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.

  • limer@lemmy.ml
    2·
    9 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·
      9 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.