Disappointing U.S. Jobs Report Raising Fresh Economic Worries

Written By Guest User

Plus: Mosheh Shares How His Personal Life Affects Stories We Cover, On New Premium #AMA Podcast

Good afternoon,

Before we get to today’s headlines, here’s a glimpse of what’s ahead for all of us this weekend in our weekly ‘Cheers to the Freakin’ Weekend’ section:

What We’re Watching:

What We’re Reading:

What We’re Eating:

What We’re All Buying:

  • Powerball tickets! The jackpot is up to $1.8 billion (the second largest prize in the history of the game) — a ticket has a 1 in 292.2 million chance of winning 💰

Have a great weekend!

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🚨 ONE IMPORTANT THING

Weak New U.S. Jobs Data Sparks Concerns Over Trump’s Economic Agenda

The U.S. labor market showed new signs of strain in the latest jobs report Friday, with hiring slowing far more than expected and data revisions revealing the first monthly job losses since the pandemic.

  • By the numbers: Employers added just 22,000 jobs in August, well short of economists' forecasts for 75,000, while the unemployment rate rose to 4.3% — the highest since 2021. June figures were also revised down, revealing a loss of 13,000 jobs, the first monthly jobs losses since December 2020. July’s numbers were revised slightly higher to 79,000.

    • What that means: A cooling jobs market that could indicate an economy that is slowing down and headed towards a recession.

While Trump’s White House economic adviser Kevin Hassett told CNBC the report was disappointing, he downplayed it on Fox News, noting the Bureau of Labor Statistics often revises August numbers upward due to poor initial survey response rates.

DRIVING THE DECLINE
Economists say President Trump’s tariffs and immigration restrictions are weighing on hiring, as companies face higher costs and fewer people filling the gaps.

  • Meanwhile, the rate of job-switching has dropped, and job openings fell to a 10-month low, suggesting fewer opportunities for workers.

    • 🚨 The number of unemployed people in the U.S. is now higher than the number of job openings available — making it a hard time to apply. Of those who are unemployed, more than a quarter have been jobless for six months or longer.

Hassett argued the underlying data is still strong, pointing out that job growth came from the private sector (government jobs fell by nearly 100,000 since the start of the year), gains were concentrated among native-born workers (not foreign-workers), and wages are growing.

  • However, annual growth in average hourly earnings was 3.7% in August, down from 3.9% the month before.

  • And data suggests that businesses are not hiring workers to fill the gaps created by Trump’s immigration crackdown. Bottom line: Businesses are trying to do more with less, amid economic uncertainty around tariffs.

Up next: The latest numbers are getting close attention from the Federal Reserve, where Chair Jerome Powell has signaled that interest rate cuts are likely to come after the group's mid-September meeting if labor market conditions continue to deteriorate.

SPEAKING TO THE SOURCE
We spoke with Austan Goolsbee, President of the Federal Reserve Bank of Chicago — one of just a dozen people who help set U.S. interest rates — along with our friends at Money Rehab, about the state of the economy under the current administration. He emphasized that “the Fed must be independent” and warned that political interference could lead to spikes in inflation, slower economic growth, and higher unemployment.

Goolsbee hinted that interest rates would move down — eventually. While he wouldn’t commit to a number, he said a “fair bit” below current levels feels right, if inflation keeps easing.

  • He described the recent economic outlook as “strong” before April 2, when new tariff policies introduced “dirt in the air” that muddied the data. If those policies ease or are clarified, he believes the Fed may continue on the path to cuts.

🎧 Check out our full conversation with Goolsbee — dubbed “the funniest man in Washington” — on Apple, Spotify, or wherever you get your podcasts.

ONE THING TO 🎧 TO THIS WEEKEND

New Premium #AMA Podcast: Mosheh Shares How His Personal Life Affects Stories We Cover

In the debut episode of our new Premium podcast, Ask Mo Anything (#AMA), Mosheh answers your biggest questions about the recent headlines with his signature insight, context, and candid takes — moderated by producer Sari Soffer Sukenik.

On this week's episodes, we dive deep into the missile attack on the Venezuela drug vessel, Florida's vaccine proposal, and India's geopolitical plays. Plus, Mosheh explains how his personal life influences the stories he covers each day.

  • “I don't like to call Mo News unbiased. I like to call it nonpartisan. I try to say we're fair, that we provide balanced coverage, because my personal life biases me," he explains.

🎧 #AMA is a new weekly podcast exclusively for Mo News Premium members. The first episode drops Saturday, Sept. 6. To listen, join Premium today!

⏳ THE SPEED READ

🚨NATION

  • Hundreds of undocumented immigrants apprehended in massive ICE raid at Hyundai plant in Georgia (CNN)

  • DOJ mulling rule that could restrict transgender individuals from owning guns (ABC)

  • Pentagon: 2 Venezuelan planes flew near U.S. Navy ships in “provocative move” (AXIOS)

  • Trump to rename Pentagon, restoring historic ‘Department of War’ in latest military move (FOX)

  • RFK Jr., HHS to link autism to Tylenol use in pregnancy and folate deficiencies (WSJ)

🌎 AROUND THE WORLD

  • Israel bombs high-rise buildings in Gaza City ahead of massive offensive (AXIOS)

  • 2019 Navy SEAL mission in North Korea left civilians dead, ‘New York Times’ investigates (NPR)

  • UK deputy prime minister resigns over property taxes (ABC)

  • Veteran politician Anutin Charnvirakul elected Thai prime minister in parliamentary vote (AP)

📱BUSINESS, SCIENCE & TECH

  • Tesla offers Elon Musk a trillion-dollar pay package (THE GUARDIAN)

  • Tech leaders take turns flattering Trump at White House dinner (THE VERGE)

  • Parental controls are coming to ChatGPT ‘within the next month,’ OpenAI says (CNN)

  • Lululemon squeezed by tariffs and weaker sales (BBC)

🎬 SPORTS & ENTERTAINMENT

  • Caitlin Clark to miss the rest of Indiana Fever’s season because of a right groin injury (CNN)

  • Aryna Sabalenka, Amanda Anisimova pull off marathon wins, will face off in US Open final (YAHOO SPORTS)

  • Eagles’ Jalen Carter spits on Cowboys’ Dak Prescott, is ejected from game (ESPN)

ICYMI FROM THE 📲

In case you missed it… The rumor mill says White Lotus is heading to France for Season 4. HBO’s Four Seasons partnership has fueled speculation it will film at the Grand-Hôtel du Cap-Ferrat on the French Riviera, a favorite of Hollywood stars near Cannes. 🍿

Can Tanya come back to life? We miss her.

Guest User
Next

RFK Jr. Faces Tough Questions From Senate Over Vaccines & CDC Shake-Up