U.S. job growth likely slowed in December, but the pace of hiring probably remai...
WASHINGTON - U.S. job growth likely slowed in December, but the pace of hiring probably remains more than enough to keep the longest economic expansion in history on track despite a deepening downturn in a manufacturing sector stung by trade disputes.
“The solid job growth at the end of 2019 set the stage for continued strength from the consumer in 2020, helping to keep the economy chugging along at a decent clip,” said Ben Ayers, senior economist at Nationwide in Columbus, Ohio. Some of the anticipated slowdown in December is attributed to seasonal volatility associated with a later-than-normal Thanksgiving Day.
There are, however, concerns the Labor Department’s Bureau of Labor Statistics , which compiles the employment data, may not be fully capturing the impact on payrolls of President Donald Trump’s 18-month-long trade war with China, which has pushed manufacturing into recession and led to company closures.
“The BLS assumes that for every establishment in their sample that closes, a new establishment opens unobserved. The BLS then increases its estimate of new jobs in line with payroll growth at similar surviving establishments.”
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