US job growth stalls: Just 73,000 jobs added in July, with ‘stunning’ downward revisions to recent months

By Alicia Wallace CNN The US job domain slowed substantially in July and was much weaker than previously thought in previous months suggesting President Donald Trump s commerce protocol may be stifling hiring The US business sector added just jobs last month and the monthly totals for May and June were revised down by a combined jobs Related Articles Opinion Inmate firefighters liability their lives saving California They deserve better pay Safeway union workers withhold picket lines as federal mediator requests strike delay How a great number of employees is your California city paying This interactive database tells you Intel cuts back spending workforce as struggling chip maker mounts comeback Bay Area city still working diligently to keep Valero refinery The prior two months revisions were stunning disclosed Diane Swonk chief economist at KPMG in an interview with CNN May s estimated net gain was revised down by to and June s preliminary tally of was slashed by to respectively according to figures published Friday from the Bureau of Labor Statistics It s stalling out right now Swonk mentioned of the US labor sector With those monumental revisions the meager job gains in June were the weakest since December the last time the labor sector had monthly job losses Outside of the pandemic recession job increase is running at the weakest pace since This is absolutely the worst major economic description since the end of the pandemic era Joe Brusuelas chief economist at RSM US wrote to CNN via email The Dow opened lower by points or The broader S P fell and the tech-heavy Nasdaq Composite slipped Traders now expect a chance of a rate cut from the Federal Reserve in September up from a chance on Thursday according to the CME FedWatch Tool Trump s unorthodox economic agenda and policies may be starting to make a dent in the labor sector and especially troubling was the massive downward revisions of over a quarter million jobs in May and June Christopher Rupkey chief economist at FwdBonds wrote in a note Friday The unemployment rate rose to from Economists were expecting the analysis to show a slowdown in job progress as hiring across the vast majority of industries has been weak for months High uncertainty over Trump s economic policies specifically a volatile exchange procedures and shifting tariff rates have been blamed for putting a stranglehold on employers improvement plans Economists anticipated that jobs were added in July and that the unemployment would rise to according to FactSet consensus estimates However they weren t expecting the past three months to be this weak This jobs record is really bad because you can see the impact of contract and immigration program hurting demand for hiring Brusuelas announced This story is evolving and will be updated window addEventListener load function function c id p d w var i d createElement iframe i height i width i style display none position absolute visibility hidden i src https newsource-embed-prd ns cnn com articles cnnvan-stats html article id id category c publisher p url encodeURI w location d body appendChild i Business FConsumer L jb wb lbnRzL FydGljbGUvaW zdGFuY VzL NtZHJqczV ajAwaDgyNnA Y tvcTdldXk D document window The-CNN-Wire Cable News Infrastructure Inc a Warner Bros Discovery Company All rights reserved