The jobs picture wasn’t as strong as it seemed.

The jobs picture wasn’t as strong as it seemed. After revisions, 862,000 jobs vanished, the biggest correction since the 2009 financial crisis.

All of 2025 produced just 181,000 jobs, a sharp fall from 1.46 million in 2024—only about 15,000 jobs a month. Federal employment dropped to a 60-year low, and many months once marked as “growth” nearly disappeared.

For the third year in a row, job gains were overstated.

So while today’s headline looks fine, the foundation beneath it is weak—raising recession risks and increasing pressure on the Fed to step in.