U.S. — Wall Street financier Steve Rattner stated on Monday, July 6, 2026, that nearly all U.S. job growth since President Donald Trump's second term began has come from the health care and education sectors. Rattner also stated that manufacturing lost more than 100,000 jobs despite the administration's tariff policies.

Between November 2024 and June 2026, the education and health services sector added approximately 1.1 million jobs, according to U.S. Bureau of Labor Statistics data cited by Rattner. During the same period, manufacturing payrolls declined by about 113,000 jobs. Rattner stated, "Despite promises to re-shore industry through tariffs, over 100,000 manufacturing jobs have been lost." President Trump expanded tariffs on a range of imported goods after returning to office.

The June employment report showed U.S. employers added 57,000 jobs, while payroll gains for April and May were revised lower by a combined 74,000 jobs. Manufacturing payrolls were little changed during June. Health care continued to add jobs in June, albeit at a slower pace than in recent months. A Wells Fargo analysis from May 2026 stated that 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.

Why It Matters

Rattner's statements describe a trend in U.S. job growth during the specified period, with gains concentrated in health care and education while manufacturing jobs decreased. These figures are reported alongside expanded tariff policies implemented with the stated aim of re-shoring industry. The job data and the Wells Fargo analysis provide context for evaluating economic shifts and the impact of policy decisions on different sectors of the U.S. economy.