The U.S. labor market is entering a "stall moment," and job cuts could reach 800,000 next week.
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最新报道：According to Bijie.com, on September 5 (UTC+8), if market forecasts of tepid US job growth in August and an unemployment rate rise to 4.3% are accurate, it would confirm a weakening labor market and cement the Federal Reserve's interest rate cut this month. Currently, US job growth appears to have stalled, with economists blaming President Trump's sweeping import tariffs and immigration crackdown, which has shrunk the labor pool. The labor market sluggishness is primarily on the hiring side. Economists expect nonfarm payrolls to increase by 75,000 last month, following a 73,000 increase in July. Earlier, a sharp downward revision of 258,000 jobs in May and June infuriated Trump last month. He used this as an excuse to fire Bureau of Labor Statistics Commissioner Erika McEntarfer, accusing her of falsifying employment data. Slow job growth is likely to be confirmed next Tuesday when the BLS releases its preliminary revised estimate of employment levels for the 12 months ending in March. Economists estimate employment could be revised down by as much as 800,000 based on available Quarterly Census of Employment and Wages (QCEW) data. The QCEW data is based on employer reports to state unemployment insurance programs. Economists estimate the economy needs to create 50,000 to 75,000 jobs per month to keep pace with growth in the working-age population.
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