The Hidden Truth Behind the June Jobs Report

Nippon Steel Corporation is a leading global steel producer, founded in 1970 through the merger of Yawata Iron & Steel Co., Ltd., and Fuji Iron & Steel Co., Ltd.[1][2]. The company's history traces back to 1901 with the establishment of Yawata Steel Works, which was a pivotal moment in Japan's industrial development[6]. In 1934, the Japanese government consolidated several steelmakers into Japan Iron & Steel Co., Ltd., which later dissolved into private entities, including Yawata and Fuji, following World War II[1][6]. Nippon Steel has achieved significant milestones, including becoming the world's largest steelmaker by the mid-1970s[5]. The company expanded globally, diversifying into specialty steels and other materials to adapt to changing market demands[5]. In recent years, Nippon Steel has continued to evolve, announcing a goal to achieve carbon neutrality by 2050[4]. Today, Nippon Steel operates with a production capacity exceeding 40 million metric tons of crude steel annually, reporting revenues of approximately 6.1 trillion JPY (around 55 billion USD) in FY 2022[4]. The company is known for its advanced production facilities and commitment to environmental sustainability[5]. Notably, Nippon Steel has been at the forefront of technological advancements in the steel industry, focusing on innovation and strategic partnerships to maintain its position as a global leader[6]. As a major player in the steel industry, Nippon Steel continues to navigate challenges such as competition from emerging markets and the need for sustainable practices. Its strategic expansions and commitment to technological innovation underscore its position as a key player in the global steel market.

United States Steel Corporation (U.S. Steel), headquartered in Pittsburgh, Pennsylvania, is a leading American steel producer with a rich history dating back to 1908. The company manufactures and sells a broad range of steel products including flat-rolled and tubular steel used in automotive, construction, consumer goods, electrical, industrial equipment, and energy sectors. It operates integrated steelmaking facilities and mini mills, including the significant Gary Works plant in Indiana, one of North America’s largest steel mills[1][4][6]. Historically, U.S. Steel was the largest steel producer globally, ranking eighth in 2008 and 24th by 2022, remaining the second-largest in the U.S. after Nucor. The company was renamed USX Corporation in 1986 but reverted to U.S. Steel in 2001 after spinning off its energy assets[1]. A landmark event in its recent history was the $14.9 billion acquisition by Japan’s Nippon Steel Corporation in 2025. Despite initial political and union opposition, the deal was finalized with unique government safeguards, including a “golden share” held by the U.S. government granting veto power over critical decisions to protect national security and jobs. U.S. Steel retains its iconic name and Pittsburgh headquarters as a subsidiary of Nippon Steel North America[1][2][5]. U.S. Steel is actively pursuing sustainability and innovation through its “Best for All®” strategy, emphasizing next-generation steels with lower carbon footprints, such as verdeX® steel made with up to 90% recycled content and 75% less carbon emissions than traditional steelmaking. The company has committed to achieving net-zero carbon emissions by 2050 and reducing greenhouse gas intensity by 20% by 2030[1][4]. Its recent investments include new mini mills and advanced electrical steel lines catering to electric vehicle and industrial markets[3][8]. Economically, U.S. Steel remains

The **Congressional Budget Office (CBO)** is a nonpartisan federal agency established in 1974 by the Congressional Budget Act to support Congress in budget and economic policy matters. Its core mission is to provide objective, impartial, and professional economic and budgetary analysis to help lawmakers make informed decisions about fiscal policy. The CBO serves as an independent alternative to the executive branch’s Office of Management and Budget, ensuring Congress has its own reliable data and projections[1][2][3][7]. CBO’s primary responsibilities include producing formal cost estimates for nearly every bill approved by congressional committees and publishing key reports such as the annual *Budget and Economic Outlook*. This flagship report offers baseline budgetary and economic projections over a 10-year horizon, assuming current laws remain unchanged. The agency also conducts analyses of the economic impacts of proposed federal spending and tax policies, aiding Congress in understanding long-term fiscal effects and budget deficits[1][3][5]. Since its inception, the CBO has become a critical institution in the U.S. budget process, recognized for its rigorous methodology and nonpartisan stance. It employs experts in economics and public policy who draw on a wide range of data, forecasting models, and external expert advice to maintain accuracy and credibility. The agency has adapted to the digital age by enhancing its publication and digital media divisions to better communicate its findings to both legislators and the public[3]. Currently, the CBO continues to provide vital analysis amid complex economic conditions, such as assessing the federal deficit, tax revenue changes, and spending trends. It remains strictly neutral, never making policy recommendations, but offering transparent methodologies that underpin its analyses[5][7]. For stakeholders in business and technology news, the CBO’s work is essential for understanding how fiscal decisions may influence economic growth, innovation funding, and federal investment priorities.

