August Jobs Report Has Landed

Leah Barkoukis | September 06, 2024 9:30 AM

Fewer jobs were added to the U.S. economy in August than expected, according to data from the Bureau of Labor Statistics released Friday.

The U.S. added 142,000 nonfarm payroll jobs last month, short of the 165,000 economists predicted, and the unemployment rate fell to 4.2 percent from 4.3 percent.

There were also revisions for June and July.

[E]mployment gains for June and July were revised down sharply, portraying an even weaker picture of the labor market in early summer. The report, along with the downward revisions, may prompt the Federal Reserve to lower its key interest rate more sharply at a meeting later this month, some economists said. […]
Payroll gains were revised from 179,000 to 118,000 in June and from 114,000 to 89,000 in July, underscoring that the labor market may be cooling more rapidly than economists anticipated. (USA Today)

FOX BUSINESS: "Together, employment in June and July — 86,000 LOWER than previously reported." pic.twitter.com/uQkOQh9xkb
— Trump War Room (@TrumpWarRoom) September 6, 2024

“Friday’s jobs report reveals accelerating weakness in the American economy, as we've been saying all along," said Alfredo Ortiz, CEO of Job Creators Network. "Job creation was below expectations, and half of new positions were created in the unproductive government or quasi-government healthcare and social services sectors. A record 8.2 million Americans have second jobs. Prior months’ job creation was significantly revised down – again. So far this year, the number of unemployed Americans has increased by one million."

CNBC: "If I'm looking at this report, I see some BIG signs of WEAKNESS." pic.twitter.com/mMDOJ94juC
— Trump War Room (@TrumpWarRoom) September 6, 2024

All of the net job growth in Aug was part-time employment (+527k), while full-time jobs plummeted (-438k); we're hemorrhaging higher-paying jobs w/ benefits and replacing them with multiple part-time ones - these higher payroll numbers are a sign of impoverishment, not growth: pic.twitter.com/w9vK0uRXOU
— E.J. Antoni, Ph.D. (@RealEJAntoni) September 6, 2024

OVER THE LAST 12 MONTHS:

🔴 1.3 million native-born Americans LOST employment, while 1.2 million foreign-born workers GAINED employment.

🔴 768,000 native-born Americans LEFT the labor force, while 1.5 million foreign-born workers JOINED the labor force.
— Trump War Room (@TrumpWarRoom) September 6, 2024

Ortiz said the weakening U.S. economy is what happens after nearly four years of the Biden-Harris administration's bad policies.

"Families are paying approximately $28,000 more due to the cost increases under this administration, hurting discretionary spending and the Main Street economy," he noted. "Harris’s anti-small business platform of repealing the Tax Cuts and Jobs Act, enacting the largest tax hike in American history, and expanding Biden’s burdensome labor and environmental regulations would break the cracking American labor market and economy.”