Payrolls, Wages Cool as Trade War Weighs on Economy -Bloomberg
"U.S. employers added the fewest workers in three months and wage gains cooled, suggesting broader economic weakness and boosting expectations for a Federal Reserve interest-rate cut as President Donald Trump's trade policies weigh on growth.
Nonfarm payrolls rose 75,000 in May after a downwardly revised 224,000 advance the prior month, according to a Labor Department report Friday. The increase missed all estimates in Bloomberg's survey calling for 175,000. The dollar and Treasury yields fell as the data signaled the labor market was facing new pressures even before Trump threatened tariffs on Mexican goods in addition to proposed higher levies on Chinese imports....'It definitely looks like we've downshifted in the pace of job growth,' said Michael Feroli, chief U.S. economist for JPMorgan Chase & Co. 'Overall it's a disheartening report particularly since you may have some trade effects there, but a lot of the trade tensions escalated'."