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The U.S. labor market is edging towards a downturn. Employment growth is at its weakest point in the post-pandemic recovery as the job market added just 22,000 jobs in August with 21,000 in combined downward revisions to June and July’s numbers. The second revision of June’s numbers showed that the labor market contracted by 13,000 jobs during that month—the first overall loss since December of 2020. The unemployment rate rose slightly to 4.3%, indicating that job growth is below “breakeven”—meaning job growth isn’t strong enough to sustain full employment despite significantly lower immigration.
The overall picture is