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Revisions and rising unemployment: what to know about the US jobs report

about 4 hours ago
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A closely watched report on US jobs released Friday gave signs of a cooling labor market.The economy added just 22,000 new jobs in August, coming in below expectations, while the unemployment rate ticked slightly up to 4.3%, according to the Bureau of Labor Statistics.At the beginning of the year, over 100,000 jobs were being added each month.Amid Donald Trump’s trade wars, tariffs have now been put on most foreign goods and prices have started going up.

Uncertainty seems to have spooked businesses and this combination of a slowing jobs market and higher inflation paints a murky picture of the US economy,Here’s what we learned with Friday’s report:Friday’s job report included revisions to initial reports for June and July,The pace of hiring in June was initially reported as 139,000 jobs added to the economy, but revisions now put the actual figure to -13,000,This is the first time the labor market lost jobs since December 2020, during the massive unemployment seen during the pandemic,July’s numbers were revised up by 6,000, from 73,000 to 79,000.

Revisions, a standard part of the Bureau of Labor Statistics’ data collection, became a marked point of tension between the bureau and the White House after the bureau dramatically revised numbers in last month’s report.Initial figures overestimated the number of jobs in May and June by 258,000, which the bureau said was the result of receiving additional reports – the bureau collects its data by surveying employers – from businesses and government agencies.With the new revisions released Friday, total revisions covering May, June and July revised figures down a total of 279,000 for those three months.Last month, Trump fired the bureau’s commissioner, Erika McEntarfer, after the revision, saying the numbers were “rigged” to make him and Republicans look bad.But economists point out that the bureau is made up of career statisticians, many who have been with the bureau for many years.

The impacts of the “department of government efficiency” are still being felt even though Elon Musk has largely stepped away from his role in Trump’s White House.In August, federal employment went down another 15,000 jobs, bringing the total number of federal job cuts to 97,000 since January.Manufacturing jobs have also taken a hit this year, down 12,000 jobs in August and 78,000 over the last year.Job growths were seen in healthcare and social assistance industries, which saw increases of 31,000 and 16,000 jobs, respectively.In August, the unemployment rate for Black Americans jumped 0.

3% over the last month to 7.5% – over double the unemployment rate for White and Asian Americans, which are just over 3.5%.The unemployment rate for Hispanic Americans was also higher, at 5.3%.

Though the overall unemployment rate went up just 0.1% over the last year, the Black unemployment rate jumped 1.4%.The unemployment rate for White and Asian Americans actually went down slightly compared to last year.It’s been a longtime trend that Black Americans are the “last hired, first fired” in an economic downturn, meaning they are the first to feel the impacts of a downturn and the last to recover for one.

This was seen during the Great Recession, where unemployment hit Black and Hispanic Americans disproportionately.Fed officials have been signaling that a rate cut could come at the Fed’s next board meeting 16 and 17 September, though it probably won’t be a drastic cut.Investors seem to have found hope in Fed chair Jerome Powell’s Jackson Hole speech last month, where he implied that officials will likely ease interest rates amid concern about the labor market.But the Fed is cutting rates doesn’t mean it sees stability in the economy.Fed officials, including Powell, have raised concerns about higher prices due to Trump’s tariffs.

But it remains unclear if inflation will keep going up, or if there will be a one-time price increase from the tariffs.Powell noted that officials, for now, are more concerned about the labor market, which August’s report confirmed has been experiencing turbulence this summer.On Thursday, before Friday’s jobs report release, Trump said that “the real numbers” will be reported next year.“The real numbers that I’m talking about are going to be whatever it is, but will be in a year from now,” he said.“You’re going to see job numbers like our country has never seen.

”When asked about the hiring slump, National Economic Council director Kevin Hassett told CNBC on Friday that “you are seeing that people are being hired”,“Members of my family have been hired,” he said,“Both of them started their new jobs about a week ago,”Hassett called the jobs report “disappointing” but said that the numbers will eventually go back up,In a separate interview on Friday, the US commerce secretary, Howard Lutnick, told CNBC that the jobs reports will be better once the administration makes changes to the Bureau of Labor Statistics.

