Summary
The slowing of job growth is most influenced by reductions in federal government and construction jobs. Over the past year, monthly job additions dropped significantly across multiple sectors, with the Trump administration's policies and construction industry challenges playing major roles.
Key Facts
- Last year, the economy added an average of 168,000 jobs each month, but this number has fallen to 35,000 in recent months.
- Federal government jobs decreased by 16,000 per month this summer, previously adding 4,000 jobs monthly last year.
- Construction job growth slowed from 16,000 a month last year to 2,000 a month this summer.
- More aggressive immigration enforcement and higher interest rates could be affecting job growth in construction.
- The leisure and hospitality sector added 21,000 jobs per month last year, but only 12,000 per month recently.
- Health care and state government sectors also saw slower job growth, by 10,000 and 8,000 jobs per month, respectively.
- U.S. manufacturing hiring remains steady despite trade challenges with no significant increase or decrease.
