In April, job growth in the U.S. slightly slowed with employers adding 177,000 jobs as the impact of President Trump's trade war began to weigh on the economy. The unemployment rate remained steady at 4.2%. Employment gains for February and March were revised downwards by 58,000 jobs. The tariffs instituted have strained consumer confidence and the stock market, while manufacturers have reported reductions in orders and production. The overall economic outlook has intensified concerns among forecasters and industry leaders about future growth and stability in the job market.
"We're on the edge of a cliff," said Tim Fiore, who oversees the monthly survey. "Hopefully we won't go over it but the signs right now are not positive, for sure."
Forecasters at the International Monetary Fund predict the import taxes will result in higher prices and slower economic growth.
The trade war has already taken a toll on the stock market. As of Thursday, the S&P 500 index was down about 6.5% from inauguration day.
While some of those import taxes have since been suspended, the average tariff rate is still the highest it's been since at least the Great Depression.
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