Author: Andy Hirschfeld
Published on: 11/03/2025 | 00:00:00
AI Summary:
The US economy added 151,000 jobs, according to the Labor Department report. Approximately 7.1 million Americans are currently receiving unemployment benefits compared with 6.5 million this time last year. The White House painted an alternative picture. DOGE is the newly created Department of Government Efficiency, led by ardent Trump supporter Elon Musk. The S&P 500 lost 155.21 points, or 2.69 percent, to end the day at 5,614.99 points. This is the first time it finished below its 200-day moving average since November 2023. Nasdaq Composite Index lost 726.01 points to 17,470.21. The number of public sector cuts is expected to increase as many of the recent DOGE cuts came after the end of the Bureau of Labor Statistics reporting period for the month closed. The Trump Administration announced its plans to cut 80,000 employees from the Department of Veteran Affairs. In last week’s jobs report from the Labor Department, the biggest gains were in the healthcare sector, which added 52,000 jobs. A private sector worker in Texas spoke to Al Jazeera under the condition of anonymity. The company they worked with had clients who were largely dependent on federal funds because of which business had dried up. “Now that I am having to not spend any money whatsoever and do nothing but look for jobs, I’m not spending money in the economy,” the source said. US consumers have cut back on spending for the first time in nearly two years. ADP tracks non-farm private payrolls added to the US economy over the previous month. Leisure and hospitality sector led the gains, adding 41,000 of those jobs. In February alone, US employers announced job cuts of more than 172,000. The jump in cuts showed the biggest annual increase since the height of the COVID pandemic. Trump administration revoked oil and gas company’s licence to pump Venezuelan oil. Starbucks and Southwest Airlines also announced cuts in recent weeks. Tariffs could lead to broader cuts Trump’s economic policies. Japanese truck maker Isuzu also announced a new plant in South Carolina. But it will begin operations in 2027. Trump touted a deal with TSMC – a Taiwanese semiconductor chip manufacturer.
Original: 1936 words
Summary: 356 words
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