Brochures are displayed for job seekers at the Construction Careers Now! hiring event in Denver, Colorado in the summer of 2017. (Rick Wilking/Reuters).
Hiring dipped in May, the Labor Department reported Friday, as firms cooled off on hiring amid the uncertainty and concern over President Trump escalating the trade war with China.
The U.S. economy added 75,000 jobs in May, a significant pullback from 224,000 jobs added in April that is likely to heighten fears that the trade war is taking a greater toll. The unemployment rate remained at a five decade low of 3.6 percent.
Manufacturing has seen anemic job gains this year and was little changed in May, one of the clearest signs that Trump’s tariffs are having a negative impact on a part of the economy he has been trying to boost.
May marked the 104th straight month of job gains for the nation, a record streak that has helped many Americans including those with disabilities or criminal histories to find jobs. Many business leaders say finding workers is their top struggle, but they are not raising wages as fast as they were earlier this year.
The average hourly wage grew 3.1 percent in the past year, above the cost of living but well below the 4 percent growth experienced during the economic boom of the late 1990s.
Workers and economists had hoped to see stronger wage gains this summer as unemployment remained low but wage gains appear to be stalling.
Related:
Trump probably has the upper hand in trade war — until September
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https://www.washingtonpost.com/business/2019/06/07/us-economy-added-only-jobs-may-amid-bite-trumps-trade-war/
2019-06-07 12:43:01Z
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