Revisions and rising unemployment rates: What do you know about U.S. Job Report | U.S. Unemployment and Employment Data

Pay close attention Report There is a sign of cooling the labor market in the U.S. jobs released Friday.

According to the Bureau of Labor Statistics, the economy added only 22,000 new jobs in August, with expectations lower than expected, while the unemployment rate was slightly 4.3%. At the beginning of the year, more than 100,000 jobs were added each month.

Tariffs have been issued on most foreign goods in a trade war by Donald Trump, and prices have begun to rise. The uncertainty seems to scare businesses, and this combination of slowing job markets and higher inflation depicts a blur in the U.S. economy.

Here’s what we learned from Friday’s report:

Negative workforce for the first time since 2020

Friday’s work report includes revisions to the initial reports for June and July. The hiring pace in June was initially reported to be the economy adding 139,000 jobs, but the revision now sets the actual figure at -13,000. This is the first time the labor market has lost its job since December 2020, and it is a massive unemployment rate during the pandemic. The number for July ranged from 73,000 to 79,000.

The revision is a standard part of the Labor Statistics Collection Bureau, and after a huge revision of the game in the last month’s report, tensions between the bureau and the White House were significant.

The initial figures overestimated the number of jobs in May and June to 258,000, and the bureau said it was the result of receiving other reports – the bureau collected data through employers who conducted surveys of businesses and government agencies. With the new revisions released on Friday, covering the total revisions for May, June and July, the figures combined for the three months are 279,000.

Last month, Trump Turn on fire After the revision, Erika Mcentarfer, the bureau’s commissioner, said the numbers were “manipulated” to make him and the Republicans look bad. But economists noted that the bureau is composed of professional statisticians, many of whom have worked for many years.

See unemployment in federal employment and manufacturing

Even if Elon Musk has largely escaped his role in Trump’s White House, the influence of the “Department of Administration Efficiency” is still felt. In August, federal employment fell by 15,000 jobs, and the total federal jobs have been cut to 97,000 since January.

Manufacturing jobs have also been hit this year, with 12,000 jobs falling in August and 78,000 last year.

Job growth has been seen in the healthcare and social assistance industries, with 31,000 and 16,000 jobs respectively.

Black Americans’ unemployment has jumped

In August, the unemployment rate for black Americans rose 0.3% to 7.5% last month, surpassing the unemployment rate for white and Asian Americans, just over 3.5%. Hispanics also have higher unemployment rates, at 5.3%.

Although the overall unemployment rate rose by 0.1% from last year’s unemployment rate, the black unemployment rate rose by 1.4%. The unemployment rate among white and Asian Americans actually dropped slightly compared to last year.

Black Americans have long been the “last hired, fired for the first time” in a downturn, meaning they were the first to feel the effects of the recession and the last time they recovered from one person. This is seen in the Great Depression, where joblessness hits black and Hispanics Disproportionate.

The Fed may lower interest rates in September

Federal Reserve officials may lower tax rates at the next Fed board meeting on September 16 and 17, although that may not be significantly reduced. Investors seem to find hope in Jackson Hole last month speech In the chair of Fed Chairman Jerome Powell, he hinted that officials may lower interest rates amid the focus on the labor market.

But the Fed’s cuts don’t mean it sees economic stability. Federal Reserve officials, including Powell, have raised concerns about higher prices due to Trump’s tariffs. It is not clear whether inflation will continue to rise or whether one-time price increases will be raised compared to tariffs.

Powell noted that officials are more concerned about the labor market at the moment, and the August report confirmed that the report has been turbulent this summer.

White House urges Americans to believe in Trump’s plan

Thursday, ahead of Friday’s work report, Trump explain “Real numbers” will be reported next year.

“What the actual number I’m talking about will be, but what will be in a year from now,” he said. “You’re going to see working numbers like our country has never seen before.”

Asked about the hiring downturn, National Economic Commission Director Kevin Hassett told CNBC Friday, “You see people getting hired.”

“My family has been hired,” he said. “About a week ago, both of them started new jobs.”

Hassett called the work report “disappointing” but said the numbers will eventually recover.

In another interview Friday, U.S. Commerce Secretary Howard Lutnick told CNBC that employment reports would be better once the government makes changes to the Bureau of Labor Statistics.

“You will take away people who are just trying to make noise to the president,” Lutnik said, adding that Americans will see “six months from today to today, starting from six months.”