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Expand chart
Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 130,000 jobs in August — less than the 150,000 economists expected — while the unemployment rate held at 3.7%, the Labor Department said on Friday.

Why it matters: The slowdown could be the first sign that companies may be beginning to pull back on hiring, after the economic uncertainty from the U.S.-China trade war that's put a dent in business spending.

The details: The report also said hiring in prior months was less impressive than previously thought.

  • June's job gains were 178,000 rather than 193,000, according to the revised numbers, while July added 5,000 fewer jobs than initially estimated.
  • August's job gains were boosted by government hiring, "largely reflecting the hiring of temporary workers for the 2020 Census," according to the Bureau of Labor Statistics' release.

Between the lines: In the face of other deteriorating economic indicators, the labor market has continued to flex its strength.

  • But the Federal Reserve has been watching the U.S.-China trade war and the uncertainty that's rattled businesses across the country. Despite the solid labor market at the time, the Fed cut interest rates at its last policy meeting, and it's expected to further trim rates later this month.
  • Minutes before the release of the jobs report, President Trump continued his attack on the Fed, tweeting, in part: "...the Fed should lower rates. They were WAY too early to raise, and Way too late to cut - and big dose quantitative tightening didn’t exactly help either. Where did I find this guy Jerome? Oh well, you can’t win them all!"

The bottom line: August marks the 107th straight month of job growth — continuing its impressive stretch — and the job gains last month came in above the amount necessary to keep up with population growth.

  • Yes, but: The pace of hiring is slowing. This year, job growth has averaged 158,000 per month vs. last year's average monthly gain of 223,000.

This post has been updated with more details from the report.

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The bad diplomatic vibes heading into the critical United Nations climate summit in Glasgow, Scotland, might be improving slightly.

Catch up fast: Chinese President Xi Jinping yesterday pledged to end overseas finance for building new coal-fired power plants and boost support for clean energy in developing nations.

Narrowing the employee divide

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Companies are narrowing the blue- and white-collar experience as they're forced to adapt to a worker-led market.

Driving the news: Basic office tools and concepts like corporate communications and schedule flexibility are migrating to frontline operations through investments in technology.

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U.S. to buy 500 million more Pfizer doses to share with the world

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The Biden administration is planning to purchase 500 million more Pfizer-BioNTech coronavirus vaccine doses to donate to the world, officials said in an op-ed Wednesday.

Why it matters: The move represents a big step toward making the U.S. a major global vaccine supplier just as China has ramped up exports of its Sinopharm, Sinovac and CanSino vaccines, which can be stored at normal refrigerator temperatures.

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