News brief
U.S. employers added just 73,000 jobs in July and Labor Department revisions showed that hiring was much weaker than previously reported in May and June. The unemployment rate ticked up to 4.2%. The deterioration in the job market occurs as companies face uncertainty over President Donald Trump鈥檚 trade policies. The Labor Department reported Friday that revisions shaved a stunning 258,000 jobs off May and June payrolls.听Mr. Trump said Friday that he has directed his team to fire the head of the agency that produces the monthly jobs figures.听In a post on his social media platform, he alleged that the figures were manipulated for political reasons and said that Erika McEntarfer, the director of the Bureau of Labor Statistics, who was appointed by former President Joe Biden, should be fired. (Updated at 3:08 p.m. US ET.)听
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The cascade of new tariffs, or taxes, on imported goods will likely raise prices for U.S. consumers and businesses alike. Economists expect the new and higher tariffs to accelerate the economy鈥檚 current gradual slowdown.
