Axios

Steve Bannon's old, right-wing news company, Breitbart, defended their former CEO when covering his exit from the National Security Council by blaming the media for blowing the story out of proportion.

1. "Steve Bannon Leaves National Security Council After Susan Rice Takedown." The first piece featured Bannon's quotes on his mission being "complete," referring to dealing with Michael Flynn and Susan Rice.

2. "Left Revels in Media Narrative on Bannon and NSC: 'Huge Victory for the Resistance.'" The second piece shifted to blaming left-wing media for blowing the story out of proportion.

The lede: "As soon as the media learned Steve Bannon, one of President Donald Trump's senior advisers, would no longer have a "permanent seat" on the National Security Council, the headlines shouted he'd been 'removed,' 'booted,' and 'demoted.' In fact, Bannon remains a close adviser to Trump, with top security clearance and an open invitation to attend NSC meetings."

What to watch: There have already been 4 negative Breitbart reports about Jared Kushner in the past two days, so expect there to be more — especially if Bannon leaves the administration, as Mike Allen was told is a real possibility.

The U.S. economy added just 98,000 jobs in March, while the unemployment rate fell to 4.5%—below economist's expectations of 180,000 new jobs and a 4.7% unemployment rate. Job gains for January and February were revised down by 38,000, as well.

Beyond the headline: Job growth was likely slowed by a snowstorm that hit the East Coast in the middle of March, when the BLS was conducting its survey of businesses. Jobs filled by part-time workers who did no paid work that week as a result of the storm would have been left out of the total job count.

Lower unemployment rate: That unemployment rate is derived from a separate survey of households, which showed much stronger job growth than the more closely-watched establishment survey. This serves as evidence that the establishment survey likely underestimated job growth due to weather effects. As University of Michigan Economist Justin Wolfers put it:

Don't get caught up in any "slowdown" hype -- payrolls growth over the past three months have averaged a healthy +178k. Not bad at all. — Justin Wolfers (@JustinWolfers) April 7, 2017

The volatile relationship between the Administration and the news media, combined with the prevalence of fake news and misleading content online, is causing Americans to feel more confused about who and what to believe than ever before.

Trust in institutions at historic low: A 2016 Gallup poll ranks the least-trusted U.S. institutions. Not surprisingly, television, newspapers, big business and Congress all rank at the bottom of the list with less than 10% of Americans having a great deal of confidence in those institutions.

Data: Gallup; Chart: Andrew Witherspoon / Axios