U.S. hiring dipped in May, with only 139,000 jobs added, influenced by President Trump's tariffs and federal job cuts. This marked a drop from previous months, which also saw revisions down by 95,000 jobs. Despite steady unemployment at 4.2%, the workforce shrank by 625,000. Sectors like hospitals and transportation added jobs, but the manufacturing industry witnessed declines due to tariffs. Average wages increased by 3.9%, but the economic outlook appears cautious, as indicated by factory managers expressing concerns over slower business activity.
We have entered the waiting portion of the wait and see, it seems. Business activity is slower and smaller this month. Chaos does not bode well for anyone, especially when it impacts pricing.
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