The jobs crash
Friends,
Sorry to intrude on you again today, but this morning’s jobs report shows that Trump’s economy is experiencing a jobs crash.
When I say jobs crash, I mean that employers have essentially stopped hiring. Today’s report from the Bureau of Labor Statistics shows that the economy added only 22,000 jobs in August (relative to the normal monthly gain of 180,000 to 200,000).
The revised figures for June, based on added data, show that 13,000 jobs were lost that month. That’s the first net loss in monthly jobs since the start of the pandemic.
Trump blames Jerome Powell and the Fed for not cutting interest rates sooner, but that’s not the reason employers have stopped hiring. They’ve stopped because the risk is too great.
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