Here is how many jobs have been lost in sectors affected by prices since the start of Trump’s trade war

The latest job report revealed that the American economy added only 22,000 jobs in August with revisions from previous months showing that June has in fact had a decline. Meanwhile, the unemployment rate reached a summit of 4.3% over four years.

In a note on Saturday, Torsten Sløk, chief economist at Apollo Global Management, observed that employment growth in the sectors supported by prices is negative, while those who are not affected by prices have experienced slower growth but remain in positive territory.

Trump’s prices of Trump and Hors-Sens made this pinning of the exact start of his somewhat delicate trade war. In February, he signed an executive decree to impose prices in Canada, Mexico and China, but put those in Canada and Mexico until March.

In April, he unveiled his “Liberation Day” prices on almost all countries, but suspended them after a week in the middle of a market accident. Since then, Trump has concluded agreements with several business partners while talks with China are continuing. But for more than 90 countries without such transactions, the so-called reciprocal rates entered into force in August, although they are also faced with a major legal challenge.

For its part, Sløk considers March as the start of the trade war and the manufacture, exploitation and exploitation of exploitation, construction, wholesale trade, retail, wholesale transport and storage, retail trade, industries affected by prices.

Using this calendar and sectors, a deep dive into data from the Bureau of Labor Statistics reveals which parts of the economy were the most injured.

In all industries supported by prices, the payroll dropped 90,100 nets after February – the last month of the pre -exchange war. On the other hand, the payroll increased throughout 385,000 during this period, because the health care and hotel care sectors, which are less affected by prices, were the main engines of employment growth.

But even in the sectors impacted at the prices, some regions have suffered more than others. For example, manufacturing has lost 41,000 jobs and wholesale trade has lost 34,000.

But the construction was mainly stable, and the retail trade even added 19,000 jobs. And although the mines and logging sector has lost 16,000 jobs, this category includes oil and gas extraction, which was struck by lower gross prices and OPEC + increased production to grasp market share.

Admittedly, industries and not the repertoire affected by prices also reduce staff, although this may be partly due to the general feeling of the economic uncertainty that the trade war has created.

For several months, there have been more industries that have cut jobs than adding them, a trend that the chief economist of Moody’s analysis, Mark Zandi, warned “only occurs when the economy is in recession”.

The Trump administration argued that its tax reductions and its deregulation were going more growth, the prices finally creating more jobs and encouraging companies to invest in domestic production.

In an interview on NBC Meet the press with Kristen Welker On Sunday, the secretary of the Treasury, Scott Bessent, said that policies are in place that will create good well -remunerated jobs. He also said that the pay data collected in August had historically been subject to large revisions later, and he blamed the federal reserve not to reduce rates earlier.

“President Trump has been elected for change, and we will pass with economic policies that will settle the economy well. I believe that in the fourth quarter, we will see a substantial acceleration,” predicted Bessent.

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