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The August jobs numbers are in, and they aren't great. The economy was expected to add 160,000 jobs according to LSEG economists, but the actual number was just 142,000. The numbers for July were also revised down to just 89,000
Heritage Foundation economist Steve Moore told Fox Business that something is deeply wrong. He said, "The Bureau of Labor Statistics has now overestimated job creation from the initial reports by over 400,000 jobs. These errors are not random when you have something like 11 out of the last 12 months being overestimates."
Moore says there are underlying problems with the economy that even a Fed rate cut can't fix. He stated, "What is wrong with the economy is we are running a $2 trillion deficit in what's supposed to be an expansion. Washington is out of control."
Moore believes the only way to bring the jobs numbers back up is to fix tax and regulation policy and end the massive overspending in Washington.