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Jobs report live coverage, September 4, 2026

The New York Times · 2026-09-04

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    <title data-rh="true">U.S. Hiring Jumps, an Encouraging Sign for the Economy - The New York Times</title>
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    <meta data-rh="true" property="article:published_time" content="2026-09-04T09:55:14.000Z"/><meta data-rh="true" property="article:modified_time" content="2026-09-06T19:02:02.773Z"/><meta data-rh="true" http-equiv="Content-Language" content="en"/><meta data-rh="true" name="articleid" content="100000011125416"/><meta data-rh="true" name="nyt_uri" content="nyt://legacycollection/5b9806ce-2604-5652-9b3b-ce4e4683c38c"/><meta data-rh="true" name="pubp_event_id" content="pubp://event/9cbb96e9565b45008976f93a1586355b"/><meta data-rh="true" name="image" content="https://static01.nyt.com/images/2026/09/04/multimedia/04biz-jobs-report-zmkf/04biz-jobs-report-zmkf-facebookJumbo.jpg"/><meta data-rh="true" name="byl" content="By Sydney Ember"/><meta data-rh="true" name="news_keywords" content=""/><meta data-rh="true" name="pdate" content="20260904"/><meta data-rh="true" property="article:section" content="Business"/><meta data-rh="true" property="article:tag" content="United States Economy"/><meta data-rh="true" property="article:tag" content="Federal Reserve System"/><meta data-rh="true" property="article:tag" content="Labor and Jobs"/><meta data-rh="true" property="article:tag" content="Labor Department (US)"/><meta data-rh="true" property="article:tag" content="internal-open-access-search"/><meta data-rh="true" property="article:opinion" content="false"/><meta data-rh="true" property="article:content_tier" content="metered"/><meta data-rh="true" name="CG" content="business"/><meta data-rh="true" name="SCG" content="economy"/><meta data-rh="true" name="CN" content=""/><meta data-rh="true" name="CT" content=""/>
    
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aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><div class="live-blog-post-headline css-j3uhc5"><h3 id="post-title-QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzg1ZDBjNTBhLWIzZjgtNTI4Zi1iODFkLWJmZGVmNDJmZjFjZg==" class="css-1bidks8"><a class="css-n9xba0" href="#what-to-know-about-the-report">What to know about the report.</a></h3></div><div class="css-ca0vdo"></div><p class="live-blog-post-content css-qhzo1x evys1bk0">Hiring was unexpectedly strong in August, as employers pushed past uncertainty related the war in Iran, tariffs and artificial intelligence to expand their payrolls.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Employers added 162,000 jobs last month, the Labor Department reported on Friday, and the unemployment rate held steady at 4.1 percent.</p><div id="_R_pkpqm_" tabindex="-1" class="css-1hyfx7x"><p class="live-blog-post-content css-qhzo1x evys1bk0">Job gains for June and July were revised up by 55,000, adding to the brighter picture of the labor market. Growth in August was especially strong in the leisure and hospitality sector, which added 62,000 positions.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">“This is a summer heat wave,” said Diane Swonk, the chief economist at KPMG.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">The report will reinforce the Federal Reserve’s focus on stamping out inflation when officials there consider whether to raise rates later this month.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Here’s what else to know:</p><p class="live-blog-post-content css-qhzo1x evys1bk0"><strong class="F_p3NG_bold">Wages cool</strong>: Wage growth continued to cool in August, with average hourly earnings rising 3.1 percent compared to a year ago. That was the slowest pace since the depths of the pandemic and lower than the inflation rate.</p><p class="live-blog-post-content css-qhzo1x evys1bk0"><strong class="F_p3NG_bold">Stagnation situation: </strong>Despite signs in the spring that hiring was gaining momentum, there were concerns that the labor market was reverting to a ho-hum state. Job openings and the rate of hiring have stalled even as layoffs remain exceedingly low. This report, however, is an encouraging sign that the fragile labor market may be on sturdier footing.</p><p class="live-blog-post-content css-qhzo1x evys1bk0"><strong class="F_p3NG_bold">Fewer workers: </strong>Employers have been contending with a shrinking supply of available workers because of an aging population and restrictive immigration policies. Hundreds of thousands of people from Haiti and other countries have also <a class="css-povzk" href="https://www.nytimes.com/2026/07/26/us/trump-tps-labor-shortage.html" title="">lost their ability to work legally</a> following the Trump administration’s move to end their temporary protected status.</p><p class="live-blog-post-content css-qhzo1x evys1bk0"><strong class="F_p3NG_bold">Open wallets: </strong>Despite higher gas prices brought on by the war in Iran, consumer spending remained surprisingly resilient in recent months. That continued demand for goods and services has helped keep the labor market afloat.</p><p class="live-blog-post-content css-qhzo1x evys1bk0"><strong class="F_p3NG_bold">Dour outlook</strong>: Though the labor market has stayed steady, people seeking employment, including recent college graduates, have had trouble finding work. Wages are failing to keep up with inflation, which has been lifted anew by those higher gas prices. These dynamics could help explain why so many Americans are downbeat about the economy.</p></div><button class="css-wjfg77" data-testid="Show-More" type="button" aria-label="Show more about What to know about the report." aria-expanded="false" aria-controls="_R_pkpqm_">Show more</button></div></div><div role="article" class="" aria-posinset="58" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzE3MDY0ZThkLWI0YjMtNWYxNC1iODQ2LTY4YTc5MDkyYmY4OA=="><div data-testid="live-blog-post" class="live-blog-post css-5qta8w" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#trump-trade-threats-fed-rate-cuts" data-source-id="100000011133287" data-post-lastmodified="2026-09-05T16:34:54.690Z" data-post-url="https://www.nytimes.com/2026/09/04/business/economy/trump-trade-threats-fed-rate-cuts.html"><div class="css-608m5d" id="trump-trade-threats-fed-rate-cuts"></div><div class="live-blog-meta css-1g3itdy"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/tony-romm"><img alt="Tony Romm" src="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbStandard-v4.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><a class="css-13xl2ke" href="https://www.nytimes.com/by/colby-smith"><img alt="Colby Smith" src="https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbLarge-v3.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbStandard-v3.png?quality=75&amp;auto=webp 75w, 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threatens to halt some trade unless the Fed cuts rates.</a></h3></div><div data-testid="imageblock-wrapper"><figure class="img-sz-medium css-d754w4 e1g7ppur0" aria-label="media" role="group"><div class="css-1xdhyk6 erfvjey0" data-testid="photoviewer-children-figure"><span class="iqSOia_accessibilityLabel">Image</span><div class="css-8th1pa" data-testid="lazy-image"><div data-testid="lazyimage-container" style="height:257.77777777777777px"></div></div></div><figcaption data-testid="photoviewer-children-caption" class="css-i2069a ewdxa0s0"><span class="css-1y6rqsj e13ogyst0">President Trump’s remarks were his latest attempt to pressure the Federal Reserve into lowering interest rates.</span><span class="css-3hmc0r e1z0qqy90"><span class="iqSOia_accessibilityLabel">Credit...</span><span><span aria-hidden="false">Doug Mills/The New York Times</span></span></span></figcaption></figure></div><div class="css-ca0vdo"></div><p class="live-blog-post-content css-qhzo1x evys1bk0">President Trump threatened on Friday to halt a broad swath of U.S. trade unless the Federal Reserve slashed interest rates, issuing a series of sweeping ultimatums that could prove costly to the economy if he were to carry it out.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">The Fed is a politically independent institution, and it has long kept rates steady as it tries to tame years of persistent inflation. Mr. Trump’s demand risked undermining that work, all the while choking off commerce in ways that could harm American families and businesses.</p><div id="_R_19kpqm_" tabindex="-1" class="css-1hyfx7x"><p class="live-blog-post-content css-qhzo1x evys1bk0">The president delivered his threat on a day that began on a positive note for the White House. Newly released hiring figures <a class="css-povzk" href="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy" title="">showed</a> that employers added about 162,000 jobs in August, evincing a labor market that has successfully weathered a range of shocks under Mr. Trump — from the global trade war he commenced last year to the war with Iran that has intensified recently.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">On social media, Mr. Trump heralded that development, before seizing on the employment figures to issue new demands. He called on the Fed to reduce borrowing costs to “the LOWEST RATE of any country in the World.”</p><p class="live-blog-post-content css-qhzo1x evys1bk0">The Fed has kept rates steady since December, as it tries to discern whether recent economic turbulence is a short-term problem or a longer-term driver of higher prices. Contrary to the president’s calls for cuts, some Fed policymakers have signaled they are considering whether to raise rates, perhaps as soon as this month, after failing for more than five years to bring inflation down to the central bank’s 2 percent target.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">But Mr. Trump insisted on Friday that the U.S. economy was “STRONG” and, as a result, could afford to reduce rates immediately. Such a move could actually worsen inflation, but Mr. Trump did not acknowledge the risk as he signaled he could interrupt global trade.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">“LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged ‘the President’ has an absolute right to do,” Mr. Trump said.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">The president doubled down during a brief appearance in the Oval Office, where he lamented that other countries had lower rates than the United States.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">“If we don’t trade with them, they don’t have any money to pay the bills,” he said. “And, if we’re not going to be treated properly, we’re going to do that. And all we have to do to cut our trade deficit with a country is not trade with them.”</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Globally, the U.S. trade deficit in goods and services rose to its biggest gap in 16 months in July, according to government data released this week. The list of countries with which the United States has a <a class="css-povzk" href="https://www.nytimes.com/2026/09/03/business/economy/us-trade-defecit-july.html" title="">trade deficit</a> is lengthy, including its neighbors, Canada and Mexico; nations in the European Union; and others including China. Together, that represents a substantial amount of the products that American families buy and U.S. businesses import.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Some economists see the imbalance as a sign of strength for the United States, one caused partly by surging domestic demand for the electronics that help to power artificial intelligence. But Mr. Trump disagrees and has sought to apply substantial tariffs globally in the hopes of driving down the imbalance.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">“We could do tremendous good for ourselves by just not trading with countries,” Mr. Trump said Friday.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">He also mused aloud that the United States could “end all trade with Canada,” before pivoting back to his attack on the Fed. “What I’m saying very simply is that, we should be paying the lowest interest rate in the world,” he said.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Mr. Trump’s remarks hardly appeared to help matters on Wall Street, contributing to a down day for stocks that only further stoked his ire. While the dip began shortly after the release of the jobs report, the drop in the financial markets nonetheless recalled the tumult that characterized the earliest days of the president’s punishing global trade war.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">It also marked Mr. Trump’s latest attempt to apply pressure to the Fed, even after securing the confirmation of his handpicked chairman, Kevin M. Warsh. The president has made no secret about his views on monetary policy or the lengths he is willing to go to achieve them, even targeting — and trying to oust — Fed officials who do not share his stance.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">The Fed’s decision on interest rates later this month hinges in part on <a class="css-povzk" href="https://www.nytimes.com/2026/09/03/business/interest-rates-inflation-federal-reserve.html" title="">inflation data</a> coming out next Friday. Investors started to ratchet up bets about a possible increase after Mr. Warsh <a class="css-povzk" href="https://www.nytimes.com/2026/08/29/business/kevin-warsh-inflation-rates-fed.html" title="">signaled in a speech</a> last week that he was open to the idea. He did not explicitly call for a rate increase.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Other top policymakers this week conveyed different degrees of urgency around the need to raise rates.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">On Thursday, Christopher J. Waller, a Fed governor, said a “hot” report on inflation from the Bureau of Labor Statistics would compel him to support a rate increase. But if there is further evidence that inflation was not getting worse, he said, he would be inclined to hold rates steady.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">“What’s the cost of waiting one meeting? Hiking 25 basis points one meeting right now is not going to bring the C.P.I. down to 2 percent,” Mr. Waller said, referring to the bureau’s Consumer Price Index. “You want to take a chance to see if disinflation continues, but I’m not taking a big chance on it.”</p><p class="live-blog-post-content css-qhzo1x evys1bk0">Michael S. Barr, a Fed governor, said on Tuesday that if inflation data showed continued signs of progress, then the Fed could afford to take more time to assess if rate rises were needed.</p><p class="live-blog-post-content css-qhzo1x evys1bk0">“However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates,” Mr. Barr said.</p></div><button class="css-wjfg77" data-testid="Show-More" type="button" aria-label="Show more about Trump threatens to halt some trade unless the Fed cuts rates." aria-expanded="false" aria-controls="_R_19kpqm_">Show more</button></div></div><div role="article" class="" aria-posinset="57" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-RW1iZWRkZWRJbnRlcmFjdGl2ZTpueXQ6Ly9lbWJlZGRlZGludGVyYWN0aXZlLzVhMjYyODEzLTMwOTEtNTcyZC1iMzBlLTBjMWI1ZWM4NWRiMw=="><div class="live-supplemental-interactive css-mtrmld"><section data-testid="inline-interactive" id="datawrapper_OXYhV" data-id="100000011133126" data-uri="nyt://embeddedinteractive/5a262813-3091-572d-b30e-0c1b5ec85db3" data-source-id="100000011133126" class="interactive-content interactive-size-scoop css-174j8de"><header id="interactive-header" class="css-obecq5 interactive-header"><h2 id="interactive-headline" class="css-gqjjs8 interactive-headline">Change in jobs by sector since 2022</h2></header><div class="css-17ih8de interactive-body" data-sourceid="100000011133126" id="embed-id-100000011133126">
