Dow plunges as latest jobs report shocks market

President Donald Trump's administration revealed Friday that the last few jobs reports don't demonstrate the economic success that he's been touting — and it sent the market tumbling.

As of mid-morning, the Dow Jones had dropped 542.70 points, which is 1.23%.

The July jobs report showed that the growth rate slowed sharply and the unemployment rate is up. The job market grew by 73,000, less than the 115,000 that had been estimated.

Worse, however, is that previous months were "recalculated" to show that the slight number of job gains were nothing more than a mirage. June numbers were revised from 147,000 to 14,000 — the slowest month of growth since mid-Covid.

Business investor Marcus Lemonis told Fox News on Friday, "I think I'm a little concerned if you look at the revisions that happened in the last jobs report. That number came crashing down."

CNBC reported, "The June total came down from the previously stated 147,000, while the May count fell to just 19,000, revised down by 125,000."

The unemployment rate increased for a second time in the Trump administration, this time to 4.2%.

Investors were left wondering if the July report will also be recalculated next month to show further drops.

So, 73,000 jobs, really 7,000?" asked Lemonis.

Federal Reserve Chairman Jerome Powell maintained interest rates in his decision this week, noting that the tariffs were to blame.

Given the jobs reports were off so significantly, it prompted CNBC to speculate that Powell may drop interest rates in September if the economy doesn't shape up.

See the clip below or at the link here.