"Donald Trump returned to the White House promising to boost job creation. So far this hasn't happened: the labor market is weakening and, for the first time since the Covid pandemic, is beginning to show negative job growth. According to indicators released on Friday, 22,000 non-farming jobs were added in August, far lower than the 76,000 new positions economists had been expecting to see."
"There are also revisions indicating that June's job total was negative for the first time in more than four years. Revised figures for that month show a shift from a growth of 14,000 positions to a decline of 13,000. The 73,000 jobs for July were revised to 79,000. Combined, job creation in both months falls short of expectations by 21,000. The unemployment rate in August rose to 4.3%, the highest since October 2021."
Labor market indicators show pronounced weakening as U.S. nonfarm payrolls rose by only 22,000 in August, far below the 76,000 economists expected. Revisions show June shifting from a 14,000 gain to a 13,000 decline, while July was revised from 73,000 to 79,000, leaving combined growth for June and July short of expectations by 21,000. The unemployment rate increased to 4.3%, the highest since October 2021. The 53-month streak of job creation ended in June. The deterioration in jobs data raises the likelihood of Federal Reserve interest-rate cuts and focuses the FOMC on size and frequency of easing.
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