantastic. Happy to be here with you.

0:33.5

I'm glad to have you. It's been a long week, and I'm glad to have you as company here as we bring it to a close.

0:40.3

100% where we're going to chat through it and finish the week out strong.

0:44.1

Exactly. So let's get right to what's driving the day. The big thing that folks in Washington will be watching today is the August jobs report, which drops at 8.30 this morning.

0:53.7

And the expectation is that the numbers

0:56.2

could offer something of a warning sign that the private sector jobs boom that Donald Trump

1:00.9

pledged to deliver in his second term is starting to look maybe a little shaky. If there are

1:06.4

mounting signs of deterioration in the jobs market, as Politico Sam Sutton wrote in to Playbook this

1:12.1

morning. He noted that the processing firm ADPs closely watched update on private sector employment

1:18.1

reported tepid growth in August that the outplacement firm Challenger Gray in Christmas

1:22.9

reported on Thursday that employers have announced more layoffs so far in 2025 than in any

1:28.4

year since COVID-19 briefly shut down the global economy, and that for the first time since

1:34.1

2021, there are now more unemployed Americans than there are available jobs. And Megan, that adds up to

1:41.5

a potentially politically precarious situation for the White House.

1:45.4

A weak report or substantial revisions to previously reported jobs gains could blow a hole

1:50.1

in Trump's claims that he's unleashed a new golden age for American workers.

...

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