The U.S. jobs engine is sputtering and looks to be in danger of stalling out.
U.S. employers added just 22,000 jobs in August, according to a report Friday from the Labor Department. The unemployment rate inched up 4.3%. Revised figures also show there was also a net loss of jobs in June for the first time since 2020, in the midst of the pandemic.
The U.S. has now had four months in a row of pretty anemic job growth. Average job growth between May and August was down 75% from the same period a year ago.
The weakness was visible all across the economy.
"There are not a lot of silver linings in the report," said economist Julia Coronado of Macropolicy Perspectives. "We are losing engines of job growth."
There was a net loss of jobs last month in manufacturing, construction, and oil drilling — all industries that the Trump administration is trying to promote.
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