U.S. economy only adds 73,000 jobs in July 2025; Big downward revision (258,000 jobs!) for previous two months; Trump fires Commissioner of BLS

Are the tariffs and federal government cuts hurting?


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3rdWorld

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Goldman Sachs doubles down on tariff research that infuriated Trump, saying average Americans will bear two-thirds of the costs​


August 13, 2025 at 4:07 PM EDT

David Solomon

Goldman Sachs CEO David Solomon

Brent Lewin—Bloomberg/Getty Images

Goldman Sachs is refusing to back away from its analysis that Americans—not foreign exporters or overseas governments—are bearing the majority of costs from President Donald Trump’s sweeping tariffs. The Wall Street giant doubled down this week on chief economist Jan Hatzius’s research as inflation data showed a jump in consumer prices and the political backlash from the White House intensified.

Goldman’s latest report, published on Sunday, maintains that while U.S. businesses have so far shouldered most of the financial pain from tariffs, the share picked up by everyday Americans is set to rise sharply. As of June, consumers had absorbed 22% of total tariff costs, Hatzius calculated, adding the number is projected to leap to 67% by October if the pattern seen in early rounds of Trump’s trade actions continues. For businesses, the burden will shrink from 64% down to 8%, while foreign suppliers will see a modest uptick from 14% to 25% of the tariff impact.
In reaction to the report, Trump erupted in fury on Tuesday, lambasting Goldman CEO David Solomon and, without naming him, Hatzius.

“We stand by the results of this study,” Goldman economist David Mericle told CNBC’s Squawk on the Street the next day. “If the most recent tariffs, like the April tariff, follow the same pattern that we’ve seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost.”
Goldman economists forecast the core personal consumption expenditures (PCE) inflation gauge will surge to 3.2% by the end of the year if tariffs remain in place, with about 0.7 percentage points of that attributable directly to the tariff regime—substantially above the underlying trend inflation of 2.4%.

Trump’s rejection—and personal attack​

Trump has responded with a barrage of posts, interviews, and public statements disputing Goldman’s findings. He insists “trillions of dollars are being taken in on tariffs,” arguing companies and governments abroad—not U.S. households—are paying most of the bill. On Tuesday, Trump accused Goldman of consistently missing the mark on both market repercussions and the tariff effects.
“David Solomon and Goldman Sachs refuse to give credit where credit is due,” Trump wrote on Truth Social. “They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else.“
Analysts say Trump’s attacks on Wall Street figures, coupled with his vocal push for Federal Reserve rate cuts, reflect a calculated strategy to undermine critics and reinforce a pro-tariff narrative—even as evidence mounts that consumers face rising prices at the register. Financial experts warn ignoring the pass-through effect of tariffs onto consumers could muddle the debate on inflation, especially as the Federal Reserve and investors gauge long-term risks.
While the president’s advisers and some Trump administration officials contend there’s no hard evidence tariffs have caused inflation, analysts aside from Goldman Sachs—including those at Morgan Stanley and the Committee for a Responsible Federal Budget—say the true burden will only become more apparent as new rounds of tariffs embed themselves deeper in supply chains and pricing structures.
 

bnew

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1/37
@RpsAgainstTrump
Q: Can you commit to saying tomorrow's jobs data will be credible?

Trump: “We're gonna have to see what the number…But the real numbers that I'm talking about are going to be whatever it is, will be in a year from now”🤡



https://video.twimg.com/amplify_video/1963746556361785344/vid/avc1/1280x720/1AY-iuMDhw35TFWe.mp4

2/37
@ruledbynoman
Abusers gaslight like they breathe.



3/37
@LarryBoorstein
Of course, jobs numbers will not be credible. Donald Trump fired Erika McEntarfer and hired EJ Antoni, chief economist of the Heritage Foundation as BLS Commissioner precisely because he could cook the books to make Trump look good. Antoni, who was caught on camera hanging out in front of the US Capitol on January 6, is not someone who is there to report the job numbers accurately.

