Yes, the economy is growing and unemployment is at 50 years low. But business leaders and economists are increasingly worried that the president's trade war with China has spread beyond the industrial sector.
That's the bullshit, to be sure. But the dips continue, and economists worry job numbers are a limiting indicator. In a note to clients this morning, Ian Shepherdson of Pantheon Macroeconomics: "The unexpected fall in unemployment in September is noise, not signal; the trend will soon rise." Adds, "Wage growth will be down to just $ 50,000 by the end of the year; direct fall is possible."
The President blames the Fed and a strong dollar. The Federal Reserve could lower interest rates later this month to try to contain the damage.
But corporate executives blame corporate uncertainty and global growth. They want a resolution of the trade war with China. Quickly.
A new round of talks is expected to begin this week in Washington.