美國8月就業市場進一步疲軟

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US jobs market weakens further in August

5 September 2025

Natalie Sherman - BBC News

The US jobs market weakened further in August, raising new fears about the health of the world's largest economy.

Employers added just 22,000 jobs last month, fewer than expected, while the unemployment rate ticked up from 4.2% to 4.3%, according to the Labor Department.

The figures cap a string of shaky data this week on the job market and add to the concerns that spiked last month, when the Labor Department said hiring in May and June had been far weaker than it had initially estimated.

On Friday, the department said its latest estimates showed the US actually lost jobs in June, the first such decline since 2020.

Investors, who had already been betting that the US central bank would respond to the weakening labour market with a cut to interest rates at its meeting this month, said that move was now all but certain.

"The warning bell that rang in the labour market a month ago just got louder," said Olu Sonola, head of US economic research for Fitch Ratings.

US President Donald Trump responded to the signs of slowdown in August by firing the head of the Bureau of Labor Statistics, accusing her, without evidence, of rigging the numbers to make him look bad.

But analysts say the troubles in the job market are partly due to the president's sweeping changes to tariff and immigration policy, which economists have consistently warned would hurt the economy, by raising costs and uncertainty for firms.

His administration has also cut government spending, firing thousands of government workers.

The Labor Department said the federal government shed 15,000 positions last month. Manufacturing and construction firms also reported payroll declines, offsetting gains in health care.

"Four straight months of manufacturing job losses stand out," Mr Sonola said. "It's hard to argue that tariff uncertainty isn't a key driver of this weakness."

The number of jobs created each month has been slowing steadily since the boom that followed the reopening from the pandemic.

But analysts have said the economy only needs to create about 50,000 jobs each month to keep up with population growth - far fewer than it once did - as Trump's crackdown on immigration prompts the stream of new workers that entered the US in recent years to dry up.

Stock markets opened slightly higher following the report, which also showed average hourly pay rising 3.7% over the past year.

In the global bond markets, the rates that investors demand for borrowing dropped sharply, reversing a surge earlier in the week, as confidence grew in a Fed rate cut.

"The initial reaction suggests markets are focused on Fed rate cuts rather than concerns about a cooling economy," said Ellen Zentner, chief economic Strategist for Morgan Stanley Wealth Management.

"Bad news looks like good news, at least this morning."

Speaking to broadcaster CNBC, White House economic adviser Kevin Hasset conceded that the August jobs numbers were "disappointing" but said he expected revisions in future months would present a better picture.

Earlier this week, the government reported that job openings had fallen to the lowest level since 2024, while job seekers outnumbered the posts for the first time since the pandemic.

Claims for unemployment payments also ticked up this week, while Friday's report put the unemployment rate at the highest level since October 2021, although it is still not far from historic lows.

Translation:

美國8月就業市場進一步疲軟

美國8月就業市場進一步疲軟，引發了人們對全球最大經濟體健康狀況的新一輪​​擔憂。

美國勞工部稱，上個月美國新增就業人數僅2.2萬個，低於預期，失業率則從4.2%上升至4.3%。

這些數字揭示了本週就業市場一系列不穩定的數據，加劇了上個月美國勞工部表示5月和6月就業機會遠低於最初預期時所引發的擔憂。

週五，勞工部表示，其最新估計顯示，美國6月實際就業人數減少，這是自2020年以來首次出現此類下降。

先前一直押美國中央銀行注會將在本月會議上降息以應對疲軟的勞動力市場的投資者表示，現在降息幾乎是肯定的事了。

惠譽評級美國經濟研究主管 Olu Sonola 表示： “一個月前勞動力市場敲響的警鐘如今更加響亮了。”

美國總統特朗普回應了8月經濟放緩的跡象，他解雇了美國勞工統計局局長，指責她在沒有證據的情況下操縱數據，令特朗普顏面掃地。

但分析人士表示，就業市場的困境部分源自於總統對關稅和移民政策的全面改革。經濟學家一直警告稱，這些改革將增加企業成本和不確定性，從而損害經濟。

他的政府也削減了政府開支，解雇了數千名政府工作人員。

美國勞工部表示，聯邦政府上個月裁員1.5萬人。製造業和建築業也報告了工資下降，抵消了醫療保健行業的成長。

Sonola 說: 「製造業就業機會連續四個月減少，引人注目」; 「很難否認關稅不確定性不是造成這種疲軟的主要因素」。

自疫情結束後經濟重啟的景氣所帶來的每月新增就業人數, 現一直在慢慢地放緩。

但分析師表示，由於特朗普對移民的打壓, 導致近年來湧入美國的新工人流変得枯竭，美國經濟每月只需創造約5萬個就業機會就能跟上人口成長的步伐 - 這遠低於以往的水平。

報告發佈後，股市小幅開高，報告也顯示，過去一年平均時薪上漲了3.7%。

在全球債券市場，由於對聯儲局會降息的信心增強，投資者對借貸利率的索求顯著調低，扭轉了本週稍早的飆升勢頭。

摩根士丹利財富管理首席經濟策略師 Ellen Zentner 表示： “最初的反應表明，市場關注的是聯儲局降息，而不是對經濟降溫的擔憂。”

“至少在今天上午，壞消息看起來像好是消息。”

白宮經濟顧問 Kevin Hasset 在接受CNBC採訪時承認，8月份的就業數據 “令人失望”，但他表示，預計未來幾個月的修正數據將呈現更佳的前景。

本週早些時候，美國政府報告​​稱，職位空缺數量已降至2024年以來的最低水平，而求職者數量自疫情爆發以來首次超過職位空缺數量。

本周初請失業金人數也有所上升，週五的報告顯示失業率達到2021年10月以來的最高水平，儘管仍然接近歷史的最低點。

       So, the US jobs market weakened further in August, raising new fears about the health of the world's largest economy. A White House economic adviser had conceded that the August jobs numbers were "disappointing" but said he expected revisions in future months would present a better picture. Let’s wait and see what will the jobs market figures be next time.