The government also revised its numbers from earlier in the summer, and said that the economy lost a net 13,000 jobs in June. It was the first such decline since December 2020.
The U.S. added 22,000 jobs in August, the Labor Department reported Friday, below the gain of 75,000 jobs economists polled by The Wall Street Journal had expected.
CNBC cited, “The payrolls count was the first since President Donald Trump fired former BLS Commissioner Erika McEntarfer following the release of the July jobs report a month ago. The move came after the report showed not just a weak level of job creation but also dramatic reductions in previous months’ totals.”
“The warning bell that rang in the labor market a month ago just got louder. A weaker-than-expected jobs report all but seals a 25-basis-point rate cut later this month,” said Olu Sonola, head of U.S. economic research at Fitch Ratings. “Four straight months of manufacturing job losses stand out. It’s hard to argue that tariff uncertainty isn’t a key driver of this weakness.”
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