The monthly jobs report came out on Friday, and the news wasn’t great for the economy.
Per CNBC, the economy added 73,000 jobs in July, much lower than expectations had placed it. And not only that, but the two previous months’ jobs numbers were revised lower.
“This is a gamechanger jobs report,” said Heather Long, chief economist at Navy Federal Credit Union, told CNBC. “The labor market is deteriorating quickly.”
“This is the slowdown that we’ve been expecting,” Luke Tilley, chief economist at Wilmington Trust, told CNBC. “Firms are facing a very different cost structure. They need to adapt to a new cost structure, which means holding off on hiring.”
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“In many ways, this is about slowing down. And now the test we have is really to figure out, to what extent is this slowdown likely to persist and get us into a more troublesome position,” Atlanta Fed President Raphael Bostic said on CNBC Friday. “But we don’t know that now, and that’s something that I’ll be working on over the next two months” before the Fed’s September meeting.
The business network also said that the report could lead to an interest rate cut when the Federal Reserve meets again in September. President Donald Trump has been demanding such cuts for months, even implying that he will try to remove Fed Chairman Jerome Powell.
On another network, Fox Business, the panel seemed to react in shock at the moment the jobs report was released.
BREAKING: Watch the exact moment FOX News host and Trump loyalist Maria Bartiromo announces the very weak jobs report for July. Our economy is getting weaker under Trump. pic.twitter.com/DW4NsEWVJA
— Trump Lie Tracker (Commentary) (@MAGALieTracker) August 1, 2025
Stephen Moore, a generally pro-Trump economist, attributed the soft job numbers to “all of the turmoil over tariffs.”
“This disappointing number is a result of all the turmoil over tariffs and trade wars, and that’s sort of good news and bad news, because guess what? In just the last few weeks, Trump has racked off a lot of victories here, as he gets more victories with the Europeans, with Japan, with the U.K.,” said panelist Steve Moore. “I think that’s going to settle things, and then that kind of turmoil will be over.”
On Friday morning, shortly before the release of the jobs report, Trump took a shot at Chairman Powell on Truth Social, declaring that “Too Little, Too Late. Jerome ‘Too Late’ Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!”
The president did not discuss the jobs report otherwise on his social media platform.
Photo courtesy of an X screenshot.
