On Thursday, the Division of Labor introduced that jobless claims surged within the week ending Sept. 6, with 263,000 new individuals submitting for unemployment insurance coverage.
The weekly jobless claims had been 27,000 larger than the earlier week, and at the moment are at their highest stage in 4 years, CNBC reported.
“‘Cost cutting’ [is] back among CEOs and that is corporate speak for more layoffs,” Navy Federal Credit score Union Chief Economist Heather Lengthy wrote in a publish on X. “It’s going to be a rough few months ahead as the tariffs impacts work their way through the economy. Americans will experience higher prices and (likely) more layoffs.”
On Friday, the Bureau of Labor Statistics introduced that the financial system added simply 22,000 jobs in August, making job development since Trump started saying his idiotic tariffs just about flat. In actual fact, the BLS mentioned that the financial system truly misplaced jobs in June—the primary time that occurred for the reason that COVID-19 pandemic in 2020.
The grim job creation knowledge got here after the BLS mentioned that there at the moment are extra job seekers than job openings for the primary time since 2021—which means that those that are out of labor will doubtless have a tough time discovering new employment.
BLS additionally revised its job knowledge on Tuesday to say that the U.S. financial system added practically 1 million fewer jobs between March of 2024 and March of 2025 than it initially estimated.
Associated | One other day, one other dump of actually bleak jobs knowledge
If the labor market wasn’t scary sufficient, the BLS additionally introduced on Thursday that inflation got here in hotter than economists anticipated, with the Shopper Value Index—which measures worth will increase—leaping 2.9% in August in comparison with the identical time final yr.
Democrats, for his or her half, say the blame for the beleaguered financial system lies with one individual: President Donald Trump.
“All of this is Trump inflicted,” Rep. Sean Casten (D-IL) wrote in a publish on X after the newest unfavorable financial knowledge was launched. “Tariffs plus attacking the independence of the fed and the rule of law didn’t work in the 1890s and it won’t work today. It just brings on stagflation, and puts monetary policy in a position where it cant respond.”