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id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvODIyYjM5YTAtN2QyZC01YjFiLThmNTctYWJkY2I5NWQ0MmQx" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#822b39a0-7d2d-5b1b-8f57-abdcb95d42d1" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="822b39a0-7d2d-5b1b-8f57-abdcb95d42d1"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/alan-rappeport"><img alt="Alan Rappeport" src="https://static01.nyt.com/images/2018/06/12/multimedia/author-alan-rappeport/author-alan-rappeport-thumbLarge-v4.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2018/06/12/multimedia/author-alan-rappeport/author-alan-rappeport-thumbStandard-v4.png?quality=75&amp;auto=webp 75w, 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id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/822b39a0-7d2d-5b1b-8f57-abdcb95d42d1" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The Treasury Department announced the latest measure in its Operation Economic Outcast initiative on Friday, imposing sanctions on Golden Global Yatirim Bankasi Anonim Sirketi, a Turkish financial institution that the United States says has facilitated tens of millions of dollars’ worth of transactions for the Iran’s Islamic Revolutionary Guard Corps’ overseas operations unit, <a class="css-povzk" href="https://www.nytimes.com/2025/06/16/world/middleeast/what-is-irans-quds-force.html" title="">the Quds Force</a>. “While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime,” Treasury Secretary Scott Bessent said in a statement.</p></div></div><div role="article" class="" aria-posinset="54" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMmQ5MDc3MzktODU3Mi01MTU1LTgzNmItNTljYTZlZTcwYjQ1"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMmQ5MDc3MzktODU3Mi01MTU1LTgzNmItNTljYTZlZTcwYjQ1" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#2d907739-8572-5155-836b-59ca6ee70b45" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="2d907739-8572-5155-836b-59ca6ee70b45"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/tony-romm"><img alt="Tony Romm" src="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbStandard-v4.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T14:13:14.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 10:13 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/tony-romm" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Tony Romm</a></p></div></div></div><div><button aria-label="Copy link to this update by Tony Romm at 2:13:14 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/2d907739-8572-5155-836b-59ca6ee70b45" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/2d907739-8572-5155-836b-59ca6ee70b45" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">To be clear, the U.S. has trade deficits with some of its closest allies and trading partners. The list includes its neighbors, Canada and Mexico, the European Union and others including China. Trump essentially said he could cut that trade off entirely in an attempt to force the Fed, a politically independent institution, to reduce rates, even though doing so could make inflation worse.</p></div></div><div role="article" class="" aria-posinset="53" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNmRjZGU1MzctNzYwYS01NzVkLThiZDYtMWZiNmNmNzk3Mjlh"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNmRjZGU1MzctNzYwYS01NzVkLThiZDYtMWZiNmNmNzk3Mjlh" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#6dcde537-760a-575d-8bd6-1fb6cf79729a" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="6dcde537-760a-575d-8bd6-1fb6cf79729a"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/tony-romm"><img alt="Tony Romm" src="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbStandard-v4.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:52:31.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:52 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/tony-romm" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Tony Romm</a></p></div></div></div><div><button aria-label="Copy link to this update by Tony Romm at 1:52:31 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/6dcde537-760a-575d-8bd6-1fb6cf79729a" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/6dcde537-760a-575d-8bd6-1fb6cf79729a" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">Then, President Trump turned to trade.</p><p class="css-sdti3 evys1bk0">“LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged “the President” has an absolute right to do. IT’S BETTER THAN TARIFFS!”</p><p class="css-sdti3 evys1bk0">“The Fed Board, with its great new leader, must get smart - BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen!”</p></div></div><div role="article" class="" aria-posinset="52" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYjczMzRhOGUtYmJlOC01YTQ1LThlZWItNGE0NDM4MzM2YTgz"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYjczMzRhOGUtYmJlOC01YTQ1LThlZWItNGE0NDM4MzM2YTgz" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#b7334a8e-bbe8-5a45-8eeb-4a4438336a83" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="b7334a8e-bbe8-5a45-8eeb-4a4438336a83"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/tony-romm"><img alt="Tony Romm" src="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbStandard-v4.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:51:38.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:51 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/tony-romm" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Tony Romm</a></p></div></div></div><div><button aria-label="Copy link to this update by Tony Romm at 1:51:38 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/b7334a8e-bbe8-5a45-8eeb-4a4438336a83" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/b7334a8e-bbe8-5a45-8eeb-4a4438336a83" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">President Trump took to social media to boast about the strong jobs report and issue a series of demands. He called on the Federal Reserve to slash interest rates and threatened to halt trade with countries with which the United States has a trade deficit.</p><p class="css-sdti3 evys1bk0">“Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago!” the president said Friday. “A STRONG COUNTRY MEANS A LOWER INTEREST RATE - IT’S A BETTER CREDIT…Very simple! We should have the LOWEST RATE of any country in the World, like ‘the old days.’”</p></div></div><div role="article" class="" aria-posinset="51" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-ad1"><div class="css-1dem6ic" id="ad-1" data-testid="FeedItem"><div class="css-aljv3" data-testid="StandardAd"><p class="css-bvk7sj">Advertisement</p><a href="#after-dfp-ad-mid2" class="css-777zgl">SKIP ADVERTISEMENT</a><div class="ad dfp-ad-mid2-wrapper css-rfqw0c" id="dfp-ad-mid2"></div><div id="after-dfp-ad-mid2"></div></div></div></div><div role="article" class="" aria-posinset="50" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYjU2MzdhMzQtZGI1NC01YTEyLWEzOTUtMDhjMzI0MDBjNWZk"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYjU2MzdhMzQtZGI1NC01YTEyLWEzOTUtMDhjMzI0MDBjNWZk" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#b5637a34-db54-5a12-a395-08c32400c5fd" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="b5637a34-db54-5a12-a395-08c32400c5fd"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/ben-casselman"><img alt="Ben Casselman" src="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbStandard.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:41:38.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:41 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/ben-casselman" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Ben Casselman</a></p></div></div></div><div><button aria-label="Copy link to this update by Ben Casselman at 1:41:38 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/b5637a34-db54-5a12-a395-08c32400c5fd" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/b5637a34-db54-5a12-a395-08c32400c5fd" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">There has been a hint of good news on the data-collection front: After years of battling declining response rates, the Bureau of Labor Statistics reports that collection rates for its preliminary payrolls estimates have been edging up in recent months. Response rates for the monthly survey of households haven’t improved, however, although they may have stabilized somewhat.</p></div></div><div role="article" class="" aria-posinset="49" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMDBhMzg5ODEtNzZmZC01OThmLWE3MWYtOTEzY2EzNTEwOWM1"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMDBhMzg5ODEtNzZmZC01OThmLWE3MWYtOTEzY2EzNTEwOWM1" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#00a38981-76fd-598f-a71f-913ca35109c5" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="00a38981-76fd-598f-a71f-913ca35109c5"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/aruni-soni"><img alt="Aruni Soni" src="https://static01.nyt.com/images/2026/06/11/reader-center/author-aruni-soni/author-aruni-soni-thumbLarge.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2026/06/11/reader-center/author-aruni-soni/author-aruni-soni-thumbStandard.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2026/06/11/reader-center/author-aruni-soni/author-aruni-soni-thumbLarge.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:33:54.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:33 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/aruni-soni" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Aruni Soni</a></p></div></div></div><div><button aria-label="Copy link to this update by Aruni Soni at 1:33:54 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/00a38981-76fd-598f-a71f-913ca35109c5" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/00a38981-76fd-598f-a71f-913ca35109c5" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The S&amp;P 500 opened around 0.1 percent down when markets began trading on Friday. Interest rates on the 10-year and 2-year Treasuries, which spiked following hotter-than-expected jobs data, have eased in the last hour.</p><div class=""><section data-testid="inline-interactive" id="markets-embed-sp" data-id="100000010213007" data-uri="nyt://embeddedinteractive/f40b8ee7-d361-564c-8a12-5a0bfe0a7217" data-source-id="100000010213007" class="interactive-content interactive-size-scoop css-1vobcg1"><header id="interactive-header" class="interactive-header css-k8d8pd"><h2 id="interactive-headline" class="css-gqjjs8 interactive-headline">S&amp;P 500 index</h2><p data-testid="leadin" id="interactive-leadin" class="css-dbly64 interactive-leadin">How stocks are trading in the United States</p></header><div class="css-17ih8de interactive-body" data-sourceid="100000010213007" id="embed-id-100000010213007">
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  </div><footer id="interactive-footer" class="css-2voa0p interactive-footer"><p data-testid="note" id="interactive-notes" class="css-o1ft9t interactive-notes">Note: Data delayed at least 15 minutes.</p><p data-testid="source" id="interactive-source" class="css-o1ft9t interactive-source">Source: FactSet.</p><p data-testid="credit" id="interactive-credit" class="css-o1ft9t interactive-credit">The New York Times</p></footer></section></div></div></div><div role="article" class="" aria-posinset="48" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMTk0ZDA0ZGItYTkwOS01MjdiLTk4YWYtYzBjNmZmYmIwYjc0"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMTk0ZDA0ZGItYTkwOS01MjdiLTk4YWYtYzBjNmZmYmIwYjc0" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#194d04db-a909-527b-98af-c0c6ffbb0b74" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="194d04db-a909-527b-98af-c0c6ffbb0b74"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:30:05.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:30 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 1:30:05 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/194d04db-a909-527b-98af-c0c6ffbb0b74" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/194d04db-a909-527b-98af-c0c6ffbb0b74" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The Trump administration often talks about <a class="css-povzk" href="https://fred.stlouisfed.org/graph/?g=1Y9oX" title="" rel="noopener noreferrer" target="_blank">private sector job growth outperforming the public sector</a>. Since February of 2025, government employment has contracted by 1.2 percent, while the private sector has grown 0.6 percent.</p></div></div><div role="article" class="" aria-posinset="47" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNzZiNTU0ODYtMGU5Mi01NDU5LTgxZTgtMzVkNTIxMzkxNmI4"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNzZiNTU0ODYtMGU5Mi01NDU5LTgxZTgtMzVkNTIxMzkxNmI4" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#76b55486-0e92-5459-81e8-35d5213916b8" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="76b55486-0e92-5459-81e8-35d5213916b8"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:29:13.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:29 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 1:29:13 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/76b55486-0e92-5459-81e8-35d5213916b8" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/76b55486-0e92-5459-81e8-35d5213916b8" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">One concerning spot in the employment report over the past year has been unemployment for young people, between the ages of 16 and 24. That number bounced back up to 9.1 percent last month, though it’s still better than the 10.6 percent we saw at this time last year, and it’s <a class="css-povzk" href="https://fred.stlouisfed.org/series/LNS14024887" title="" rel="noopener noreferrer" target="_blank">quite low by historical standards</a>. (That is a different measurement than the share of people in that age bracket who are <em class="dOMtDq_italic">participating</em> in the labor force, which is also historically low since young adults are much more likely to be in school.)</p></div></div><div role="article" class="" aria-posinset="46" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-ad2"><div class="css-1dem6ic" id="ad-2" data-testid="FeedItem"><div class="css-aljv3" data-testid="StandardAd"><p class="css-bvk7sj">Advertisement</p><a href="#after-dfp-ad-mid3" class="css-777zgl">SKIP ADVERTISEMENT</a><div class="ad dfp-ad-mid3-wrapper css-rfqw0c" id="dfp-ad-mid3"></div><div id="after-dfp-ad-mid3"></div></div></div></div><div role="article" class="" aria-posinset="45" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMmVhZWM1NzItMTIyNS01NGRjLWE0MzMtMzEwZWJkNThiOWE1"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMmVhZWM1NzItMTIyNS01NGRjLWE0MzMtMzEwZWJkNThiOWE1" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#2eaec572-1225-54dc-a433-310ebd58b9a5" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="2eaec572-1225-54dc-a433-310ebd58b9a5"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:17:02.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:17 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 1:17:02 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/2eaec572-1225-54dc-a433-310ebd58b9a5" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/2eaec572-1225-54dc-a433-310ebd58b9a5" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">Along with the unemployment rate, which has been remarkably steady, economists also look at a <a class="css-povzk" href="https://fred.stlouisfed.org/series/U6RATE" title="" rel="noopener noreferrer" target="_blank">broader measure of labor market slack </a>that includes people who have been discouraged from looking for jobs or who want more hours and can’t get them. That metric sank to 7.7 percent, the lowest level since last June, in a sign that people are finding some kind of work even if it’s not the full-time employment they would prefer.</p></div></div><div role="article" class="" aria-posinset="44" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNjI5ZTllMjktNGQxMS01MzA3LTk4MDQtNDE4OTA0MTM2ZGUw"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNjI5ZTllMjktNGQxMS01MzA3LTk4MDQtNDE4OTA0MTM2ZGUw" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#629e9e29-4d11-5307-9804-418904136de0" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="629e9e29-4d11-5307-9804-418904136de0"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/tony-romm"><img alt="Tony Romm" src="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbStandard-v4.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/03/17/reader-center/author-tony-romm/author-tony-romm-thumbLarge-v4.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:15:45.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:15 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/tony-romm" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Tony Romm</a></p></div></div></div><div><button aria-label="Copy link to this update by Tony Romm at 1:15:45 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/629e9e29-4d11-5307-9804-418904136de0" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/629e9e29-4d11-5307-9804-418904136de0" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">On social media, Kush Desai, a White House spokesman, celebrated the new jobs report as a sign that President Trump’s “reindustrialization agenda continues to drive manufacturing and factory construction job growth.”</p><p class="css-sdti3 evys1bk0">“America is in the middle of a historic investment boom, and the August jobs report is the latest data point showing how Americans are benefitting from the Trump administration’s pro-growth policies,” he said.</p></div></div><div role="article" class="" aria-posinset="43" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYmNhZWQ2MTYtMGFmNC01MmQzLWJlZTQtYWE5MjQyYmU3NTE0"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYmNhZWQ2MTYtMGFmNC01MmQzLWJlZTQtYWE5MjQyYmU3NTE0" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#bcaed616-0af4-52d3-bee4-aa9242be7514" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="bcaed616-0af4-52d3-bee4-aa9242be7514"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/ben-casselman"><img alt="Ben Casselman" src="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbStandard.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:15:16.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:15 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/ben-casselman" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Ben Casselman</a></p></div></div></div><div><button aria-label="Copy link to this update by Ben Casselman at 1:15:16 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/bcaed616-0af4-52d3-bee4-aa9242be7514" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/bcaed616-0af4-52d3-bee4-aa9242be7514" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">One number I’ve been watching closely the past few months has been the “prime-age participation rate,” or the share of people between 25 and 54 who are working or actively searching for work. That number jumped last year to a two-decade high but then fell sharply in June. Initially, the June decline looked like a fluke, but it didn’t bounce back in July or August, suggesting the drop might be real. The rate is still quite high, above its prepandemic level, but it is no longer looking quite so rosy.</p></div></div><div role="article" class="" aria-posinset="42" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZjI5ZjFhY2EtMDBmMS01NGZiLThiOGUtYzNjNmUwNjIwODQ0"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZjI5ZjFhY2EtMDBmMS01NGZiLThiOGUtYzNjNmUwNjIwODQ0" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#f29f1aca-00f1-54fb-8b8e-c3c6e0620844" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="f29f1aca-00f1-54fb-8b8e-c3c6e0620844"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:11:29.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:11 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 1:11:29 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/f29f1aca-00f1-54fb-8b8e-c3c6e0620844" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/f29f1aca-00f1-54fb-8b8e-c3c6e0620844" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">Another sector showing some vigor is construction, which has added about 11,000 jobs per month on average this year, after losing jobs last year. A big driver of that is data center construction. The bulk of the growth is in nonresidential specialty trade contractors, which are the pipefitters, electricians, and other tradespeople. Those skilled workers are <a class="css-povzk" href="https://www.nytimes.com/2026/07/29/business/economy/data-center-electricians-training.html" title="">critical for installing large numbers of servers</a>.