U.S. Job Growth Slows Amid Tariff Uncertainty, Unemployment Claims Rise
U.S. job growth slowed to 139,000 in May, with unemployment claims rising to 247,000, reflecting economic uncertainty tied to tariffs.
Overview
Filings for U.S. unemployment benefits rose to 247,000 for the week ending May 31, the highest in eight months, amid concerns over tariffs and a cooling labor market. Despite this increase, jobless claims remain historically low, with 1.9 million Americans receiving benefits. The U.S. added 139,000 jobs in May, a slowdown from 177,000 in April, while the unemployment rate held steady at 4.2%. Analysts note that many companies, including Procter & Gamble and Walmart, are lowering profit expectations and announcing layoffs due to tariff-related uncertainties. The Federal Reserve remains cautious about rising unemployment and inflation.
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Analysis
- The articles express concern over the impact of Trump's tariffs on the economy and job market.
- Rising unemployment claims and jobless benefits indicate potential challenges ahead, but overall job levels remain historically low.
- There is a cautious optimism about job growth, with mixed signals reflecting both resilience and uncertainty in the labor market.
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FAQ
The U.S.-China trade agreement potentially eased some business uncertainty, but its immediate impact on job growth was not significant. Despite the agreement, job growth in May slowed to 139,000 from 177,000 in April, reflecting broader economic uncertainty tied to tariffs.
Companies such as Procter & Gamble and Walmart are lowering profit expectations and announcing layoffs due to tariff-related uncertainties. This indicates a cautious approach to spending and hiring amid economic uncertainty.
The unemployment rate held steady at 4.2% in May, which is historically low compared to previous years. Despite a rise in unemployment claims, the overall jobless claims remain low.
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