A fragile job market and unfulfilled Republican promises of economic prosperity.
Americans are increasingly worried about finding a good job under the Trump administration.
A new poll by the Associated Press and the Center for Public Affairs Research (Norwegian) confirms this, but it is a warning to Republicans who have promised a boom in the economy but have now stalled hiring and inflation has risen.
High food, housing and health care costs continue to be a concern for many American households, while electricity and gas bills remain the main source of concern for Americans, according to the latest survey.
The survey results showed that about 47% of American adults are “not very confident” or “not at all confident” about getting a good job.
This indicator has increased since October 2023, when a similar question was asked of survey participants.
American companies with little hope for the future are increasingly reluctant to hire, and this is annoying job seekers. This comes as the pressure on consumers, who account for 70% of US economic activity, has increased. Consumer spending has been the main driver of the world’s largest economy since the disruption caused by the Covid-19 outbreak in 2020.
US employers, including companies, government agencies and non-profits, added just 22,000 jobs last month, a decline from the previous month, the US Labor Department said on Friday. In July, 79,000 jobs were added. Economists had expected 80,000 new jobs, but the current figures are far below their expectations.
Meanwhile, the US unemployment rate rose 4.3% last month, much worse than expected. US unemployment also reached its highest level since 2021.
Scott Anderson, chief economist at financial services firm BMO Capital Markets, warned in a paper that the US labor market deteriorated in August and hiring is slowing at a dangerous pace. This poses further risks to consumer spending and the economy in the months ahead.