Job Market Stumbles Amid Trade Policy Turbulence
US employers added a meager 73,000 jobs last month, while unemployment rose to 4.2%. Revised Labour Department data reveals hiring was weaker than thought in previous months. The sluggish job market, impacted by higher interest rates and new trade tariffs, contrasts sharply with the hiring boom of recent years.
- Country:
- United States
US employers added only 73,000 jobs in the past month, with Labour Department revisions revealing a significant reduction in previously reported May and June figures. Unemployment has risen to 4.2%, prompting concerns over economic stability amid ongoing trade policy upheavals under President Donald Trump's administration.
The revised data showed a dramatic decrease of 258,000 jobs from May and June payrolls compared to prior estimates. Contributing sectors included manufacturing, which lost 11,000 jobs last month, and federal employment targeted by Trump's policies, resulting in a 12,000 job reduction.
Despite modest gains in healthcare employment, the overall job market remains under pressure from high interest rates, massive import taxes, and declining worker confidence, all exacerbated by the administration's immigration policies and planned deportations.
(With inputs from agencies.)
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