Overview

• The Labor Department reported just 22,000 jobs added in August, with June revised to a 13,000 loss and a roughly 107,000 total gain over the past four months, one of the weakest stretches outside recessions.
• Manufacturing and other goods-producing sectors contracted, with manufacturing down about 78,000 jobs this year, while health care added an estimated 46,800 positions.
• Political fallout deepened as Democrats and even the Wall Street Journal editorial board blamed tariff-driven uncertainty, while President Trump faulted the Federal Reserve and had earlier fired the BLS commissioner after a weak report.
• The data strengthened expectations for a September rate cut, with analysts discussing the prospect of larger or multiple moves as longer-term yields fell on the news.
• Legal and public pressures are mounting, including a federal appeals court ruling against key tariff authority and polls showing worsening economic approval and more Americans saying the economy is getting worse.