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Business & Economy
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Business & Economy
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Economy loses jobs for the first time since 2020
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The latest jobs report from the Labor Department is the first to register a net negative jobs month for the U.S. economy since December 2020, when the economy shed 183,000 jobs.
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The report found the economy added a paltry 22,000 jobs in August, adding to concerns about the health of the economy while increasing the chances of interest rate cuts by the Federal Reserve.
It also includes further revisions to previous months, including an estimate that the economy lost 13,000 jobs in June.
The unemployment rate ticked up to 4.3 percent, rising for the second month in a row, while the labor force participation rate increased after falling since April.
The August report increases the ratio of the number of those seeking jobs to the number of jobs open. There are now about 200,000 more people looking for work in the U.S. than there are available jobs.
It appears this is all leading to a slower growth in wages, which already have had trouble keeping up with inflation.
The Hill’s Tobias Burns has more takeaways here.
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Welcome to The Hill’s Business & Economy newsletter, I’m Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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Rising power prices are becoming a political liability for Republicans as electricity costs outpace inflation. A recent Consumer Price Index report found electricity prices were rising at double the rate of inflation, having increased 5.5 percent over the past year.
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The Powerball jackpot is colossal, coming in at an estimated $1.8 billion after no ticket was able to match the numbers drawn Wednesday night.
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The U.S. economy added 22,000 jobs and the unemployment rate rose to 4.3 percent in August, according to the first federal jobs report released since President Trump fired the head of the Bureau of Labor Statistics (BLS).
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If you’re looking for a new job this year it’s highly likely you’re finding it a bit of a fraught experience.
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Upcoming news themes and events we’re watching:
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The Labor Department on Wednesday will release its producer price index for August at 8:30 am EDT.
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Branch out with more stories from the day:
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ELLABELL, Ga. (AP) — Immigration authorities said Friday they detained 475 people, most of them South …
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Business and economic news we’ve flagged from other outlets:
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Stocks close lower as slowing labor market boosts rate cut hopes but fans economic fears (CNBC)
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Workers in 68 jobs may soon be exempt from paying taxes on tips, Treasury says (CBS News)
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Anthropic to pay authors $1.5 billion to settle lawsuit over pirated chatbot training material (The Associated Press)
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Opinions related to business and economic issues submitted to The Hill:
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You’re all caught up. See you Monday!
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