Private businesses in the US hired 67K workers in November, well below market expectations of 140K and compared with a downwardly revised 121K in October. The service-providing sector added 85K jobs, driven mostly by education & health; professional & business; leisure & hospitality and other services. Meanwhile, the goods-producing sector shed 18K jobs, the third straight month of falling employment and the sixth in 2019.
The chart shows how the tariffs caused a serious deceleration of hiring:
The collapse from the current tariffs is still underway, with new ones scheduled to kick
in Dec 15. And the President measure the success by how much tax the US is collecting
from the tariffs, which he believes is being paid by China. That is he sees collecting more
in taxes = ‘winning’:
No growth at all for the last 8 months:
Earnings expectations decelerated to 0 or less: