Hiring in May cut in half amid trade war fears
The unemployment rate stayed steady at 3.6%. Wage growth slowed down from the prior months—average hourly pay grew 3.1% year-over-year, down from a rate of 3.4% a few months ago.
Uncertainty driven by politics is making businesses skittish, economists say. “Rising levels of uncertainty about the future path of economic activity appears to be keeping firms from hiring new employees. Given the mounting pressure from tariffs, market volatility, slowing economic growth internationally and hazy forecasts for interest rates, businesses understandably feel less confident about the environment they will be operating in,” Steve Rick, chief economist at CUNA Mutual Group, said in an email.
164,000 monthly jobs have been created this year on average—more than enough to keep up with population growth, but far short of last year’s rate of over 200,000 a month.
This is a developing story…