Peter St Onge Podcast Ep 161 Weekly Roundup: Job Creation Doubles
Feb 23, 2026
A brisk roundup of a blockbuster jobs report and what payroll revisions mean for hiring and wages. Coverage of Japan’s election win and the policy shifts it signals on taxes, stimulus, immigration, and defense. A look at the CBO’s $63 trillion debt forecast and the fiscal choices ahead. Analysis of BRICS’ currency failure and why Russia is favoring dollar stability over a new basket.
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Private Hiring Outpaced Expectations
- The April job report showed private payrolls up 172,000 and a large drop in government jobs, signaling private-sector strength replacing earlier paper-driven gains.
- Peter St Onge highlights a 900,000 downward BLS revision tied to the birth-death model and strong rises in hours worked and people reporting employment.
Paper Factors Drove Recent Job Weakness
- Peter St Onge recounts recent drivers of perceived weak job markets like federal layoffs, deportations, and failed green energy projects.
- He contrasts these 'paper' factors with real hiring from new factories and private-sector acceleration.
AI Is Reshaping White Collar Employment
- AI is creating a two-speed labor market with blue-collar gains and white-collar losses across finance, IT, and journalism.
- Peter St Onge cites finance down ~50,000 since last May, IT down 90,000 from peak, and journalists down 300,000.