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Welcome to The Logoff: The Bureau of Labor Statistics launched its month-to-month jobs report this morning, and the numbers aren’t wanting good for the US economic system, or President Donald Trump’s tariffs scheme.
What occurred within the US economic system final month? The US added simply 22,000 jobs in August, in line with the BLS, whereas unemployment reached 4.3 % — its highest charge in years, although solely a small improve from the month earlier than.
Not solely is 22,000 jobs far fewer than the 75,000 that had been predicted, however new revisions to information from earlier months are making the financial image look even worse: Moderately than including jobs in June, the BLS stated Friday, the US misplaced 13,000 jobs.
Why does the roles report matter? The roles report is a intently watched indicator of the broader well being of the US economic system, and Friday’s flagging numbers are the newest signal that each one isn’t nicely, particularly as Trump’s tariffs, which took impact in early August, begin to have a larger impression.
Friday’s report is especially noteworthy given how Trump reacted to final month’s report, which additionally made substantial downward revisions to jobs numbers for Might and June. Trump attacked the report’s accuracy and fired the director of the BLS, Erika McEntarfer. To interchange her, he nominated E.J. Antoni, a deeply underqualified right-wing economist (who could have problem getting confirmed by the Senate).
What does this imply going ahead? That is the second consecutive jobs report that has delivered unhealthy information; a clearer image of an economic system in hassle, with no clear respite on the horizon, is beginning to emerge. New inflation information subsequent week could possibly be but extra unhealthy information if tariffs drive costs greater, as anticipated.
The one vibrant spot for Trump is that he’s now extra prone to get the speed lower he’s been wanting — and agitating — for when the Federal Reserve meets later this month, because the central financial institution responds to a slumping economic system.
And with that, it’s time to sign off…
I’m wanting ahead to the brand new season of The Nice British Bake Off, which returns immediately within the US. This New Yorker story, from former contestant Ruby Tandoh, is a pleasant have a look at what it’s prefer to be on the present, from the applying course of to the tent itself. You’ll be able to learn it right here, however honest warning: You would possibly go away the piece craving a candy deal with. Have an excellent weekend and we’ll see you again right here on Monday!
