US job growth slowed in August

The U.S. economy added just 22,000 nonfarm payroll jobs in August, according to data released Friday by the Bureau of Labor Statistics (BLS).

The August jobs report came after job growth slowed in July, with the U.S. economy adding just 73,000 nonfarm payroll jobs, the BLS reported. Meanwhile, the unemployment rate changed little in August at 4.3%, up from 4.2% in July, according to the BLS.

The U.S. economy was expected to add around 75,000 jobs in August, with the unemployment rate projected to increase slightly at 4.3%, NewsNation reported on Friday.

This notably marks the first jobs report since President Donald Trump on Aug. 11 ordered BLS Commissioner Erika McEntarfer to be removed from her position following the release of the disappointing July jobs report, claiming she had “faked the Jobs Numbers” ahead of the 2024 presidential election in an attempt to “boost” Democrats’ “chances of victory.” The president announced Aug. 11 that he selected conservative economist Dr. E.J. Antoni to serve as the next commissioner of the BLS.

The August jobs report comes after U.S. small business owners’ optimism rose in July. The National Federation of Independent Business’ Small Business Optimism Index increased 1.7 points in July to 100.3, which was slightly above the index’s 52-year average of 98.

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