Yesterday’s News 2026-08-08

curated news excerpts & citations
… trying to ‘unbury the lede’

jobs lost

Paul Krugman:
News of the Weak (Labor Market)


The surprise fall in employment — 23,000 jobs lost, when the consensus forecast was for around 80,000 gained — made headlines. … this report also revised data for several earlier months down, so the broader picture of job growth in Trump’s “golden age” is significantly worse than it seemed.

Now, very low job growth — around 26,000 a month over the past year — doesn’t mean the same thing it would have a few years ago. Why? Because anti-immigrant policies have drastically slowed the growth of the pool of potential workers. …

On the other hand, the fact that job growth has slowed so sharply puts the lie to claims that anti-immigration policies would free up jobs for the native-born. …

… Wage growth keeps falling, suggesting weak worker bargaining power:


declining wage growth

Malcolm Ferguson @ TNR: Fox News Struggles to Spin Yet Another Bad Jobs Report

Matt Grossman @ WSJ: … fewer people were actively looking for work

Lauren Almeida, Alicia Chen @ Guardian: Trump orders new 15% tariff on key material for solar panels and microchips


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