The U.S. job market just got hit with a reality check. According to the latest Bureau of Labor Statistics report, June’s employment numbers have been revised all the way down into the negative. What was first reported as 147,000 jobs added, then cut to 14,000, has now landed at a net loss of 13,000 jobs.
Adding to the disappointment, August saw just 22,000 jobs added—well below the 75,000 that economists had expected. July got a small upgrade to 79,000 jobs, but that wasn’t enough to offset the shock of June’s massive downward revision.
The unemployment rate also climbed to 4.3 percent, the highest since 2021, showing that the labor market may be losing the momentum it once had.
Healthcare and social assistance are still hiring, but cuts in manufacturing, wholesale trade, and federal jobs have dragged down the overall numbers. Private payroll data from ADP also showed weakness, with only 54,000 jobs added in August, confirming what many analysts feared: the job market isn’t as strong as it appeared earlier this summer.
For everyday workers, this means a tougher hiring climate and more pressure on wages. For policymakers, it raises urgent questions about whether the economy is slowing too quickly.
