The Bureau of Labor Statistics issued the jobs report for August, and it's not good news for incompetent trade warrior and demagogue Donald "The Chosen One" Trump. Amid economic worries that his trade war with China is slowing the economy, only 130,000 jobs were added in August, compared to a forecast of 160,000 jobs. From the linked article:
"Business owners say they are struggling to find people to hire, and they are growing increasingly nervous about Trump’s trade battle. The unemployment rate remained at 3.7 percent, the lowest in nearly half a century, forcing employers to search harder for new workers.The numbers look even worse when you consider that 25,000 of the 130,000 jobs were temporary Government workers added to the payroll for the 2020 census.
Right now, the United States is a tale of two economies: The service sector remains strong with health care and business adding a lot of jobs in August. But industries such as mining and manufacturing that depend heavily on selling items overseas are struggling. Manufacturing is already in a recession, and the sector has added few jobs this year, a trend that continued in August. Mining employment fell by 6,000 jobs." (our emphasis)
With another round of tariffs on Chinese goods to be levied in December, retailers and manufacturers are worried that consumers will back off of higher priced purchases, forcing businesses to reduce labor costs.
