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The Federal Reserve's Beige Book report, released Wednesday, described the labor market as "tight across the country, with most districts reporting a widespread shortage."
Although some companies have anticipated layoffs or layoffs due to trade tensions between the United States and its major trading partners, they have been partially offset by increased hiring in the steel industry.
Economists, however, caution against widespread job losses if the Trump administration continues to impose tariffs on almost all Chinese imports. President Donald Trump last week threatened tariffs on $ 267 billion worth of Chinese goods in addition to a $ 200 billion list pending his decision.
Washington has already imposed tariffs of $ 50 billion on Chinese imports, provoking retaliation from Beijing. The United States has also adopted preferential tariffs with other trading partners, including the European Union, Canada and Mexico.
According to Thursday's report, the number of beneficiaries after a first week of assistance dropped from 15,000 to 1.70 million for the week ended September 1st, the lowest level since December 1973. The four-month moving average weeks from 8,250 to 1.71 million, the lowest level since November 1973.
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