Entrepreneur and financial commentator Carol Roth joined Dan Proft on Chicago’s Morning Answer to dissect growing concerns about the accuracy of federal jobs data, the evolving structure of the labor market, and recent moves by private equity firms to open up to retail investors.
The conversation began with skepticism over the reliability of monthly employment figures from the Bureau of Labor Statistics. Proft cited recent downward revisions to previous months’ job numbers, calling into question the usefulness of such data. Roth agreed, describing the monthly jobs reports as “complete trash” and unacceptable in an era when vast amounts of real-time data are already being collected elsewhere.
She argued that if publicly traded companies made frequent errors on the scale seen in government reporting, they’d face serious consequences. Roth suggested the BLS should slow down reporting if it can’t deliver accurate figures, rather than continue to release flawed numbers that influence financial markets and public policy.
Roth noted that shifts in employment patterns have outpaced the BLS’s methods. With tens of millions of Americans now participating in the gig economy or working as solo entrepreneurs, she emphasized that traditional models of tracking employment no longer reflect the real state of the workforce. In her view, the government needs to completely rethink how it defines and measures employment in today’s economy.
Turning to artificial intelligence, Roth predicted that white-collar workers, particularly those at large corporations, would feel the most disruption from AI. She believes small businesses will be more likely to retain staff and even benefit from displaced professionals starting their own ventures. Despite the risks, she remains cautiously optimistic that AI will ultimately become a useful tool rather than a widespread job destroyer—though she did half-jokingly concede there’s a “non-zero” chance the robots could one day “kill us all.”
Roth also warned small investors to be wary of private equity firms now opening their doors to Main Street. Once an exclusive domain for institutional investors, these firms are increasingly offering products to retail investors. But Roth said the timing should raise eyebrows. With rising interest rates, expensive deal-making, and underperformance compared to public markets, she suspects private equity is seeking new sources of capital as traditional investors pull back.
“This is not because you’ve suddenly become cool,” she said, encouraging listeners to read the fine print and scrutinize recent performance before committing money.
Throughout the segment, Roth emphasized the importance of being data-literate and skeptical, especially in a financial landscape shaped by outdated models and shifting incentives. As employment patterns evolve and AI continues to spread, she urged Americans to stay informed, adapt strategically, and not take economic narratives at face value.
Roth is the author of You Will Own Nothing: Your War with the New Financial World Order and How to Fight Back and publishes a free economic newsletter at carolroth.com/news.