Summary
The U.S. job market is slowing down, with only 22,000 jobs added in August and a rise in the unemployment rate to 4.3%. Experts say this slowdown is partly due to tariffs and immigration policies by President Donald Trump. Job losses occurred in sectors like manufacturing and federal government jobs, while healthcare and social assistance saw job gains.
Key Facts
- The U.S. added 22,000 jobs in August, as reported by the Department of Labor.
- The unemployment rate increased to 4.3%.
- Significant job gains were in healthcare (31,000 jobs) and social assistance (16,000 jobs).
- Job losses included 15,000 federal government positions and 12,000 in manufacturing.
- Tariffs and immigration policies are linked to the slowdown in job growth.
- Job vacancies dropped to their lowest levels since early COVID-19 pandemic months.
- Private-sector hiring dropped, with payrolls increasing by 54,000 in August compared to 106,000 the previous month.
- More than 85,000 job cuts were announced in August, a 39% increase from July.
