𝓤𝓷𝓲𝓽𝓮𝓭 𝓝𝓮𝔀𝓼

The US economy added only 73,000 jobs in July, significantly below expectations as President Donald Trump resumes his global tariffs.

The Bureau of Labor Statistics released on Friday its report, which showed that the unemployment rate of 4.2 percent changed little.

The day before, Trump had announced a series of new tariffs after he had said that Friday would be the drop-dead date for them to resume.

In another significant, development, the bureau also downwardly revised the number of jobs added in May from 144,000 jobs to only 19,000 while it revised the number of jobs added in June from 147,000 to 14,000.

The number is a major underperformance, as the ADP employment report showed that the economy added 104,000 jobs in July.

The health care sector saw the biggest number of job increases, accounting for 55,000 of the 73,000 jobs added, while social assistance jobs rose by 18,000.

Employment in the federal government declined by 12,000 as a result of Trump and his Department of Government Efficiency. But the jobs report counts employees on paid leave or receiving ongoing severance pay as currently employed.

The stock market reacted viscerally to the poor jobs report, with futures for the Dow Jones Industrial Average dropping by 391 points and futures the S&P 500 dropping by 65 points before the opening bell.

The number is the latest example of spotty economic data. Earlier this week, the Federal Reserve elected to keep interest rates the same and the Bureau of Economic Analysis found that while GDP grew 3 percent, imports decreased while Trump put in place a pause on his “Liberaton Day” tariffs.

Early on Friday morning, Trump called for the Federal Reserve Board of Governors to seize control from Chairman Jerome Powell.

“Jerome ‘Too Late’ Powell, a stubborn MORON, must substantially lower interest rates, NOW,” Trump posted on Truth Social. “IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”

Trump’s comments come even though the Federal Reserve’s announcement showed that only two of the twlve members of the Federal Open Market Committee dissented to the central bank’s decision to keep interest rates the same.

Powell has taken a largely wait-and-see approach to the effects of tariffs, given that the Federal Reserve has a dual mandate to keep unemployment and inflation low. During his press conference on Wednesday, Powell said that inflation remained high even without the pressure from tariffs.

In the days leading up to Friday, Trump had announced a series of deals with various countries and trading blocs, including the European Union, Japan and South Korea.

-This is a breaking story. Check back for updates