Trade Wars and Tariffs: The Strain on US Job Market
Amid trade wars and federal policies, US job growth slowed, with expected June additions of 115,000 jobs, down from May's 139,000. The unemployment rate might rise modestly to 4.3%. Trump's tariffs and immigration policies have created economic uncertainty, pressuring businesses and the labor market.
- Country:
- United States
The US job market is facing a slowdown, exacerbated by the Trump administration's trade policies and federal strategies. Economic analysts predict that June's job numbers will reveal that the employment sector is cooling off, with businesses, government agencies, and nonprofits expected to add 115,000 jobs, a decline from May's 139,000.
The unemployment rate is anticipated to inch up to 4.3%, still relatively low but a signal of increased economic strain. The once robust job market that flourished post-COVID-19 pandemic lockdowns is now under pressure, impacted by the Federal Reserve's previous interest rate hikes and ongoing effects of Trump's fiscal policies.
Private companies have started to feel the squeeze, with a recent ADP survey indicating a reduction of 33,000 jobs in the private sector last month. Economists argue that the economic unpredictability brought on by tariffs and federal hiring freezes is taking a toll, leading both companies and workers into a precarious situation.
(With inputs from agencies.)
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