The Fed Just Admitted the Job Market Is Worse Than Official Data Suggests

Rendering of Powell looking at the lectern with a spreadsheet

The official government data paints a picture of a labor market that is cooling but resilient, with steady, albeit modest, job growth. But on Wednesday, Federal Reserve Chair Jerome Powell signaled a far more somber reality: once the statistical dust settles, the true picture of the American economy may be one of job destruction, not creation.

Greene calls H-1B โ€œmass replacementโ€ of U.S. workers. The data is less clear.

A big tech employee disembarks from a private jet and shakes hands with an HR person.

Greene wants to end the H-1B visa program, Trump wants to keep it, and the data tells a much more complicated story about who is actually getting hired in Big Tech and beyond.