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US economy added just 22,000 jobs in August, unemployment highest in 4 yrs
The US job market is stalling out.
The S&P 500 rose 0.41% and the tech-heavy Nasdaq gained 0.63%, after the weaker-than-expected jobs data boosted expectations that the Federal Reserve will cut interest rates in September to stimulate the economy. Uncertainty has swelled since the beginning of the year in large part around how President Donald Trump’s sweeping policies on tariffs, immigration and federal spending would shake out through the economy. That became starkly clearer in July, when weak job growth and larger-than-typical downward revisions spurred the unprecedented firing of BLS Commissioner Erika McEntarfer by President Donald Trump who claimed, without evidence, that the disappointing data must have been “rigged.”
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