The employment report does not meet expectations in May, the unemployment rate remains steady

In the latest survey of the US economy, the official employment report released Friday showed that hiring slowed sharply in May.

According to the Bureau of Labor Statistics, the US economy added 75,000 non-farm jobs in May, while economists forecast an increase of 180,000 jobs. The unemployment rate remained stable at 3.6%.

The latest employment report could add to concerns that expansion is faltering. On Wednesday, the National Employment Report of ADP showed that the private sector created the least jobs in nine years in May.

The escalating trade tensions have put companies and investors under severe strain in recent weeks. Growth in the United States and elsewhere is expected to slow down in the coming year.

"In our view, trade wars in which the United States finds itself trapped will slow down hiring as business confidence mutes, productivity-enhancing capital spending declines, and that the damage is impacting the consumer sector, "said Joseph Brusuelas the chief economist at RSM.