The June jobs report released today may be the apex of job growth after 93 consecutive months of job creation — the longest streak on record — because today marks the official start of the Trump vs. The World Trade War. As Trump’s trade war starts, China vows retaliation:
The United States imposed the first duties on $34 billion in Chinese goods early Friday, officially launching a trade war between the world’s two largest economies. Moments later, the Chinese side fired back, accusing the United States of violating WTO rules setting off “the largest trade war in economic history to date.”
Cadet bone spurs says Trade Wars Are ‘Good, and Easy to Win’, but history says otherwise. “Trade wars are never won. Trade wars are lost by both sides,” Sen. Ben Sasse of Nebraska has warned. “[I]t will kill American jobs — that’s what every trade war ultimately does. So much losing.” More about this later in the post.
Steve Benen has the June jobs report. Job growth remains steady, but jobless rate ticks higher:
Ahead of this morning’s new jobs report, most projections pointed to totals of roughly 200,000 new jobs last month. Those projections turned out to be correct.
The Bureau of Labor Statistics reported this morning that the economy added 213,000 jobs in June, while the unemployment rate inched a little higher, climbing from 3.8% to 4%.
