August jobs report drastically weakens — bolstering interest rate cut hopes

The US jobs market drastically weakened in August, confirming signs of a slowdown – and bolstering hopes for an interest rate cut this week.

Employers added a paltry 22,000 jobs last month — down from 73,000 jobs the month before and far below expectations of 75,000, the Bureau of Labor Statistics said Friday.

Friday’s data puts the year-to-date total at just 619,000 – down from more than 1.1 million this time last year.

It’s the first report since Trump abruptly fired Erika McEntarfer, the bureau’s chief, accusing her of releasing false data.

His pick to replace her – E.J. Antoni, chief economist at the conservative Heritage Foundation and a past critic of the jobs data – awaits Senate confirmation.

Friday’s job data falls in line with concerns from Federal Reserve Chairman Jerome Powell that the labor market is now more of a concern than inflation.

During his Jackson Hole speech last month, Powell hinted at a possible interest rate cut in September to promote economic growth.