US Hiring Cools to Slowest Pace in Two Years
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US hiring decelerated to its slowest pace in two years as sectors including business services, education and health shed jobs. Private-sector payrolls increased by only 37,000 last month, according to ADP Research, lower than all estimates in a Bloomberg survey of economists. That marked the second month in a row when the figures from ADP were well below expectations.
The figures suggest the past two months of high anxiety around President Donald Trump’s trade war are increasingly weighing on business staffing decisions. Economists anticipate the labor market will show more signs of cooling in the coming months. The bad news from ADP came only a day after the Trump administration surprised experts with some unexpected government data indicating things are looking up for job seekers.