US markets close in red after brutal August jobs report
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'Devastating' New Jobs Report Shows Labor Market 'Cracking' Under Trump
"The theory of Trumponomics is failing," said one economist.
"The labor market is going from frozen to cracking," chief economist at Navy Federal Credit Union said, and then pointed to net job losses in industries including mining, construction, and manufacturing that show significant stress in the blue-collar economy.
manufacturing employment has been contracting for several months, despite US President Donald Trump's pledges to lead a manufacturing revitalization.
"Manufacturing employment fell [by 12,000 jobs], and is down [78,000 jobs] over the year."
- Tariffs - "The first theory of Trumponomics was that tariffs would build up manufacturing work and federal workforce cuts would free up workers for them," he explained. "That's failed. Manufacturing lost jobs almost as fast as the federal workforce (-12 vs. -15K)."
- Trump's tariffs have hurt his stated goal of bringing back well-paying jobs for blue-collar men, as industries that produce such jobs have also been harmed by his tariffs on foreign goods and materials.
- Mass Deportations - He also pointed out that Trump advisers claimed that mass deportations of undocumented immigrants would create new job openings that native-born workers would rush in to fill.
- "But, you guessed it, that's also failing," he said. "Amidst the broader weakening, the native-born unemployment rate is at the highest levels since the pandemic."
- "The unemployment rate is the highest in nearly four years,
- the economy has lost nearly 40,000 manufacturing jobs this year alone, and
- millions of workers are unable to find full-time employment.
Families are getting fewer chances to secure the American dream in Trump's economy."
‘People are scared out of their minds’: Weak jobs report shows warning signs for Trump’s economy
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