A snapshot of the US economy shows rising confidence across a broad sector of industries.
Consumers are spending.Businesses are investing.We’re getting some support from government.The global economy outside of issues in Europe appears to be doing well.And so we’re seeing job gains across industries and that means we’ll see good job number.More importantly,we’ll see stronger weight growth.
That means consumers have more money to spend for the goods and services that companies sell.
US President Donald Trump was quick to take credit.
We have reached yet one more historic milestone,with 3.8 percent unemployment just announced and another all-time record low African-American unemployment,Hispanic unemployment at an all-time low in history.We’re very honored by that.
But it may be too soon to celebrate.
Economists say recent moves by the Trump administration to raise tariffs on steel and aluminum imports could hurt economic growth and jobs.
This is injecting a whole new round with uncertainty in the business environment.Frankly,the business community didn’t bargain for and doesn’t want to see.
Higher tariffs make supplies and prices for commodities less certain which Hamrick says can wreak havoc on business plans.
But Faucher says until the tariffs become law,the threat of a trade war is just posturing.
Obviously some industries in the United States will benefit from tariff.So if you see tariffs on imported steel and aluminum steel producers are made higher a bit more.But there are other industries that are going to be hurt,industries that use these imported goods.So I think that on the whole it’s probably likely to be a small negative for employment in the US.
But there are other worries on the horizon.The US economy has been growing for nine years.
Now,one of the longest expansions in US history and economists say what goes up must come down.
We just completed survey and private economist of bank rate indicated that the vast majority believe that a recession will be seen in the next three years.
While there are few signs of an imminent recession,some economists say rising inflation,higher interest rates and the potential for a global trade war could trigger the next downturn,erasing much of the confidence consumers and businesses are enjoying today.
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