The Bureau of Labor and Statistics (BLS) has released the jobs and employment data for April [SEE HERE].  Within the data we see 177,000 jobs were gained, beating expectations of 133,000.   The unemployment rate remains unchanged at 4.2%.

Federal government employment declined by 9,000 in April [BLS, Table B-1]  Health care added 51,000 jobs: consisting of hospitals (+22,000) and ambulatory health care services (+21,000). Transportation and warehousing increased by 29,000 jobs in April: with warehousing and storage (+10,000), couriers and messengers (+8,000), and air transportation (+3,000).

.@StephenMoore reacts to the jobs report: “436,000 increase in the number of people who are employed. So, this is an amazing report… The labor force participation rate rose. So, this is a very strong number.” pic.twitter.com/CuAPwD52Yn

— Rapid Response 47 (@RapidResponse47) May 2, 2025

(Via Wall Street Journal) – The U.S. economy continued to add jobs at a steady clip in April, although the pace of gains slowed slightly during a month that saw changing tariff announcements and market turmoil.

The U.S. added 177,000 jobs in April, the Labor Department reported Friday, above the gain of 133,000 jobs economists polled by The Wall Street Journal had expected to see.

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Apparently, each week the Dept of Govt Efficiency (DOGE) team gets together for a weekly debriefing and recap session of what is happening in the various agencies under review.  Fox News host Jesse Watters accompanied Elon Musk to this week’s meeting.

Fox News has shared the discussion to help people understand a little bit more about what is happening behind the scenes with the DOGE review team. It is an interesting discussion.  WATCH:

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Part Two is below.

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I’m not sure why they choose Hannity but given that Secretary of State Marco Rubio is now also the interim National Security Advisor, it’s worth quickly visiting his perspectives in this new dual role. WATCH (prompted):

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In this segment of a remarkable interview by MeAgain Kelly, DNI Tulsi Gabbard discusses the current intelligence community research into the origin of the SARS-CoV-2 pandemic (aka COVID-19).   Gabbard talks about the U.S. government funding of ‘gain of function’ research which is a soft sounding phrase to describe the weaponization of biological agents.

Gabbard notes the gain of function research taking place in the Wuhan lab, was coordinated and funded by the United States Government, and the Intelligence Community is close to making a direct link between the research and the release of the COVID-19 virus.  Additionally, DNI Gabbard explains the concern of other biolabs around the world and then gets very close to the line of admitting the IC itself is politically weaponized (which it is but would be stunning to admit).  WATCH:

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CTH said in November 2024, I doubt he could succeed.   I said in December 2024, he would be the first to get fired.  I have said over the past several weeks it was obvious Mike Waltz was no longer in a position of National Security influence, and that President Trump had an NSA “in name only.”

Today, Trump fired National Security Advisor Mike Waltz, and his deputy, Alex Wong….

VIA CBS – National security adviser Mike Waltz and his deputy, Alex Wong, will be leaving their posts in the Trump White House, according to multiple sources familiar with their departure.

[…] One source familiar with the situation at the National Security Council said the president thinks sufficient time has passed since the Signal incident that Waltz and Wong’s departures can be framed as part of a reorganization. The president has been hesitant to oust Waltz over the perception that doing so could be seen as bending to outside pressure.

Wong served in the first Trump administration as deputy special representative for North Korea and also as deputy assistant secretary for East Asian and Pacific Affairs at the State Department. In announcing his appointment, Mr. Trump said that Wong helped negotiate his summit with North Korean leader Kim Jong Un. (more)

I’m not going to repeat all the issues that made this outcome transparently predictable from the first day of then President-elect Trump’s announcement.  You can read the background HERE and HERE and HERE.

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President Trump and First Lady Melania Trump will be participating in a National Day of Prayer event at the White House. Anticipated Start Time 11:00am, with livestream links below:

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Will U.S. taxpayers ever see a dime repaid? Probably not, because the proceeds will likely end up in the pockets of the professional political class; however, the concept is a good idea in principle.  It is more than likely Zelenskyy has sold his “minerals” to several countries in his perpetual tin cup tour. The ‘investment fund’ aspect is just another way to transfer proceeds into the bank accounts of U.S. Senators.

