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Last summary: Apr 23, 2026
How Unemployment AND Employment Are Rising... At The Same Time
The Bureau of Labor Statistics (BLS) recently released its monthly jobs report, indicating an addition of 178,000 jobs and a modest 0.1% decrease in unemployment. However, this data contradicts other economic indicators, such as consumer sentiment hitting its lowest level since data collection began, and a Conference Board survey showing the highest number of consumers ever finding jobs hard to get. Indeed’s data also pointed to an extremely defensive hiring posture among companies. Further evidence contradicting the BLS report includes over 60,000 job cuts announced in March alone, low hiring shown by the Fed's internal data, an increase in weekly unemployment claims to 219,000, and the BLS's own report noting a shrinking labor force by 396,000. These discrepancies—rising unemployment claims, job cuts, and a shrinking labor force alongside an official jobs figure increase—have eroded trust in these statistics, especially with frequent and substantial revisions.
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50% Of AI Data Centers Have Quietly Been Cancelled Or "Delayed"
In 2025, the world's largest companies reportedly spent around $400 billion on capital expenditures to support the development of artificial intelligence. This sum, adjusted for inflation, is equivalent to nine Manhattan projects or two Apollo programs, all within a single year and solely for infrastructure. To put it into perspective, last year, more money was allocated for constructing and fitting out data centers than was spent on building single-family residential homes during the same period. This figure does not even include non-public companies like Anthropic or OpenAI, for which reliable financial data is harder to obtain, nor does it cover other costs beyond facility construction and fit-out, such as staffing, energy, security, and strategic acquisitions. These numbers are also specific to 2025, and recent announcements suggest that spending this year will once again reach new record highs. While the substantial figures in the AI industry may not be surprising, it's notable that in the almost four years since the public release of Chat GPT, not a single one of these companies has managed to turn a profit from this technology, even with generous financial projections and accounting methods. The exception has been Nvidia and other upstream hardware and chip manufacturers, who consistently generate profits by supplying the necessary components, akin to selling "pickaxes and shovels" in a gold rush. However, a closer look at the numbers raises questions about where these "shovels" are actually going.
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