August jobs report disappoints, Trump signs order rebranding Defense Department

President Trump signed an executive order renaming the Defense Department to the Department of War, harking back to its original title from 1789 to 1947. Concurrently, the U.S. labor market showed a slowdown with only 22,000 jobs added in August, falling short of expectations and raising concerns about Trump's policies potentially affecting hiring. Despite this, the White House remains optimistic, with potential rate cuts by the Federal Reserve on the horizon as a response to the weak job data. Additionally, Elon Musk, heading the Department of Government Efficiency (DOGE), could become the world's first trillionaire, despite the department's job cuts impacting future reports.