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jobs report
No, Says Economist, March US Jobs Report 'Is Not Good'
"The latest jobs data show how President Trump's mismanagement of the economy—both domestically and internationally—is harming workers at home," said another expert.
Apr 03, 2026
As US Labor Secretary Lori Chavez-DeRemer on Friday declared that "America's economic comeback is on full display" and the country's "workers are winning again" due to what the business press and top newspapers called a "strong" March jobs report, some economists stressed the importance of looking beyond the topline figure and one month of data.
The US Bureau of Labor Statistics announced that employers added 178,000 jobs last month, with gains in construction, healthcare, and transportation and warehousing, and declines in the federal government. The unemployment rate fell slightly to 4.3%, with 7.2 million people officially jobless.
"Folks, today's jobs report is not good," declared Heidi Shierholz, president of the think tank Economic Policy Institute (EPI). She pointed to average job growth over the past two months, the reason for the drop in unemployment ("people leaving the labor force"), slowing wage growth, and the fact that "the effects of our war in Iran aren't even in these numbers yet."
EPI senior economist Elise Gould further explained those points on social media. Although the report "came in stronger than expected... much of the gain was a bounce back to February declines (now a loss of 133,000 jobs)," she said. "As a result, average monthly growth the last two months was only 22,500 jobs."
As far as the unemployment rate ticking down, "it's important to note that this happened for the 'wrong' reasons as both the labor force participation and the share of the population with a job also ticked down," Gould continued. "Job gains were strongest in healthcare as striking workers returned to work."
"Attacks on the federal workforce continue," she highlighted, with the sector down 18,000 jobs in March and 352,000 positions since January 2025, when President Donald returned to power. "The vital services federal employees provide cannot be done without these essential workers. The cost of these losses are only just beginning."
"Manufacturing rose 15,000 jobs in March, but still has a huge deficit since Trump took office. Since January 2025, the manufacturing sector has lost 82,000 jobs," the economist noted. "Wage growth has been slowing for the last few months, particularly driven by slower growth for production and nonsupervisory workers, roughly the lower 82% of the workforce."
Gould added that "we don't have the inflation data yet to show real wage changes in March, but slowing nominal wage growth coupled with rising prices from the Iran war almost surely means real wages will suffer, contributing to worsening affordability."
Trump and Israel launched their war on Iran at the end of February, and the new data is from the middle of March, so "the impact of the war and higher fuel prices will be limited" in this report, as Center for Economic and Policy Research co-founder Dean Baker acknowledged. "April could look considerably worse."
Breyon Williams, chief economist at another think tank, Groundwork Collaborative, said that "beyond today's headline bounce, the labor market continues to deteriorate under Trump's economic mismanagement: Hiring has ground to a halt, paychecks are shrinking, and workers are giving up on finding a job altogether. A single month of modest gains can't reverse the damage that the president has inflicted on working families."
A former senior Labor Department official who's now chief of policy programs at The Century Foundation, Angela Hanks, similarly asserted that "the latest jobs data show how President Trump's mismanagement of the economy—both domestically and internationally—is harming workers at home."
"While the topline rate does not yet reflect the war's impact on the job market, wage growth has stalled, and oil prices are skyrocketing, resulting in higher prices for consumers and threatening to weaken the job market," she noted. Specifically, according to a Thursday report from Democratic members of the congressional Joint Economic Committee, Americans spent an extra $8.4 billion at the gas pump in the first month of Trump's war.
"Families are already under tremendous pressure from rising prices, slowing job growth, and mounting debt as they struggle to make ends meet, and not seeing help on the way," said Hanks. "Families and workers across the country deserve leadership that puts them first and works to make living a fulfilling life affordable for everyone. Instead, they're stuck with leaders in Washington more focused on needless and damaging wars and slashing the safety net to pay for them."
After passing a 2025 budget package that gave the rich more tax breaks by slashing over $1 trillion from the safety net, including food assistance and Medicaid—which is expected to leave millions of Americans without health insurance—congressional Republicans are considering more healthcare cuts to fund Trump's war. The Pentagon has asked for at least $200 billion for Iran, and more broadly, the president wants an unprecedented $1.5 trillion in military spending for the next fiscal year.
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'Dismal' Employment Report Shows Trump Economy Lost 92,000 Jobs in February
“Month after month, the data shows Donald Trump’s economy is failing American families.”
Mar 06, 2026
President Donald Trump's self-proclaimed "greatest" economy in history took another major blow on Friday as the US Bureau of Labor Statistics revealed that the American economy lost 92,000 jobs in February.
Heather Long, chief economist at Navy Federal Credit Union, described the report as "dismal," while noting that the US economy as a whole has actually lost jobs since Trump announced his "liberation day" global tariffs in April 2025.
"Total job gains since from May 2025 to February 2026 are now -19,000," she wrote. "Companies are not hiring in the face of all of these headwinds and uncertainty. And even healthcare is starting to slow down."
University of Michigan economist Justin Wolfers argued that "the economic story just changed dramatically" because of the jobs report, which also showed downward revisions to the estimated jobs created in December and January.
"Recession questions are back on the menu," he said.
Mike Konczal, senior director of policy and research at the Economic Security Project, zeroed in on the surprise loss of healthcare jobs in February as particularly concerning given that healthcare has been the lone industry to consistently add jobs in recent months.
