The U.S. labor market is showing clear signs of weakness as the effects of prolonged policy uncertainty and tariffs deepen. Labor market data disappointed for the fourth consecutive month as the August non-farm payrolls report revealed just 22,000 jobs added – missing already low estimates by 53,000. This pushed the three-month average job growth to just 29,000, underscoring the soft labor market. The unemployment rate ticked up to 4.3%, with continuing claims reaching cycle highs, signaling prolonged job searches for those unemployed.
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