Employers added just 22,000 jobs in August as Trump's tariffs, federal layoffs, immigration crackdown hurt hiring. Unemployment hit 4-year high.

U.S. hiring slowed further in August as President Donald Trump’s aggressive trade, immigration and federal layoff policies took a widening toll on a rapidly softening labor market.

Employers added a disappointing 22,000 jobs and the unemployment rate rose from 4.2% to 4.3%, the Bureau of Labor Statistics said Sept. 5.

Also worrisome: Payroll gains for June and July were revised down by a total 21,000 and now reveal the economy shed 13,000 jobs in June - the first job losses since the depths of the pandemic in December 2020.

The report would appear to cement a widely expected interest rate cut - the first since December - at the Federal Reserve’s September 16-17 meeting, economists said.

  • FlashMobOfOne@lemmy.worldOP
    5·
    7 days ago

    Other articles mentioned that unemployment is at its highest rate in four years. Between the tariffs, the mass layoffs, immigration raids targeting workers, the severely diminished spending power of people who are employed, and (I’m assuming) a coming AI bubble pop, I hope everyone’s saving every cent they can. We’re probably going to need it in the near future.

    • limer@lemmy.ml
      2·
      7 days ago

      Saving money may not be enough. The value of savings can evaporate. Especially if Trump starts shaking the federal reserve like someone shakes a fruit tree to make it drop goodies.

      Buying goods now, tradable on the black market later, may be helpful

      • FlashMobOfOne@lemmy.worldOP
        2·
        7 days ago

        Buying goods now, tradable on the black market later, may be helpful

        This is a good point. Buying goods in bulk is a guaranteed return on investment and how you protect yourself (somewhat) against inflation for things you know you will need.