U.S. Economy and Job Market
Kamala Harris is facing challenges in selling the idea of a strong U.S. economy as job growth slows, particularly in manufacturing and professional services sectors. Wage growth is also declining, aligning with efforts to curb inflation. The Federal Reserve is expected to cut interest rates soon.
Key Points
- Job growth in the U.S. slowed in July with only 122,000 jobs added, falling short of economists' predictions.
- Manufacturing jobs declined, while construction and trade sectors saw gains.
- Wage growth dipped to a three-year low of 4.8 percent in July.
- The Federal Reserve is expected to cut interest rates in response to the slowing job market.
- Some economists warn of a recession due to the softening labor market.