An estimated 1.3 million native-born American workers lost their jobs in August, according to the latest jobs report from the Bureau of Labor Statistics (BLS). Meanwhile, the number of foreign-born workers increased by 635,000.
While the August jobs report shows unemployment falling to 4.2 percent last month, this drop is primarily due to a spike in part-time employment. According to the BLS data, the number of full-time workers decreased slightly.
Since June of last year, full-time employment in the United States has fallen by 1.5 million jobs, while part-time employment has increased by two million. The data suggests that the labor market is far weaker than the Biden–Harris government portrays.
Overall, the U.S. economy added 142,000 jobs last month, falling short of expectations. Consensus forecasts estimated that around 160,000 jobs would be added in August.
The jobs data has cooled expectations of a Federal Reserve interest rate cut later this month. Expectations that the central bank would cut rates by 50 basis points (bps) rose following the release of the BLS’s benchmark employment revision last month, as the total number of jobs added to the economy over the past year were revised downward by a shocking 818,000.
Holy shit:
Foreign-born workers: +635K in August
Native-born workers: -1.325 MILLION in AugustYes, 1.3 million NATIVE-BORN Americans lost a job in August pic.twitter.com/7EC3H1KH5Y
— zerohedge (@zerohedge) September 6, 2024