U.S. hiring slowed in May, a sign that businesses may have become more cautious in the face of slowing global growth and widening trade conflicts
The unemployment rate remained at a nearly 50-year low of 3.6% in May. The job gains last month were the fewest since February.
The Federal Reserve Bank of Atlanta estimates that annual growth will slump to just 1.5% in the April-June quarter. The higher costs from the import taxes — and the potential for more — might be causing companies to scale back plans for spending, investment and expansion. Orders for machinery and equipment fell 1% in April. A strong dollar, which makes U.S. goods costlier overseas, has also slowed the production and export of manufactured goods. A separate report from the Fed showed that factory output fell 0.5% in April.
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