US job growth slowed in May amid shifts in trade policy — Bloomberg survey

As reported by Bloomberg, the pace of US hiring slowed in May as employers cut costs, households grew more cautious, and businesses adjusted investment strategies amid shifts in trade policy.

Economists surveyed by the news agency see US employers adding just 125,000 new jobs, down from March and April levels. Their estimates suggest the three-month average stayed at around 162,000, while they expect the unemployment rate remained unchanged at 4.2%.

The US administration's frequent tariff policy changes, aimed at protecting domestic producers, are fueling business uncertainty. This volatility appears to be dampening consumer activity, with Bloomberg forecasting auto sales could decline for a second consecutive month. As companies brace for shrinking profit margins, cost-cutting measures are coming into focus, and the labor market is already feeling the effects. Job openings could potentially drop to 7.1 million in April, which would mark the lowest level since 2020, according to the news agency.