I’m reasonably (ok, totally) sure no one cares, but I feel like I should mention Thursday’s update on an alternative measure of the overall hiring impulse across the world’s largest economy.
Ahead of Good Friday’s BLS release, Revelio Labs said the US probably added fewer than 20,000 positions on net last month. To the extent it’s accurate, that’s a lackluster showing which underscores the notion that employers are reluctant to hire given pervasive uncertainty on virtually all fronts.
As a reminder, the Revelio tally’s derived using individual-level data from more than 100 million online professional profiles. It’s subject to large revisions, but then so is the BLS release.
The figure above gives you a sense of how the Revelio figures track to the BLS establishment survey headline. For March, the Revelio tally was +19,381. That follows a downwardly-revised negative 27,649 in February.
The breakdown suggests the only sector to add a meaningful number of jobs last month was — drumroll — health care and social assistance. Surprise, surprise, I know.
I won’t dwell on this release because, again, it’s not tradable. But it is mentionable, and the US government has only itself to blame for that.
Indeed, were it not for recurring bouts of acute Beltway dysfunction, obscure datasets like this one wouldn’t even exist. They represent the private sector stepping in with a solution when government failed. How quintessentially American is that?



Hiring at DOJ . . . losing at Supreme Court and failing to deep-six Epstein files, plus Dow 46K, “You’re Fired!”.