US economy adds far fewer jobs than expected in May
The official employment report out Friday showed that hiring slowed sharply last month. The latest employment report could assuage concerns that the expansion could be running out of steam.
On Wednesday, the ADP National Employment Report out showed the private sector created the fewest jobs in nine years in May. In the latest snapshot of the American economy, the official employment report out Friday showed that hiring slowed sharply in May.
The Bureau of Labor Statistics said the US economy added 75,000 nonfarm payrolls in March, compared with economist expectations for an increase of 180,000 jobs. The unemployment rate held steady at 3.6%. The latest employment report could assuage concerns that the expansion could be running out of steam. On Wednesday, the ADP National Employment Report out showed the private sector created the fewest jobs in nine years in May.
Escalating trade tensions have put businesses and investors on edge in recent weeks, with growth in the US and elsewhere already expected to slow over the next year.
"In our estimation, the trade wars the United States finds itself ensnared in are going to cause hiring to slow as business sentiment eases, productivity-enhancing capital expenditures fall off, and the damage eventually spills over into the consumer sector," said Joseph Brusuelas, the chief economist at RSM.
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Perhaps Trump just cut business tax to give the economy a short term boost, taking away resource from the public health system etc.It could be things are starting to catch up with him - in that he is just not a very well liked person - other than the far right wing who love him.
My guess is that if there is, in fact, an economic slowdown - he is Toast and will lose the election.