Subject: Re: Control Panel: Sticking the soft landing, “Soonico

Meanwhile, separate data Wednesday showed the unemployment rate ticked down to 4.3% in January, with employers adding a larger-than-anticipated 130,000 jobs…
[But not so fast…that’s not the real number since it includes “birth-death” adjustment …]

Annual revisions showed the economy added an average of 15,000 jobs a month in all of 2025, lower than in almost any year outside of recessions since World War II. Job growth has been narrowly concentrated in healthcare and education… [end quote]

The January numbers I have documented as false. The month of January 2026 is not part of the 2025 revisions.