The Fiscal Times

U.S. employers added a robust 162,000 jobs in August, the Labor Department said Friday, far surpassing economists’ consensus expectations. The unemployment rate held steady at 4.1%. Forecasters surveyed by The Wall Street Journal predicted a gain of 53,000 jobs, while those surveyed by FactSet expected 65,000. The report assuaged some concerns about the state of the labor market after hiring had softened considerably earlier in the summer.

Happy Friday! Ahead of the long Labor Day weekend, we've got a look at the latest report on the job market. Enjoy the last (unofficial) days of summer! We'll be back in your inbox on Tuesday. U.S. employers added a robust 162,000 jobs in August, the Labor Department said Friday, far surpassing economists' consensus expectations. The unemployment rate held steady at 4.1%. Forecasters surveyed by The Wall Street Journal predicted a gain of 53,000 jobs, while those surveyed by FactSet expected 65,000.

By Yuval Rosenberg House Republican leaders announced today that they are canceling the last two weeks of sessions planned for this month, meaning that House lawmakers are now scheduled to be in Washington, D.C., for just four more days before the November elections — and will have worked in the capital for a grand total of four weeks from July through early November. House members are now in recess until September 14 and are set to head home again no later than September 17.

By Yuval Rosenberg The Trump administration proposed a new rule Thursday that would revoke the tax exempt status of any private school that the Internal Revenue Service deems to discriminate on the basis of “race, color, or national or ethnic origin” — a dramatic escalation of the president’s clash with the American educational system and his push to combat policies promoting diversity, equity and inclusion.

By Yuval Rosenberg Happy Thursday! On this date in 1894, the United States celebrated the first Labor Day holiday. Here's what we're watching today while waiting for the latest Labor Day holiday.

The share of Americans who believe corruption is widespread throughout the government has climbed to a record high of 89%, according to a poll released by Gallup on Wednesday. The result is up 10 percentage points from just last year and is well above both the 59% who said corruption is widespread back in 2006 and the more recent poll readings between 70% and 75%. The change is driven largely by Democrats — but perceptions of corruption among Republicans and independents have risen, too.

U.S. employers expect to see a significant jump in health insurance costs next year, according to a new survey by the consulting firm Marsh. The survey of more than 1,800 companies found that they are penciling in an 8.2% increase in the cost of employer-sponsored health insurance in 2027 compared to this year. That would be the largest single-year increase in average employee health insurance costs in more than two decades.

The House on Tuesday easily passed a bill to prevent a potential government shutdown just weeks before the November elections. The measure, called a continuing resolution, provides funding for the federal government from the beginning of the new fiscal year on October 1 through December 11, postponing a spending fight until after voters have determined who will control Congress for the final two years of President Trump’s term.

The yield on the 10-year U.S. Treasury note rose more than 3 basis points Tuesday to 4.79%. Driven higher by concerns over the latest flare-up in the war against Iran and its effects on fuel costs and inflation, the yield touched its highest level since January 2025 in trading during the day. The continuing bond selloff has driven up government borrowing costs around the world.

The IRS saw a significant decrease in revenues generated by audits in fiscal year 2025, according to a report released last week by the Treasury Inspector General for Tax Administration (TIGTA), and the decline appears to be driven by the Trump administration’s effort to slash staffing at the nation’s tax agency. The drop came despite a record level of overall tax collections in fiscal year 2025, totaling $5.3 trillion.