</p></div></div><div role="article" class="" aria-posinset="41" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-ad3"><div class="css-1dem6ic" id="ad-3" data-testid="FeedItem"><div class="css-aljv3" data-testid="StandardAd"><p class="css-bvk7sj">Advertisement</p><a href="#after-dfp-ad-mid4" class="css-777zgl">SKIP ADVERTISEMENT</a><div class="ad dfp-ad-mid4-wrapper css-rfqw0c" id="dfp-ad-mid4"></div><div id="after-dfp-ad-mid4"></div></div></div></div><div role="article" class="" aria-posinset="40" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZDQwNGZmYzAtNmMyYy01YTVjLWI5YTUtNTU3NWEyNTBlNDA5"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZDQwNGZmYzAtNmMyYy01YTVjLWI5YTUtNTU3NWEyNTBlNDA5" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#d404ffc0-6c2c-5a5c-b9a5-5575a250e409" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="d404ffc0-6c2c-5a5c-b9a5-5575a250e409"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T13:04:36.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 9:04 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 1:04:36 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/d404ffc0-6c2c-5a5c-b9a5-5575a250e409" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/d404ffc0-6c2c-5a5c-b9a5-5575a250e409" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0"><a class="css-povzk" href="https://fred.stlouisfed.org/series/TEMPHELPS" title="" rel="noopener noreferrer" target="_blank">Staffing companies</a>, which tend to add jobs when the labor market is strengthening, have been increasing hiring since reaching a postpandemic low point in December 2025. The category is heavily associated with manufacturing, so it could be a sign of that sector’s cautious turnaround.</p></div></div><div role="article" class="" aria-posinset="39" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvN2ZlOTJjNzQtNTg5Yy01MGI5LWFmYTEtN2I2MzE5YTlhN2E5"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvN2ZlOTJjNzQtNTg5Yy01MGI5LWFmYTEtN2I2MzE5YTlhN2E5" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#7fe92c74-589c-50b9-afa1-7b6319a9a7a9" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="7fe92c74-589c-50b9-afa1-7b6319a9a7a9"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/ben-casselman"><img alt="Ben Casselman" src="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbStandard.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:59:41.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:59 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/ben-casselman" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Ben Casselman</a></p></div></div></div><div><button aria-label="Copy link to this update by Ben Casselman at 12:59:41 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/7fe92c74-589c-50b9-afa1-7b6319a9a7a9" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/7fe92c74-589c-50b9-afa1-7b6319a9a7a9" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The unemployment rate has now been at 4.5 percent or lower for 59 consecutive months, or nearly five straight years. That’s the longest such streak on record, dating back to the late 1940s.</p></div></div><div role="article" class="" aria-posinset="38" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNzk1NjE5MTUtZWMwNi01NTY2LWIxZTgtZmQzYzMyZjQ0NTBi"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNzk1NjE5MTUtZWMwNi01NTY2LWIxZTgtZmQzYzMyZjQ0NTBi" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#79561915-ec06-5566-b1e8-fd3c32f4450b" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="79561915-ec06-5566-b1e8-fd3c32f4450b"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/talmon-joseph-smith"><img alt="Talmon Joseph Smith" src="https://static01.nyt.com/images/2020/07/22/opinion/Talmon-Smith/Talmon-Smith-thumbLarge-v6.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2020/07/22/opinion/Talmon-Smith/Talmon-Smith-thumbStandard-v5.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2020/07/22/opinion/Talmon-Smith/Talmon-Smith-thumbLarge-v6.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:58:48.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:58 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/talmon-joseph-smith" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Talmon Joseph Smith</a></p></div></div></div><div><button aria-label="Copy link to this update by Talmon Joseph Smith at 12:58:48 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/79561915-ec06-5566-b1e8-fd3c32f4450b" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/79561915-ec06-5566-b1e8-fd3c32f4450b" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The “information” sector, which broadly includes service jobs from media, telecom and tech, lost jobs again last month. It has been losing about 8,000 jobs per month over the past year. Since peaking in 2022, this broad industry has lost more than 300,000 jobs, roughly an 10 percent decline.</p></div></div><div role="article" class="" aria-posinset="37" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYWY0YmFkYzMtNWFiMC01NmI5LWIzOGMtZDQwNDM4OTQyOWFh"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYWY0YmFkYzMtNWFiMC01NmI5LWIzOGMtZDQwNDM4OTQyOWFh" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#af4badc3-5ab0-56b9-b38c-d404389429aa" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="af4badc3-5ab0-56b9-b38c-d404389429aa"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:57:46.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:57 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 12:57:46 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/af4badc3-5ab0-56b9-b38c-d404389429aa" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/af4badc3-5ab0-56b9-b38c-d404389429aa" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">A 59,000-job jump in bars and restaurants is somewhat quizzical. Economists had expected a larger surge in leisure and hospitality employment during the World Cup in June and July, which didn’t materialize. The sector lost 75,000 jobs overall during those two months, so this looks like a bounce back that doesn’t equate to much when you take a longer view.</p></div></div><div role="article" class="" aria-posinset="36" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-ad4"><div class="css-1dem6ic" id="ad-4" data-testid="FeedItem"><div class="css-aljv3" data-testid="StandardAd"><p class="css-bvk7sj">Advertisement</p><a href="#after-dfp-ad-mid5" class="css-777zgl">SKIP ADVERTISEMENT</a><div class="ad dfp-ad-mid5-wrapper css-rfqw0c" id="dfp-ad-mid5"></div><div id="after-dfp-ad-mid5"></div></div></div></div><div role="article" class="" aria-posinset="35" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvOGJlYjFmYTEtMDNlNy01MzBmLTg3NWItODdkNzMxODMzYTI4"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvOGJlYjFmYTEtMDNlNy01MzBmLTg3NWItODdkNzMxODMzYTI4" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#8beb1fa1-03e7-530f-875b-87d731833a28" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="8beb1fa1-03e7-530f-875b-87d731833a28"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:55:20.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:55 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 12:55:20 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/8beb1fa1-03e7-530f-875b-87d731833a28" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/8beb1fa1-03e7-530f-875b-87d731833a28" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The health care and social assistance sector, which had powered nearly all the job growth last year, is gradually losing steam. The sector added about 57,000 jobs per month on average in 2025, and has added about 50,000 on average this year. That’s still a healthy pace of growth — which is important to satisfy this aging nation’s increasing need for care — but it’s slowing is part of why the labor market has looked more sleepy this year.</p></div></div><div role="article" class="" aria-posinset="34" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNzZkYzJlOTQtOWZjZC01NzJhLTgwMTYtMDUxYzY0ODE3NDY3"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNzZkYzJlOTQtOWZjZC01NzJhLTgwMTYtMDUxYzY0ODE3NDY3" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#76dc2e94-9fcd-572a-8016-051c64817467" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="76dc2e94-9fcd-572a-8016-051c64817467"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/ben-casselman"><img alt="Ben Casselman" src="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbStandard.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:52:45.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:52 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/ben-casselman" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Ben Casselman</a></p></div></div></div><div><button aria-label="Copy link to this update by Ben Casselman at 12:52:45 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/76dc2e94-9fcd-572a-8016-051c64817467" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/76dc2e94-9fcd-572a-8016-051c64817467" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The one-month swing in the labor market looks dramatic — from a loss of 23,000 jobs in July (now revised up to a gain of 21,000) to a gain of 162,000 jobs in August. But these estimates are based on surveys, and like any survey, they have a margin of error. Economists caution against reading too much into any one month of data, and instead focus on the changes over a few months. Employers have added an average of just over 70,000 jobs over the past three months. That’s a pretty solid number in the context of a labor force that is barely growing and an unemployment rate of 4.1 percent.</p></div><div class="css-53zdkp"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvM2Q0ZGNiNTktY2JlMC01NTM3LTgzOTAtNjhjNzFjOThhNjNm" data-testid="reporter-update" data-url="" class="live-blog-reporter-update regular-update"><div class="css-1mnn6l5"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/ben-casselman"><img alt="Ben Casselman" src="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbStandard.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2018/11/09/multimedia/author-ben-casselman/author-ben-casselman-thumbLarge.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:56:03.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:56 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/ben-casselman" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Ben Casselman</a></p></div></div></div></div><p class="css-1bhfxxi evys1bk0">Before today’s data, the three-month average stood at 20,000 jobs. So today’s report suggests an acceleration, but not necessarily a fundamental change in direction.</p></div></div></div><div role="article" class="" aria-posinset="33" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZmFmMmQ3ZDMtYjEyZC01NzA0LWJiMDMtNmJmNWNhNDJhNmEy"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZmFmMmQ3ZDMtYjEyZC01NzA0LWJiMDMtNmJmNWNhNDJhNmEy" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#faf2d7d3-b12d-5704-bb03-6bf5ca42a6a2" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="faf2d7d3-b12d-5704-bb03-6bf5ca42a6a2"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/colby-smith"><img alt="Colby Smith" src="https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbLarge-v3.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbStandard-v3.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbLarge-v3.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:49:10.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:49 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/colby-smith" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Colby Smith</a></p></div></div></div><div><button aria-label="Copy link to this update by Colby Smith at 12:49:10 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/faf2d7d3-b12d-5704-bb03-6bf5ca42a6a2" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/faf2d7d3-b12d-5704-bb03-6bf5ca42a6a2" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">The main determinant of whether the Fed raises rates later this month is not going to be this jobs report, but instead will be August’s inflation data. Christopher Waller, a governor, essentially said as much in remarks on Thursday. A report on producer prices plus the next Consumer Price Index report will give officials a better sense of whether a two-month trend in improving price pressures is continuing. </p></div></div><div role="article" class="" aria-posinset="32" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMzY4MzQxOGYtZDViOS01YmViLWFlMjgtY2YwYWRjYjFjZTNi"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvMzY4MzQxOGYtZDViOS01YmViLWFlMjgtY2YwYWRjYjFjZTNi" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#3683418f-d5b9-5beb-ae28-cf0adcb1ce3b" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="3683418f-d5b9-5beb-ae28-cf0adcb1ce3b"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:45:30.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:45 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 12:45:30 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/3683418f-d5b9-5beb-ae28-cf0adcb1ce3b" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/3683418f-d5b9-5beb-ae28-cf0adcb1ce3b" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">Manufacturing continues its gentle upward trend, adding 16,000 jobs last month. The sector is now 58,000 above a recent low in December 2025. Demand for data center equipment, new investments in drug manufacturing, defense production, and semiconductor plants are part of what could be powering the turnaround.</p></div></div><div role="article" class="" aria-posinset="31" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-ad5"><div class="css-1dem6ic" id="ad-5" data-testid="FeedItem"><div class="css-aljv3" data-testid="StandardAd"><p class="css-bvk7sj">Advertisement</p><a href="#after-dfp-ad-mid6" class="css-777zgl">SKIP ADVERTISEMENT</a><div class="ad dfp-ad-mid6-wrapper css-rfqw0c" id="dfp-ad-mid6"></div><div id="after-dfp-ad-mid6"></div></div></div></div><div role="article" class="" aria-posinset="30" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZjViMmQ4NjQtZDY0Yy01M2UyLTgwZTAtZTFhYWRiMWI4YTE3"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZjViMmQ4NjQtZDY0Yy01M2UyLTgwZTAtZTFhYWRiMWI4YTE3" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#f5b2d864-d64c-53e2-80e0-e1aadb1b8a17" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="f5b2d864-d64c-53e2-80e0-e1aadb1b8a17"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/colby-smith"><img alt="Colby Smith" src="https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbLarge-v3.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbStandard-v3.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2025/01/29/business/author_colby_smith/author_colby_smith-thumbLarge-v3.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:44:28.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:44 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/colby-smith" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Colby Smith</a></p></div></div></div><div><button aria-label="Copy link to this update by Colby Smith at 12:44:28 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/f5b2d864-d64c-53e2-80e0-e1aadb1b8a17" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/f5b2d864-d64c-53e2-80e0-e1aadb1b8a17" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">Lydia’s point about cooling wage growth underscores why the Fed does not see the labor market as a source of inflationary pressure. That is an important point for officials who are contemplating whether to raise rates. If the main driver of inflation was a hot labor market, the Fed would likely be much more inclined to lift borrowing costs to restrain demand.</p></div></div><div role="article" class="" aria-posinset="29" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvM2YwZDYwYTktN2NlYS01NDYzLWIwMWEtYmQ1NjYyOTRhYTdh"><div id="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvM2YwZDYwYTktN2NlYS01NDYzLWIwMWEtYmQ1NjYyOTRhYTdh" data-testid="reporter-update" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy#3f0d60a9-7cea-5463-b01a-bd566294aa7a" class="live-blog-reporter-update live-blog-reporter-update css-1i9ap65 regular-update"><div class="css-edycca" id="3f0d60a9-7cea-5463-b01a-bd566294aa7a"></div><div class="css-1ld2k5j"><div class="css-yf9s2t" data-testid="live-blog-byline"><a class="css-13xl2ke" href="https://www.nytimes.com/by/lydia-depillis"><img alt="Lydia DePillis" src="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp" srcSet="https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbStandard-v2.png?quality=75&amp;auto=webp 75w, https://static01.nyt.com/images/2022/10/03/reader-center/author-lydia-depillis/author-lydia-depillis-thumbLarge-v2.png?quality=75&amp;auto=webp 150w" sizes="40px" height="40" width="40" loading="lazy"/></a><div class="css-1ppjtba"><span class="css-xtl8uk"><time class="css-1afm32a" dateTime="2026-09-04T12:42:08.000Z"><div class="css-ki347z"><span aria-hidden="true" data-time="abs" class="css-1656jku">Sept. 4, 2026, 8:42 a.m. ET</span><span data-time="rel" class="css-xwx5dt"></span></div></time></span><div><p class="css-17e5aga e1jsehar1"><a href="https://www.nytimes.com/by/lydia-depillis" class="last-byline css-10aeqvy e1jsehar0" itemProp="name">Lydia DePillis</a></p></div></div></div><div><button aria-label="Copy link to this update by Lydia DePillis at 12:42:08 PM" data-url="https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/3f0d60a9-7cea-5463-b01a-bd566294aa7a" class="xObS6q_buttonClass" data-is-down="false" type="button" id="share-link-https://www.nytimes.com/live/2026/09/04/business/jobs-report-economy/3f0d60a9-7cea-5463-b01a-bd566294aa7a" data-testid="copy-link"><svg class="xObS6q_shareIconClass" xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16"><path d="M6.12961 13.83C5.12961 13.83 4.11961 13.44 3.33961 12.66C1.76961 11.09 1.76961 8.63997 3.33961 7.07997L4.69961 5.71997L5.54961 6.56997L4.18961 7.92997C3.07961 9.03997 3.07961 10.71 4.18961 11.81C5.29961 12.92 6.96961 12.92 8.06961 11.81L9.42961 10.45L10.2796 11.3L8.91961 12.66C8.13961 13.44 7.12961 13.83 6.12961 13.83Z"></path><path d="M11.2997 10.28L10.4497 9.43L11.8097 8.07C12.9197 6.96 12.9197 5.29 11.8097 4.18C10.6997 3.07 9.02973 3.07 7.92973 4.18L6.56973 5.54L5.71973 4.69L7.07973 3.33C8.63973 1.77 11.0997 1.76 12.6597 3.33C14.2197 4.89 14.2197 7.35 12.6597 8.91L11.2997 10.27V10.28Z"></path><path d="M9.8926 5.31468L5.31055 9.89673L6.15908 10.7453L10.7411 6.1632L9.8926 5.31468Z"></path></svg></button><div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="assertive"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div><div style="border:0;clip:rect(0 0 0 0);height:1px;margin:-1px;overflow:hidden;white-space:nowrap;padding:0;width:1px;position:absolute" role="log" aria-live="polite"></div></div></div></div><p class="css-sdti3 evys1bk0">As many had suspected, local government education bounced back from previous losses, adding 42,000 jobs. That suggests the big drop earlier in the summer may have been a quirk of seasonal adjustment. Still, the sector has been flat since January 2025, as pandemic-era stimulus dollars have ebbed out of the public schools.