"This is the first month in years where healthcare jobs went negative, really changing the dynamic," he said. "Cuts to Medicaid, cuts to ACA... suddenly the thing that was 187% of private jobs since liberation day, holding it together, may be giving out?"
Rep. Brendan Boyle (D-Pa.), ranking member of the House Budget Committee, said that the terrible jobs report was a direct reflection of Trump's economic mismanagement.
"Month after month, the data shows Donald Trump’s economy is failing American families," Boyle said. "The job market is weakening, costs remain high, and Trump’s illegal tariff taxes continue to hurt businesses and workers. Trump and his allies in Congress know their agenda isn’t working. Instead of helping working families, they are pushing more tariff taxes and more tax breaks for billionaires. It is clear Republicans in Washington simply do not care about working families."
Alex Jacquez, chief of policy and advocacy at Groundwork Collaborative, declared that "the deterioration in the labor market is visible from space," and pinned the blame on "Trump’s reckless economic agenda."
"As the president piles on blanket tariffs and oil prices soar," Jacquez said, "today's report confirms he's sent the economy straight into a stagflation spiral."
University of Pennsylvania economist Heather Boushey said weakness in the US economy had been evident for several months, although Friday's jobs report showed the largest job losses of any month during Trump's second term.
"Today's data should not come as a shock as there have been signs of weakening in the US labor market for quite some time," she said. "The Trump administration’s focus on undermining the US economy rather than investing in America may be coming home to roost."
Daniel Hornung, policy fellow at the Stanford Institute for Economic Policy Research, said that the bad jobs report will make things even harder for the US Federal Reserve when it comes to making interest rate cut decisions.
"This morning’s report... comes at a difficult moment, with inflation still above target and an oil price shock threatening to raise inflation further," Hornung said. "The report complicates the Fed’s efforts to keep both unemployment and inflation low, and it makes it difficult for the [Trump] administration to argue heading into the midterms that their policies are leading to the kind of growth or improvement in living standards that they’ve long promised."
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Weak US Jobs Report Shows 'Bleak Economic Reality' for Workers Under Trump
There has been "almost no hiring since April," observed one economist.
Jan 09, 2026
The US labor market appears to be running on fumes under President Donald Trump, as the latest jobs report revealed that the American economy added just 50,000 jobs in December, below economists' consensus estimate of 55,000 jobs.
The report, released on Friday by the Bureau of Labor Statistics (BLS), also found that the US economy as a whole created just 584,000 jobs in 2025, which is less than a third of the 2 million jobs created in 2024 during the last year of former President Joe Biden's term.
The 2025 figure also marked the lowest number of annual jobs created since 2020, when the economy was shut down due to the Covid-19 pandemic.
Fox Business anchor Cheryl Casone couldn't put a happy spin on the jobs report after its release, as she noted that the gains of just 37,000 private-sector jobs on the month were "much weaker than expected."
"Private sector payrolls coming in much weaker than expected" -- Maria Bartiromo and company cope with an underwhelming December jobs report (wait for Stephen Moore's bonkers commentary at the end) pic.twitter.com/C5D8qu5h8f
— Aaron Rupar (@atrupar) January 9, 2026
Digging further into the report, Bloomberg economic analyst Joe Weisenthal observed on X that manufacturing employment has been hit particularly hard in recent months, despite Trump's vow that his tariffs would lead to a manufacturing revival in the US.
"It's not just that total manufacturing employment is shrinking," he explained. "The number of manufacturing sub-sectors that are adding jobs is rapidly shrinking. Of the 72 different types of manufacturing tracked by the BLS, just 38.2% are still adding jobs. A year ago it was 47.2%."
Heather Long, chief economist at Navy Federal Credit Union, noted that the weakness in the labor market extends beyond the manufacturing sector, as there has been "almost no hiring outside of healthcare and hospitality" since the start of Trump's second term.
Richardson also observed that "there was almost no hiring since April" of last year, when Trump announced his "Liberation Day" tariffs that sent shockwaves through the global economy.
Economist Dean Baker, co-founder of the Center for Economic and Policy Research, zeroed in on downward revisions in prior jobs reports, reinforcing that the current labor market is anemic.
"With the revisions, the average for the last three months was a fall of 22,000 [jobs]," Baker explained. "The healthcare and social assistance sector added an average of 49,000 jobs over this period, which means that outside of healthcare the economy lost an average of 71,000 jobs in the last three months."
Alex Jacquez, chief economist at Groundwork Collaborative, said the jobs report reflected a "lifeless economy," and he pinned the blame on Trump and his trade policies as a top reason.
"Working families face sluggish wage growth, fewer job opportunities, and never-ending price hikes on groceries, household essentials, and utilities," said Jacquez. "Despite the president's endless attempts to deflect and distract from the bleak economic reality, workers and job seekers know their budgets feel tighter than ever thanks to Trump’s disastrous economic mismanagement."
Economist Elise Gould of the Economic Policy Institute took a look at the jobs numbers and concluded the US labor market now is far weaker than the one Biden left Trump nearly one year ago.
"The slowdown in job growth this year is stark compared to 2024," Gould wrote on Bluesky. "The average monthly gain was only 49,000 in 2025 compared to 168,000 in 2024. Over the last three months, average job growth was actually negative, meaning there are fewer jobs now than in September."
Correction: An earlier version of this story misidentified the Navy Federal Credit Union's chief economist. That error has been corrected.
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