Weak figures and revisions included in last month’s report led to Trump firing the commissioner of the agency.
The Bureau of Labor Statistics (BLS) has again handed President Donald Trump an even bleaker set of jobs numbers, just one month after he fired the agency’s commissioner over weak employment data.
On Friday morning, the BLS reported that nonfarm payroll employment rose by only 22,000 in August. Analysts had forecast the economy adding 75,000 jobs during the month. According to the agency, gains made in health care were offset by losses in federal government employment, as well as mining, quarrying, and oil and gas extraction.
While July’s figures were revised up to 79,000 from 73,000, June’s numbers were revised down by 27,000, dropping from 14,000 to negative 13,000. Meanwhile, the unemployment rate edged up to 4.3 percent from 4.2 percent.Why It Matters
Friday’s jobs report was the focus of heightened attention due to last month’s disappointing data as well as the leadership changes it led to.
The figures are likely to exacerbate existing concerns over the health of the U.S. labor market, a key point of reference for the Federal Reserve as it weighs up the appropriate monetary policy to ensure maximum employment without exacerbating America’s inflationary struggles.What To Know
Minutes before the jobs figures were due to be published, the BLS noted that it was experiencing « technical difficulties » but that it was working to resolve the issue. The report was released on time.
According to the report, jobs growth in August was led by health care (+31,000), though these gains were below its 12-month average of 42,000. This was also pared by a decline of 15,000 jobs in federal government employment, which has has fallen by 97,000 since peaking in January.
Mining, quarrying, and oil and gas extraction lost 6,000 jobs over the month, with losses also observed in wholesale trade and manufacturing, both dropping by 12,000.
Revisions to previous months’ data—which meant June and July’s figures were together 21,000 lower than previously reported—are typical in employment reports.
