Private sector hiring grinds to a halt
Hiring slowed to its slowest pace since March 2023 as employers slammed on the brakes in May amid economic uncertainty.
Payrolls increased by just 37,000 jobs last month, a sharp decline from April's revised 60,000 and far from economists' expectations of more than 100,000 hires, according to data from payroll processing firm ADP.
“After a strong start to the year, hiring is losing momentum,” Nela Richardson, ADP's chief economist, said in a statement.
"The weak numbers we’re seeing now does not point to a labor market that’s collapsing, but there is hiring hesitancy,” she added later during a call with reporters, CNN reported.
The slowdown was mostly driven by a loss of 2,000 jobs in the goods sector, the report showed.
Even so, pay growth held up in May, rising 4.5% compared to a year earlier.
Trump raises tariffs on steel and aluminum
President Donald Trump's increased tariffs on steel and aluminum took effect Wednesday.
Under the new executive order, taxes on the imported metals have increased from 25% to 50%, the White House said. Tariffs on steel and aluminum from the United Kingdom, however, will stay at 25%.
The administration says the increased tariffs will be a boon for the American steel and aluminum industries, shifting manufacturing stateside and creating jobs. Industry insiders, including the American Iron and Steel Institute, have thrown support behind the policy.
Others, however, have argued that the increased tax will lead to higher prices for automakers, home builders and other companies, in turn putting more of the burden on consumers.
Tax bill could raise the deficit by trillions, report suggests
Trump's spending bill could increase the national deficit by more than $2.4 trillion in the next 10 years, a new report said.
The Congressional Budget Office, a nonpartisan agency that provides economic and budget information to Congress, released an analysis of the bill, known as the "One Big Beautiful Bill Act," on Wednesday.
The CBO estimates also suggested that the legislation would leave an additional 10.9 million people without health insurance by 2034, according to the report.
The House of Representatives passed the bill late last month. It now moves to the Senate for approval.
Amazon to add more than 500 jobs in North Carolina
Amazon is expanding its artificial intelligence infrastructure in North Carolina with a $10 billion investment.
The tech company said Wednesday that its investment in Richmond County will create at least 500 jobs and support thousands more in local construction and the data center supply chain.
The investment will also bring "training and education programs to local communities," including opportunities for K-12 schools.
“This investment will position North Carolina as a hub for cutting-edge technology, create hundreds of high-skilled jobs, and drive significant economic growth," Amazon's chief global affairs and legal officer, David Zapolsky, said in a statement.