U.S. Job Growth Slows To 22,000 In August, As Trump Reshapes BLS And Fed Moves Toward Rate Cut

Job growth slowed sharply in August, with nonfarm payrolls rising by just 22,000, well below the 75,000 expected, according to CNBC. U.S. nonfarm payrolls rose by 22,000 in August, far below the 75,000 expected, as the unemployment rate climbed to 4.3%. July payrolls were revised up to 79,000, while June showed a net loss of 13,000 after downward revisions. The report follows Trump’s firing of former BLS Commissioner Erika McEntarfer and the nomination of Heritage Foundation economist E.J. Antoni, a loyalist who had previously criticized the agency’s data. Gains in health care and social assistance were offset by job losses in the federal government, wholesale trade, and manufacturing. The weak report is likely to keep the Federal Reserve on track for an interest rate cut later this month.