Markets fall further on Wall Street as jobs report, revisions set off economic alarm bells
by TheHill.com
Stock markets plunged on Friday after a weak jobs report and major downward revisions to May and June employment figures set off alarm bells about the direction of the U.S. economy.
The U.S. added only 73,000 jobs in July and the unemployment rate stayed flat at 4.2 percent, according to data released Friday by the Labor Department. That was well below the expectations of economists, most of whom projected job gains of at least 100,000 in July.
Job growth in May and June was also far lower than first reported, according to the Labor Department, which shaved 258,000 jobs off of its past two reports.
The bad jobs news followed President Trump’s Thursday night announcement of higher tariff rates on dozens of nations that hadn’t yet agreed to trade deals with the U.S., hours before his suspended “reciprocal” tariffs were set to take effect Friday. Those new rates will take effect Aug. 7.
In a separate executive order, Trump set Canada’s tariff rate at 35 percent, 10 points higher than he’d previously announced, which he said reflected the nation’s inability to control fentanyl at the border.
Kamala Harris BREAKS SILENCE In FIRST Interview With Colbert Since LOSING 2024, New Book | SUNRISE
The jobs report is giving Democrats a new line of attack to use against Trump ahead of next year’s midterm elections.
Trump is set to travel to his Bedminster, N.J., home Friday, where he’ll reportedly host a fundraiser for MAGA Inc., the super PAC that supports him.
Catch up here:
Trump trains his fire on GOP allies, and worries Republicans
Student loan borrowers lament system changes as interest accrual restarts for SAVE
Trump sets new tariff rates, shifts timeline in latest trade twist
And follow along below for updates.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings