Hiring slowed sharply in August, with the U.S. economy adding just 22,000 jobs, according to Friday’s report from the Bureau of Labor Statistics (BLS). The national unemployment rate edged up to 4.3%, suggesting growing signs of a cooling labor market.
The report comes amid growing economic concerns tied to global tariffs and shifting trade policies. Businesses across the U.S. are reportedly feeling pressure from higher costs, contributing to the hiring slowdown.
Key figures:
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June job figures were revised downward from a gain of 14,000 to a loss of 13,000.
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July’s total was revised up to 79,000 jobs added, a 6,000-job increase from initial estimates.
This was also the first BLS report released since President Trump dismissed its previous director, alleging without evidence that the numbers were “rigged” following lower-than-expected revisions this summer.
The August data is expected to weigh heavily on the Federal Reserve’s upcoming decision on whether to cut interest rates. While a rate cut is seen as likely, some Fed officials have warned that Trump’s tariffs may contribute to persistent inflation, complicating the central bank’s policy options.
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