US Labor Market Slumps to 22,000 New Hires in August, Unemployment Hits 4.3%

Breaking News: US Jobs Report Reveals Slump to 22,000 New Hires in August The US labor market continued to cool off in August, with employers adding just 22,000 jobs, a significant decline from the previous month's 79,000. The unemployment rate ticked up to 4.3%, its highest level since 2021, according to the Labor Department's report released on Friday. Timeline of Key Events July: Employers added 79,000 jobs August: Employers added only 22,000 jobs, a decline of 57,000 from July President Trump fired data chief in response to previous disappointing jobs report Immediate Impact and Response The weak jobs report has sent shockwaves through the markets, with stocks experiencing a moderate downturn. The S&P 500 index fell by 0.5% in morning trading, while the Dow Jones Industrial Average dropped by 0.3%. Economists are warning that the slowdown could be a sign of a broader economic downturn. Background Context The US job market has been losing momentum this year, partly due to the lingering effects of the COVID-19 pandemic and uncertainty over President Trump's economic policies. The Labor Department's report is the first since Trump fired its data chief in response to a previous disappointing jobs report. What Happens Next Markets will be closely watching the next few months' job reports for signs of improvement or further decline. Economists are predicting that the Federal Reserve may need to intervene with monetary policy changes to stimulate growth. As the economy continues to slow, businesses and investors will need to adapt to a potentially changing economic landscape. In response to the weak jobs report, President Trump tweeted: "The real numbers that I'm talking about are going to be whatever it is, but will be in a year from now." However, economists and analysts are focusing on the current data, which suggests a clear slowdown in hiring. *This story is developing. Information compiled from Fortune reporting.*