Latest news with #NoahYosif
Newsweek
21-05-2025
- Business
- Newsweek
US Sees Fall in Job Vacancies After Trump Tariffs
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The U.S. has seen a fall in job vacancies since President Donald Trump's tariffs took effect earlier this year. Why It Matters A decrease in job openings typically indicates that employers are hiring less, which can be a sign of an economic slowdown, business uncertainty, or reduced demand for labor. For job seekers, it becomes more difficult to find employment, and wage growth may slow due to less competition for workers. What To Know The Robert Walters Global Jobs Index, published on May 20, found there was a 16.2 percent month-on-month decline in professional job vacancies in the U.S. between March and April, due in part to President Donald Trump's wide-ranging trade tariffs. On April 2—a day he dubbed "Liberation Day"—he announced a minimum 10-percent tariff on all U.S. imports and higher individualized rates on some countries. "For most employers, hiring additional employees is a luxury when tariffs are raising operating costs, lowering demand, and could potentially keep inflation and interest rates elevated," Noah Yosif, chief economist at American Staffing Association, told Newsweek. "For all these reasons, employers are keeping their cash close to weather the tariffs and their impact on the economy making additional headcount a secondary priority." President Donald Trump holds up a chart while speaking during a 'Make America Wealthy Again' event in the Rose Garden at the White House on April 2, 2025, in Washington, DC. President Donald Trump holds up a chart while speaking during a 'Make America Wealthy Again' event in the Rose Garden at the White House on April 2, 2025, in Washington, DC. Chip Somodevilla/GETTY Usha Haley, Barton distinguished chair in international business at Wichita State University, said the drop in vacancies can be attributed to the U.S. economy shrinking earlier this year, contracting to 0.3 percent annually, which was "a huge drop from the 2.4-percent growth at the end of 2024." "Trade wars, geopolitical uncertainty, inflation concerns, budget deficits at all-time highs, with no visible plans to tackle these issues, have all contributed to the heightened uncertainty," she explained to Newsweek. "Investors need concrete reassurances, and that has not yet been forthcoming." Haley also warned that the findings are indicative of a potential recession. Concerns of a recession have been intensified by the decision by Moody's to strip the U.S. of its triple-A credit rating for the first time in more than a century, due to mounting government debt and rising interest expenses. However, a recent tariffs breakthrough with China—which had a staggering 145 percent levy placed on imports into the U.S.—has somewhat dampened these fears. Both countries agreed to roll back tariffs for a 90-day period starting May 14. What People Are Saying Usha Haley, Barton distinguished chair in international business at Wichita State University, told Newsweek: "We are currently in the midst of heightened uncertainty on so many fronts, which always dampens corporate expansion and hiring," she said. "In short, we have the settings for a perfect storm on the horizon, and even perhaps a recession, though the risks of the R word are now widely seen as less than 50 percent." What Happens Next Following the reduced tariff announcement, investment bank JPMorgan also lowered its recession risk score to below 50 percent. "The administration's recent dialing down of some of the more draconian tariffs placed on China should reduce the risk that the U.S. economy slips into recession this year," JPMorgan chief U.S. economist Michael Feroli said. "We believe recession risks are still elevated, but now below 50 percent."
Yahoo
19-05-2025
- Business
- Yahoo
I'm an Economist: This Is Why Trump's Tariffs Change So Often and What That Means for Your Money
It may seem like just about every day there's news from President Donald Trump's administration about tariffs and deals. Trump has said those tariffs on other countries are needed to help the American economy. Since it can be confusing to understand how those tariffs may impact everyday consumers, Noah Yosif, chief economist at the American Staffing Association, shared his analysis of what's happening and what it means for many Americans. Check Out: Read Next: You may be wondering why the tariffs have been changing so often. According to Yosif, a former economist with the Bureau of Labor Statistics, and Toby Malara, vice president of government relations at the American Staffing Association, one big reason is that the tariffs involve many different parties. 'We're witnessing real-time, public negotiations between the Trump administration and other governments,' Malara said. 'The types of adjustments and policy movements we're seeing are the results of fluid discussions and deals happening with countries throughout the world.' Learn More: To put it simply, Yosif said the jury is still out on whether the economy will be able to absorb potential shock from tariffs. 'Tariffs are a financial penalty on businesses, usually transferred onto consumers, for buying products from abroad,' Yosif said. 'Consumers will feel the pinch when they buy everyday products subject to the tariffs, and after the Fed raises interest rates to quell the consequent rise in inflation.' Meanwhile, per Yosif, the fervent frontloading of imported goods by businesses last quarter has spared consumers from larger markups until later in the year. 'With tariffs largely affecting intermediate purchases incorporated within domestically produced goods, consumers are likely to see a gradual uptick in prices as businesses adjust their supply chains to the new realities of global trade policy,' Yosif said. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? Are You Rich or Middle Class? 8 Ways To Tell That Go Beyond Your Paycheck 5 Little-Known Ways to Make Summer Travel More Affordable 7 Luxury SUVs That Will Become Affordable in 2025 Sources Noah Yosif and Toby Malara, American Staffing Association This article originally appeared on I'm an Economist: This Is Why Trump's Tariffs Change So Often and What That Means for Your Money Sign in to access your portfolio
