According to new ADP data, job growth in the US slowed significantly n February, with private employers adding only 77,000 jobs, the smallest increase since July. This slowdown raises concerns about the broader economy, especially in light of President Trump's tariffs.
BMO Capital Markets managing director and senior economist Jennifer Lee appears on Wealth to join the conversation.
"When you take a big step back, we're at a pretty still, up until now, healthy labor market," Lee tells host Madison Mills. "Just over 4% jobless rate [and] don't forget we still have over 7 million vacant jobs out there ... so I think the labor market is still in decent shape right now."
However, Lee cautions that the uncertainty surrounding tariffs could further impact hiring, though "we're probably going to see, at some point, more hiring in construction, for example, and continuing on in the leisure and hospitality sectors."
In terms of the broader economic outlook, Lee points out that while the global economy is heading toward a slowdown, it's still too early to determine whether a recession is imminent.
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This post was written by Josh Lynch