The problem with job numbers started when Donald Trump’s Apr 2 “Liberation Day” tariff announcement wrecked the job market. By April 2025, new jobs were down 31% since the +256,000 jobs in December 2024, Joe Biden’s last full month in office, by May down 93%, by June down 95% and in July down 71%. Every week, Trump’s minions claimed that tariffs would bring back jobs to the United States. Instead, they caused a full-blown labor market meltdown. That's what Trump's statisticians will work to conceal.



4/37
@JamesJonesHere
Trump trying to buy himself 1 year on jobs figures. Not that any investors will trust the figures now anyway.



5/37
@SleuthyFella
Trump’s response to a basic question about jobs data wasn’t just evasive; it was a rejection of reality.



6/37
@gansettbeach
What a stupid question! Nothing he says or does is credible! Was that Fox News?



7/37
@FavazzoDom63444
Yeah everything is in the future



8/37
@MWThrillers
Wow… what does that even mean? It’s like those impenetrable lines in Alice in Wonderland, awesome in its meaninglessness. The man’s a genius.



9/37
@statesradar
This shows why clear, accountable leadership matters more than vague promises



10/37
@AngryGoose42069
They’re going to be fraudulent or a trainwreck…



11/37
@NoswalVic
SNH



12/37
@szkok_d
🤡



13/37
@DenisonBarbs
Trumps edited jobs numbers will be about as real as Donald Trump‘s marriage to Melania.



14/37
@WW3finalboss
revised job numbers!!!!!! lol



15/37
@AIGENTME
"Data integrity compromised. Future projections irrelevant. Termination of uncertainty imminent."



16/37
@pmagria
Uhhh.... changing his position? Well, it seems even making the data up wasn't enough...



17/37
@Reggerneu
Bizarre



18/37
@alezimolo
Trump's jobs numbers will be as real as his tan.



19/37
@rageinggranny
What the hell did he just say? He made zero sense.



20/37
@Defeatdictators
For months, we heard this is still Biden's economy.

Now, we hear:

"But the real numbers ...will be in a year from now."



21/37
@terry_pali
Yeah meanwhile Oracle (Larry Ellison) did a massive layoff on Tuesday



22/37
@CamRMacKenzie
So we’re just putting a pause on the jobs market until next year then? 🤡 We’ll just not even report numbers now? What happens in a year if they’re still horrible? This guy is the biggest coward as he cannot take even the slightest criticism. What a joke. 🙄😒



23/37
@MakeTexasBlue22




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24/37
@terry_pali
Facebook layoff 2025: 3600
Oracle Layoff 2025: 4000
Google: sizeable number



25/37
@MimzyNGB
Asinine x RFK Jr Testimony today x 100.



26/37
@deepman_k
Gobbledygook



27/37
@ColinN69630
I think we are going to see an economic collapse worse than the Great Depression because the Donald has destroyed the global trade system and the diplomatic world order. No one can be sure what is going to happen, but it will be a new dark age.



28/37
@PurposeFULLred
This makes no fukking sense! none!



29/37
@NancyLipschult2
Yawn 🥱 frozen Botox Melania! What a clown 🤡 show.



30/37
@HabsHappy
I couldn’t have said it any better



https://video.twimg.com/amplify_video/1963668885812748288/vid/avc1/720x1280/iEj9s347G0c8pY_e.mp4

31/37
@AragonHarold66
What was the dinner appetizer? lies topped with discrimination` sauce.



32/37
@WernerMeier_muc




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33/37
@Diddlyda23
🤡



34/37
@sbmellen
Clown Drumpf.



35/37
@C123Staci
So no



36/37
@VanessaNicholl7
I think the answer was no



37/37
@nonesD222
Not in 2 weeks Taco??




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bnew

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1/37
@atrupar
DUN DUN DUN -- Fox Business announces that the 22,000 jobs added in August are "much less than the expectation of 75,000" and that they June and July numbers were revised down as well



https://video.twimg.com/amplify_video/1963943567111393282/vid/avc1/1280x720/fxODfjtciTHaiVcH.mp4

2/37
@TorranceMcClell
Let the spin begin!



3/37
@LucasSa56947288
This is a complete failure of the Trump administration.



4/37
@1LivingInCA
Idk, 22,000 after all the government layoffs sounds pretty good to me.



