First jobs report since Trump fired stats boss sends Wall Street on a wild ride

Nonfarm payrolls rose just 22,000 last month dramatically less than the 75,000 expected by Wall Street. 

The shocking figures, including unemployment rising to 4.3 percent, mark another sign of an economic slowdown. 

Initially, stocks plunged when the report was released at 8.30am - but minutes later spiked as traders digested the news. A weaker labor market heightens the chances of the Federal Reserve making more and bigger cuts to the benchmark interest rate. 

Fed chair Jerome Powell recently hinted that the central bank's concern over the labor market could lead to a rate cut at its next meeting on September 17. 

The Bureau of Labor Statistics report marked a significant slowdown from July, which saw 79,000 jobs added. 

Revisions also saw June turn negative, losing 13,000 jobs from the economy.  

One of the key factors for August's poor numbers was a 15,000 reduction in federal government jobs following Elon Musk's firing spree. 

Friday's report marks the first since President Donald Trump sensationally fired the US Bureau of Labor Statistics commissioner, Erika McEntarfer, after the release of the July jobs report.

The President claimed, without evidence, that the weak numbers for the month were 'phony.'  

He also accused Biden-appointed McEntarfer of 'faking' jobs numbers before the 2024 election to 'try and boost Kamala's chances of victory.'

The White House has now nominated E.J. Antoni, a chief economist at the conservative Heritage Foundation, to replace McEntarfer.

But some economists have sounded the alarm about Trump's pick, claiming that his work at Heritage has frequently included mistakes.

This is a breaking news story. Updates to come.