U.S. Adds Jobs in June, But Trade War Could Slow Growth
*By Michael Teich*
Wall Street applauded a better-than-expected June jobs report, sending the Dow Industrials Index nearly 100 points higher Friday.
Despite those numbers, though, the U.S. economy is still grappling with growing trade tensions with China and Europe. The Trump administration's tariffs officially went into effect early Friday morning as the U.S. followed through on its threat to impose taxes on $34 billion of Chinese imports. China promptly responded with a similarly seized tariffs on U.S. goods, including pork, soybeans, and electric vehicles.
If trade wars accelerate, "the downside risks outweigh the upside risks," said Mark Hamrick, Senior Economic Analyst, Bankrate.com.
"The trade disputes are having impacts that are real in the economy right now."
The U.S. added 213,000 jobs in June, topping the forecast of 195,000. It was the 93rd consecutive month of job growth. The unemployment rate, however, rose to 4 percent as more people returned to the job market searching for work.
For the full segment, [click here.](https://cheddar.com/videos/u-s-job-growth-beats-expectations)
There has been a series of violent attacks in Afghanistan in the past week as U.S. troops withdrawal deadline approaches. The evacuation effort is winding down with 1,200 people evacuated in the last 24 hours, compared to last week's 24-hour span high of 21,000, and it is reported that there are around 250 people still waiting to be airlifted.
Dan Lamothe, national security reporter at The Washington Post, joined Cheddar's Opening Bell to discuss more on what is going to happen when all evacuation and withdrawal missions are completed.
Futures pointed to a slightly higher open on the heels of Fed Chair Jerome Powell saying the central bank is on track to taper its asset purchases later this year. Milton Ezrati, Chief Economist at Vested joined Wake Up with Cheddar to discuss.
