The U.S. Labor Department reported that employers added only 117,000 jobs in August, significantly below the expected 150,000. This marks the slowest job growth in the labor market since the pandemic’s initial shutdown. The report raised concerns among economists about the resilience of the U.S. labor market.
Kevin Hassett, Director of the National Economic Council, addressed the report on ‘America’s News,room’, suggesting that the White House expects revisions to previous data to explain the discrepancy. Hassett emphasized that while the raw numbers may be concerning, the broader economic context should be considered when evaluating the report’s implications.
Analysts note that the unexpected job growth could signal underlying issues in the labor market, such as a potential slowdown in hiring or a decrease in job openings. The report also highlighted an increase in the unemployment rate to 3.7%, further adding to concerns about economic stability.