The U.S. Labor Department reported that the economy gained only 75,000 jobs in May, a significant decrease from April’s 224,000. Economists had projected a gain of 185,000 jobs. Unemployment remained at its nearly 50-year low of 3.6 percent.
Slower overall global market growth and trade battles in the United States could be responsible for the more sluggish numbers. Companies are also buying less high-end machinery and equipment, a sign of caution about the economy.
The ride-sharing company Uber posted $1 billion in losses during the first quarter of 2019, despite gaining 20 percent in revenue over last year’s first quarter, in its first financial report since going public three weeks ago. The huge loss is attributed to an uptick in spending to remain competitive in the ride-sharing marketplace. Uber and Lyft are trying to become the go-to companies around the world amid increasing regulations and high demand.
U.S. trade officials issued a list Tuesday of $300 billion more of Chinese goods targeted for possible tariff increases. The list “covers essentially all products” exported from China that haven’t already been hit with tariff increases, the U.S. Trade Representative’s office said. It includes laptop computers, saw blades, turbine parts, tuna, and garlic.
The United States and China appear locked in a battle of wills after trade talks hit a setback and President Donald Trump announced new duties on Chinese imports last week. China responded with more tariffs of its own Monday.
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