Cornering The Job Market · 2026-08-10 · 39 min
The July jobs report finally turned negative: the US lost 23,000 jobs, and the Bureau of Labor Statistics revised May and June's numbers down by a combined 103,000. Pete and Peter argue the losses matter less than they sound, since 264,000 people also left the labor force this month. Fewer job seekers competing for roughly the same number of openings still adds up to a healthy market on paper, even though unemployment ticking down partly reflects people exiting the workforce rather than finding jobs. The bigger story underneath the monthly numbers: baby boomer retirements are shrinking the labor force, a trend Pete and Peter expect to continue for at least the next five years. They also break down a new Indeed survey of economists, where 57% expect AI to lower wages and 61% worry about AI displacing college-educated workers, and get into whether a bachelor's degree still prepares graduates for the workforce it's supposed to lead them into. That includes a pointed take on the University of Michigan's decision to hide first-semester grades from new students.
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