Overview

• Employers added just 22,000 jobs in August and unemployment reached its highest level since October 2021, with sizable revisions showing weaker summer hiring.
• The Federal Reserve lowered its policy rate by 25 basis points in September, citing downside risks to employment after the sharp slowdown in hiring.
• Jerome Powell said AI is probably affecting entry‑level opportunities, particularly for recent graduates, though he emphasized that overall job creation has broadly slowed.
• UBS economists warn layoffs are running at least at normal levels, pointing to a four‑year high in jobless claims and a 13% year‑over‑year rise in layoff announcements, while noting JOLTS may undercount separations.
• The Conference Board reports more consumers say jobs are hard to get and job openings have fallen, while factors such as tariffs, immigration policy and AI‑first corporate moves, including Fiverr’s layoffs, are weighing on hiring.