</p></div></div><div role="article" class="" aria-posinset="28" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNDhjMTBhMDQtMjMxYi01ZDljLTk4ZGItNTFiOTFkOGEzNGU4"><div class="css-1v8sp5j"><div data-testid="load-more-posts"></div><div class="css-j3uhc5"><svg xmlns="http://www.w3.org/2000/svg" class="css-6yz0ra"><circle cx="20" cy="20" r="20"></circle><rect height="40" width="100%" x="50"></rect><rect height="100" width="100%" y="50"></rect></svg></div></div></div><div role="article" class="" aria-posinset="27" aria-setsize="-1" aria-live="off" aria-labelledby="post-title-UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNThlNDA5NzUtYjc5My01ZDQ1LWFiNTMtMDBjMTNlOGZkNDRi"><div class="css-1v8sp5j"><div data-testid="load-more-posts"></div><div class="css-j3uhc5"><svg xmlns="http://www.w3.org/2000/svg" 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Charts represent cumulative percent change since January 1, 2022.","dataSource":"Source: Bureau of Labor Statistics."},"Article:QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzg1ZDBjNTBhLWIzZjgtNTI4Zi1iODFkLWJmZGVmNDJmZjFjZg==":{"__typename":"Article","id":"QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzg1ZDBjNTBhLWIzZjgtNTI4Zi1iODFkLWJmZGVmNDJmZjFjZg==","sourceId":"100000011133613","slug":"04biz-jobs-report-pinned","addendums":[],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"HeaderBasicBlock","label":null,"headline":{"__typename":"Heading1Block","textAlign":"LEFT","content":[{"__typename":"TextInline","text@stripHtml":"What to know about the report.","formats":[]}]},"summary":null,"ledeMedia":null,"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi85YWI4ZjkwZC0xODJlLTVlOTctYTUxYy01MjE1NDcxYzVlZGQ="}],"renderedRepresentation":"By Sydney Ember"}],"role@filterEmpty":[]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-09-04T16:42:24.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Hiring was unexpectedly strong in August, as employers pushed past uncertainty related the war in Iran, tariffs and artificial intelligence to expand their payrolls.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Employers added 162,000 jobs last month, the Labor Department reported on Friday, and the unemployment rate held steady at 4.1 percent.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Job gains for June and July were revised up by 55,000, adding to the brighter picture of the labor market. Growth in August was especially strong in the leisure and hospitality sector, which added 62,000 positions.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“This is a summer heat wave,” said Diane Swonk, the chief economist at KPMG.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The report will reinforce the Federal Reserve’s focus on stamping out inflation when officials there consider whether to raise rates later this month.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Here’s what else to know:","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Wages cool","formats":[{"__typename":"BoldFormat","type":null}]},{"__typename":"TextInline","text":": Wage growth continued to cool in August, with average hourly earnings rising 3.1 percent compared to a year ago. That was the slowest pace since the depths of the pandemic and lower than the inflation rate.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Stagnation situation: ","formats":[{"__typename":"BoldFormat","type":null}]},{"__typename":"TextInline","text":"Despite signs in the spring that hiring was gaining momentum, there were concerns that the labor market was reverting to a ho-hum state. Job openings and the rate of hiring have stalled even as layoffs remain exceedingly low. This report, however, is an encouraging sign that the fragile labor market may be on sturdier footing.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Fewer workers: ","formats":[{"__typename":"BoldFormat","type":null}]},{"__typename":"TextInline","text":"Employers have been contending with a shrinking supply of available workers because of an aging population and restrictive immigration policies. Hundreds of thousands of people from Haiti and other countries have also ","formats":[]},{"__typename":"TextInline","text":"lost their ability to work legally","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F07\u002F26\u002Fus\u002Ftrump-tps-labor-shortage.html","title":"","uri":null}]},{"__typename":"TextInline","text":" following the Trump administration’s move to end their temporary protected status.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Open wallets: ","formats":[{"__typename":"BoldFormat","type":null}]},{"__typename":"TextInline","text":"Despite higher gas prices brought on by the war in Iran, consumer spending remained surprisingly resilient in recent months. That continued demand for goods and services has helped keep the labor market afloat.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Dour outlook","formats":[{"__typename":"BoldFormat","type":null}]},{"__typename":"TextInline","text":": Though the labor market has stayed steady, people seeking employment, including recent college graduates, have had trouble finding work. Wages are failing to keep up with inflation, which has been lifted anew by those higher gas prices. 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threatened on Friday to halt a broad swath of U.S. trade unless the Federal Reserve slashed interest rates, issuing a series of sweeping ultimatums that could prove costly to the economy if he were to carry it out.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The Fed is a politically independent institution, and it has long kept rates steady as it tries to tame years of persistent inflation. Mr. Trump’s demand risked undermining that work, all the while choking off commerce in ways that could harm American families and businesses.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The president delivered his threat on a day that began on a positive note for the White House. Newly released hiring figures ","formats":[]},{"__typename":"TextInline","text":"showed","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy","title":"","uri":null}]},{"__typename":"TextInline","text":" that employers added about 162,000 jobs in August, evincing a labor market that has successfully weathered a range of shocks under Mr. Trump — from the global trade war he commenced last year to the war with Iran that has intensified recently.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"On social media, Mr. Trump heralded that development, before seizing on the employment figures to issue new demands. He called on the Fed to reduce borrowing costs to “the LOWEST RATE of any country in the World.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The Fed has kept rates steady since December, as it tries to discern whether recent economic turbulence is a short-term problem or a longer-term driver of higher prices. Contrary to the president’s calls for cuts, some Fed policymakers have signaled they are considering whether to raise rates, perhaps as soon as this month, after failing for more than five years to bring inflation down to the central bank’s 2 percent target.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"But Mr. Trump insisted on Friday that the U.S. economy was “STRONG” and, as a result, could afford to reduce rates immediately. Such a move could actually worsen inflation, but Mr. Trump did not acknowledge the risk as he signaled he could interrupt global trade.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged ‘the President’ has an absolute right to do,” Mr. Trump said.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The president doubled down during a brief appearance in the Oval Office, where he lamented that other countries had lower rates than the United States.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“If we don’t trade with them, they don’t have any money to pay the bills,” he said. “And, if we’re not going to be treated properly, we’re going to do that. And all we have to do to cut our trade deficit with a country is not trade with them.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Globally, the U.S. trade deficit in goods and services rose to its biggest gap in 16 months in July, according to government data released this week. The list of countries with which the United States has a ","formats":[]},{"__typename":"TextInline","text":"trade deficit","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F03\u002Fbusiness\u002Feconomy\u002Fus-trade-defecit-july.html","title":"","uri":null}]},{"__typename":"TextInline","text":" is lengthy, including its neighbors, Canada and Mexico; nations in the European Union; and others including China. Together, that represents a substantial amount of the products that American families buy and U.S. businesses import.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Some economists see the imbalance as a sign of strength for the United States, one caused partly by surging domestic demand for the electronics that help to power artificial intelligence. But Mr. Trump disagrees and has sought to apply substantial tariffs globally in the hopes of driving down the imbalance.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“We could do tremendous good for ourselves by just not trading with countries,” Mr. Trump said Friday.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"He also mused aloud that the United States could “end all trade with Canada,” before pivoting back to his attack on the Fed. “What I’m saying very simply is that, we should be paying the lowest interest rate in the world,” he said.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mr. Trump’s remarks hardly appeared to help matters on Wall Street, contributing to a down day for stocks that only further stoked his ire. While the dip began shortly after the release of the jobs report, the drop in the financial markets nonetheless recalled the tumult that characterized the earliest days of the president’s punishing global trade war.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"It also marked Mr. Trump’s latest attempt to apply pressure to the Fed, even after securing the confirmation of his handpicked chairman, Kevin M. Warsh. The president has made no secret about his views on monetary policy or the lengths he is willing to go to achieve them, even targeting — and trying to oust — Fed officials who do not share his stance.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The Fed’s decision on interest rates later this month hinges in part on ","formats":[]},{"__typename":"TextInline","text":"inflation data","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F03\u002Fbusiness\u002Finterest-rates-inflation-federal-reserve.html","title":"","uri":null}]},{"__typename":"TextInline","text":" coming out next Friday. Investors started to ratchet up bets about a possible increase after Mr. Warsh ","formats":[]},{"__typename":"TextInline","text":"signaled in a speech","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F29\u002Fbusiness\u002Fkevin-warsh-inflation-rates-fed.html","title":"","uri":null}]},{"__typename":"TextInline","text":" last week that he was open to the idea. He did not explicitly call for a rate increase.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Other top policymakers this week conveyed different degrees of urgency around the need to raise rates.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"On Thursday, Christopher J. Waller, a Fed governor, said a “hot” report on inflation from the Bureau of Labor Statistics would compel him to support a rate increase. But if there is further evidence that inflation was not getting worse, he said, he would be inclined to hold rates steady.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“What’s the cost of waiting one meeting? Hiking 25 basis points one meeting right now is not going to bring the C.P.I. down to 2 percent,” Mr. Waller said, referring to the bureau’s Consumer Price Index. “You want to take a chance to see if disinflation continues, but I’m not taking a big chance on it.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Michael S. Barr, a Fed governor, said on Tuesday that if inflation data showed continued signs of progress, then the Fed could afford to take more time to assess if rate rises were needed.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates,” Mr. Barr said.","formats":[]}]}]},"lastModified":"2026-09-05T16:34:54.690Z","sourceId":"100000011133287","summary":"The president said he could halt trade between the United States and countries with which it has a trade deficit if the central bank doesn’t do his bidding.","uri":"nyt:\u002F\u002Farticle\u002F17064e8d-b4b3-5f14-b846-68a79092bf88","bylines":[{"__typename":"Byline","renderedRepresentation":"By Tony Romm and Colby Smith","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi9iN2ZhY2E0Mi05NmVjLTVkYzMtOWZlYy03YmNjMTVmNWY3OWM="},{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi81NzkxMGFkNy0yZjI5LTU2NDYtOTNlOS1hOGMzMWY0M2Q5Mjc="}]}],"firstPublished":"2026-09-04T15:58:30.000Z","headline":{"__typename":"CreativeWorkHeadline","subHeadline":"","seo":"","default":"Trump Threatens to Halt Some Trade Unless the Fed Cuts Rates","sentence":"Trump threatens to halt some trade unless the Fed cuts rates."},"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNTc0NmQ4ODUtNTg1OS01N2JmLTk0NjQtMzFkZTg3YWY0YTZm"},"url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F04\u002Fbusiness\u002Feconomy\u002Ftrump-trade-threats-fed-rate-cuts.html","promotionalImage":{"__typename":"PromotionalImage","signableRendition({\"renditionPriority\":[\"facebookJumbo\",\"videoSixteenByNineJumbo1600\",\"articleLarge\"]})":{"__typename":"SignableImageRendition","parentPublishDate":"2026-09-04T15:58:30.000Z","parentPublishYear":2026,"signature":{"__typename":"ImageSignature","value":"8c1f8d13fa007457b331c0a01297d80b9a509ca9dd1a9ebf450e7f8645210a17","keyId":"ZQJBKqZ0VN"},"rendition":{"__ref":"ImageRendition:images20260904multimedia04biz-jobs-report-trump-vpbf04biz-jobs-report-trump-vpbf-facebookJumbo.jpg"}},"signableRendition({\"renditionPriority\":[\"videoSixteenByNine3000\",\"videoSixteenByNineJumbo1600\",\"articleLarge\"]})":{"__typename":"SignableImageRendition","parentPublishDate":"2026-09-04T15:58:30.000Z","parentPublishYear":2026,"signature":{"__typename":"ImageSignature","value":"36353c1d947cee5faf42d1885a92b67a1a5bccad064ec708fa8d7dea5d545451","keyId":"ZQJBKqZ0VN"},"rendition":{"__ref":"ImageRendition:images20260904multimedia04biz-jobs-report-trump-vpbf04biz-jobs-report-trump-vpbf-videoSixteenByNine3000.jpg"}},"image":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNTc0NmQ4ODUtNTg1OS01N2JmLTk0NjQtMzFkZTg3YWY0YTZm"}},"typeOfMaterials":["News"]},"ImageRendition:images20181109multimediaauthor-ben-casselmanauthor-ben-casselman-thumbLarge.png":{"__typename":"ImageRendition","url":"https:\u002F\u002Fstatic01.nyt.com\u002Fimages\u002F2018\u002F11\u002F09\u002Fmultimedia\u002Fauthor-ben-casselman\u002Fauthor-ben-casselman-thumbLarge.png","name":"thumbLarge","width":150,"height":150},"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNWUzYTQ2ZjYtNDY1NS01NTBkLWFiZWYtNTBhMDdiZWE1Mzkz":{"__typename":"Image","id":"SW1hZ2U6bnl0Oi8vaW1hZ2UvNWUzYTQ2ZjYtNDY1NS01NTBkLWFiZWYtNTBhMDdiZWE1Mzkz","crops({\"renditionNames\":\"thumbLarge\"})":[{"__typename":"ImageCrop","renditions":[{"__ref":"ImageRendition:images20181109multimediaauthor-ben-casselmanauthor-ben-casselman-thumbLarge.png"}]}],"crops({\"renditionNames\":[\"thumbStandard\",\"thumbLarge\",\"mobileMasterAt3x\"]})":[{"__typename":"ImageCrop","renditions":[{"__ref":"ImageRendition:images20181109multimediaauthor-ben-casselmanauthor-ben-casselman-thumbStandard.png"},{"__ref":"ImageRendition:images20181109multimediaauthor-ben-casselmanauthor-ben-casselman-thumbLarge.png"}]}]},"Person:UGVyc29uOm55dDovL3BlcnNvbi84NGM4YTQxZS02NzQ3LTU3ZTctYjNlOC1kYThkMzEyMTExNGU=":{"__typename":"Person","id":"UGVyc29uOm55dDovL3BlcnNvbi84NGM4YTQxZS02NzQ3LTU3ZTctYjNlOC1kYThkMzEyMTExNGU=","displayName":"Ben Casselman","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Fben-casselman","promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNWUzYTQ2ZjYtNDY1NS01NTBkLWFiZWYtNTBhMDdiZWE1Mzkz"},"title":"Economics Reporter","uri":"nyt:\u002F\u002Fperson\u002F84c8a41e-6747-57e7-b3e8-da8d3121114e","slug":"ben-casselman","description":"\u003Cp\u003EI&#8217;m a reporter covering the U.S. economy for The New York Times.\u003C\u002Fp\u003E\r\n\u003Ch3\u003EWhat I Cover\u003C\u002Fh3\u003E\r\n\u003Cp\u003EI write about the U.S. economy, especially the labor market: who has a job and who doesn&#8217;t, where and how people are working, how much money they&#8217;re making, and how all of that affects and is affected by the broader economy. I&#8217;m particularly interested in the long-term trends &#8212; demographic, geographic, technological, political &#8212; that shape the way we live and work.\u003C\u002Fp\u003E\r\n\u003Cp\u003EI&#8217;m an unapologetic econ nerd. I love reading research papers, debating the effect of policies and diving deep into economic data to find stories. But what I really care about are people &#8212; economic models matter only if they teach us something about the real world.\u003C\u002Fp\u003E\r\n\u003Ch3\u003EMy Background\u003C\u002Fh3\u003E\r\n\u003Cp\u003EI have been reporting on the economy in one way or another for nearly 20 years. I covered real estate for The Wall Street Journal at the peak of the mid-2000s housing bubble, then moved to Texas to cover the oil industry during the rise of the fracking boom. I moved back to New York in 2011 to write about the long, painful recovery from the Great Recession, first for The Wall Street Journal and later for the data-journalism site FiveThirtyEight. Along the way, I got interested in how data can help reporters find and tell better stories, so I learned to code and now often incorporate data and data visualization into my stories. I joined The Times in 2017.