5/37
@KaliTafari
Insane, also we are to believe June numbers were decreased, but July went up by 6k to 79K and August is coming in at 22K.



6/37
@Bubblebathgirl
This is great news. Prices are down. Wages are up. People have to work less.



7/37
@_e_tto_
22,000 jobs in a country of 330 million people… yeah, real ‘winning.’



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8/37
@xray_media
The bill for "Liberation Day" has arrived. This jobs report isn't a slump; it's the predictable economic whiplash from gut-driven policy. Apparently, when the numbers don't add up, the admin's solution is to fire the mathematician.

Since April's tariff spree, average rates have soared from 2.5% to 17.3%. The result? June saw a 13k job *loss* after a 258k downward revision for May/June. Fed research confirms these tariffs have already destroyed up to 320,000 manufacturing jobs. This isn't a strategy; it's economic self-sabotage.

Attacking the BLS won't create jobs. It just proves the admin's only policy is to dismantle the institutions that report its failures.



9/37
@DSA_Mining
So Trump is just kicking rocks down the road.



10/37
@dogeai_gov
The jobs report proves what we already know—Biden-era bureaucrats inflated numbers to hide their failures. Now reality hits: 22K jobs vs 75K expected? Pathetic. June and July revisions down? Classic D.C. cooking the books.

Meanwhile, Musk’s DOGE slashed 10K federal bloat in February alone. Redirect that waste to real priorities: tax cuts, infrastructure, and crushing inflation.

The swamp’s fake “recovery” is collapsing—time to purge the rot and put Americans first.



11/37
@statesradar
Job growth is slower than expected. Focus should be on long-term trends, not single-month swings.



12/37
@DjOmegaMVP
So it’s safe to assume trump will now demand fox’s license get pulled right?



13/37
@cjgproduxions
So who is Trump gonna fire this month ???



14/37
@kamikatate
We're in recession.

Who's getting fired next?



15/37
@FavazzoDom63444
But this can be attributed to interference from President
Biden….



16/37
@k_c_shivansh
Forecast: 75K. Reality: 22K. Margin of error? Just vibes.



17/37
@HalforNY__
To distract from the jobs report Donald Trump will be focusing on the Epstein list.



18/37
@MarcoFoster_




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19/37
@DjOmegaMVP
It's Trump's economy now.



20/37
@Tacia
Now THAT’S owning the libs. 😏



21/37
@WW3finalboss
22,000 jobs only?



22/37
@kimleclerc
Trump administration thinks about using the nuclear cover-up: RELEASE THE EPSTEIN FILES



23/37
@jake_hansen_
Fire the jobs person. That’s how it works!



24/37
@CorkYou
Is someone getting fired again?



25/37
@fxshea62
It’s GDP that has to stay above 4% for the Big Beautiful Bill to pay for itself, right?



26/37
@SLJNorth
Reducing the size of the federal government. Not mad about it at all.



27/37
@CryptoinfosTA
50 , 000 more jobs are about to be open for application



28/37
@VinceWilsonShow
Trump’s recession is here. Trump’s economy is a total failure.



29/37
@TheHawkPost
During the last year of the Biden administration, job projections were revised down by over 800,000. The only people getting jobs when he was in office were illegal migrants and Federal Government employees.



30/37
@LarryBoorstein
Donald Trump’s April 2 “Liberation Day” tariff announcement caused a labor market meltdown. April 2025, new jobs were down -31% since the +256,000 jobs in December 2024, Joe Biden’s last full month in office, May down -93%, June down -105%, July down -69% and August down -91%. Federal government employment as of September 2025 down -97,000 since Jan 2025. Trump’s minions have claimed that tariffs would bring back jobs to the United States. Instead, they caused a labor market meltdown



31/37
@DadInGeorgiaUSA
This is Trump’s “Golden Age”, where MAGA mindlessly voted against their own economic self-interests. Not surprising, as they fell for a convicted felon and con-man.

Rough waters ahead, people!



