The Bureau of Labor Statistics (BLS) released August jobs numbers indicating a disappointing increase of only 22,000 nonfarm payrolls, far below the projected 75,000. While healthcare saw gains, losses in federal government employment, mining, quarrying, and oil/gas extraction offset those gains. This follows the firing of the previous BLS commissioner by President Trump due to weak employment data from the previous month. Furthermore, analysts are noting a possible rate cut by the Federal Reserve.
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President Donald Trump downplayed the upcoming U.S. jobs report, suggesting the true economic figures would be apparent in a year. This statement follows Trump’s removal of the Bureau of Labor Statistics commissioner, Erika McEntarfer, after he disputed previous reports. While the August report is anticipated, economists offer differing projections, with some forecasting a slowdown in job growth. These actions have sparked concerns about the politicization of economic data and its trustworthiness.
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President Trump’s tariffs, which imposed duties as high as 145% on some countries, face a Supreme Court challenge after a federal appeals court ruled they were unlawfully enacted. If the Supreme Court upholds the lower court’s decision, the Treasury could be forced to refund over $210 billion in tariff revenue to American businesses. While businesses await potential refunds, economic experts caution that such a move could lead to increased government borrowing and potentially fuel inflation. Therefore, the outcome of the Supreme Court’s decision on the legality of the tariffs has wide-ranging implications for both businesses and the overall economy.
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Recent Gallup polling indicates a noticeable shift in Donald Trump’s approval ratings among non-college-educated Americans, a key demographic for his support. While approval dipped slightly in July, it rebounded in August, demonstrating the continued resonance of his populist messaging. However, this comes in contrast to a decline in approval among college-educated voters. Despite this rebound, there’s rising pessimism among non-college-educated Americans regarding the economy, with concerns about its performance and the impact of potential tariffs.
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Despite a rising stock market, the economy is in worse shape than a year ago, largely due to Trump’s policies. Public disapproval of his economic handling is evident, yet media coverage has been lacking. Trump’s “Liberation Day” tariffs have damaged trade relationships and led to job losses and price increases. While tariffs generated increased revenue, it is significantly less than income tax revenue.
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Ukraine knocking out 17% of Russia’s oil capacity — and that’s just this month, Reuters says, is certainly a headline that grabs your attention, doesn’t it? It’s a pretty significant hit, particularly when you consider it’s a blow to Russia’s economic lifeline – their oil industry. It’s hard not to feel a sense of satisfaction, and perhaps even a bit of vindication, seeing this kind of impact on their ability to fund the war. It’s a clear illustration of how Ukraine is evolving in its offensive capabilities, using its resources strategically and effectively.
This news report specifically mentions refinery capacity, which is a critical distinction.… Continue reading
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The Federal Reserve Chair, Powell, expressed concerns about rising downside risks to employment, warning of potential layoffs and increased unemployment. This concern stems from the July jobs report, which revealed a significant slowdown in job growth, with the three-month average reaching its lowest point since 2010 (excluding the pandemic). The report’s revisions indicated a broader market job loss, despite gains in specific sectors. Powell noted that the slowdown was larger than previously assessed, emphasizing the importance of avoiding slack in the labor market.
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Walmart’s CEO, Doug McMillon, stated that the company’s tariff costs are escalating weekly and are expected to continue rising through the year’s end. While the retailer has managed to mitigate some costs and even lowered prices on some back-to-school items, the impact of tariffs on imports looms large. Although there haven’t been dramatic shifts in shopping behavior, the rising costs have led to some price adjustments and shifts in consumer spending. Home Depot and Lowe’s also reported similar challenges with tariff impacts and noted the growing uncertainty in the economy.
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Following the federalization of Washington D.C.’s police forces and the deployment of federal agents, restaurants in the city experienced a significant decline in reservations. OpenTable data revealed a 16% decrease in reservations on Monday, the day Trump invoked the Home Rule Act. This downward trend worsened throughout the week, with reservations plummeting to 31% below the previous year’s numbers on Wednesday. Even on the weekend, when Trump claimed high visitor numbers, reservations still saw notable drops of 20% and 22%.
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John Q. Hosedrinker 
Matt Underwood