
US economic worries mount as Trump implements tariffs, cuts workforce, freezes spending
Trump may be doing more to harm the US economy than to fix it. The labour market remains healthy with a 4.1 per cent unemployment rate and 151,000 jobs added in February, and Trump likes to point to investment commitments by Apple and Taiwan Semiconductor Manufacturing Company to show that he's delivering results.
But Friday's employment report also found that the number of people stuck working part-time because of economic circumstances jumped by 460,000 last month.
In the leisure and hospitality sectors that reflect consumers having extra money to spend, 16,000 jobs were lost. And the federal government reduced its payrolls by 10,000 in a potential harbinger of the alarm being sounded by the stock market, consumer confidence and other measures of where the economy is headed.
Since January, the economic policy uncertainty index has spiked 41 per cent to a level, 334.5, that in the past signalled a recession.
Nicholas Bloom, a Stanford University economist and co-developer of the uncertainty index, said it's unclear how this will play out, but he's worried.
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