Business
US job growth revisions signal economic weakness

The US economy added 911,000 fewer jobs than initial estimates had suggested in the year through March, according to preliminary data from the Labor Department released on Tuesday.
The routine annual report – a revision to payrolls data – showed that the jobs market had been growing at a slower pace than previously thought at the end of the Biden administration and in the first months of the Trump administration.
Economists had anticipated a large downward revision, but the weaker-then-expected figure bolstered concerns about the health of the world’s largest economy.
The Federal Reserve is closely watching for signs of softness in the jobs market ahead of its meeting next week.
The US central bank is expected to lower its benchmark interest rate after holding rates steady so far this year, as it weighs signs of a slowdown in the jobs market against fears that US President Donald Trump’s tariffs might reignite inflation.
Last week, the Labor Department reported that employers added just 22,000 jobs in August, fewer than expected, while the unemployment rate ticked up from 4.2% to 4.3%. Tuesday’s data added to this picture of a slowing jobs market, reinforcing expectations that the US central bank will cut interest rates next week.
The job growth revisions come at a politically fraught time for the Bureau of Labor Statistics. Just weeks ago, President Trump responded to the signs of a slowdown by firing the head of the agency, accusing Erika McEntarfer, without evidence, of rigging the numbers to make him look bad.
Analysts say the more recent troubles in the job market are partly due to the president’s sweeping changes to tariff and immigration policy, which economists have consistently warned would hurt the economy.
But the Labor Department revisions, which encompass part of the Biden administration, could serve as a boost for President Trump, who has pushed back against claims that his policies are fuelling weakness in the jobs market.
“President Trump was right: Biden’s economy was a disaster and the BLS is broken,” White House press secretary Karoline Leavitt said in a statement on Tuesday.
She reiterated longstanding calls from the Trump administration for Jerome Powell, the chair of the Fed, to “cut the rates now”.
Wall Street largely looked past the jobs growth revisions, with the S&P 500 index holding steady in early trading on Tuesday. But investors remain on edge.
Fresh inflation data is set to be released on Thursday. That could bring fears of stagflation – a situation in which economic growth slows while consumer prices rise – to the forefront, said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Zaccarelli added that while a deteriorating jobs market “should make it easier for the Fed to cut rates this fall, it could also throw some cold water on the recent rally.”
The Labor Department’s revisions were broad-based, with particularly large adjustments in services sectors including leisure and hospitality.
“With services being the last bastion of employment growth, this does not bode well for the overall health of the labour market,” Bradley Saunders, North America economist at Capital Economics, said in a research note.
Business
Business chiefs urge Trump to ease up on immigration crackdown after Georgia raid


President Donald Trump is facing calls from business leaders to “turn the page” on his immigration crackdown after a raid at a Hyundai plant in the US state of Georgia.
It was the largest such raid in US immigration history, sweeping up 475 workers, including about 300 people from South Korea.
The decision to target the project, backed by a company the president has celebrated for putting money and factories in the US, sparked shock and outrage in South Korea, where politicians and business leaders have warned it will chill willingness to invest in the US.
In the US, business groups said the raid was likely to hit local business activity as well, as it scares off key parts of the workforce.
“Those actions are having ripple and ancillary effects on others, real and unintended, unfortunately whether they’re in legal status or not,” said Jeff Wasden, president of State Business Executives, which represents state lobby groups from businesses across the economy.
He said he had emailed the White House on Monday, hoping the moment provided an opening to shift from enforcement to fixes to the US immigration system.
While praising Trump for stopping the flow of migrants across the border, he said the raids were generating “fear” and “dampening” US economic activity.
“We’ve got to turn the page,” he said. “It’s time to focus on the workforce and how we fix some of these programmes and problems.”
Visa tensions
Since the raid, construction at the site, a partnership between Hyundai and LG Energy Solutions that will make batteries for its electric cars, has halted.
LG and other top South Korean firms have also put new limits on business travel to the US, according to South Korean media.
South Korean officials have indicated that many of those detained who were from South Korea had entered the US on temporary visas that allow workers to visit for business meetings or conferences, but not paid employment in the US.
Such visas have been a common workaround used by businesses in the country, which have long been frustrated that they do not benefit from a more expansive visa programme, like one currently enjoyed by countries such as Australia.
Many Trump supporters oppose loosening visa rules, arguing that such programmes have been used by big business to import cheaper foreign workers and freeze out American citizens.
But as the US pushes to reshore industries such as semiconductors, trade groups say there are not enough workers with the necessary skills in the US.
In a statement to the BBC, Jae Kim, president of the Southeast US Korean Chamber of Commerce, a group aimed at boosting ties between South Korea and the south-eastern US, said it was “not an easy process” for foreign firms to secure visas, especially for temporary workers.
He warned that the hold-ups made it “hard to make such next generation manufacturing projects prosper in the US” and urged a “stronger balance” of US priorities.
In remarks to reporters over the weekend, Trump has acknowledged the complaints about the visa process, telling reporters: “We’re going to look at that whole situation.”
In a follow-up post on social media, Trump said foreign investments were “welcome”, but called on foreign companies to “please respect our Nation’s Immigration Laws”.
“We encourage you to LEGALLY bring your very smart people, with great technical talent, to build World Class products, and we will make it quickly and legally possible for you to do so,” he wrote on Sunday, adding: “What we ask in return is that you hire and train American Workers.”
But it’s not clear to what extent the administration plans to alter its approach.
In an appearance on CNN on Sunday, border czar Tom Homan said more worksite raids were coming.
Trump has previously confronted tensions between his promises to ease the way for business and his aggressive immigration policies.
Before he even took office, his supporters broke out in a bitter online brawl about whether the administration should make it easier for companies to secure visas for high-skilled tech workers.
The fight pitted Elon Musk and other tech gurus who had supported his campaign against former Trump campaign manager Steve Bannon.
Cracks in the coalition emerged again this June, as the White House stepped up its worksite raids, drawing outcry from farmers and hotels. The administration suggested it would modify its approach, only to reaffirm crackdown a few days later.
Jennie Murray, chief executive of the National Immigration Forum, a group that advocates for immigrants and has been involved in discussions about reforms, said the recent messages from the White House had been “mixed”.
But she said some top Trump officials, including those from the labour and agriculture departments, had been receptive to business concerns about workplace raids, which previous presidents have largely avoided due to their controversy and economic costs.
She said she saw those arguments making inroads, especially as economic costs of raids like the one in Georgia become evident.
“The impact is starting to speak for itself,” she said. “As the economy continues to take hits and really starts to slow, which is likely going to happen in the next couple of months, I think there are a lot of folks who are willing to have conversations about what those solutions are.”
But Douglas Holtz-Eakin, president of the American Action Forum, a center-right policy institute, said he had seen little sign that the administration was preparing to change its approach.
He added of the president: “He’s highly tuned to pressure. If the pressure becomes large enough, he’ll alter the policy but we haven’t seen that yet.”
Business
Airbus CEO reaffirms delivery guidance for 2025

