The U.S. added an average of about 35,000 jobs over three months ending in July, which marked a major cooldown from the roughly 196,000 jobs added on average over the previous three-month period, U.S. Bureau of Labor Statistics (BLS) data showed.

Trump has said the American economy is the hottest in the world and attracting huge investments, which he attributes to his tax and trade policies. But the jobs data points to a slowdown, and Moody's Analytics chief economist Mark Zandi has even warned of a recession.

Employers added far fewer jobs last month than economists had predicted, prompting some experts to reassess the economy.