PodcastExcess ReturnsSeptember 26, 2026
We Asked the Data Scientist Who Rebuilt the Jobs Report What the Headline Number Hides
Diesel-driven freight surcharges and a shrinking foreign-born labor force point to service and grocery inflation the Fed can't control.
- Jobs data is noisy: The BLS payroll survey response rate has fallen to ~43%, with a 90% confidence interval of ±122,000 jobs, making month-over-month headlines statistically unreliable.
- Industry-level anomalies flip fast: Pachman's tool flagged local government education payroll gains at the 96th percentile of historical volatility and computing/data-hosting jobs at the 0th percentile, both signaling likely revisions.
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Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.