\u003C\u002Fp\u003E\r\n\u003Cp\u003EIn addition to my work at The Times, I also teach economics reporting at the Craig Newmark Graduate School of Journalism at the City University of New York. I grew up in Boston, earned a bachelor&#8217;s degree from Columbia University and now live in Brooklyn.\u003C\u002Fp\u003E\r\n\u003Ch3\u003EJournalistic Ethics\u003C\u002Fh3\u003E\r\n\u003Cp\u003EThe Times holds all its journalists to high ethical standards, and I take those principles extremely seriously. You can read more about The Times&#8217;s policies \u003Ca href=\"https:\u002F\u002Fwww.nytimes.com\u002Feditorial-standards\u002Fethical-journalism.html\"\u003Ehere\u003C\u002Fa\u003E. I do not own stocks in any individual companies (other than The New York Times Company itself) and I do not actively trade investments of any kind; my retirement savings and other investments are in broad-based mutual and index funds. I do not accept gifts, money or favors from anyone who might figure into my reporting. I do not participate in politics, make political donations or engage in public or private advocacy around policy issues.\u003C\u002Fp\u003E\r\n\u003Cp\u003EI cover a very broad beat, so I make a point of talking to people with a wide range of perspectives and experiences. For the past several years, I have analyzed the diversity of my sources in an effort to identify gaps in my reporting.\u003C\u002Fp\u003E\r\n\u003Ch3\u003EContact Me\u003C\u002Fh3\u003E\r\n\u003Cp\u003E\u003Cstrong\u003EEmail:\u003C\u002Fstrong\u003E \u003Ca href=\"mailto:ben.casselman@nytimes.com\"\u003Eben.casselman@nytimes.com\u003C\u002Fa\u003E\u003Cbr \u002F\u003E\u003Cstrong\u003EAnonymous tips:\u003C\u002Fstrong\u003E \u003Ca href=\"http:\u002F\u002Fnytimes.com\u002Ftips\"\u003Enytimes.com\u002Ftips\u003C\u002Fa\u003E\u003Cbr \u002F\u003E\u003Cstrong\u003EThreads:\u003C\u002Fstrong\u003E \u003Ca href=\"https:\u002F\u002Fwww.threads.net\u002Fben.casselman\"\u003E@ben.casselman\u003C\u002Fa\u003E\u003Cbr \u002F\u003E\u003Cstrong\u003EWhatsApp: \u003C\u002Fstrong\u003E DM\u002Femail\u002Ftext to get my number.\u003Cbr \u002F\u003E\u003Cstrong\u003ESignal:\u003C\u002Fstrong\u003E DM\u002Femail\u002Ftext to get my number.\u003Cbr \u002F\u003E\u003Cstrong\u003EPublic SMS:&#160;\u003C\u002Fstrong\u003E347-927-6170\u003Cbr \u002F\u003E\u003Cstrong\u003ELinkedIn:\u003C\u002Fstrong\u003E \u003Ca href=\"https:\u002F\u002Fwww.linkedin.com\u002Fin\u002Fbencasselman\u002F\"\u003EBen Casselman\u003C\u002Fa\u003E\u003C\u002Fp\u003E","contactDetails":{"__typename":"ContactDetails","socialMedia":[{"__typename":"ContactDetailsSocialMedia","type":"url","account":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Fben-casselman"},{"__typename":"ContactDetailsSocialMedia","type":"twitter","account":"bencasselman"},{"__typename":"ContactDetailsSocialMedia","type":"facebook","account":"ben.casselman"}]},"legacyData":{"__typename":"PersonLegacyData","htmlShortBiography":"\u003Cp\u003EBen Casselman is the chief economics correspondent for The Times. He has reported on the economy for nearly 20 years.\u003C\u002Fp\u003E"}},"ImageRendition:images20181109multimediaauthor-ben-casselmanauthor-ben-casselman-thumbStandard.png":{"__typename":"ImageRendition","url":"https:\u002F\u002Fstatic01.nyt.com\u002Fimages\u002F2018\u002F11\u002F09\u002Fmultimedia\u002Fauthor-ben-casselman\u002Fauthor-ben-casselman-thumbStandard.png","name":"thumbStandard","width":75,"height":75},"Article:QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlL2E1NTUwMmY3LWYxODktNTc4OC04OTc3LTU5Y2U1MWRjYzBjNQ==":{"__typename":"Article","id":"QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlL2E1NTUwMmY3LWYxODktNTc4OC04OTc3LTU5Y2U1MWRjYzBjNQ==","slug":"04biz-jobs-report-occupation-forecasts","addendums":[],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"HeaderBasicBlock","label":null,"headline":{"__typename":"Heading1Block","textAlign":"LEFT","content":[{"__typename":"TextInline","text@stripHtml":"The job market in 2035: More nurses, fewer secretaries.","formats":[]}]},"summary":{"__typename":"SummaryBlock","textAlign":"LEFT","content":[]},"ledeMedia":null,"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi84NGM4YTQxZS02NzQ3LTU3ZTctYjNlOC1kYThkMzEyMTExNGU="}],"renderedRepresentation":"By Ben Casselman"}],"role@filterEmpty":[]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-09-04T09:52:46.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Two forces are set to dominate the job market over the next decade: aging and artificial intelligence.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The Bureau of Labor Statistics last week published its ","formats":[]},{"__typename":"TextInline","text":"latest projections","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.bls.gov\u002Fnews.release\u002Fecopro.nr0.htm","title":"","uri":null}]},{"__typename":"TextInline","text":" of how employment will change between now and 2035. Economists at the agency expect employers to add about 5.9 million jobs over that period, a significantly slower pace of growth than from 2015 to 2025, in large part because the labor force itself is expected to grow more slowly as the U.S. population ages.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The biggest source of jobs, in terms of raw numbers, is expected to be the health care sector, which government economists predict may add more than 2.2 million jobs over the next decade. That, too, is a consequence of an aging population, and continues a ","formats":[]},{"__typename":"TextInline","text":"long-running trend","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F03\u002F06\u002Fbusiness\u002Feconomy\u002Fhealth-care-hiring-labor-market.html","title":"","uri":null}]},{"__typename":"TextInline","text":" of growth in health care employment. The U.S. economy will need tens of thousands more nurses, physician assistants, home health aides and hearing aid specialists over the next decade, according to the projections.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"But while health care is expected to add the most jobs, the sector that is expected to expand the fastest in percentage terms is the utilities industry, which is expected to grow by nearly 10 percent over the next decade. Nearly all of that growth will come in electrical power generation, transmission and distribution, industries where demand is booming thanks to the rapid growth if data centers and other infrastructure needed for A.I.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Government economists expect some of the fastest growth to be among the workers who install and maintain solar and wind farms — a sign of how renewable energy continues to expand despite the Trump administration’s emphasis on carbon-based power sources.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"How A.I. will affect the rest of the labor market, of course, is ","formats":[]},{"__typename":"TextInline","text":"a hotly debated topic","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F04\u002F03\u002Fbusiness\u002Feconomists-once-dismissed-the-ai-job-threat-but-not-anymore.html","title":"","uri":null}]},{"__typename":"TextInline","text":". The B.L.S. projections still anticipate strong growth in jobs that are widely seen as vulnerable to displacement by A.I., like data scientists and software developers. But they expect declines in other areas, particularly back-office positions like bookkeepers, administrative assistants and office clerks, as well as customer service representatives. Those jobs, which are ","formats":[]},{"__typename":"TextInline","text":"held disproportionately by women","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F06\u002F10\u002Fbusiness\u002Feconomy\u002Fback-office-workers-ai.html","title":"","uri":null}]},{"__typename":"TextInline","text":", are seen by many economists as being particularly vulnerable to displacement.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Overall, the projections show that the occupations most exposed to A.I. will grow just under 2 percent over the next decade, more slowly than the 3.5 percent overall growth, and also more slowly than B.L.S. economists had expected two years ago.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Economists caution that forecasting employment changes is difficult even in periods of relative stability, let alone during periods of rapid technological change. No one, including the economists behind the projections, expects them to be exactly right. But they represent one of the most comprehensive efforts to combine macroeconomic forecasts, demographic patterns and emerging trends into a cohesive picture of where the labor market is headed, said Meredith Miller, an economist at the bureau.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"By updating the projections each year, Ms. Miller said, “we’re hopefully able to catch up with where the current A.I. trends are.”","formats":[]}]}]},"lastModified":"2026-09-04T09:55:20.207Z","sourceId":"100000011125472","summary":"","uri":"nyt:\u002F\u002Farticle\u002Fa55502f7-f189-5788-8977-59ce51dcc0c5","bylines":[{"__typename":"Byline","renderedRepresentation":"By Ben 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about the unending conflict in Iran and runaway government spending.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"With Friday’s job report, investors are about to get a fresh data point in their calculation of whether to hold onto U.S. Treasuries.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"As interest rates on bonds, or yields, ","formats":[]},{"__typename":"TextInline","text":"hit multiyear highs","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002Farticle\u002Ftreasury-bonds-yields-economy.html","title":"","uri":null}]},{"__typename":"TextInline","text":", investors are paying keen attention to when and how fast the Federal Reserve will raise interest rates for overnight borrowing by banks. 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Waller, a Federal Reserve governor, sounded optimistic about inflation’s trajectory but indicated he would support higher rates if progress does not continue.","formats":[]}]},"ledeMedia":{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvZGQzY2EwOTYtODZhZC01NjJkLTlhMGEtM2JiYTBjMDY0ZDdl"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi81NzkxMGFkNy0yZjI5LTU2NDYtOTNlOS1hOGMzMWY0M2Q5Mjc="}],"renderedRepresentation":"By Colby Smith"}],"role@filterEmpty":[{"__typename":"TextInline","text":"Colby Smith covers the Federal Reserve.","formats":[]}]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-09-03T12:30:45.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"When the war with Iran began, officials at the Federal Reserve shied away from providing detailed forecasts about how the economy might be affected in all but one dimension. What they acknowledged, aside from the vast uncertainty, was that the longer the war lasted, the bigger the fallout would be.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Six months later, with no end to the conflict in sight, policymakers at the central bank are contending with the mounting consequences.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Growth has held up surprisingly well, a resilience that has continued to defy economists’ expectations. But elevated inflation, pushed up as well by a boom in artificial intelligence spending, has created a conundrum for the Fed — one that has prompted officials to consider raising rates at their next meeting on Sept. 15-16 if price pressures do not continue to ease as they have over the summer.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Christopher J. Waller, a central bank governor, on Thursday struck an upbeat tone about the trajectory of inflation despite even though it had overshot the Fed’s 2 percent target for more than five years. The central bank, he said in a speech, is “finally seeing some signs of disinflation.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Still, Mr. Waller, like other policymakers recently, said he was putting significant weight on forthcoming data releases, most notably August’s Consumer Price Index report to be released on Sept. 11, in deciding whether to support a rate rise this month.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“If there is continued progress toward our 2 percent goal, then I am willing to support holding the policy rate at its current level,” Mr. Waller said of the August data. “But if inflation comes in hot, I would consider a rate hike.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"He added: “I judge that policy is currently only slightly restricting aggregate demand, and it may not take much acceleration in inflation to nudge me into supporting tighter policy. If there is evidence that progress toward 2 percent inflation reversed in August, a small adjustment in our stance would help ensure that it resumes.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In a discussion with Reuters after his remarks, Mr. Waller framed the upcoming rate decision as a matter of risk management.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“What’s the cost of waiting one meeting? Hiking 25 basis points one meeting right now is not going to bring the C.P.I. down to 2 percent,” he said. “You want to take a chance to see if disinflation continues, but I’m not taking a big chance on it.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mr. Waller’s comments are among the last from top officials ahead of a communications blackout before the next meeting. Investors, who on Thursday pared bets that the Fed would raise rates this month, still see the decision as a close call.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Kevin M. Warsh, the Fed chairman, ","formats":[]},{"__typename":"TextInline","text":"indicated","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F29\u002Fbusiness\u002Fkevin-warsh-inflation-rates-fed.html","title":"","uri":null}]},{"__typename":"TextInline","text":" in a speech last week at the Fed’s annual conference in Jackson, Wyo., that the central bank would have “work to do” if underlying inflation was not moving down “clearly and at sufficient speed.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"He also downplayed recent evidence over the summer that showed slightly less acute price pressures. “They do not tell me that underlying trends have meaningfully improved,” he said. Moreover, he suggested that with the labor market “quite stable” and inflation running above target, “the Fed’s predominant focus right now should be on prices.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mr. Warsh stopped short of endorsing a rate increase if the data do not comply, in keeping with his opposition to providing guidance about what the Fed might do next. But like Mr. Waller, his colleagues have been more direct about their thinking.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Earlier this week, two top officials conveyed a different sense of urgency around raising rates.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Michael S. Barr, a Fed governor, expressed concern about “broader price pressures taking hold” and said that if inflation did not soon ease, he would support the Fed’s taking action.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“If trends in the data give me some confidence that inflation is moderating on a path to 2 percent, then I think we can take a bit more time to assess our policy stance,” Mr. Barr said in a speech in Washington on Tuesday. “However, if inflation appears not to be moderating sufficiently, then I think we should act decisively to raise rates.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"A day later, John C. Williams, president of the Federal Reserve Bank of New York, indicated that it was still an open question whether a rate increase was necessary this month. 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Mr. Warsh has made a point of keeping his preference close to this chest in a bid to get what he describes as a clear signal from markets, rather than having the markets reflect back what officials say.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"But that has also led to some confusion as investors have struggled to get a sense of how Mr. Warsh views the current economic backdrop and the policy choices in front of the Fed — something he sought to address in his speech last week.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mr. Waller said on Thursday that providing a “reaction function,” meaning how the Fed responds to changes in the data, allowed for consumers, businesses and investors to “better understand how I will vote on policy given the range of outcomes and then factor that into their planning for the future.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Asked during the discussion whether Mr. Warsh was “letting the perfect get in the way of the good” when it came to how the Fed communicated, Mr. Waller agreed.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“Why do you want to surprise people? 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Bond Markets Are Pushing Up Rates. Will Central Banks Follow?","formats":[]}]},"summary":{"__typename":"SummaryBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Around the world, rising bond yields reflect shifting expectations on how fast policymakers will raise interest rates.","formats":[]}]},"ledeMedia":{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvZmE2Y2E2MmItOWQwMi01NDlhLTgxMWUtMTFkODA1NDQyODg3"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi80YTlkNDFiNy1mMGM2LTUzODEtOGIwYS01NjcwZjhlNDdlMWI="}],"renderedRepresentation":"By Eshe Nelson"}],"role@filterEmpty":[{"__typename":"TextInline","text":"Reporting from London","formats":[]}]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-09-04T09:03:39.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The global sell-off in government bonds that has recently been gathering steam has pushed borrowing costs to their ","formats":[]},{"__typename":"TextInline","text":"highest levels in decades","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F01\u002Fbusiness\u002Fbond-yields-debt.html","title":"","uri":null}]},{"__typename":"TextInline","text":". Many analysts think the jump is not a blip but ","formats":[]},{"__typename":"TextInline","text":"a lasting return to the elevated interest rates","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F22\u002Fbusiness\u002Fbonds-borrowing-costs-economy.html","title":"","uri":null}]},{"__typename":"TextInline","text":" that were once common.