The National Association of Business Economists released a survey on Monday and it appears, businesses are hiring at their lowest level since 2012. The main reason for the downturn in hiring appears trade related; a self-induced decline in our economy. Only one-fifth of companies have hired more workers in the last 12 months
“Higher tariffs are disrupting business conditions, especially in the goods-producing sector,” one NABE economist said.
The survey also showed the US economy is slowing and respondents to the survey expect even further slowing in the next 12 months.
“Notably, fewer respondents reported increased capital spending on equipment and information technology at their firms than at any time in the past five years,” said Sam Kyei, the chair of the survey and the chief economist at SAK Economics LLC.
“The US economy appears to be slowing, and respondents expect still slower growth over the next 12 months,” said Constance Hunter, the president of NABE and the chief economist at the accounting firm KPMG. “Higher tariffs are disrupting business conditions, especially in the goods-producing sector.”Market Insider: