US Hiring Significantly Misses Expectations as Jobs Market Cools
The US economy added significantly fewer jobs than expected in August, government data showed on Friday, in a closely watched report after weak data earlier prompted President Donald Trump to fire a key economic official.
Job growth in June, while earlier estimated at 14,000, was revised to a 13,000 decline, the report said. Hiring in July was adjusted slightly upwards.
Overall, the figures confirm a slowdown in the labor market of the world’s biggest economy as businesses pull back on hiring while grappling with uncertainty sparked in large part by Trump’s fast-changing tariffs.
US employment numbers are usually a key data point that analysts monitor, as they usually have some bearing on how the Federal Reserve adjusts interest rates.
But Friday’s numbers are under scrutiny after a poor showing in July’s data prompted Trump to claim the numbers were “rigged” and fire the commissioner of labor statistics.
US job growth had missed expectations at the time, while hiring numbers for May and June were revised down by 258,000 cumulatively in earlier figures.
