Episode Details

American employers slashed 23,000 jobs last month — a shocking reversal after revisions stripped over 100,000 positions from prior months — missing economists’ forecasts by more than 100,000. The slowdown isn’t just hiring; wage growth is cooling too, with experts calling the report “weak across the board.” Companies are holding off on new hires, leaving workers with fewer opportunities and less leverage. Confidence in the job market is plummeting, as hiring and firing remain stubbornly low. Over the past year, total job growth has stalled at just 320,000 — the slowest pace since before the pandemic. While the labor market still looks stable, slowing demand and lagging wages are raising alarms. Average hourly earnings rose only 3.2% annually — below inflation — squeezing working families. Job cuts hit education and retail hardest, while healthcare remains a bright spot.

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