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- Jan 23, 2020
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Trump blames the Fed, “Jerome ‘Too Late’ Powell should have lowered rates long ago,” Trump said on social media Friday following the jobs report’s release. “As usual, he’s ‘Too Late!’”
NBC reports, "U.S. job growth has almost entirely ground to a standstill, according to government data released Friday.
"The Bureau of Labor Statistics (BLS) reported that the U.S. added 22,000 jobs in August, well below expectations for 75,000. Employment data for June was revised to show a net loss for that month, the BLS said, though July’s figures were revised slightly higher.
"Taken together, the U.S. has added 598,000 jobs so far this year, compared with 1,144,000 for the first eight months of 2024 -- Biden's term in office. The BLS said Friday that the unemployment rate ticked higher to 4.3%, a level not seen since Sept. 2017 outside of the Covid-19 pandemic.
"The numbers added to growing concerns that President Donald Trump’s policies have pushed the economy toward a problematic mix of low growth and stubborn inflation.
"The jobs engine that has been integral to U.S. economic growth defying expectations for the past four years is stalling," Sarah House, a senior economist at Wells Fargo, said in a note. "Weakness remains widespread across industries, making it difficult to drive a bounce-back in the near term."
"Trump took office promising to turbocharge the U.S. economy. Instead, Trump’s push to impose tariffs on imports into the U.S. — alongside his aggressive efforts to eliminate federal spending, many of which continue to face legal challenges — have sparked a wave of uncertainty that has made it difficult for businesses to hire more people."
NBC reports, "U.S. job growth has almost entirely ground to a standstill, according to government data released Friday.
"The Bureau of Labor Statistics (BLS) reported that the U.S. added 22,000 jobs in August, well below expectations for 75,000. Employment data for June was revised to show a net loss for that month, the BLS said, though July’s figures were revised slightly higher.
"Taken together, the U.S. has added 598,000 jobs so far this year, compared with 1,144,000 for the first eight months of 2024 -- Biden's term in office. The BLS said Friday that the unemployment rate ticked higher to 4.3%, a level not seen since Sept. 2017 outside of the Covid-19 pandemic.
"The numbers added to growing concerns that President Donald Trump’s policies have pushed the economy toward a problematic mix of low growth and stubborn inflation.
"The jobs engine that has been integral to U.S. economic growth defying expectations for the past four years is stalling," Sarah House, a senior economist at Wells Fargo, said in a note. "Weakness remains widespread across industries, making it difficult to drive a bounce-back in the near term."
"Trump took office promising to turbocharge the U.S. economy. Instead, Trump’s push to impose tariffs on imports into the U.S. — alongside his aggressive efforts to eliminate federal spending, many of which continue to face legal challenges — have sparked a wave of uncertainty that has made it difficult for businesses to hire more people."
