Washington: Official data showed a slowdown in US job growth in August, with the economy adding only 22,000 jobs compared to 79,000 in July after upward revisions, while the unemployment rate rose to 4.3 percent from 4.2 percent the previous month.
The US Bureau of Labor Statistics explained in its monthly report that the figures came in well below economists’ expectations, who had projected an increase of about 75,000 jobs. This reflects a weakening labor market and opens the door for the Federal Reserve to cut interest rates this month.
The decline comes after the number of unemployed in July exceeded the number of job openings for the first time since the COVID-19 pandemic.
Economic reports attributed the hiring slowdown to broad tariffs imposed by the current US administration, in addition to stricter immigration policies that have reduced the labor pool.
