U.S. Job Growth Slows in August; Unemployment Rises to 4.3%
The U.S. economy added 22,000 jobs in August, with the unemployment rate increasing to 4.3%, marking a significant slowdown in job growth.
The U.S. economy added 22,000 jobs in August, a sharp decline from the 79,000 jobs added in July. The unemployment rate rose to 4.3%, the highest since 2021.
Revisions to previous months' data revealed a net loss of 13,000 jobs in June, indicating a weakening labor market.
Health care led job gains with 31,000 new positions, while manufacturing and wholesale trade each lost 12,000 jobs.
Economists attribute the slowdown to President Trump's tariffs and immigration policies, which have increased economic uncertainty and constrained hiring.
In response to the weak jobs report, President Trump criticized Federal Reserve Chair Jerome Powell for not lowering interest rates sooner, stating, "Jerome 'Too Late' Powell should have lowered rates long ago. As usual, he's 'Too Late!'"
The Federal Reserve is under increased pressure to cut interest rates at its upcoming meeting, as the labor market shows signs of softening.
Source
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