June Job Loss Signals Trouble Ahead

With another round of jobs data released last week, another revision to June’s numbers reveal two startling truths. First, jobs actually decreased in June, contrary to the initial estimates. Second, and arguably worse, the Trump administration’s cover-up of these numbers is as bad as critics thought.

The following article was originally published by the Mises Institute. The opinions expressed do not necessarily reflect those of Peter Schiff or SchiffGold.

If you’ve been paying attention to how jobs data is reported in this country, you know how the scam has worked over the past two years: first, release a very positive jobs numbers—often labeled a “blowout” jobs number. When this number comes out, the usual media “journalists” and finance pundits tell us all how totally amazing the US jobs market is. Then, after the initial reports have died down, and the general public is no longer paying attention, the federal government then quietly releases revised numbers that show the jobs situation for that month was actually considerably less impressive than initially reported. This has happened nearly every month in 2025, with revised numbers repeatedly coming in below—often well below—the initial reported numbers. 

In March, for example, we were told that jobs went up by 228,000 in that month. Then, by the third revision, the number was reduced by more 100,000 jobs, with the final number being only 120,000. In May, this revision process has reached almost absurd proportions. For example, in May, the initial report was that the US economy saw 139,000 new jobs during the month. After the final revision, that number was reduced to mere 19,000 jobs. Things were even worse for June, with the initial total of 147,000 jobs revised down to negative 13,000 in the final revision. (We have yet to see the final revision for July.) …