These 7 charts show the effect of Trump's trade war on the US economy - and why a big slowdown is looming
- The American economy looks to be at a turning point, as data from a variety of sources seems to point towards a slowdown in the economy.
- ISM manufacturing data released this month made for gloomy reading about America's industry, while job growth continues to decline.
- These charts sum up the health of the US economy.
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The American economy looks like it's at a crucial turning point, and while most data suggest that recession isn't likely in the near future, growth is almost destined to slow.
Pantheon Macroeconomics's series of charts show how the economy is faring:
Manufacturing data shows that industry is struggling as the trade war dampens demand for American products.
Job growth also looks like it's slowing - nonfarm payrolls came in well below expectations earlier this month.
But retail sales and consumer spending seems to be shrugging off the effect of the trade war, and is helping to stave off any potential recession.
Pantheon economists said in the note that currently they have "abandoned" the idea of a trade deal between China and the US this year, adding:
"Both sides are hurting, both politically and economically, but we are becoming increasingly worried that the Chinese leadership is giving up on Mr. Trump, frustrated by his capriciousness, and is prepared to wait until after the 2020 election before committing to a deal."
Below are some charts that show how the economy is doing and what could happen in the future: