The Trump-hating media was absolutely certain we were going to go into recession at the beginning of the year, and the US dollar tanked in early January with the expectation of a recession. The media was shocked when the economy instead grew in Q1.
The recession never materialized, so the media has shifted its prediction to Q2 instead. Unfortunately for them, there’s already signs that the media may have missed the boat yet again:
U.S. job growth likely rebounded in June, with wage gains expected to pick up, but that would probably not be enough to discourage the Federal Reserve from cutting interest rates this month amid growing evidence the economy is slowing.
Nonfarm payrolls probably increased by 160,000 jobs last month after rising by only 75,000 in May, according to a Reuters survey of economists. May marked the second time this year that job gains dropped below 100,000.
Job growth has slowed to an average of 164,000 per month this year from 223,000 in 2018. The pace, however, remains well above the roughly 100,000 needed to keep up with growth in the working age population. In light of May’s moderation in hiring Fed Chairman Jerome Powell has said job growth “bears watching.”