U.S. economy added 22,000 jobs in August |
The Labor Department reported on Friday that U.S. jobs growth continued to slow down in August. The economy added 22,000 jobs, down from 79,000 in July. Economists polled by the Wall Street Journal had expected a gain of 75,000 jobs. July’s figures were revised up by 6,000 to a gain of 79,000 for the month. The unemployment rate, which is based on a separate survey from the jobs figures, was 4.3%, up slightly from 4.2% in July. Private-sector employment grew by 38,000 jobs, driven by a gain of 46,800 jobs in healthcare and social assistance. Federal government employment declined 15,000 jobs. “The job market is stalling short of the runway,” said Daniel Zhao, chief economist at jobs site Glassdoor. “The labor market is losing lift, and August’s report, along with downward revisions, suggests we’re heading into turbulence without the soft landing achieved.” The report is the first to be published since President Donald Trump fired Erika McEntarfer, the official tasked with compiling labor statistics, alleging that she had "manipulated" the results to paint his administration's policies in a poor light. |
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