Hiring likely slowed in August as the US-China trade war raged
- The US jobs report out Friday is expected to show hiring slowed in August but held at a solid pace, offering the latest official snapshot of the economy weeks after a key recession warning flashed.
- Economists forecast the Labor Department report will show the US added 160,000 nonfarm payrolls last month.
- That would be fewer than in July before but enough unemployment levels near historic lows at 3.7%.
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The US jobs report out Friday is expected to show hiring slowed in August but held at a solid pace, offering the latest official snapshot of the economy weeks after a key recession warning flashed.
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Uncertainty from trade tensions between the US and China has grown increasingly evident in recent weeks, fueling broader concerns about the economy. In a rare development that has historically preceded recessions, the yield curve inverted last month for the first time since before the global financial crisis.The record 107th month of job gains was unlikely to temper market hopes that the Federal Reserve would lower interest rates again later this month. The US and China raised tariffs on each other over the weekend and vowed to expand them to far more consumer products, moves that could slow investment and spending.
"The narrowing in profit margins, disappointment in corporate earnings and a second-quarter decline in fixed business investment-which has defined the response to the radical changes in trade policy-are likely to lead to reduced hours, consideration of layoffs, and subsequently, reductions in workforce," said Joseph Brusuelas, the chief economist at RSM.Markets Insider is looking for a panel of millennial investors. If you're active in the markets, CLICK HERE to sign up.
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