(The Center Square) – The Bureau of Labor Statistics released a disappointing jobs report Friday, showing that the U.S. labor market gained only approximately 22,000 jobs in August, compared to 71,000 in August of 2024.
Friday’s report comes after several months of slowing job growth in the U.S. despite initially exceeding expectations. The U.S. added more than 100,000 jobs each month from January through March and 158,000 in April, but growth slowed dramatically in May to just +19,000 jobs – and has yet to show signs of a strong recovery.
“Total nonfarm payroll employment changed little in August and has shown little change since April,” according to the report.
Eight months into 2024, the U.S. had added approximately 1.14 million jobs. Thus far into 2025, the U.S. had added roughly 598,000 new jobs.
Unemployment ticked downward in January but has been slowly rising since, from 4% to 4.3% in August.
Many economists have warned that President Donald Trump’s higher tariffs will likely lead to higher costs for businesses, especially small businesses, and further inflation. The Center Square previously reported that some economists have also said that negative net migration may harm the economy.
The president has repeatedly pressured Federal Reserve Chair Jerome Powell to lower interest rates, believing it will lead to an economic boom. Powell indicated at a recent summit that the Fed hasn’t lowered interest rates in 2025 because it has to weigh a slowing job market against inflation that, though significantly down from 2022, is still higher than ideal. But he also indicated that the central bank may lower rates at its September meeting.
Trump did not comment on the jobs report Friday morning on Truth Social but did issue another rebuke of Powell.
“Jerome ‘Too Late’ Powell should have lowered rates long ago. As usual, he’s ‘Too Late!’” the president wrote.
The jobs report continues to reflect a reduction in government jobs and growth in health care employment.
