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A number of economic data are weak, the US economic recovery is bumpy

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Update time : 2019-10-29 09:43:51
Sina US stocks October 28 news, the US economy has recently encountered many obstacles on the road ahead, the road ahead is unlikely to become more flat.

This week's series of economic reports predict that US economic growth will slow down in late summer. Trade tensions have weakened business investment, hurting the interests of American manufacturers and farmers, and have led to a decline in employment.

According to media reports, the US gross domestic product (GDP) growth rate for the third quarter of July to September this year is expected to fall from 2% in spring to 1.5%.

Historically, the US's annual economic growth rate has exceeded 3%, but the last time it reached this level was in 2005. Most economists believe that the US economic growth rate cannot exceed 2%, at least not more than 2% in a long period of time.

The US government will announce the number of new jobs in October on Friday. Economists expect the US to create 70,000 new jobs last month, which will be the lowest level since May and one of the lowest in seven years.

What is even more worrying is that corporate investment is weak and production is slowing down, especially for US manufacturers who are more sensitive to global economic fluctuations and trade situations.

At the same time, job growth in October, which is “not warm”, may be a short-lived one. A one-month strike against General Motors (36.64, -0.10, -0.27%) caused tens of thousands of workers to lose their jobs, and recruitment will be hit hard in October. A general strike tends to reduce the number of new jobs in official statistics.

The trade situation has increased uncertainty in the short term. Many companies have postponed further recruitment activities, especially in manufacturing.

According to government data, this year's manufacturing industry has only added 41,000 jobs, far less than the 250,000 jobs created in 2018.

It is not just trade tensions that affect employment growth. Recruitment in the construction industry is also decreasing, and the troubled physical retail industry has laid off 78,000 jobs so far this year, which is probably one of the toughest years ever.
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