Looks like President Trump and his pick to head the Bureau of Labor Statistics, E.J. Antoni, have been right all along: The BLS is busted. And so is the Fed.

Now comes a downward revision of 911,000 jobs for the 12 months ending in March 2025, which is a preliminary estimate of the so-called revisions for nonfarm payrolls that will probably go into effect this coming February.

We thought jobs were rising at 146,000 per month, but it turns out they were coming in only 71,000 per month.

That’s 76,000 fewer jobs than reported. This is for the period between March 2024 and March 2025, so it was basically all under President Biden’s watch.

Actually, it’s worse, because the last two major benchmark revisions showed a 1.5 million job loss during the Biden years. Where’d those jobs go? Guess big government socialism didn’t work so well, did it?

The BLS is the gang that can’t shoot straight.

Think of this: There are a total of about 33 million American businesses, but the BLS only surveys 651,000 — which is only about 2 percent of the firms. 

Even this small sample produces only a 43 percent response rate.

So actual businesses responding are about 280,000. That’s less than 1 percent of all businesses in the United States.

In other words, the BLS has been playing with a very thin deck of cards.

All this has got to change. So does the Federal Reserve. They say they’re data dependent. But the data is terrible.

The Fed should’ve been cutting their target rate all spring and summer.

Instead of 4.5 percent they should be at 3 percent.

Here’s another point. Even the broken BLS numbers are showing that private payrolls have been flat for the past three months. Another reason the Fed should’ve been cutting rates.

And one more: The Treasury yield curve has been upside down, with 3-month rates generally above 10-year rates.

That’s a sign of overly tight money.

Lumber prices have been crashing. A signal that the housing recession is deepening.

Another sign, the price of a key metal, Dr. Copper, has been flat all year. The Fed should be looking at that, too.

You know, markets are smarter than the BLS.

This isn’t a recession story, in the second quarter the gross domestic product was up 3.3 percent and the Atlanta Fed’s GDP tracker is showing 3 percent right now.

Saving the economy is a boom in factory orders and business equipment responding to the Trump tax cuts.

But the faster the IRS can get those tax-free tips and overtime in place, the better off the economy is gonna be.

And then maybe somebody will tell us about the real jobs story.

From Mr. Kudlow’s broadcast on Fox Business Network.