Hiring doesnt appear to have gotten big boost from Trump tax cuts
Turns out hiring wasnt nearly as strong in 2018 and early 2019 as the government initially reported by about a half-million jobs. The economy had about 501,000 fewer jobs as of March 2019 than the Bureau of Labor Statistics initially calculated in its survey of business establishments. Thats the largest revision since the waning stages of the Great Recession in 2009.
The newly revised figures indicate the economy didnt get a huge boost last year from President Trumps tax cuts and higher federal spending. They also signal the economy is a bit weaker than previously believed and could give the Federal Reserve even greater reason to cut interest rates in September.
This makes some sense, as the 223,000 average monthly increase in 2018 seemed too good to be true in light of how tight the labor market has become and how much trouble firms are said to be having finding qualified workers, said chief economist Stephen Stanley of Amherst Pierpont Securities.
The average 223,000 monthly increase in employment in 2018 the strongest in three years could be trimmed to 180,000 to 185,000, economists estimate. Fewer jobs were created in restaurants, hotels, retailers and professional business services. Leisure and hospitality employment was reduced by 175,000, business services by 163,000 and retail by 146,400.
Weak economy fucker. ---
You don't need a treaty to have free trade. M Rothbard {Self-Hating Token Asian of the Ivory Tower's Zionist Elite}