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"This shift is uncomfortable, making it more expensive for governments, households and businesses to get loans. It also shows the market is sending signals to central bankers that the short-term rates they control may need to rise to match economic conditions.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Those conditions, analysts say, include inflation that runs hotter than expected, growth that remains resilient and governments and large companies that have a seemingly insatiable appetite for taking on new debt.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The recent market moves “are the bond market catching up to reflect the state of the economy today,” said Hugh Gimber, a global market strategist at J.P. Morgan Asset Management.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Earlier this year, most major central banks were expected to cut interest rates or hold them steady, but many now seem poised to raise them instead.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Central bankers must manage the complex interplay between the short-term interest rates they set and the borrowing costs set by investors trading in financial markets and registered in government bond yields. Policymakers primarily react to economic data on inflation and growth, but they are also mindful of the financial conditions created by the markets.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"It is rare for policymakers these days to surprise investors with their actions, so central bank interest rates typically track market expectations.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Now investors are signaling that they expect interest rates to be higher. This week, the yield on the 30-year U.S. Treasury bond hit a two-decade high. Government borrowing costs set by the markets in Japan, Germany and Britain also climbed to highs not seen in more than a decade.","formats":[]}]},{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMDZjYmMxNTAtNGNhYy01NmQwLWE4ZTktOTczNGZjMzQ4NjVl"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The war in Iran, which is pushing up energy prices and raising concerns about inflation, is one factor behind the moves. Another is the weight of government spending among highly indebted major economies.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In the United States, a widening budget deficit is compounding ","formats":[]},{"__typename":"TextInline","text":"$40 trillion in debt","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F19\u002Fbusiness\u002Feconomy\u002Fus-debt-40-trillion.html","title":"","uri":null}]},{"__typename":"TextInline","text":". In Japan, the government has cut taxes and is spending to cushion higher energy costs. The German government is borrowing more to invest in defense and infrastructure. And French voters have put pressure on politicians to maintain generous social benefits.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Meanwhile, technology companies are borrowing heavily to build artificial intelligence systems: The so-called ","formats":[]},{"__typename":"TextInline","text":"hyperscalers have issued","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F20\u002Fbusiness\u002Fbond-yields-tech-ai-debt.html","title":"","uri":null}]},{"__typename":"TextInline","text":" more than $200 billion in debt this year. That intensifies the competition between governments and companies for capital, Mr. Gimber said.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“That’s changing where the bargaining power sits,” he added. “And it’s investors now in the driving seat.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"As investors demand greater returns to hold bonds, they are also responding to higher inflation, which erodes the return on fixed-interest payments. So far, central bankers have been reluctant to raise rates quickly to quell inflation. Policymakers have said there are few signs that high prices are becoming deeply embedded in their economies. Yet the war in Iran has added uncertainty to the outlook for inflation.","formats":[]}]},{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNDg3OTFjMTctY2VlNi01YmRkLWI2NTAtZjg0YWM4YjE3MGFi"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“The longer this conflict runs, the greater that inflation pressure is going to be,” Mr. Gimber said. As a result, central bankers appear to be moving toward higher rates, he said, because “they can only claim to be patient for so long.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Next week, the ","formats":[]},{"__typename":"TextInline","text":"European Central Bank","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F06\u002F11\u002Fbusiness\u002Feuropean-central-bank-inflation-interest-rates.html","title":"","uri":null}]},{"__typename":"TextInline","text":", which sets monetary policy for the 21 countries that use the euro, is widely expected to raise rates. It would be the second increase this year, and traders have increased their bets that the bank will raise rates again later in the year.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Kevin M. Warsh, the chairman of the ","formats":[]},{"__typename":"TextInline","text":"Federal Reserve","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F29\u002Fbusiness\u002Fkevin-warsh-inflation-rates-fed.html","title":"","uri":null}]},{"__typename":"TextInline","text":", recently acknowledged that the central bank ","formats":[]},{"__typename":"TextInline","text":"might have “work to do”","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F28\u002Fbusiness\u002Ffed-kevin-warsh-speech-inflation.html","title":"","uri":null}]},{"__typename":"TextInline","text":" to slow inflation, after sending mixed messages in previous appearances. Financial markets see a 50-percent chance of a quarter-point increase at the central bank’s next meeting, in mid-September.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The ","formats":[]},{"__typename":"TextInline","text":"Bank of Japan","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F06\u002F16\u002Fbusiness\u002Fjapan-interest-rates-war.html","title":"","uri":null}]},{"__typename":"TextInline","text":" is expected to raise rates this month, having already lifted them this summer to 1 percent, the highest in 31 years. Traders are also raising their bets that the Bank of England may raise rates this year.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Still, higher bond yields are about more than just fears of higher inflation or government debt sustainability, analysts argue. They are a sign that the economy can withstand higher rates.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“In some ways I think this is a positive story of a global economy that has come back more strongly from the doldrums of the 2010s than was expected,” said Andrew Sheets, the global head of fixed income research at Morgan Stanley.","formats":[]}]},{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMDk1MDI1YTAtM2JkMS01YWM1LTlmOWEtNzlhYjBhMWUxYWY1"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"For about a decade after the 2008 financial crisis, inflation in some of the world’s richest economies was tame. Central banks kept interest rates at ultralow levels while buying enormous amounts of bonds to stoke economic activity. Back then, low bond yields “were reflecting a great pessimism around growth,” Mr. Sheets said.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Now, optimism about A.I. is leading to a rush of economic activity. And many economies have proved surprisingly resilient to repeated shocks, including U.S. tariffs and wars in Ukraine and Iran, even if they aren’t booming. The global economy is set to grow 3 percent this year and 3.4 percent in 2027, the International Monetary Fund projected, slowing only marginally from 3.5 percent last year.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Despite this sunnier perspective, an increasingly large stock of government debt is being forced to reckon with higher borrowing costs. Economists say it’s unclear how this might play out — whether governments rein in borrowing, or investors eventually balk at buying their debt.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“Bond markets can live with higher levels of government spending,” said Mr. Gimber of J.P. Morgan Asset Management. But only if “bond investors believe that spending is going to lead to stronger growth ahead.”","formats":[]}]},{"__typename":"RelatedLinksBlock","displayStyle":"STANDARD","title":[{"__typename":"TextInline","text":"Global Rates and Policy","formats":[]}],"description":[],"related@filterEmpty":[{"__ref":"Article:QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzY5OGM5YWFhLWQ2OGItNWFmOC1hNzIxLWQ3OTU2ZjQ4MTA1Yg=="},{"__ref":"Article:QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzhlZjNiMzBlLTVlODctNWJlMy1iMmIwLTc4NGE3NDA4MWUyZg=="},{"__ref":"Article:QXJ0aWNsZTpueXQ6Ly9hcnRpY2xlLzQzZmU1ODRhLWE4MGUtNTU5My1hMjJhLTgzNGQzMzJkZDI4OQ=="}]}]},"lastModified":"2026-09-06T19:02:02.773Z","sourceId":"100000011128345","summary":"Around the world, rising bond yields reflect shifting expectations on how fast policymakers will raise interest rates.","uri":"nyt:\u002F\u002Farticle\u002Fb7b28712-45ee-5117-8394-7487b62c470d","bylines":[{"__typename":"Byline","renderedRepresentation":"By Eshe Nelson","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi80YTlkNDFiNy1mMGM2LTUzODEtOGIwYS01NjcwZjhlNDdlMWI="}]}],"firstPublished":"2026-09-04T09:03:39.000Z","headline":{"__typename":"CreativeWorkHeadline","subHeadline":"","seo":"","default":"The Bond Markets Are Pushing Up Rates. Will Central Banks Follow?","sentence":"The bond market is pushing up rates. Will central banks 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Diesel Prices Set New High","formats":[]}]},"summary":{"__typename":"SummaryBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Because of the war in Iran, the cost has exceeded the record it hit in 2022 after Russia’s full-scale invasion of Ukraine.","formats":[]}]},"ledeMedia":{"__typename":"InteractiveBlock","media":{"__ref":"EmbeddedInteractive:RW1iZWRkZWRJbnRlcmFjdGl2ZTpueXQ6Ly9lbWJlZGRlZGludGVyYWN0aXZlL2IyY2I1NjY5LWU5MjQtNWI0ZC1iZTQwLTI2ODVlMjZmYjExZg=="}},"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi9kNmNlOTYyZi1iOTAzLTVjNDktYWZhZS0zYmVkMjVlNTFiMjA="}],"renderedRepresentation":"By Gregory 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started. That surpassed the previous peak, set four years ago during the global energy crunch caused by Russia’s full-scale invasion of Ukraine.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Other refined petroleum products, like gasoline and jet fuel, have also soared. Gasoline cost $4.15 a gallon on Friday, on average, up nearly 40 percent since the war began, according to AAA.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Over the past six months, “global prices of all main refined products have increased more than crude prices,” analysts at Goldman Sachs wrote in a research note. ","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The price of Brent crude oil, the international benchmark, traded at around $96 a barrel on Friday, up about 30 percent since the start of the war.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Diesel fuels are used by many commercial vehicles, including farm equipment and freight trucks. Higher fuel costs make it more expensive for business owners to run factories and ship products. Some businesses have passed on the higher costs to customers through ","formats":[]},{"__typename":"TextInline","text":"fuel surcharges","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F03\u002F31\u002Fbusiness\u002Ffood-distributors-surcharges-fuel.html","title":"","uri":null}]},{"__typename":"TextInline","text":", and UBS recently cited higher diesel prices as a growing risk for homebuilders.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Rising energy costs could become even more of a concern for Americans in the coming months. Contract prices for heating oil, which is closely related to diesel, have jumped 70 percent on the New York Mercantile Exchange since the war in Iran started.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Most heating oil is used in the Northeast for boilers, furnaces and water heaters, according to the Energy Information Administration. Some states, like New York, offer ","formats":[]},{"__typename":"TextInline","text":"tax incentives","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.tax.ny.gov\u002Fpit\u002Fcredits\u002Fclean_heating_fuel_credit.htm","title":"","uri":null}]},{"__typename":"TextInline","text":" for biofuel blends. High energy prices have prompted some homeowners to switch to ","formats":[]},{"__typename":"TextInline","text":"electric heat pumps","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F05\u002F08\u002Fbusiness\u002Feurope-solar-panels-iran-war.html","title":"","uri":null}]},{"__typename":"TextInline","text":", which have ","formats":[]},{"__typename":"TextInline","text":"outsold gas furnaces in the United States since 2021","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Frmi.org\u002Fresources\u002Ftracking-the-heat-pump-water-heater-market-in-the-united-states\u002F","title":"","uri":null}]},{"__typename":"TextInline","text":", according to RMI, a research group formerly know as the Rocky Mountain Institute.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“Fuel oil is a major part of most New Englanders’ annual budget, and this coming winter is going to be particularly painful,” said John W. James IV, a retired public affairs executive in Bath, Maine, who organized a group of homeowners to negotiate lower rates for heating oil with local distributors.","formats":[]}]},{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvZTUwMmE0ZTEtNmY3My01NDZmLWI0NjYtNzg3NmFiNjYyNTgz"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Fuel costs began rising after the United States and Israel began attacking Iran on Feb. 28. Tehran retaliated by effectively closing the Strait of Hormuz, the narrow Persian Gulf passageway through which about a fifth of the world’s oil and large amounts of related fuels are normally transported.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The turmoil in the supply of crude has spread to refineries, where oil is processed, or “cracked,” into fuels like diesel and gasoline. Missile strikes have damaged refineries in the Middle East.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In addition, Ukraine has attacked and ","formats":[]},{"__typename":"TextInline","text":"damaged many Russian refineries","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F03\u002Fbusiness\u002Fbessent-energy-prices-ukraine.html","title":"","uri":null}]},{"__typename":"TextInline","text":". That has forced Russia to ban the export of refined fuels until the end of September.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“With little spare refining capacity, meaningful relief requires a recovery in Persian Gulf and\u002For Russian flows,” Warren Patterson, the head of commodities strategy at ING, wrote in a research note.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"U.S. refineries are producing more fuels to take advantage of the “crack spread,” or the difference between the price of crude and refined petroleum products, which has reached record highs, Mr. Patterson said. A widening spread has helped companies like Marathon and Valero earn record profits.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Experts say the higher fuel costs will linger even if the war in the Middle East is resolved and the price of crude oil falls.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“The oil market remains tight, but refined product markets are even tighter,” Mr. Patterson wrote.","formats":[]}]}]},"lastModified":"2026-09-05T00:26:26.136Z","sourceId":"100000011131832","summary":"Because of the war in Iran, the cost has exceeded the record it hit in 2022 after Russia’s full-scale invasion of Ukraine.","uri":"nyt:\u002F\u002Farticle\u002Fbbd60b2a-e9b3-5971-94c2-5c7cfba89cc6","bylines":[{"__typename":"Byline","renderedRepresentation":"By Gregory 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Please visit \u003Ca href=\"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Felizabeth-harris\"\u003Ethis page\u003C\u002Fa\u003E to find my most recent articles.\u003C\u002Fp\u003E","contactDetails":{"__typename":"ContactDetails","socialMedia":[{"__typename":"ContactDetailsSocialMedia","type":"url","account":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Felizabeth-a-harris"},{"__typename":"ContactDetailsSocialMedia","type":"twitter","account":"Liz_A_Harris"}]},"legacyData":{"__typename":"PersonLegacyData","htmlShortBiography":"\u003Cp\u003EElizabeth A. Harris covers books and the publishing industry, reporting on industry news and examining the broader cultural impact of books. 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Rates Climb to Highest Level Since July 2025","formats":[]}]},"summary":{"__typename":"SummaryBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Higher costs for home loans have put a squeeze on the housing market, adding pressure to consumers already struggling with elevated inflation.","formats":[]}]},"ledeMedia":{"__typename":"InteractiveBlock","media":{"__ref":"EmbeddedInteractive:RW1iZWRkZWRJbnRlcmFjdGl2ZTpueXQ6Ly9lbWJlZGRlZGludGVyYWN0aXZlL2RmODg3ZDIyLTRmZTMtNTNmYi05YWZhLTBmMWEwZTBkMWUzYw=="}},"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi9hOTdhNjA4OC0xYzU1LTUxZTktYTRkNi1jMWMzOTA2N2ZlZmY="}],"renderedRepresentation":"By Elizabeth A. Harris"}],"role@filterEmpty":[{"__typename":"TextInline","text":"Elizabeth Harris covers real estate and housing.","formats":[]}]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-09-03T20:02:02.