US Job Market Slows Down Amid Trade Tensions and Uncertainty
economy added 75,000 jobs last month, well below the 185,000 expected by economists. The unemployment rate remained at a 50-year low of 3.6%, while wage growth slowed to 3.1% from 3.2% in April. The manufacturing sector was hit the hardest, with only 3,000 jobs added, a significant drop from the 5,000 added in April. This could be attributed to the ongoing trade tensions between the US and China, as well as the threat of tariffs on Mexican imports. The construction industry also saw a decline, with only 4,000 jobs added, compared to the 30,000 added in April. Despite the overall slowdown, there were some bright spots in the job market. The healthcare sector continued to see strong growth, adding 16,000 jobs in May. And the leisure and hospitality industry also saw an increase, adding 26,000 jobs. However, the overall hiring slowdown could be a sign of caution among businesses as they navigate the unpredictable trade policies of the Trump administration. This uncertainty could also have a ripple effect on consumer confidence and spending, potentially impacting the economy as a whole. As the trade tensions continue to fluctuate, it remains to be seen how this will affect the job market in the coming months."
