{"id":310876,"date":"2025-08-02T03:06:22","date_gmt":"2025-08-02T03:06:22","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/310876\/"},"modified":"2025-08-02T03:06:22","modified_gmt":"2025-08-02T03:06:22","slug":"u-s-job-market-data-shows-weaker-than-expected-results-amid-the-trade-war-national","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/310876\/","title":{"rendered":"U.S. job market data shows weaker than expected results amid the trade war – National"},"content":{"rendered":"

U.S. employers added just 73,000 jobs last month and Labor Department revisions showed that hiring was much weaker than previously reported in May and June. The unemployment<\/a> rate ticked up to 4.2 per cent.<\/p>\n

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The deterioration in the job market is taking place with companies paralyzed by uncertainty over President Donald Trump\u2019s erratic trade policies.<\/a><\/p>\n

The Labor Department reported Friday that revisions shaved a stunning 258,000 jobs off May and June payrolls.<\/p>\n

The stock market tumbled on the news.<\/p>\n

The American job market is deteriorating \u2014 ever so slowly.<\/p>\n

It\u2019s not showing up as widespread layoffs. The unemployment rate is still low.<\/p>\n

It\u2019s subtler than that: New college graduates are struggling to break into the job market. The unemployment rate for college graduates 22 to 27 years old, reached 5.8 per cent in March, the highest, excluding the pandemic, since 2012, and far above the nationwide unemployment rate.<\/p>\n

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Many Americans are staying in their jobs, unwilling to start the job hunt, because they believe this is as good as it gets, and there is growing evidence that they\u2019re right: Few industries are actually hiring aggressively.<\/p>\n

The current situation is a sharp reversal from the hiring boom of just three years ago when desperate employers were handing out signing bonuses and introducing perks such as Fridays off, fertility benefits and even pet insurance to recruit and keep workers.<\/p>\n

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When the Labor Department was expected to show that companies, government agencies and nonprofits collectively added 115,000 jobs last month, according to a survey of forecasters by the data firm FactSet.<\/p>\n

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That is not a bad number but its worse than last year, and even last month, when employers added 147,000 jobs. Employers added an average 130,000 jobs a month through June, down 23 per cent from last year\u2019s hiring and a whopping 68 per cent below the 2021-2023 average when the economy was bounding back from COVID-19 lockdowns.<\/p>\n

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Weighing on the job market are the lingering effects of higher interest rates<\/a> that were used by the Federal Reserve<\/a> to fight inflation; President Donald Trump\u2019s massive import taxes and the costs and uncertainty they are imposing on businesses; and an anticipated drop in foreign workers as the president\u2019s massive deportation plans move forward.<\/p>\n

\u201cThe labor market is poised for a summer slowdown as businesses put hiring plans on hold but refrain from broad-based layoffs,\u201d Gregory Daco, chief economist at EY-Parthenon wrote in a commentary this week. \u201cWe see job growth slowing well below trend in the coming months.\u2019\u2019<\/p>\n

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Still, most American workers enjoy an unusual level of job security. The unemployment rate is low at 4.1 per cent. The number of Americans applying for unemployment benefits \u2014 a proxy for layoffs \u2014 remains at healthy levels.<\/p>\n

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