Here's what the May jobs report won't tell you

The Friday jobs report won't tell the full story.

Transcript

00:00Well, this jobs report that's coming out here on Friday is kind of an interesting one.

00:03It's kind of a meh, though. There's not really a whole lot going on.

00:07You know, as far as the headline data goes, I'm a little bit critical. Why? Because when we see

00:13jobs numbers overstated by 818,000 in the previous year, you go, wait a minute, you had a few million

00:21jobs that came out, but they were overstated by how many? So, you know, here's the point.

00:28Small businesses are hiring. Some small businesses are not hiring. I think this is a strategic time for

00:33layoffs. If you were a tech company and talent was hard to come by, you probably overhired. Why?

00:39Because you had tons of cash. You were looking for the right people and you didn't want to,

00:43you know, have a downfall of them. Now we've got AI that's taken some of those jobs. Now we might

00:47have strategic moments here where people may be able to downsize and their company are more right

00:54size for the future, given some of the differences in innovation or how, you know, some of these

01:00roles, you know, might be automated. I think that we need to just also recognize that with better

01:04technology and more efficiencies, it will bring lower costs, but it might cost us some jobs here

01:09along the way. And so people need to think about how can they be irreplaceable in those businesses?

01:17What education might they need to be getting right now to make them indispensable in the future?

01:22What jobs might there be in the future for actual people like plumbers and electricians and nurses,

01:29but there might be less primary care doctors out there. And oh, by the way, AI could probably be

01:35my doctor and get a hundred percent on the test that it takes to become a doctor because it's a speed

01:39reader and a perfect referencer. And so I think that we just need to make ourselves aware for some

01:45changes that could come. But ultimately, you know, this, you know, these jobs numbers that are coming

01:51out are going to tell us that there are some trends developing. And I think that we should be paying

01:56attention to it. Oh, one last one on that with the jobs that are developing here is that if the tax

02:02cuts and jobs act 2.0 goes through and you're, you know, doing part-time work or you're willing to do

02:08overtime, which is, you know, trying to incentivize the families that are ultimately here and

02:13endeavoring to, you know, make things happen, I think it's important for us to understand that

02:20that those families could be positioned really well by that new tax cuts and jobs act 2.0 and how it

02:29could affect their bottom line for making those decisions to work those extra hours.