Job growth in the United States has stalled, according to government data released Friday.
The Bureau of Labor Statistics reported the U.S. added just 22,000 jobs in August, well below expectations. Employment data for June was revised to show a net loss for that month.
U.S. has added 598,000 jobs so far this year, down from the 1,144,000 for the first eight months of 2024.
The BLS said Friday that the unemployment rate ticked higher to 4.3%, the highest since 2017 outside of the Covid-19 pandemic.
The news comes amid concerns that President Donald Trump’s policies have pushed the economy to a standstill with his tariff policies and stubborn inflation.
All unemployed workers have now gone without a job for more than six months, the highest level since 2016. Stocks turned negative on Friday when markets opened, suggesting investors are growing more concerned about the state of the economy despite the prospect of lower interest rates.
Trump’s push to impose tariffs on imports into the U.S. have sparked a wave of uncertainty that has made it difficult for businesses to hire more people.
Tariffs have fueled ongoing concerns about rising prices. While inflation has dropped significantly from the highs seen following pandemic reopenings in 2022, many measures show it remains above the Federal Reserve’s target rate of 2%.
“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!’”
The Fed has refused to cut the rates over fears about the impact Trump’s tariffs will have on inflation.
On Thursday night, Trump said the “real numbers” for jobs would come out “next year”.
