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U.S. non-farm payrolls fell by 92,000, according to the latest data cited by Joseph Politano. The unemployment rate rose slightly to 4.4 percent, up by 0.1 percentage point.
The prime age (25-54) employment-population ratio declined by 0.1 percentage point to 80.7 percent. Average hourly earnings increased by 0.4 percent in the reported period.
The current labor market softness arises amid broader economic headwinds, reminiscent of Joseph Politano’s analysis of the U.S. trade deficit surpassing $1 trillion in 2025, which underscored persistent structural challenges. Additionally, recent weakness in employment figures parallels trends observed when U.S. office construction plunged to a 14-year low, highlighting deeper shifts in investment and workforce dynamics shaping the outlook.