Unexpected Slowdown in U.S. Job Growth Raises Concerns
The latest employment figures released on Friday painted a grim picture of the U.S. job market, with only 73,000 positions added in July. This figure fell significantly short of analysts’ predictions and highlighted underlying issues within the economy.
Adding to the already concerning scenario, the Bureau of Labor Statistics revised the job gains for May and June to a mere 19,000 and 14,000, respectively, from the previously estimated 140,000 to 150,000. Senior economist Danny Court from Elliott D. Pollack and Company commented on the situation, noting, “We went from, you know, May and June initially reporting, you know, 140 to 150 thousand jobs, down to just 19,000 jobs and then 14,000 jobs. So, you know, as close to zero as you could possibly get.” He further emphasized that such low employment growth levels have not been seen since the pandemic.
The disappointing job numbers coincided with the introduction of new tariffs by President Donald Trump, which contributed to a significant drop in stock markets. In response to the unfavorable data, President Trump dismissed the head of the Bureau of Labor Statistics, alleging without evidence that the figures were “rigged.”
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