When tariff turbulence makes you feel like you're "kind of losing it"
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 5 September 2025
⏱️ 9 minutes
🧾️ Download transcript
Summary
The business journalists at Marketplace have been on the rollercoaster of U.S. trade policy under the Trump administration. But along for the ride, too, are small business owners. Today, we'll hear the latest on where Trump's tariffs stand and learn how the COO of a Queens-based sound effect equipment business is handling the lack of predictability. But first: Just 22,000 jobs were added to the economy in August. How concerned should we be?
Transcript
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| 0:00.0 | Just 22,000 jobs added to the economy in August from Marketplace. |
| 0:07.4 | I'm Sabri Beneshore in for David Brancaccio. |
| 0:09.9 | The jobs report for August is out this morning after the Bureau of Labor Statistics reported it was having some technical difficulties. |
| 0:17.5 | We learned the U.S. economy added just 22,000 jobs in August. The unemployment rate crept up to 4.3% high since 2021. |
| 0:27.2 | Christopher Lowe is chief economist at FHN Financial in New York and is here to talk about it. Good morning. |
| 0:32.2 | Good morning, Sabri. |
| 0:33.7 | So 22,000 jobs added in August is not very much, and there's not been much change in several months. |
| 0:41.3 | What stood out to you in this jobs report? |
| 0:44.9 | For starters, it turns out we lost jobs in June. |
| 0:49.4 | There was another downward revision. |
| 0:51.6 | It's now minus 13,000. |
| 0:53.8 | That's the first time the U.S. economy has lost |
| 0:56.8 | jobs in any month since December of 2020. You know, the other thing is an increase in the |
| 1:05.5 | unemployment rate. It only climbed a little bit from 4.2 to 4.3 percent. But that is the highest since, you know, we came down out of the lockdowns from the pandemic. |
| 1:19.4 | So that is a cycle high. So it really is sort of a bleak report from end to end. |
| 1:26.2 | What is driving this? |
| 1:28.0 | I mean, is it AI? |
| 1:29.4 | Is it tariffs? |
| 1:30.6 | What's going on here? |
| 1:31.6 | I think the bottom line is the tariffs. |
| 1:35.6 | It just sent such a shock through the economy. |
| 1:39.7 | Pretty much instantly after this report, the yield on the 10-year Treasury fell, so prices |
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