“You’ll take out the people who are just trying to create noise against the president,” Lutnick said.He added that Americans will see “the greatest growth economy … starting six months from today to a year from today”.
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Lammy made deputy PM and Cooper foreign secretary after Rayner’s exit

David Lammy has been made deputy prime minister and Yvette Cooper has taken over as foreign secretary as Keir Starmer embarked on a massive reshuffle sparked by the forced departure of Angela Rayner from government.Immediate changes were required due to Rayner’s resignation as deputy PM and housing secretary after the prime minister’s ethics adviser found she had breached the ministerial code over her underpayment of stamp duty on a seaside flat.But the extent of the changes, with only a handful of cabinet ministers staying in the same job, indicated concern inside Downing Street that the government is faltering, and the need for a reset.Shabana Mahmood, the justice secretary, has taken over from Cooper at the Home Office, with Lammy becoming justice secretary as well as his deputy prime minister role.Pat McFadden, the chancellor of the duchy of Lancaster, has been made work and pensions secretary, overseeing an enhanced department, which will take over Angela Rayner’s housing and communities brief

about 5 hours ago
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Nige takes to the stage offering empty promises and anger – and the crowd love it | John Crace

“Up for an adventure” a sign declared outside the Birmingham National Exhibition Centre. You certainly need to be. After navigating a half-hour queue to get through security, a group of us were told we needed to go back outside, walk 10 minutes and then go through security again to reach the media centre.Which would have been fine except the staff at the new entrance had been given instructions not to admit the media, and told us to go back to where we had started and queue for security a third time. The theme for this year’s Reform party conference is “Ready for government”

about 6 hours ago
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Reform conference shows a party keen to present itself as normal | Peter Walker

One of the most important unwritten rules of politics is that for a party to become a government it must first look like one. In the UK that involves holding not just rallies but a proper conference. Could Reform pull this off? Well, yes – in part.Previous Reform gatherings have, in effect, been rallies where every speaker was a support act for Nigel Farage.This is fine for grabbing attention and building support, but at some point voters want reassurance that there is a proper, functioning party machine in place, one capable of populating a cabinet of 20-plus people

about 7 hours ago
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The seven Labour MPs who have left Starmer’s government since election

Seven MPs have now left Keir Starmer’s government since Labour won power in 2024. Here is a rundown of those who have left since Labour came to power on 4 July 2024.The housing and communities secretary, as well as the deputy prime minister, resigned on Friday in the biggest exit yet for Starmer’s government.Rayner stood down after the prime minister’s ethics adviser, Sir Laurie Magnus, found she had breached the ministerial code over her underpayment of stamp duty on an £800,000 seaside flat, even though Magnus said she had “acted with integrity and with a dedicated and exemplary commitment to public service”.The homelessness minister resigned after it emerged tenants of a property she owns who had not had their lease renewed because she planned to sell the property had seen the same property back up for let with a substantial rent increase shortly afterwards

about 7 hours ago
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UK children face barriers to outdoor play due to poor planning, says study

Children in cities across Britain face barriers to playing outside because urban planners are prioritising housebuilding over parks, a study has found.The research, published in the peer-reviewed journal Cities and Health, found that planners were prioritising the approval of new homes ahead of outdoor play spaces due to a combination of policy misalignment, financial constraints and pressures stemming from a lack of housing.Emily Ranken, from the University College London Institute for Education and corresponding author of the research, said: “Our study offers a deep analysis of the challenges in embedding play into urban policy and our recommendations offer a blueprint for councils, developers, and public health leaders to make play a priority.”She added: “Well-designed play space has so many positive knock-on effects. For children, it takes them outside, away from screens and develops their cognitive and physical skills

about 7 hours ago
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Reform UK could strip FCA of power to regulate banking if elected

Nigel Farage could strip the City watchdog of its power to regulate the banking industry under a sweeping overhaul to undo changes made after the 2008 financial crisis if Reform UK was elected to government.The leader of the party at the top of opinion polls has said he wants to prepare for the potential for an early general election in 2027.A metals trader before entering politics, Farage has told allies that a Reform UK government would sweep away rules governing the City of London as a priority to boost economic growth, the Financial Times reported.This would include stripping the Financial Conduct Authority of its role in regulating banks, with control handed instead to the Bank of England. “Nigel thinks the FCA is a disaster and banking regulation needs to go back to the Bank of England,” a source close to Farage told the paper

about 9 hours ago
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Revisions and rising unemployment: what to know about the US jobs report

about 4 hours ago
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US labor market ‘has headed off a cliff-edge’ with just 22,000 jobs added in August – as it happened

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Tesla offers Elon Musk a trillion-dollar pay package

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Trump hosts US tech leaders at White House dinner – minus Elon Musk

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US Open tennis 2025: Novak Djokovic v Carlos Alcaraz, men’s semi-final – live

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Inclusive Brighton is perfect venue for World Cup’s sell-out party weekend

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