Business Rundown: Weak Jobs Report Reveals “Underlying Weakness In The Economy”
The August jobs report is in, and the numbers tell us the labor market is cooling off. The 142,000 jobs added not only fell short of economists’ expectations for job growth, but the Labor Department had to revise its reports from June and July, lowering job estimates even further.
Even before this news, it was a rocky week for Wall Street, with tech companies taking hits, including the reliable chip stock, Nvidia. And on the campaign trail, former President Trump shared some of his economic policies, including a government efficiency commission that would be led by Elon Musk.
Fox Business’ Kelly O’Grady spoke with FOX Business White House correspondent about why the slowdown in hiring is a problem for the Fed, why recession fears and big market selloffs persist, and what role Elon Musk might play in a possible second Trump administration.
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