"Driving the news: Friday's jobs data confirmed that the weak hiring that became clear in last month's report was no head-fake. The economy added just 22,000 jobs in August, with health care among the few sectors with increasing employment. The intrigue: Once again, the real stunner came in the revisions, which showed the economy's 53-month-long streak of jobs growth ended in May."
"The Bureau of Labor Statistics said that employers shed 13,000 jobs in June - the first employment contraction since December 2020. It was a downward revision from the data that showed a gain of roughly as many jobs. With those revisions, the economy has added an average of 29,000 jobs over the past three months - a stall-speed pace compared to the three-month average of 111,000 in March."
Employers are pulling back hiring amid heightened economic uncertainty, costlier foreign goods, and a reduced labor supply resulting from immigration crackdowns. Weak hiring persisted in August, with payrolls rising by just 22,000 jobs and health care among the few expanding sectors. Revisions showed a contraction of 13,000 jobs in June, ending a 53-month streak of growth. The three-month average fell to 29,000 from 111,000 in March. The federal workforce lost another 15,000 jobs in August and is down about 97,000 since January. Manufacturing employment fell by 12,000 in August and is 78,000 below last year.
Read at Axios
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