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mortgage rates climbed to their highest levels in more than a year, as recent ","formats":[]},{"__typename":"TextInline","text":"turmoil in the bond market","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F01\u002Fbusiness\u002Fbond-yields-debt.html","title":"","uri":null}]},{"__typename":"TextInline","text":" continued to spread, putting pressure on consumers already struggling with persistent inflation and compounding the housing crisis in the United States.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The 30-year fixed-rate mortgage, the most common home loan in the United States, hit 6.71 percent, the mortgage finance giant Freddie Mac said Thursday, up from 6.66 percent the week before and the highest since July 2025.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The U.S. housing market has essentially been stuck for the past several years, squeezed between high prices and high mortgage rates. Jonathan Miller, a real estate appraiser and consultant, said mortgage rates had ascended at their steepest pace in history. Rates are now double what they were during the Covid-19 pandemic.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Many homeowners at that time were able to secure mortgage rates below 3 percent, which unlock enormous reductions on their monthly payments. Moving to a new home could double their mortgage rates, a significant jump in expenses. Homeowners are staying put much longer than they otherwise might because they want to keep their low rates.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Rising home prices are another factor putting a damper on the housing market. Prices increased 1.5 percent annually in June, up from 1.2 percent growth the previous month, according to Cotality, a housing market data provider.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“They’re rising because in large regions of the country, there just isn’t enough inventory,” Mr. Miller said.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mortgage rates are closely tied to ","formats":[]},{"__typename":"TextInline","text":"10-year Treasury bonds","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F21\u002Fbusiness\u002Finvesting-bond-market-stocks-funds.html","title":"","uri":null}]},{"__typename":"TextInline","text":", and yields on those notes have been climbing amid investor concerns about government deficits and elevated inflation. The problem stretches beyond the United States: This week, ","formats":[]},{"__typename":"TextInline","text":"a global sell-off in bonds","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F01\u002Fbusiness\u002Fbond-yields-debt.html","title":"","uri":null}]},{"__typename":"TextInline","text":" intensified as investors demanded higher returns in exchange for holding government debt.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The sell-off has been fed by a number of factors. The world’s richest nations have been borrowing vast sums of money, and investors worry that governments are not prepared to take steps to address their ballooning deficits. These fears are compounded by the growing cost of debt that is a result of a surge in borrowing by technology companies building artificial intelligence systems. The war in Iran, with its accompanying rise in oil prices, has been a challenge for the global economy as well, increasing concerns about persistently high inflation.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"This week, bond yields in some countries, including Germany, Britain and Japan, hit their highest levels in years.","formats":[]}]}]},"lastModified":"2026-09-04T13:10:05.082Z","sourceId":"100000011131521","summary":"Higher costs for home loans have put a squeeze on the housing market, adding pressure to consumers already struggling with elevated inflation.","uri":"nyt:\u002F\u002Farticle\u002F8496aa2a-e66b-51be-8103-6ac163c0323f","bylines":[{"__typename":"Byline","renderedRepresentation":"By Elizabeth A. 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Trade Gap Ballooned in July","formats":[]}]},"summary":{"__typename":"SummaryBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The trade deficit bounced back up last month as spending on data centers to feed the A.I. boom drove up imports.","formats":[]}]},"ledeMedia":{"__typename":"InteractiveBlock","media":{"__ref":"EmbeddedInteractive:RW1iZWRkZWRJbnRlcmFjdGl2ZTpueXQ6Ly9lbWJlZGRlZGludGVyYWN0aXZlLzc2MzE3ZTcyLTE2MzMtNWU5ZC1hMzAwLTc2ZDRiNzI3ZDFkZg=="}},"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi9mNmFiNDg4Yy0xODNjLTVkMTMtYjFlMC01YmRmY2ZiYmQyNWE="}],"renderedRepresentation":"By Ana Swanson"}],"role@filterEmpty":[{"__typename":"TextInline","text":"Ana Swanson covers international trade and reported from Washington.","formats":[]}]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-09-03T12:45:17.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The U.S. trade deficit in goods and services grew to the biggest gap in 16 months in July, as America imported more electronics to feed the country’s artificial intelligence boom.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The monthly trade deficit, the gap between what the United States imports and what it exports, hit $88.6 billion in the month, according to data the Commerce Department released on Thursday. That was an increase of more than 24 percent compared with June.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"While some economists said the data mostly reflected the strength of the U.S. economy and the A.I. build out, the data still threatened to present a setback for the Trump administration. Mr. Trump has imposed steep global tariffs on the theory that they will reduce the trade deficit and bolster domestic manufacturing.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"But the war with Iran, as well as new tranches of tariffs and court battles that have stripped away some of those levies, have disrupted supply chains and led to uncertainty for companies. America’s A.I. boom is also continuing uninterrupted, requiring significant imports of expensive computing products.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In July, surging shipments of computers, computer accessories and semiconductors fueled overall imports, which grew 2.8 percent from the previous month, to $399.3 billion. U.S. exports fell 2.1 percent ","formats":[]},{"__typename":"TextInline","text":"compared with June","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F04\u002Fbusiness\u002Feconomy\u002Fus-trade-deficit-june.html","title":"","uri":null}]},{"__typename":"TextInline","text":", hitting $310.7 billion, as the United States exported less gold and crude oil.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The trade balance in July is larger than the average monthly trade deficit in the year before President Trump was elected. It is also the largest deficit since he began imposing tariffs in earnest, in April of last year. In the months before that, in early 2025, the trade deficit had exploded as U.S. importers tried to bring in as many products as they could ahead of tariffs coming into effect.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Mr. Trump sees the trade deficit as a sign of America’s manufacturing weakness, and he has imposed steep tariffs on foreign goods in an effort to reduce it. The Supreme Court struck down many of Mr. Trump’s global tariffs in February, but he has turned to other laws to replace them.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In July, the administration put ","formats":[]},{"__typename":"TextInline","text":"a new round of tariffs","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F07\u002F23\u002Fbusiness\u002Feconomy\u002Ftrump-tariffs.html","title":"","uri":null}]},{"__typename":"TextInline","text":" on more than 80 countries, and it is considering placing ","formats":[]},{"__typename":"TextInline","text":"another round of tariffs","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F03\u002F11\u002Fbusiness\u002Feconomy\u002Ftrump-trade-investigations-tariffs.html","title":"","uri":null}]},{"__typename":"TextInline","text":" on more than 40 countries in the coming weeks.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Many economists have questioned ","formats":[]},{"__typename":"TextInline","text":"how good of a tool tariffs are","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F02\u002F05\u002Fus\u002Fpolitics\u002Ftrump-us-trade-deficit.html","title":"","uri":null}]},{"__typename":"TextInline","text":" for reducing the trade deficit. Others have argued that tariffs have weighed on some kinds of imports, but ","formats":[]},{"__typename":"TextInline","text":"that has been offset","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F03\u002F18\u002Fbusiness\u002Feconomy\u002Fus-trade-deficit-ai-boom.html","title":"","uri":null}]},{"__typename":"TextInline","text":" by surging purchases of expensive foreign-made chips and computers to construct new data centers.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In July, imports of capital goods, the category that includes computers, hit the highest level on record. The U.S. trade deficit with Taiwan, a major manufacturer of chips, also hit a record $20.7 billion in July.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In the first half of the year, U.S. goods imports from Taiwan were $143 billion, surpassing total U.S. imports from China at $140 billion. U.S. trade deficits with Mexico, Vietnam, Thailand and South Korea also climbed.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The administration ","formats":[]},{"__typename":"TextInline","text":"has exempted","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F04\u002F12\u002Ftechnology\u002Ftrump-electronics-tariffs.html","title":"","uri":null}]},{"__typename":"TextInline","text":" chips, smartphones and other electronics from its tariffs for more than a year. Officials have been reluctant to slow data center construction, which is driving U.S. investment and growth in the stock market.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Administration officials say that tariffs on chips are coming soon, but they are widely expected to contain significant carve outs for companies that are building new chip facilities in the United States.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The war in Iran has also made trade particularly volatile this year, as the closure of the Strait of Hormuz scrambled supply chains for oil, fertilizer, product packaging and helium. U.S. petroleum exports surged earlier this year but fell back in July from those higher levels.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"It also remains to be seen how much a trade fight with Canada will raise U.S. import taxes. The administration imposed a 50 percent tariff on roughly $20 billion Canadian exports ","formats":[]},{"__typename":"TextInline","text":"after trade talks collapsed last month","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F25\u002Fworld\u002Fcanada\u002Ftrump-carney-trade-war-tariffs.html","title":"","uri":null}]},{"__typename":"TextInline","text":".","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Canada has vowed to impose tariffs on an equal value of American exports starting Sept. 8, and Mr. Trump has in turn threatened to increase tariffs on all cars, trucks, car parts and steel from Canada to 50 percent, starting on Jan. 1.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The larger trade deficit in July suggests economic growth figures could come in lower for the United States in the third quarter. That is not because imports reduce economic growth per se, but because net imports are subtracted from gross domestic product ","formats":[]},{"__typename":"TextInline","text":"to avoid double counting","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.stlouisfed.org\u002Fpublications\u002Fpage-one-economics\u002F2018\u002F09\u002F04\u002Fhow-do-imports-affect-gdp?edu-embed=1","title":"","uri":null}]},{"__typename":"TextInline","text":".","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In an interview with CNBC on Wednesday, Howard Lutnick, the commerce secretary, blamed the Supreme Court ruling against the president’s tariffs for leading to a flood in imports and resulting in lower G.D.P. growth. But he said that the administration would finish replacing the levies the coming weeks.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“Over the next couple of weeks, they’ll be all back in place, and you’ll see imports start to fall, and you’ll see G.D.P. rise,” Mr. Lutnick said.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Still, some economists said that the larger trade deficit was not, overall, a negative sign for the economy. Eswar Prasad, a professor of trade policy and economics at Cornell University, said that the trade deficit was mainly a sign of the U.S. economy’s strength relative to other major economies, and that the rising deficit had “more good news than bad news built into it.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“The overall assessment ought to be that U.S. economic dynamism, particularly in the A.I. sector and other high tech industries, is driving both foreign exports and foreign investment flows into the U.S.,” he said.","formats":[]}]}]},"lastModified":"2026-09-06T19:00:56.680Z","sourceId":"100000011128544","summary":"The trade deficit bounced back up last month as spending on data centers to feed the A.I. boom drove up imports.","uri":"nyt:\u002F\u002Farticle\u002Fece07573-a948-5482-a6e2-4bef3b366773","bylines":[{"__typename":"Byline","renderedRepresentation":"By Ana 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the Jump in Global Interest Rates Means for the Economy","formats":[]}]},"summary":{"__typename":"SummaryBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Global interest rates are rising. Interest rates on U.S. government bonds can affect everything from auto and student loans to mortgages.","formats":[]}]},"ledeMedia":{"__typename":"ImageBlock","size":"MEDIUM","desktopCrop":null,"mobileCrop":null,"mobileSize":null,"hasMobileSize":false,"media":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMWNlOTQzOGUtYjRhZS01M2I0LTg5YjAtYzAzZmI1NDI2ZDEx"},"mobileMedia":null,"mobileAltText":null,"mobileCaption":null,"mobileCredit":null},"byline":{"__typename":"BylineBlock","textAlign":"LEFT","hideHeadshots":false,"bylines":[{"__typename":"Byline","prefix":"By","creators":[{"__ref":"Person:UGVyc29uOm55dDovL3BlcnNvbi84YmIwZmI2ZS0wZGQyLTVlNDUtYjI5Ni00MDM0YjVjNzRhNTE="}],"renderedRepresentation":"By Aruni Soni"}],"role@filterEmpty":[]},"timestampBlock":{"__typename":"TimestampBlock","timestamp":"2026-08-19T21:16:20.000Z","align":"LEFT","showUpdatedTimestamp":null}},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Interest rates on government bonds worldwide ","formats":[]},{"__typename":"TextInline","text":"are rising fast","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F09\u002F01\u002Fbusiness\u002Fbond-yields-debt.html","title":"","uri":null}]},{"__typename":"TextInline","text":", which can have ripple effects on rates for mortgages, auto loans and business loans.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Tuesday’s sell-off in global bond markets pushed down prices and pushed up interest rates, or yields. It came as investors worried over renewed tension in the Middle East, inflation and swelling government deficits.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Interest rates on the ","formats":[]},{"__typename":"TextInline","text":"10-year","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F18\u002Fbusiness\u002Foil-prices-bonds.html","title":"","uri":null}]},{"__typename":"TextInline","text":" Treasury note in the United States rose to nearly 4.8 percent. The 10-year Japanese bond rose past 3 percent for the first time since 1996. The German 10-year bund, a key indicator for the eurozone, rose to 3.33 percent for the first time since 2011.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In the U.S., there’s also uncertainty over the Federal Reserve’s policy outlook, with ","formats":[]},{"__typename":"TextInline","text":"investors betting","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.cmegroup.com\u002Fmarkets\u002Finterest-rates\u002Fcme-fedwatch-tool.html","title":"","uri":null}]},{"__typename":"TextInline","text":" on a rate increase at the upcoming September meeting. America’s borrowing binge pushed the national deficit past ","formats":[]},{"__typename":"TextInline","text":"$40 trillion","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F19\u002Fbusiness\u002Feconomy\u002Fus-debt-40-trillion.html","title":"","uri":null}]},{"__typename":"TextInline","text":" in August, and A.I.-related ","formats":[]},{"__typename":"TextInline","text":"debt issuance","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F08\u002F20\u002Fbusiness\u002Fbond-yields-tech-ai-debt.html","title":"","uri":null}]},{"__typename":"TextInline","text":" continues to push down bond prices.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Keeping an eye on the nearly ","formats":[]},{"__typename":"TextInline","text":"$32 trillion","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.sifma.org\u002Fresearch\u002Fstatistics\u002Fus-treasury-securities-statistics","title":"","uri":null}]},{"__typename":"TextInline","text":" market for U.S. government bonds, called the Treasury market, is important because it offers a clear signal of where the economy may be headed.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"In the U.S., it’s the rate on the 10-year Treasury note that tends to set the temperature for consumer interest rates, including mortgages and auto loans. So they can affect everything from student loans to the housing market. The rate on the 30-year Treasury moves in sync with the 10-year note.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Here’s a guide to understanding what is happening with Treasury rates right now, and why it matters.","formats":[]}]},{"__typename":"Heading2Block","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"What is a bond?","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"First the basics.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"A bond is a form of fixed-income debt, which means that when it is issued, someone is borrowing money and someone else is lending it. In the U.S. government bond market, the borrower is the federal government and the bonds are called Treasuries. Other governments do this, too: In Britain, they’re called gilts, and in Japan, they’re known as J.G.B.s, which stands for Japanese government bonds.