CHINA/ECONOMY/FED/JOBS/LABOR/TRADE WAR/TRUMP AS PRESIDENT: “The U.S. economy created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year. Nonfarm payrolls rose by 213,000 jobs last month as manufacturers stepped up hiring, the Labor Department said on Friday [7-6-18]. The economy added 37,000 more jobs in April and May than previously reported. It needs to create about 120,000 jobs per month to keep up with growth in the working-age population. The report showed strength in the economy before a trade war started between the United States and China, which analysts warned could slow hiring, especially in the manufacturing sector. The U.S. and China slapped tit-for-tat duties on $34 billion worth of the other’s imports on Friday. Washington is also engaged in fights with other major trade partners, including Canada, Mexico and the European Union after President Donald Trump imposed tariffs on steel and aluminum imports. Trump argues that the duties are necessary to protect domestic industries from what he says is unfair competition from foreign manufacturers.”
-Lucia Mutikani, “U.S. job growth underscores economy’s strength, tariffs a threat,” Reuters, July 5, 2018 9:08 pm