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The Bureau of Labor Statistics (BLS) announced a significant downward revision in job numbers, with 911,000 fewer jobs added in the year ending March 2025 than previously reported. This revision marks the largest on record, surpassing the previous record of 818,000 in 2024. The BLS has come under scrutiny for its methodology, especially with the recent departure of former commissioner Erika McEntarfer amidst accusations of data manipulation by President Trump. The new chief economist, E.J. Antoni, faces challenges in adjusting the models to account for the surge in new business formations.

The BLS utilizes the birth-death model to estimate new business activity, but the unprecedented increase in filings since the pandemic has led to significant discrepancies in the job numbers. Economists at Goldman Sachs noted that the model may have been overly optimistic in the second half of 2024, leading to inaccurate job projections. The inability of the BLS to accurately capture the evolving job market poses challenges for policymakers and analysts alike.

Heather Long, chief economist at Navy Federal Credit Union, highlighted the impact of the surge in new business formations on the job numbers. With low barriers to entry and a growing interest in entrepreneurship, the future of these new ventures remains uncertain. The ongoing revisions underscore the need for the BLS to adapt its models to reflect the changing dynamics of the labor market.

A new $100,000 fee for H-1B visas in the United States will go into effect on Sunday, affecting only new applicants. Existing visa holders re-entering the country will not be charged this fee. The White House clarified that the fee is a one-time charge per petition and aims to level the playing field for American workers.

There is still uncertainty about how the policy will handle H-1B holders who are outside the U.S. when it goes into effect. The White House said they will not be charged to re-enter.

The Treasury Department has taken a step closer to fulfilling President Donald Trump’s promise of no tax on tips with the release of new guidance. The proposed regulations, submitted to the Federal Register, provide details on the occupations covered by the rule and the qualifications for claiming the benefit of tax-free tips.

The provision, part of the Republicans’ tax and spending law, allows certain workers to deduct up to $25,000 in qualified tips per year from 2025 through 2028, with a phase-out for higher income earners. In order to qualify as a tip, it must be earned in one of the Treasury’s listed occupations, be voluntary, and given in traditional forms such as cash, check, or gift card.

President Trump has implemented a significant increase in fees for companies looking to hire foreign workers through the H-1B program. The new $100,000 fee for new visa applications is a substantial jump from the previous $215 registration fee. The H-1B program allows U.S. companies to hire foreign workers in technical fields such as IT, engineering, mathematics, and medicine, with an annual cap of 65,000 visas, plus an additional 20,000 for foreign graduates with U.S. advanced degrees. The administration’s move aims to crackdown on what it sees as widespread abuse of the program, blaming it for displacing American workers and causing unemployment among recent computer science graduates.

As the Trump administration imposes new policies and tariffs on imported organic sugar, U.S. manufacturers are facing a potential price increase of up to 30% for organic sugar, leading to higher production costs for a wide range of organic foods. With the majority of organic sugar being imported, the impending high-tier duties on imports will further strain the already expensive organic food industry, which must meet strict certification requirements for organic production.

Spirit Airlines CEO Dave Davis has informed employees of plans for further job cuts and a 25% reduction in capacity for the airline’s November schedule. Following the carrier’s recent bankruptcy declaration, Davis emphasized the need to optimize the network and focus on the strongest markets in order to reduce costs and stabilize the company’s financial standing.

Hyundai Motor Group has confirmed its plans to expand its Georgia plant with a $2.7 billion investment, despite a recent immigration raid that delayed the startup of an electric vehicle battery plant at the site. The company will increase production capacity at the Ellabell site by 200,000 vehicles over the next three years, bringing the total to 500,000 vehicles a year.