For the primary time in years, job seekers are outnumbering job openings, signaling a softening within the labor market. The variety of job openings was an estimated 7.18 million on the finish of July, falling from a downwardly revised 7.36 million the month earlier than, based on Bureau of Labor Statistics information launched Wednesday. Job openings at the moment are not solely at their lowest stage in 10 months, however they’re additionally under the variety of unemployed employees (at 7.2 million) for the primary time since April 2021.
Also, nearly all of the sweeping tariffs President Donald Trump imposed throughout his second time period face one remaining litmus take a look at that can decide whether or not he can proceed to levy them – and likewise whether or not companies are eligible for large refunds. That probably dramatic flip within the tariff saga comes after a federal appeals courtroom dominated on Friday that Trump unlawfully leaned on the International Emergency Economic Powers Act (IEEPA) to impose across-the-board duties on international locations. Trump had used these powers to push import tax charges as excessive as 50% on India and Brazil – and as excessive as 145% on China earlier this 12 months. American companies have paid over $210 billion as of August 24 to cowl the tariffs that US courts have decided are unlawful. On Tuesday, Trump acknowledged that the courtroom’s determination, if upheld by the Supreme Court, might consequence within the US Treasury having to “give back” tariff income collected.
CNN enterprise and politics correspondent Vanessa Yurkevich stories. #CNN #News
