Evidence piles up that Trump's tariffs are crushing job market
Unemployment claims have risen for the second-straight week, exceeding economists' expectations at the highest level in eight months, the Department of Labor announced on Thursday.
Initial jobless claims stood at 247,000 for the week ending on May 31, higher than the 236,000 claims that economists had been projecting. That jump caused the four-week moving average to increase by 4,500.
"New jobless claims are ticking up. The numbers are still low, but there's an upward trend. This is key to watch. The main reason the US economy has been so resilient is 159.5 million people are still employed and getting paychecks. If that goes down, a downward spiral will start,” Heather Long, the chief economist at Navy Federal Credit Union, wrote on X.
According to the Labor Department, the biggest surge in new unemployment claims was in Michigan, where 8,490 people filed claims—up 3,259 from the week prior. The state’s job losses came from the manufacturing industry, which is being hit hard by President Donald Trump's steel, aluminum, and automobile tariffs.
https://www.dailykos.com/stories/2025/6/5/2326147/-Evidence-piles-up-that-Trump-s-tariffs-are-crushing-job-market
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