🚨BIG PERSONAL NEWS🚨 In the last year I've published 78 articles, created 438 charts, and written thousands of words to explain our complicated modern economy. Today I'm excited to announce that I'm taking the leap—and writing my newsletter full-time!🧵 https://t.co/7yRnKauXPO

The core economic pitch for Trump's mass deportations was "fewer immigrants means more jobs for Americans" Unsurprisingly, that's just not happening Prime-age employment rates for native-born Americans fell to the lowest levels in more than four years in data released today

Canadian Unemployment by Province: Newfoundland & Labrador: 9.3% Alberta: 7.0% New Brunswick: 7.0% Nova Scotia: 6.2% Ontario: 6.8% Prince Edward Island: 6.8% British Columbia: 6.2% Saskatchewan: 6.0% Quebec: 5.6% Manitoba: 5.0%

NEW CANADIAN JOBS DATA: Employment Growth: 75k Unemployment Rate: 6.4% (-0.1%) Prime Age (25-54) Employment Rate: 83.9% (0.3%) Employment Level: 21.2M

The US tech sector continues bleeding jobs—official data released this morning shows employment dropped by 4k last month and is down 42k over the last year That's not as bad as the worst of the 2024 tech-cession, but extremely bad compared to the 2022 boom or even pre-2020 norms

NEW US JOBS DATA: Non-farm Payrolls: -23k Unemployment Rate: 4.1% (-0.1%) Prime Age (25-54) Employment-Population Ratio: 80.4% (+0.2%) Average Hourly Earnings: +0.1%

June US transit data is in today, & all of the 10 largest US rail networks are growing! SF is seeing a real boom, with ridership up 16% on Muni & 14% on BART SEPTA (Philly, 9.1%) and PATH (NY/NJ, +8.7%) are also seeing strong growth, while MTS (San Diego, +1.4%) is the slowest🧵

Ridership on the Phoenix Valley Metro Rail also continues inching up since the B-line to South Phoenix opened in late 2025, with the route taking more than 12.4M passengers over the last twelve months, the highest since 2019!

Ridership on the Bay Area's Caltrain also continues rising in the wake of the route's electrification, with passenger counts up 10% compared to this time last year! Caltrain has taken more than 14M passengers over the last twelve months, the highest since 2019

Kansas City's streetcar is also seeing a major ridership boom in the wake of the new extensions to UMKC and the riverfront Ridership has more than quadrupled over the last year, and the system now has more passengers than the Sacramento or Charlotte light rail systems!

Another major transit story this year has been the steady rebound in LA Metro rail ridership since the opening of the first D-line extension Though still well below record highs, LA Metro moved 6.6M riders last month, up 23% from this time last year.

The biggest US transit story of this year has been the massive growth of Seattle Link Light Rail ridership in the wake of the 1 & 2 lines connecting The Link moved a record 5.4M passengers last month, up 57% from last year, and it's now America's biggest light rail network!

June US transit data is in today, & all of the 10 largest US rail networks are growing! SF is seeing a real boom, with ridership up 16% on Muni & 14% on BART SEPTA (Philly, 9.1%) and PATH (NY/NJ, +8.7%) are also seeing strong growth, while MTS (San Diego, +1.4%) is the slowest🧵

Here’s the link to the full poll & writeup for those asking: https://t.co/uLbPeZ4Ntq

DSA-aligned Democrats are now the most pro-free-trade voting bloc in the United States, in an incredible turn of events

America's COVID-era warehouse boom is truly over—real US warehouse construction has fallen to the lowest level since 2019 in official data released today It's down nearly 40% since its 2023 peak and is down 12% over the last year alone

Official data was released today, and after adjusting for inflation, American office construction has fallen to the lowest level since 2011 It's down nearly 60% since the onset of the pandemic and 15% over the last year alone

American factory construction continued declining in official data released today as CHIPS Act projects finish, IRA projects get cancelled, and tariffs weigh on nearly all industries Total US factory construction is down 32% from its 2024 highs and 22% over the last year alone

US data center construction reached another new record high in official data released today, exceeding a pace of $68B/yr (and this only includes data center facilities, not the expensive computers within) Spending is up 46% over the last year and 392% since ChatGPT's launch

US real factory construction continued declining in data released this morning, as CHIPS Act projects complete, IRA projects get cancelled, and tariffs weigh on investment Total manufacturing construction is now down more than 25% from its 2024 highs

US electricity investment inched up to another record high in official data released this morning Solar/Wind investment continued hitting new highs, transmission & distribution investment rebounded from its 2025 declines, while traditional gas/coal construction remains stagnant