Steve Rattner Says Manufacturing Has Lost 100,000 Jobs Despite Trump's Tariffs
Steve Rattner, a well-known Wall Street financier, said on Monday that nearly all U.S. job growth since President Donald Trump‘s second term has come from the health care and education sectors, while manufacturing has lost more than 100,000 jobs despite the administration’s tariff policies.
Manufacturing Continues To Shrink
According to U.S. Bureau of Labor Statistics data shared by Rattner, the education and health services sector added about 1.1 million jobs between November 2024 and June 2026, accounting for the vast majority of employment gains.
By contrast, manufacturing payrolls declined by about 113,000 jobs during the same period.
“Despite promises to re-shore industry through tariffs, over 100,000 manufacturing jobs have been lost,” Rattner said in a post on X.
Since returning to office, Trump has expanded tariffs on a range of imported goods as part of a broader strategy to encourage manufacturers to shift production, investment and hiring back to the country.
Labor Market Continues To Cool
The June employment report showed U.S. employers added 57,000 jobs, well below economists’ expectations, while payroll gains for April and May were revised lower by a combined 74,000 jobs.
Manufacturing payrolls were little changed during June, while health care continued to add jobs, albeit at a slower pace than in recent months.
Manufacturing Challenges Persist
The weak manufacturing employment trend echoes a Wells Fargo analysis from May, which said a broad-based recovery in factory hiring is likely to remain difficult due to higher labor costs, a shortage of skilled workers and continued policy uncertainty.
The bank’s senior economist, Sarah House, added that a “meaningful increase in factory jobs does not appear likely in the foreseeable future,” adding that uncertainty surrounding government policy could discourage companies from making long-term hiring decisions.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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