Airbus CEO Guillaume Faury told CNBC on Tuesday that the plane maker remains on pace to deliver about 820 commercial aircraft in 2025, even as engine production delays continue to limit its capabilities.
In an interview with CNBC’s Phil LeBeau, Faury said the European company is “on track” with aircraft production and has been making “gliders,” or finished planes without engines, as it awaits engine deliveries from manufacturers CFM International and Pratt & Whitney.
“All our attention will be on engine deliveries from both CFM and Pratt & Whitney, but they’re telling us that they will be able to deliver what we need. So we remain positive for the back end of the year,” Faury said.
Airbus delivered 61 planes in August, bringing its total for the year to 434. U.S. rival Boeing announced Tuesday it delivered 57 planes in August and 385 so far in 2025, continuing to trail Airbus in that metric. Boeing hasn’t issued delivery guidance for the year.
Aircraft manufacturers have faced engine production delays for years. RTX, which owns Pratt & Whitney, in 2023 said engine manufacturing defects would affect hundreds of engines through 2027.
Airbus CEO Guillaume Faury speaks during the Airbus summit 2025 at the Airbus headquarters in Toulouse, southern France, on March 24, 2025.
Ed Jones | Afp | Getty Images
Faury attributed the engine delivery delays to quality issues and worker strikes.
“But I think basically they have the capabilities to produce the volumes that are expected, so I hope they will be back on track and then delivering on their commitments,” he said.
Airbus has maintained its deliveries target throughout the year, even as tariffs have threatened to roil its business. The current U.S. trade agreement with the European Union, however, spares the aircraft industry from President Donald Trump’s “reciprocal tariffs.”
Faury on Tuesday said he believes the tariff relief is “the right thing to do.” But what continues to worry him most about the global economy is uncertainty, he said.
“We are long-term industries. We need visibility. We need predictability. And all this change is not predictable, and having to adapt all the time is slowing us down,” Faury said.
Business
Nirmala Sitharaman: GST Reform Plans Took 18 Months To Shape

New Delhi: The recent reduction and rationalisation of Goods and Services Tax (GST) slabs — bringing them down to two and exempting certain categories, including health and life insurance premiums — had been under discussion for nearly 18 months, Union Finance Minister Nirmala Sitharaman said at an NDTV summit on Tuesday.
Sitharaman stressed that the reforms were not a reaction to the 50 per cent tariffs announced by former US President Donald Trump, which had sparked speculation that GST changes were aimed at boosting domestic demand to offset a potential USD 48 billion export hit.
According to the Finance Minister, deliberations on GST revisions began even before last year’s Union Budget, when Prime Minister Narendra Modi reminded her to focus on relief for the ‘aam aadmi’. At the time, she had presented her eighth consecutive budget, which included income tax rebates for salaried taxpayers earning up to ₹12 lakh.
“It took time to prepare a worthy package of proposals for the Prime Minister,” she said, noting that she formally approached him with the GST plan only in May this year.
The next hurdle was getting states on board. A crucial GST Council meeting was scheduled for September 3–4, where several states were expected to push back over possible revenue losses and demand compensation, including a fresh ‘sin tax’. However, Sitharaman said the meeting ended in a single day with a unanimous consensus.
“To be fair to state finance ministers, they were supportive of rate rationalisation,” she said.
The Finance Minister also underlined that states have not received compensation since 2022, referring to the GST Compensation Cess. Previously, collections under this cess were redistributed to states and Union Territories to offset revenue losses from the GST regime.
“Currently, the cess is being used to repay loans taken by states and UTs during Covid,” Sitharaman explained. She added that the more sustainable solution lies in improving tax collection efficiency rather than depending on payouts from the Centre.
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