Summary

• In the year since Donald Trump’s “liberation day” in April 2025 - on which he began raising import taxes on Americans - 1.2 million fewer Americans are now working.
• Over the past four months, the total number of employed persons has fallen by nearly 1.4 million.
• For April, the month-over-month measure shows that full-time employment fell by 424,000, while part-time employment rose by 123,000 in the same period.

By Ryan McMaken

In the year since Donald Trump’s “liberation day” in April 2025 - on which he began raising import taxes on Americans - 1.2 million fewer Americans are now working, and inflation-adjusted hourly earnings are still below where they

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