A lackluster jobs report has sparked concern after the Department of Labor announced it only added 22,000 jobs last month and that the unemployment rate is the highest since 2021.

Washington

Recent US employment data shows a slowdown in job growth, with only 22,000 jobs added and unemployment rising to 4.3 percent, the highest since 2021. Revised figures for June also revealed a loss of 13,000 jobs, marking the first monthly decline since 2020. President Trump has criticized the Federal Reserve for not lowering interest rates sooner, suggesting that high rates are hampering economic growth. 

Analysts, including CBS News business analyst Jill Schlesinger, believe the deteriorating labor market may prompt the Federal Reserve to cut interest rates at its upcoming meeting. Public sentiment reflects growing concern, with a majority of Americans viewing the economy as uncertain. Some experts also point to the administration's tariff and immigration policies as additional factors affecting the labor market. President Trump has announced that the next G20 summit will be held in Miami.

New unemployment data sparks concern

In the Oval Office Friday, President Trump continued to tout a hot economy. We're going to have tremendous job growth. Even as the August jobs report showed signs of cooling down with only 22,000 jobs added, while unemployment ticked up to 4.3 percent, the highest level since 2021. And revisions to the June numbers showed employers cut 13,000 jobs, the first monthly loss since the pandemic in 2020. They'll say you're losing jobs and then say, by the way, we have a correction a month later. On Truth Social, the president appeared to pin the blame on the Federal Reserve chair. Jerome, too late pal, should have lowered rates long ago. As usual, he's too late. We have the interest rates are too high. That was a matter of the Fed. The central bank is due to meet later this month. CBS News business analyst Jill Schlesinger believes a rate cut is possible. This report, along with the last couple of reports, really does show the Federal Reserve that there are labor market conditions that are deteriorating month by month, and that will probably encourage them to cut interest rates at this upcoming meeting in a week and a half. A CBS News poll this week shows growing concern about the U.S. economy, with only 36 percent of Americans surveyed saying it's good, while the vast majority describe it as uncertain and struggling and expect prices to go up. If people start pulling back on their spending, if businesses start pulling back on their spending outside of everything except A.I., that is likely to mean that the economy will slow down further. When the economy slows, it's hard to see a case where there's rapid job creation. Some analysts think the president's tariff and immigration policies could also be weighing on the labor market. Last night, the president announced plans to bring global economic leaders here to the United States next year for the G20 summit in Miami.

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Breakdown