Episode Overview
Pete and Peter are back from a short summer break, and this morning’s June jobs report gave them plenty to dig into. The headline: the U.S. added just 57,000 jobs in June, well short of the roughly 110,000 forecast, and the Bureau of Labor Statistics quietly erased 74,000 previously reported jobs from April and May in its latest revisions.
Long-term unemployment (workers jobless 27 weeks or more) now makes up 27.3% of the unemployed, and their ranks grew by 286,000 people over the past year. A new ZipRecruiter analysis adds another gut check: a single earner now needs about $100,000 a year to cover typical rent and infant care, and $122,800 to buy a home, yet only 28% of job postings offer six-figure pay.
Pete and Peter also break down a rough week for layoffs, including Volkswagen’s historic cut of 100,000 jobs (the largest in the auto industry), Microsoft’s smaller-than-expected 2.5% workforce reduction, and the ongoing argument over how much of 2026’s layoffs are actually tied to AI versus companies using AI as cover for restructuring. Plus, they discuss Ford’s decision to bring back 300 engineers after CEO Jim Farley predicted major AI-driven white-collar job losses, and what that reversal might signal about where AI adoption is headed.
Key Takeaways
- June jobs report: 57,000 added vs. roughly 110,000 forecast
- BLS revisions erase 74,000 jobs from April and May
- Long-term unemployment climbs to 27.3% of the unemployed, up 286,000 year over year
- Real wages fall behind inflation as pay growth sits near 3% against 3.6% inflation
- ZipRecruiter: $100K needed for rent plus infant care, $122,800 to buy a home
- Layoffs roundup: Volkswagen (100,000), Microsoft (2.5%), Oracle (21,000)
- AI and jobs: sorting real AI-driven cuts from restructuring dressed up as AI, plus Ford’s rehire of 300 engineers
39 minutes