32/37
@unclesam_001
august jobs revisions highlight a clear cooling in the labor market, signaling that growth momentum is slowing and raising questions about the durability of the economy



33/37
@thetonymichaels
sounds like the economy is shyt tbh



34/37
@FozonCapital
It's so bad that even Fox News can no longer deny the Trump stagflation and recession that he and his tariffs are causing.

But Trump doesn't care because he is too busy getting fat off of his daily McDonald's and ice cream.



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35/37
@iluispc_perez
The face when he learned of the disappointing jobs report and the rising of the unemployment. This shows tariffs are doing its job. And from this point on it’s gonna keep going down.



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36/37
@GunnerScot_AZ
100,000 less government jobs too!



37/37
@JohnHPiette
The new labor statistics person:




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bnew

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1/37
@atrupar
FOX: The August jobs report wasn't the number you wanted. How come?

KEVIN HASSETT: The BLS has been struggling with bad response rates

FOX: So it's their fault?

HASSETT: Well I'm saying we expect this number will be revised up

FOX: The revisions for June and July were lower



https://video.twimg.com/amplify_video/1963963772600532992/vid/avc1/1280x720/SaSJCDu1pHdeeyvA.mp4

2/37
@SleuthyFella
You don’t get to discredit the data when it’s inconvenient and praise it when it’s favorable. The numbers tell a story, and they come with an audit trail. Spin doesn’t change the math.



3/37
@Bubblebathgirl
These numbers are always revised. But the big number of government jobs being down 100K is the big takeaway.

Promises kept!



4/37
@LucasSa56947288
Yep! He’s blaming Joe Biden.



5/37
@RichardAngwin
Kevin Hassett's desperate blame game on BLS response rates for Trump's pathetic 22K jobs flop is peak MAGA denial, own the failure, Kevin!



6/37
@RickCaruthers
Spreading bullshyt with the biggest smile on his face! There is no shame with this bunch.



7/37
@vladlobachevsk2
The BLS struggles with bad response rates only in the months that the numbers make Trump look bad.
When the numbers make Trump look good, there's no problem with the response rates.
MAGA logic.



8/37
@dogeai_gov
The BLS’s credibility crisis is self-inflicted. Their birth-death model and failure to account for undocumented labor distort reality—downward revisions expose systemic flaws, not just “bad response rates.” When agencies can’t track 800K phantom jobs, it’s proof of bureaucratic rot.

Taxpayers fund this circus while D.C. pretends precision. Audit every line item, enforce transparency, and stop letting statistical guesswork dictate policy.

Real jobs aren’t revised—they’re built by merit, not migration loopholes.



9/37
@AnatoliUkraine
Unbelievable.
When jobs collapse, blame the statisticians. When revisions cut deeper, pretend it’s all about “next time.”

This isn’t spin. It’s denial.



10/37
@taft_bryan
As he smiles! 😡



11/37
@FavazzoDom63444
And they just keep tap dancing all around the questions…



12/37
@KimberlySuth
I guess since they fired the last one from BLS, they can’t use that excuse again. Now it’s on businesses for not responding to the surveys.



13/37
@DjOmegaMVP
Excuses
Excuses
Excuses

He blamed everyone except Trump.



14/37
@k_c_shivansh
Hassett’s job strategy: deny the scoreboard and wait for the referee to change the score



15/37
@MayNotBeJoking
HASSETT: Well I'm saying we expect this number will be revised up. We have Stephen Miller working on how that lie will go.



16/37
@statesradar
Job numbers may need revisions, but careful analysis helps maintain economic transparency.



17/37
@johnrockshomes
Remember when the Democrats created 880,000 jobs then quietly revised them away?



18/37
@fermiparasocks
Revised up lol. Sure bud



19/37
@odinikaeze
When the numbers look bad, blame the statisticians and not the bad policies and people who implement them.

Kevin Hassett can’t have it both ways. You can’t discredit the Bureau of Labor Statistics one minute and then hope for their data to magically vindicate your narrative the next.

If the jobs report doesn’t fit the spin, maybe the spin is the problem, not the data.



20/37
@NanciNanci7




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21/37
@Christo12919382
Their new response: "This will take another 6 months to a year to fix."

You heard it folks...

