#unemployment

#unemployment

Hardly any corner of the economy is untouched by jobs cuts and slowdown: Employment in all goods-producing industries slumped in August, with the deepest losses coming from manufacturing and mining.

New figures from the Bureau of Labor Statistics shows that the job market is considerably weaker than initially believed, and has been since April 2024. The revised BLS findings, out Tuesday, showed 911,000 fewer jobs than what was initially reported painting an ugly picture of the U.S. economy over the past year. (BLS) The stats are preliminary, and the final figures will be released early next year, according to the Associated Press.

After vacancies saw their strong annual growth for three years in June, the pendulum swung back in July with roles falling -1.24% month-on-month and a mere uptick of +0.31% year-on-year, according to the latest UK Job Market Report by job matching platform Adzuna. Nevertheless, July marks the fifth consecutive month of positive year-on-year growth, coming after 30 months of declines that lasted till this February.

The official US labor force, which measures the number of working-age Americans actively working or looking for work, is shrinking at a rate normally seen during the depths of economic crises.

The Treasury confirmed that Hansard had been amended following errors made by the Chancellor during committee hearings, particularly in figures regarding pension scheme management.

Some of the attorneys are resurfacing months later in jobs outside of Big Law, from running for Congress to working at a small firm taking on the Trump administration.

The 30% tariffs imposed by the United States on South African exports pose a serious threat and risk harming key export industries that depend heavily on the U.S. market.

Cesar Mesen, owner of The Pint Public House, indicated that despite receiving a high volume of resumes, he cannot afford to hire more staff due to economic conditions. He stated, "If we post for one position, we maybe get 90, 100 candidates." Mesen's pub typically hires around 40 to 50 people for the summer, but this season's hiring was a fraction of that. He mentioned, "I cannot just hire people because I feel bad for them right now, we don't have a need to hire." Job losses predominantly affected young individuals, particularly those aged 15 to 24.

The U.S. economy is experiencing a noticeable slowdown in mid-2025, with sluggish domestic demand growth and muted job gains, highlighting significant economic challenges ahead.

Goldman Sachs economists noted one distinction between this year and last: the unemployment rate was rising alongside slowing hiring rates last year, while this year has seen stability.

Nearly 25% of older Gen X and young boomer workers laid off in the past decade haven't found new jobs, with 11% taking pay cuts.

Labour's Jess Phillips acknowledged the disappointing rise in unemployment, stating, 'The issue of the unemployment figures today is something that every government should be absolutely firmly focused on.'