"The dismal August jobs report confirmed the labor market cooled significantly during the spring and summer. That coincided with the start of President Donald Trump's trade war. While some tariff-impacted industries have seen minimal changes in payrolls, others like manufacturing and wholesale trade have taken bigger hits. Since President Donald Trump launched his trade war earlier this year, industries impacted by tariffs have shed tens of thousands of jobs."
"The latest jobs report revealed the U.S. economy added just 22,000 jobs in August with revisions to prior months showing June actually saw a decline. Meanwhile, the unemployment rate edged up to a four-year high of 4.3%. In a note on Saturday, Torsten Sløk, chief economist at Apollo Global Management, observed job growth in tariff-impacted sectors is negative, while those not affected by tariffs have seen slower growth but remain in positive territory."
"In February, he signed an executive order to impose tariffs on Canada, Mexico and China, but put the ones on Canada and Mexico on hold until March. In April, he unveiled his "Liberation Day" tariffs on nearly all countries, but put those on hold after a week amid a market crash. Since then, Trump has reached deals with several trading partners while talks with China continue."
The labor market cooled significantly during spring and summer as the trade war began, with tariff-impacted industries shedding tens of thousands of jobs. The U.S. economy added just 22,000 jobs in August and revisions show June saw a decline, while unemployment rose to 4.3%. Torsten Sløk observed negative job growth in tariff-impacted sectors, while non-tariff sectors saw slower but still positive growth. Tariff actions were staggered beginning in February, with measures imposed, held, and modified through March and April, and reciprocal tariffs taking effect for more than 90 countries in August amid legal challenges. Manufacturing, wholesale trade, mining, construction, retail, transportation and warehousing faced the largest payroll declines among tariff-impacted industries.
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