:max_bytes(150000):strip_icc()/GettyImages-1428083262-1474c3008d4343698c8832a0784093d2.jpg "Friday’s Jobs Report Created A Presidential Record—For Joe Biden")
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Key Takeaways
- The U.S. economy lost jobs in June, for the first time since December 2020.
- The drop in jobs makes former President Joe Biden the only person who never presided over net job losses while in office.
- Several of President Donald Trump’s economic policies could be contributing to the hiring slowdown, according to economists.
Six months into President Donald Trump’s second term, Joe Biden set a jobs record: He’s the only commander in chief who never presided over a month of job losses.
The U.S. reported adding a scant 22,000 jobs in the month of August, signaling a sharp slowdown in the labor market. What’s worse, the Bureau of Labor Statistics downwardly revised previous estimates to show that the U.S. lost 13,000 jobs in June instead of adding 14,000 jobs as first reported.
It’s the first time the economy posted a net loss of jobs since December 2020, which was during Trump’s first term.
Economists have cited several reasons for the recent slowdown in the job market, many related to Trump’s economic policies. Trump’s unpredictable campaign of raising import taxes has pushed up prices and created uncertainty among business leaders.
The tariffs have squeezed household budgets and made employers reluctant to hire. In addition, Trump has cracked down on immigration and cut thousands of jobs from the federal government, both of which are also affecting the labor market.
Biden’s record comes with a major asterisk, since he only served one term as president. Biden’s predecessor, Barack Obama, did have job losses in his first term during the Great Recession. However, the economy under Obama did add jobs throughout his second term as the economy recovered.
The economy only lost jobs during the COVID-19 pandemic in Trump’s first term.