**Reuters** is a leading global news agency founded in 1851 by Paul Julius Reuter, a German immigrant who innovatively combined telegraphy and carrier pigeons to transmit financial and news information rapidly between cities like London and Paris[1][2][4]. Starting from a modest office in London’s financial district, Reuters quickly gained a reputation for speed, accuracy, and impartiality, exemplified by its early scoop on the death of U.S. President Abraham Lincoln in 1865, beating competitors by hours[1][2]. Historically, Reuters evolved from a commercial news service focused on stock prices for banks and brokerage houses to a comprehensive international newswire serving newspapers worldwide. Its expansion reflected the growing importance of timely, reliable news in business and global affairs[2][3]. The company’s independence and editorial integrity have been safeguarded since 1947 by the Reuters Trust Principles, which commit Reuters to unbiased and accurate reporting[4]. Today, Reuters operates as part of Thomson Reuters, a Canadian multinational headquartered in Toronto. It is recognized as the largest global news agency, with over 2,600 journalists in 165 countries producing around 2 million unique news stories annually in 12 languages[5]. Reuters embraces cutting-edge technology to deliver breaking news, multimedia, and authenticated content to media, technology firms, governments, and corporations, ensuring fast and seamless distribution[5]. Notable achievements include winning over 300 journalism awards in the last decade, such as the 2024 Pulitzer Prizes for National Reporting and Breaking News Photography, and the George Polk Award for Business Reporting, underscoring its leadership in business and technology journalism[5]. Reuters continues to innovate, recently unveiling AI tools to enhance video production and engagement, reflecting its commitment to shaping the future of news in a digital age[5].

Walmart, founded in 1962 by Sam Walton, has grown from a single discount store in Arkansas to become the world’s largest retailer, with a commanding presence in both physical and digital retail landscapes[3]. As of fiscal year 2025, Walmart operates over 10,750 stores and serves approximately 270 million customers each week across 19 countries, employing about 2.1 million associates worldwide[1][2][4]. The company reported $681 billion in revenue for 2025, reflecting a 5.1% increase from the previous year and an 8.6% rise in operating income, underscoring its robust financial health and ongoing expansion[1][4][6]. ## What Walmart Does Walmart is a leader in hypermarkets and discount retail, offering a vast range of products—from groceries and apparel to electronics and home goods—through its extensive network of physical stores, e-commerce platforms, and mobile apps[2][3]. Its business is organized into three main segments: Walmart U.S., Walmart International, and Sam’s Club, a members-only warehouse club[3][5]. The company’s mission—“to help people save money and live better”—drives its focus on everyday low prices, convenience, and customer-centric innovation[2][5]. ## History and Key Achievements Walmart’s journey from a single store to a global powerhouse is marked by relentless expansion, operational efficiency, and technological adoption[3]. Key milestones include the launch of Walmart Supercenters in the 1980s, international expansion beginning in the 1990s, and the rapid growth of its e-commerce business in the 2010s and beyond[3]. Today, online sales account for 18% of Walmart’s revenue, fueled by four consecutive quarters of 20% growth[1]. The company’s retail media network, Walmart Connect, has also surged, with ad revenue up 50% in a recent quarter

Moody's Ratings, founded in 1909 by John Moody, is a leading global credit rating agency that provides independent, forward-looking opinions on credit risk for debt instruments issued by corporations, governments, and other borrowers. It helps more than 15,000 customers in 165 countries, including 97% of the Fortune 100, make informed borrowing and lending decisions by assessing the likelihood that debt obligations will be met as agreed[1][3]. The company’s credit ratings use a letter-based system to communicate the relative risk of default and potential financial loss. John Moody pioneered the modern bond credit rating system by publishing comprehensive manuals and analyses on stocks, bonds, and industrial securities. Moody's expanded rapidly through the early 20th century to cover the entire U.S. bond market, including state and local government bonds. The company was incorporated as Moody's Investors Service in 1914, establishing it as a trusted source of credit information alongside competitors like Standard & Poor's and Fitch[1][2]. Over its more than 115-year history, Moody's has evolved beyond credit ratings to include Moody's Analytics, which provides data, analytics, and technology solutions addressing complex risks such as supply chain disruptions, cyber threats, and regulatory compliance. This diversification supports businesses and governments navigating an increasingly interconnected and risky global environment[3][4]. Moody's reputation for meticulous research and early risk warnings is exemplified by its timely flagging of credit risks, such as the 2023 warning about Iron Hill Brewery prior to its 2025 bankruptcy[5]. Today, Moody's combines expert analysis with innovative technologies to deliver comprehensive insights that empower clients to act decisively amid uncertainty. Moody's current status as a publicly traded company with robust financial health and global influence reflects its central role in capital markets and risk assessment worldwide[4][6].