Trade War Could Become a Turning Point in Confidence
Washington, D.C. -- Retail industry employment in June increased by 50,200 jobs unadjusted over the same time last year despite a seasonally adjusted drop from May of 25,800, according to the National Retail Federation (NRF). The numbers exclude automobile dealers, gasoline stations and restaurants. Overall, U.S. businesses added 213,000 jobs over May, according to the U.S. Labor Department.
"This is another solid, robust payroll increase that nicely closes out the second quarter and affirms a very strong economy,” said Jack Kleinhenz, NRF chief economist. “It is consistent with how consumers feel about the economy and their personal finances. Nonetheless, while payroll gains should translate into increased spending in the coming months, if the trade war spreads, it may become a turning point for consumer and business confidence that could affect spending.”