The Labor Market Is Cracking And the Fed Isn't Ready
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 12 May 2026
⏱️ 22 minutes
🧾️ Download transcript
Summary
The April jobs report beat expectations, but credit card debt just hit an all-time high and subprime auto delinquencies are at a 30-year peak. Ken and Danille break down what the headline number isn't telling you, and what it means for real estate, interest rates, and your money.
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Transcript
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| 0:00.0 | Are the job numbers telling the full story? Because the labor department said there was |
| 0:09.0 | 115,000 jobs added in April. But when you talk to people that are out looking for a job, |
| 0:14.4 | they say nobody is hiring. So we need to dig into what is the real story. Right. And so if you |
| 0:20.8 | guys are as frustrated as I am about this stuff, I mean, this is going to be |
| 0:24.7 | really, really interesting. |
| 0:26.1 | I dug into this for this particular show because here's the thing. |
| 0:31.8 | You know, last year, I don't know if you guys follow, but here's what the BLS do, the Bureau |
| 0:35.9 | of Labor Statistics. |
| 0:37.4 | They do a jobs report the |
| 0:39.7 | first Friday the following month so let's say the January numbers would be the first |
| 0:45.4 | Friday in February so that's what they call the initial release okay that's the one that |
| 0:51.3 | the media jumps all over okay but what you may not know, what I figured out last year was then they do what's called a |
| 1:00.4 | first revision, which is 30 days later. |
| 1:04.4 | Then they do a second revision, which is 60 days later. |
| 1:10.5 | Then they do what they call, let's see, I want to be |
| 1:14.7 | correct here, they do a benchmark revision for the one year. Okay. So what's interesting is that |
| 1:22.3 | does not exist for 25. I don't know why, because you would think that the benchmark revision would have been done in |
| 1:29.9 | Q1 of 26, but apparently it wasn't. So the only data we have to go back on is 24. Now, why is that |
| 1:37.6 | important? I'll tell you why. Because in 2024, the numbers that we read in the paper, the numbers that you saw, the numbers that the media jumped on were revised by, guess what? |
| 1:52.3 | 818,000 jobs. |
| 1:56.2 | So imagine that. |
| 1:57.9 | So imagine that we, the media, everyone jumped on the BLS reports for the employment data for 2024. |
... |
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