This Drag on U.S. Job Growth Isn’t Going Away Anytime Soon
Export industries may keep losing about 50,000 jobs a month into mid–2016.
Employment is taking a dive in industries that sell a lot of U.S.-made goods abroad, and things could get worse before they get better.
The double whammy to exports from the stronger dollar and cooling overseas markets was bound to hit employment in the world’s largest economy. JPMorgan Chase & Co. has put numbers to the damage.
Export-oriented industries have been losing about 50,000 jobs a month for most of this year, after adding 9,000 a month on average in 2014, according to JPMorgan economist Jesse Edgerton. Recent manufacturing surveys hint the impact could worsen, and the employment erosion may extend into the first half of 2016, he predicts.
In effect, that would mean private payrolls growth takes a step down to around 150,000 a month, from the booming 250,000-plus average of 2014.
Read the article “This Drag on U.S. Job Growth Isn’t Going Away Anytime Soon” on bloomberg.com.