Newsflash: Employment growth across America has been much weaker than previously thought over the last three months – a sign that the US labor market may be cooling.
The latest non-farm payroll, just released, shows that US employment rose by just 73,000 in July, rather weaker than the 110,000 new jobs expected.
But the big shock comes in the latest revisions to payrolls, with previous estimates for both May and June being revised sharply lower.
The Bureau of Labor Statistics now estimates that just 19,000 new jobs were created in May, 125,000 fewer than the 144,000 previously estimated.
June’s data has been revised down too - showing that just 14,000 new jobs were created, not the 147,000 reported a month ago.
That means 258,000 fewer jobs were created in May and June than previously thought.
The US unemployment rate has risen to 4.2% from 4.1% in June.
This surprisingly weak data may be a sign that Donald Trump’s trade wars, and the associated uncertainty, have cause more damage to the US economy than previously thought. There could also be an impact from cost-cutting DOGE program pushed by Elon Musk.
SOURCE...THE GUARDIAN,BUT THE NEWS IS FLASHING RED....NUKE SUBS BEING DEPLOYED CLOSER TO RUSSIA....THE CZAR IS TOO ERRATIC AND GUESS WHAT? THE NEWS WILL NOT GET BETTER.....WAIT AND WATCH...HE IS PISSED ABOUT THE NEW STATS AND FIRED THE DUDE HEADING UP THAT DEPARTMENT....CAN WE SAY.....SERIOUS REPERCUSSIONS FROM THE CZAR'S CRAZY COUNTENANCE.....OH BUT, WAIT AND WATCH....U,COLLECTIVELY,CAN BE ASSURED THIS IS JUST THE BEGINNING OF A RIDE FROM HELL....WELCOME TO HELL.
Unlike Cassandra here, I don't think we are entering hell, but it will be a bumpy ride for the time being until Trump does get settled.
With the tariffs, the US economy can play chicken for longer. Expect to see more allies and enemies to come to the Oval Office on bended knees apologizing and offering better trade deals.
Thomas Sowell: There are no solutions, just trade-offs.