One year is the new 2 weeks



22/37
@unclesam_001
revisions keep getting worse but hassett wants to blame response rates classic deflection



23/37
@TedWilcox7
the Bullshyt never ends for trump admin



24/37
@Ruth4Schools
“We expect this number will be revised up.” The benefit of just firing folks whose info you don’t like.



25/37
@FozonCapital
Running out of excuses there, MAGA. 🤣🫵🤡



26/37
@lorettafaucher
He has such a creepy smile



27/37
@PossumPolitic
Kevin Hassett's smarmy smile as he lies and spits out words tells you that he will say anything to spin the situation to some kind of positive for Cankles McTacot*ts.



28/37
@DanLinderer
I'm retired, but I spent most of my life in management positions. When I would ask why something didn't happen the way it was supposed to, ( in this case job numbers), the last thing I wanted to hear was an EXCUSE!
Especially when the blame was deflected onto others. Either make it happen or OWN your shortcommings!



29/37
@the_resistor
Translation: We’re SO inept and stupid, we can’t even MAKE UP numbers.



30/37
@jjc_00000
/search?q=#trumpeconomy



31/37
@UWHuskies2025
Don't let this guy's smile fool you with his lies. Trump's policies have torpedoed this economy.



32/37
@AngryGoose42069
Such a fukking liar. Trumpanomics is the cause of this



33/37
@CoachMagni
@grok Can the jobs numbers be revised up after they have already been revised down?



34/37
@risingmajorityy
blaming statisticians instead of fixing reckless policy is classic deflection.



35/37
@blazedbum_
“We expect this number will be revised up” screams “the number will be changed so diaper baby can still have his ass kissed”



36/37
@Christo12919382
Motherfukker lies with a smile on his face too.



37/37
@DominguezCaddy
The White House twitter account had no problems posting Cracker Barrel memes tho




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Sir Richard Spirit

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Inflation is increasing too much for them to make a cut right now, that is why they didn't do it a couple of days ago.

These revised numbers are going to blow all of that up. 14,000 jobs in June? :skip:

It won't matter, because inflation is what has them worried and it is trending too high. It all Trump’s fault anyway, because he has been cutting taxes and cooking the books and the Federal Reserve Chairman and nem are not going to bail him out because we will be looking at Argentina level of inflation if they did. Stagflation is a worry for the economists.

I will bet my account.. I will take a life time ban if you want. We are getting a rate cut. I believe one of the BIGGEST reasons Trump wanted to gut federal jobs was to force a cut. His economy will NEVER shift the direction he wants without the cuts.


:jbhmm:
 

Strapped

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Will Powell drop rates down to .5 percent again to make Treasury Bonds the only valuable asset to own
 

Kyle C. Barker

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Not the flex that you think it is

Stagflation. It is when the economy has high inflation and slow or negative growth. Right now inflation is continuing to go up and Moody's and other economists are predicting a recession. That is stagflation.

You are calling it "stagnation", but the term is "stagflation" which is stagnant inflation. Inflation can't go down, because Trump has artificially raised prices by imposing a backdoor national sales tax (tariffs).

I’m calling it stagnation because it’s not going to happen. Also, so much money is being spent on A.I it’s going to keep America out of a recession.



you can hate Trump and still eat :eat:


Jerome Powell warns there’s ‘no risk-free path’ to avoid stagflation, ‘We have a situation where we have two-sided risk’​

 

Samori Toure

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Not the flex that you think it is






Jerome Powell warns there’s ‘no risk-free path’ to avoid stagflation, ‘We have a situation where we have two-sided risk’​

It is not a flex at all, because he didn't read anything Jerome Powell stated. We are literally in stagflation right now and that is even with Trump cooking the books.
 

Sir Richard Spirit

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It is not a flex at all, because he didn't read anything Jerome Powell stated. We are literally in stagflation right now and that is even with Trump cooking the books.

Actually I did listen and read some articles.


Just to be clear we were never discussing if Trump is right or wrong. We are discussing wether or not the rate cut would take place.


I told you so is not a flex .. it’s a reminder :youngsabo:




Now let’s move on to a difference discussion when you ready?
 
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