JPMorgan warns gradually slowdown and spread throughout the American economy despite job growth estimates
The giant banking JPMorgan Chase warns that cracks began to appear in various sectors of the American economy, even with optimistic headlines remaining.
In a new interview for CNBC, David Kelly, the world’s chief strategy for JPMorgan, says that difficult data indicates that the American economy is losing Steam Adding 139,000 jobs in May, overcoming expectations, keeping the unemployment rate fixed at 4.2 %.
But under the cover, Kelly notes that the Ministry of Labor reviewed job gains in March and April, noting that the United States lost hundreds of thousands of jobs last month.
“This was very soft than the proposed addresses. For me, the only issue is that we saw more than 600,000 jobs lost according to the survey of living families. This is very volatile, but this was a negative sign.
The other thing is to reduce 95000 [jobs] From the previous two months.
So we only have an average of 124,000 jobs so far this year, monthly, for the first five months of the year. It was 168,000 last year.
When I look at a lot of data, this slowdown gradually leaks and spreads through the economy. I think we miss this because we are looking at the numbers of salaries or strangeness in terms of trade and gross domestic product. But this economy is gradually slowing down here. “
Data from PNC Bank based in Pennsylvania He appears The number of adults working or looking for work decreased by 625,000 in May, which actually denies the number of jobs lost in the same month.
According to the bank, the workforce may indicate that “potential workers feel frustrated.”
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