The previously called “minerals deal” is now essentially a fund created between the USA and Ukraine where proceeds from exploiting Ukraine natural resources will be used to rebuild the country and repay the USA for prior financial support.  According to ABC News, “Both sides were ready to sign the agreement on critical minerals and other resources earlier, but the U.S. said it wanted the main minerals resources agreement signed and the creation of an investment fund document signed at the same time, Ukrainian Prime Minister Denys Shmyhal and a source in the Ukrainian president’s office said.”

Thanks to @POTUS @realDonaldTrump’s tireless efforts to secure a lasting peace, I am glad to announce the signing of today’s historic economic partnership agreement between the United States and Ukraine establishing the United States-Ukraine Reconstruction Investment Fund to help… pic.twitter.com/N1jPa35DYh

— Treasury Secretary Scott Bessent (@SecScottBessent) April 30, 2025

WASHINGTON — On April 30, the United States and Ukraine signed an agreement to establish the United States-Ukraine Reconstruction Investment Fund. In recognition of the significant financial and material support that the people of the United States have provided to the defense of Ukraine since Russia’s full-scale invasion, this economic partnership positions our two countries to work collaboratively and invest together to ensure that our mutual assets, talents, and capabilities can accelerate Ukraine’s economic recovery.

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Earlier today President Trump held a cabinet meeting with the heads of all executive agencies.  Following the meeting, President Trump invited the press into the cabinet meeting room where he answered media questions.  WATCH:

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This next story is a natural outcome in the flow of goods. Remember, the Bureau of Economic Analysis (BEA) of the first quarter is a hindsight review. Meaning the information released today was based on activity in January, February and March 2025.

U.S. companies surged the purchasing of import goods, mostly from China, by more than 50% in the first quarter. They were/are building inventory. So, what happens in China starting in April?

Hong Kong, CNN – China’s factory activity contracted at its fastest pace in 16 months in April, as steep US tariffs took a heavy toll on the manufacturing sector, adding urgency to Beijing’s efforts to roll out fresh economic stimulus.

The manufacturing Purchasing Managers’ Index (PMI) fell to 49.0 in April, the weakest reading since December 2023, according to data released by the National Bureau of Statistics (NBS) on Wednesday. A reading below 50 signals a contraction.

Zhao Qinghe, a senior statistician at the NBS, said in a statement that the contraction in factory activity was due to “sharp changes in the external environment and other factors.” (read more)

The U.S. has front-loaded the inventory. So, orders to China drop now. It’s a natural outcome.

We have purchased goods in advance. So, orders to China drop. As a result, the cargo shipments from China to the USA drop in April, May and June.

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The absolute key to the first quarter GDP result is to remember that ‘imports‘ are a deduction in the economic equation of Gross Domestic Product.  The GDP is the valuation of all goods and services produced in the USA *minus* the value of imports.

The Bureau of Economic Analysis (BEA) releases the results of the first quarter GDP.  The overall economic growth seems low at –0.3% until you look at how U.S. companies responded in February and March to the tariff announcement.

Companies proactively purchased massive amounts of products in advance of the tariffs leading to an overall increase in imports of 41.3%.  Which results in a 5.3% deduction to GDP.  Every dollar of those imports is a deduction to the GDP equation, giving the false appearance of lower domestic production.

There was a massive surge in import goods purchases of 50.9% versus the prior period [Table 1, line 20].  That’s the largest periodic increase in import purchases I have ever seen.  Simultaneously, fixed asset investment in equipment for domestic production surged 22.5% [Table 1, line 11].

Put both of these metrics together and what you see are U.S. companies building consumer inventory from overseas (imports) while simultaneously preparing themselves to shift production into the USA.  The massive import purchases are a bridge to cover the time needed to shift the manufacturing from overseas to the USA.  This is exactly what we want to see.

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