Yahoo
18-05-2025
- Business
- Yahoo
I'm an Economist: This Is Why Trump's Tariffs Change So Often and What That Means for Your Money
It may seem like just about every day there's news from President Donald Trump's administration about tariffs and deals. Trump has said those tariffs on other countries are needed to help the American economy. Since it can be confusing to understand how those tariffs may impact everyday consumers, Noah Yosif, chief economist at the American Staffing Association, shared his analysis of what's happening and what it means for many Americans. Check Out: Read Next: You may be wondering why the tariffs have been changing so often. According to Yosif, a former economist with the Bureau of Labor Statistics, and Toby Malara, vice president of government relations at the American Staffing Association, one big reason is that the tariffs involve many different parties. 'We're witnessing real-time, public negotiations between the Trump administration and other governments,' Malara said. 'The types of adjustments and policy movements we're seeing are the results of fluid discussions and deals happening with countries throughout the world.' Learn More: To put it simply, Yosif said the jury is still out on whether the economy will be able to absorb potential shock from tariffs. 'Tariffs are a financial penalty on businesses, usually transferred onto consumers, for buying products from abroad,' Yosif said. 'Consumers will feel the pinch when they buy everyday products subject to the tariffs, and after the Fed raises interest rates to quell the consequent rise in inflation.' Meanwhile, per Yosif, the fervent frontloading of imported goods by businesses last quarter has spared consumers from larger markups until later in the year. 'With tariffs largely affecting intermediate purchases incorporated within domestically produced goods, consumers are likely to see a gradual uptick in prices as businesses adjust their supply chains to the new realities of global trade policy,' Yosif said. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 7 Luxury SUVs That Will Become Affordable in 2025 5 Little-Known Ways to Make Summer Travel More Affordable How Much Money Is Needed To Be Considered Middle Class in Every State? Sources Noah Yosif and Toby Malara, American Staffing Association This article originally appeared on I'm an Economist: This Is Why Trump's Tariffs Change So Often and What That Means for Your Money Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25-04-2025
- Business
- Yahoo
5 Middle-Class Jobs That Are Disappearing
Right now, middle-class households are in 'relatively good shape,' according to a new Bank of America study. However, the study also states that this may not be the case if the labor market continues to move in the direction it's going. Find Out: Read Next: 'In our view, the labor market for this cohort is worth keeping an eye on,' the study states. 'For one, the number of middle-income households receiving unemployment payments increased 7% YoY in February, higher than increases for lower- and higher-income households. 'Additionally, it appears that near-term labor demand has decreased for industries that are more likely to employ middle-income earners, according to data from the BLS. …. Were there to be a relative deterioration in the labor market for middle-income jobs, this may call into question whether the acceleration in middle-income spending could continue.' Here's a look at the middle-class jobs that are disappearing, and what middle-class Americans can do to increase their job security. According to Bureau of Labor Statistics data, there are several industries that support middle-income households that have seen a year-over-year decrease in job openings: trade, transportation and utilities; manufacturing; information; private educational and health services; and construction. 'Industries throughout the economy are seeing a pullback in job openings because employers must cope with higher costs to bring aboard new talent,' said Noah Yosif, chief economist at the American Staffing Association. 'Inflation, interest rates and now tariffs have elevated operating costs while eroding profits, so companies are less willing to backfill existing roles and are rethinking their need to create new ones.' However, some industries that tend to employ middle-income households have increased hiring over the past year, including financial services; mining and logging; business services; and leisure and hospitality. 'Those with persistent personnel shortages, such as leisure and hospitality jobs, or those requiring workers with specialized skillsets, such as professional and business services, have experienced a more muted contraction in job openings,' Yosif said. Check Out: The industries that employ middle-income earners have changed over time, so this latest pullback is part of a natural evolution, said Patrice Williams-Lindo, career strategist and CEO of Career Nomad. 'We've been here before — Rust Belt towns, 2008 collapse, dot-com bust,' she said. 'The jobs come back differently — or not at all.' The best thing for middle-class Americans to do is to 'future-proof' their job prospects. Williams-Lindo recommended focusing on gaining new skills that will always be in demand, including tech fluency, critical thinking and systems strategy. She also recommended focusing on growing and up-leveling your network, as well as boosting your public professional profile. 'Visibility is recession-resistant,' she said. 'Speak, publish, post. If your work isn't known, it's as good as gone.' More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 12 SUVs With the Most Reliable Engines This article originally appeared on 5 Middle-Class Jobs That Are Disappearing Sign in to access your portfolio
