A disappointing jobs report issued Friday showed U.S. employers added only 73,000 jobs in July — far short of expectations. But the bad news was compounded by drastic revisions to the May and June numbers.
Danny Court is a senior economist with Scottsdale-based Elliott D. Pollack and Company.
"We went from, you know, May and June initially reporting, you know, 140 to 150 thousand jobs, down to just 19,000 jobs and then 14,000 jobs. So, you know, as close to zero as you could possibly get," he said. "We haven’t seen this low of employment gain basically since the pandemic."
The bleak data, combined with new tariffs imposed by President Donald Trump, sent stocks tumbling and led Trump to fire the head of the Bureau of Labor Statistics — claiming, without evidence, that the new job numbers were “rigged.”
