Here's the Scoop U.S. job market weakens
Aug 1, 2025
Mike Calia, NBC News Managing Editor for Business and the Economy, joins Morgan Chesky to dissect a disappointing jobs report revealing only 73,000 jobs added in July. They discuss the economic implications of downward revisions to previous months and the increasing pressures of inflation. The conversation shifts to the looming risks of stagflation and how tariffs complicate the economic landscape. Calia also elaborates on how businesses are adapting to these uncertainties while navigating rising costs and government policies.
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Labor Market Weakens Sharply
- The July jobs report showed only 73,000 jobs added, lower than expected with severe downward revisions for May and June.
- This revealed cracks in the labor market and raised concerns about data quality and job growth sustainability.
Immigration Crackdown Hits Jobs
- Job growth is slowing partly due to fewer foreign-born workers, linked to immigration crackdowns.
- The hoped manufacturing revival is not materializing yet, impacting overall job numbers.
Risk of Stagflation Rising
- The combination of slowing job growth and rising inflation points toward the risk of stagflation.
- Tariffs increase costs for businesses, reducing funds available to pay workers, affecting the labor market.