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The United States issues debt with a range of “maturities” — a term that refers to when it has to be paid back. Treasury “bills” are short-term debt obligations, ranging from four weeks to a year. Treasury “notes” are medium term, maturing between two and 10 years. And Treasury “bonds” mature in 20 or 30 years.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The lender is the bond investor, who expects to be paid interest on the investment. That’s a key difference between a bond and other assets that people buy or trade, like stocks: The bond’s yield is the total annual return someone can expect to earn from it. (A bond’s yield rises as its price falls, and vice versa.)","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Similar to the rate a homeowner pays on a mortgage, a bond yield reflects a variety of factors: when the debt will be repaid, the risk that it won’t be, the investor’s view on whether earnings on the loan will be more worthwhile than other investments, like stocks and cryptocurrencies.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"When an investor owns a Treasury bond until it matures, the return the investor will receive is fixed, but because government bonds are publicly traded, their value can rise or fall just like a stock price, and that means yields move higher or lower, too. Higher yields mean investors are demanding a higher return to make the investment worth it to them.","formats":[]}]},{"__typename":"Heading2Block","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Why are bond yields rising?","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Often, it’s the 10-year Treasury note that gets a lot of attention. It has been climbing since late February, when the interest rate sat at 3.96 percent. Although the rise began reversing in April and then again in May, the yield began rocketing back up by the end of June. It’s currently 4.78 percent.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The rise has been less steep than previous runs, like when President Trump announced sweeping tariffs in April last year. But investors are aware of a cocktail of forces unlikely to rein in climbing rates.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Renewed fighting in the Middle East after a period of calm has sent a shudder through the bond market. The geopolitical uncertainty continues to rock oil markets, which in turn adds to worries over inflation numbers and affordability. Pair that with rampant spending by tech companies on A.I., which has left some analysts guessing that the hype has drawn investors away from bonds and others saying the enthusiasm has pumped up growth and inflation expectations.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"The Treasury buyer “is now much more price sensitive, meaning investors are demanding a higher yield to absorb both government and corporate issuance,” Jason Goldberg, a Barclays analyst, wrote in a note.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Some analysts said a recent pullback in the equity market was a sign stock investors were growing more worried about bond yields, too.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Typically, bond prices and stocks move inversely. When stocks fall, investors move to a safer investment, like government bonds, to protect from losses. That negative correlation persisted for the first two decades of the 21st century, but has recently flipped. The correlation, now positive, is at its highest level since the 1990s, Bank of America analysts said in a research note last month.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"That flipped correlation means bonds don’t hedge losses the same way they used to, because when stocks fall, so do bond prices.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“Investors are no longer willing to pay the same premium for an asset class that offers lower hedging utility,” the Bank of America analysts wrote.","formats":[]}]},{"__typename":"Heading2Block","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"How do rising interest rates predict what might happen next in the economy?","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Because Treasuries are issued in varying maturities, each set offers predictions for what will happen in the economy at different time periods.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"Typically, the longer the horizon for an investment, the more bond investors expect to be paid in interest. (We have more certainty about how things will go over the next three months than we do about the next decade.)","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"So the yield on a 10-year Treasury note is usually higher than the yield on one that matures in just a few months or a couple of years. When that relationship reverses during periods of increased economic anxiety, as it did ","formats":[]},{"__typename":"TextInline","text":"in 2022","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2022\u002F03\u002F25\u002Fbusiness\u002Fbond-market-inflation-recession.html","title":"","uri":null}]},{"__typename":"TextInline","text":", it is used as a recession indicator, because the risk in the near term eclipses the long-term risk.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"LEFT","content":[{"__typename":"TextInline","text":"“Yield volatility is likely to persist in the near term,” UBS’s chief investment office said in a note on Tuesday. The bank expects the 30-year and 10-year Treasury interest rates to end the year at 5 percent and 4.5 percent.","formats":[]}]}]},"lastModified":"2026-09-04T09:55:19.485Z","sourceId":"100000011100972","summary":"Global interest rates are rising. 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Revolutionary Guard Corps’ overseas operations unit, ","formats":[]},{"__typename":"TextInline","text":"the Quds Force","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Fwww.nytimes.com\u002F2025\u002F06\u002F16\u002Fworld\u002Fmiddleeast\u002Fwhat-is-irans-quds-force.html","title":"","uri":null}]},{"__typename":"TextInline","text":". “While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime,” Treasury Secretary Scott Bessent said in a 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Romm"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002Fb7faca42-96ec-5dc3-9fec-7bcc15f5f79c","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Ftony-romm","slug":"","displayName":"Tony Romm","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMTViYjM0NjQtYTJiOS01YjM5LWIwZTctNWI0MWFmNDk4YjU3"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"To be clear, the U.S. has trade deficits with some of its closest allies and trading partners. The list includes its neighbors, Canada and Mexico, the European Union and others including China. Trump essentially said he could cut that trade off entirely in an attempt to force the Fed, a politically independent institution, to reduce rates, even though doing so could make inflation worse.","formats":[]}]}]},"reporterTagline":null,"experimentalJson":null,"promotionalImage":null,"threadedUpdates":{"__typename":"ReporterUpdateThreadedUpdatesConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"hasPreviousPage":false,"startCursor":null,"endCursor":null},"edges":[]}},"ReporterUpdate:UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNmRjZGU1MzctNzYwYS01NzVkLThiZDYtMWZiNmNmNzk3Mjlh":{"__typename":"ReporterUpdate","id":"UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNmRjZGU1MzctNzYwYS01NzVkLThiZDYtMWZiNmNmNzk3Mjlh","firstPublished":"2026-09-04T13:52:31.000Z","lastModified":"2026-09-04T14:57:07.522Z","uri":"nyt:\u002F\u002Freporterupdate\u002F6dcde537-760a-575d-8bd6-1fb6cf79729a","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy\u002F6dcde537-760a-575d-8bd6-1fb6cf79729a","headline":{"__typename":"CreativeWorkHeadline","default":"Update from Tony Romm"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002Fb7faca42-96ec-5dc3-9fec-7bcc15f5f79c","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Ftony-romm","slug":"","displayName":"Tony Romm","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMTViYjM0NjQtYTJiOS01YjM5LWIwZTctNWI0MWFmNDk4YjU3"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"Then, President Trump turned to trade.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"“LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT, which the U.S. Supreme Court, in its ridiculous and very costly Tariff decision, strongly acknowledged “the President” has an absolute right to do. IT’S BETTER THAN TARIFFS!”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"“The Fed Board, with its great new leader, must get smart - BE PATRIOTS for a change. High interest rates put the U.S.A. at a very unfair disadvantage, and I won’t allow that to happen!”","formats":[]}]}]},"reporterTagline":null,"experimentalJson":null,"promotionalImage":null,"threadedUpdates":{"__typename":"ReporterUpdateThreadedUpdatesConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"hasPreviousPage":false,"startCursor":null,"endCursor":null},"edges":[]}},"ReporterUpdate:UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYjczMzRhOGUtYmJlOC01YTQ1LThlZWItNGE0NDM4MzM2YTgz":{"__typename":"ReporterUpdate","id":"UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYjczMzRhOGUtYmJlOC01YTQ1LThlZWItNGE0NDM4MzM2YTgz","firstPublished":"2026-09-04T13:51:38.000Z","lastModified":"2026-09-04T13:51:39.134Z","uri":"nyt:\u002F\u002Freporterupdate\u002Fb7334a8e-bbe8-5a45-8eeb-4a4438336a83","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy\u002Fb7334a8e-bbe8-5a45-8eeb-4a4438336a83","headline":{"__typename":"CreativeWorkHeadline","default":"Update from Tony Romm"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002Fb7faca42-96ec-5dc3-9fec-7bcc15f5f79c","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Ftony-romm","slug":"","displayName":"Tony Romm","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMTViYjM0NjQtYTJiOS01YjM5LWIwZTctNWI0MWFmNDk4YjU3"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"President Trump took to social media to boast about the strong jobs report and issue a series of demands. He called on the Federal Reserve to slash interest rates and threatened to halt trade with countries with which the United States has a trade deficit.","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"“Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago!” the president said Friday. “A STRONG COUNTRY MEANS A LOWER INTEREST RATE - IT’S A BETTER CREDIT…Very simple! 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That number bounced back up to 9.1 percent last month, though it’s still better than the 10.6 percent we saw at this time last year, and it’s ","formats":[]},{"__typename":"TextInline","text":"quite low by historical standards","formats":[{"__typename":"LinkFormat","url":"https:\u002F\u002Ffred.stlouisfed.org\u002Fseries\u002FLNS14024887","title":"","uri":null}]},{"__typename":"TextInline","text":". 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That metric sank to 7.7 percent, the lowest level since last June, in a sign that people are finding some kind of work even if it’s not the full-time employment they would prefer.","formats":[]}]}]},"reporterTagline":null,"experimentalJson":null,"promotionalImage":null,"threadedUpdates":{"__typename":"ReporterUpdateThreadedUpdatesConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"hasPreviousPage":false,"startCursor":null,"endCursor":null},"edges":[]}},"ReporterUpdate:UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNjI5ZTllMjktNGQxMS01MzA3LTk4MDQtNDE4OTA0MTM2ZGUw":{"__typename":"ReporterUpdate","id":"UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvNjI5ZTllMjktNGQxMS01MzA3LTk4MDQtNDE4OTA0MTM2ZGUw","firstPublished":"2026-09-04T13:15:45.000Z","lastModified":"2026-09-04T13:15:46.079Z","uri":"nyt:\u002F\u002Freporterupdate\u002F629e9e29-4d11-5307-9804-418904136de0","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy\u002F629e9e29-4d11-5307-9804-418904136de0","headline":{"__typename":"CreativeWorkHeadline","default":"Update from Tony Romm"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002Fb7faca42-96ec-5dc3-9fec-7bcc15f5f79c","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Ftony-romm","slug":"","displayName":"Tony Romm","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvMTViYjM0NjQtYTJiOS01YjM5LWIwZTctNWI0MWFmNDk4YjU3"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"On social media, Kush Desai, a White House spokesman, celebrated the new jobs report as a sign that President Trump’s “reindustrialization agenda continues to drive manufacturing and factory construction job growth.”","formats":[]}]},{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"“America is in the middle of a historic investment boom, and the August jobs report is the latest data point showing how Americans are benefitting from the Trump administration’s pro-growth policies,” he said.","formats":[]}]}]},"reporterTagline":null,"experimentalJson":null,"promotionalImage":null,"threadedUpdates":{"__typename":"ReporterUpdateThreadedUpdatesConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"hasPreviousPage":false,"startCursor":null,"endCursor":null},"edges":[]}},"ReporterUpdate:UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYmNhZWQ2MTYtMGFmNC01MmQzLWJlZTQtYWE5MjQyYmU3NTE0":{"__typename":"ReporterUpdate","id":"UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYmNhZWQ2MTYtMGFmNC01MmQzLWJlZTQtYWE5MjQyYmU3NTE0","firstPublished":"2026-09-04T13:15:16.000Z","lastModified":"2026-09-04T13:41:17.824Z","uri":"nyt:\u002F\u002Freporterupdate\u002Fbcaed616-0af4-52d3-bee4-aa9242be7514","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy\u002Fbcaed616-0af4-52d3-bee4-aa9242be7514","headline":{"__typename":"CreativeWorkHeadline","default":"Update from Ben Casselman"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002F84c8a41e-6747-57e7-b3e8-da8d3121114e","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Fben-casselman","slug":"","displayName":"Ben Casselman","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNWUzYTQ2ZjYtNDY1NS01NTBkLWFiZWYtNTBhMDdiZWE1Mzkz"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"One number I’ve been watching closely the past few months has been the “prime-age participation rate,” or the share of people between 25 and 54 who are working or actively searching for work. 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Since peaking in 2022, this broad industry has lost more than 300,000 jobs, roughly an 10 percent decline.","formats":[]}]}]},"reporterTagline":null,"experimentalJson":null,"promotionalImage":null,"threadedUpdates":{"__typename":"ReporterUpdateThreadedUpdatesConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"hasPreviousPage":false,"startCursor":null,"endCursor":null},"edges":[]}},"ReporterUpdate:UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYWY0YmFkYzMtNWFiMC01NmI5LWIzOGMtZDQwNDM4OTQyOWFh":{"__typename":"ReporterUpdate","id":"UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvYWY0YmFkYzMtNWFiMC01NmI5LWIzOGMtZDQwNDM4OTQyOWFh","firstPublished":"2026-09-04T12:57:46.000Z","lastModified":"2026-09-04T12:57:47.328Z","uri":"nyt:\u002F\u002Freporterupdate\u002Faf4badc3-5ab0-56b9-b38c-d404389429aa","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy\u002Faf4badc3-5ab0-56b9-b38c-d404389429aa","headline":{"__typename":"CreativeWorkHeadline","default":"Update from Lydia DePillis"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002F30af85cd-c8d8-5c9e-8bad-230e82814e37","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Flydia-depillis","slug":"","displayName":"Lydia DePillis","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvOTViMjIzMmYtMjZmNy01ZTU3LWFiZDQtNTEzYTI0ZTM3YmFk"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"A 59,000-job jump in bars and restaurants is somewhat quizzical. Economists had expected a larger surge in leisure and hospitality employment during the World Cup in June and July, which didn’t materialize. 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Christopher Waller, a governor, essentially said as much in remarks on Thursday. A report on producer prices plus the next Consumer Price Index report will give officials a better sense of whether a two-month trend in improving price pressures is continuing. 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The sector is now 58,000 above a recent low in December 2025. Demand for data center equipment, new investments in drug manufacturing, defense production, and semiconductor plants are part of what could be powering the turnaround.","formats":[]}]}]},"reporterTagline":null,"experimentalJson":null,"promotionalImage":null,"threadedUpdates":{"__typename":"ReporterUpdateThreadedUpdatesConnection","pageInfo":{"__typename":"PageInfo","hasNextPage":false,"hasPreviousPage":false,"startCursor":null,"endCursor":null},"edges":[]}},"ReporterUpdate:UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZjViMmQ4NjQtZDY0Yy01M2UyLTgwZTAtZTFhYWRiMWI4YTE3":{"__typename":"ReporterUpdate","id":"UmVwb3J0ZXJVcGRhdGU6bnl0Oi8vcmVwb3J0ZXJ1cGRhdGUvZjViMmQ4NjQtZDY0Yy01M2UyLTgwZTAtZTFhYWRiMWI4YTE3","firstPublished":"2026-09-04T12:44:28.000Z","lastModified":"2026-09-04T12:44:28.759Z","uri":"nyt:\u002F\u002Freporterupdate\u002Ff5b2d864-d64c-53e2-80e0-e1aadb1b8a17","url":"https:\u002F\u002Fwww.nytimes.com\u002Flive\u002F2026\u002F09\u002F04\u002Fbusiness\u002Fjobs-report-economy\u002Ff5b2d864-d64c-53e2-80e0-e1aadb1b8a17","headline":{"__typename":"CreativeWorkHeadline","default":"Update from Colby Smith"},"bylines":[{"__typename":"Byline","renderedRepresentation":null,"prefix":"","creators":[{"__typename":"Person","uri":"nyt:\u002F\u002Fperson\u002F57910ad7-2f29-5646-93e9-a8c31f43d927","title":"","bioUrl":"https:\u002F\u002Fwww.nytimes.com\u002Fby\u002Fcolby-smith","slug":"","displayName":"Colby Smith","description":"","contactDetails":null,"legacyData":null,"promotionalMedia":{"__ref":"Image:SW1hZ2U6bnl0Oi8vaW1hZ2UvNzA3NWQ1NGMtZDFjOS01ZTQyLWEwNTAtNzhlMmVkZGU4ODQ3"}}]}],"body":{"__typename":"DocumentBlock","content@filterEmpty":[{"__typename":"ParagraphBlock","textAlign":"DEFAULT","content":[{"__typename":"TextInline","text":"Lydia’s point about cooling wage growth underscores why the Fed does not see the labor market as a source of inflationary pressure. 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