WASHINGTON (AP) — U.S. hiring is slowing sharply as President Donald Trump’s erratic and radical trade policies paralyze businesses and raise doubts about the outlook for the world’s largest economy.
U.S. employers added just 73,000 jobs last month, the Labor Department reported Friday, well short of the 115,000 expected.
Worse, revisions shaved a stunning 258,000 jobs off May and June payrolls. And the unemployment rate ticked higher to 4.2% as Americans dropped out of the labor force and the ranks of the unemployed rose by 221,000.
“A notable deterioration in U.S. labor market conditions appears to be underway,’’ said Scott Anderson, chief U.S. economist at BMO Capital Markets. ”We have been forecasting this since the tariff and trade war erupted this spring and more restrictive immigration restrictions were put in place. Overall, this report highlights the risk of a harder landing for the labor market.’’
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