Hysteria over Trump's economy is unwarranted, economist says the US is on a ‘nice course'
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U.S. Hiring Was Weak in July, With 73,000 Jobs Added
U.S. job growth slowed in July, a signal that pockets of weakness that had been marring the labor market are starting to take hold. The U.S. added a seasonally adjusted 73,000 jobs in July, the Labor Department reported Friday, below the gain of 100,000 jobs economists polled by The Wall Street Journal had expected to see. Why Ford's Made-in-America Strategy Hurts It in Trump's Trade War Ray Dalio Sells Last Stake in Bridgewater, the Hedge Fund That Made Him a Billionaire Community Callout: What Would You Ask a Mega-Millionaire About Money? Big Tech's $400 Billion AI Spending Spree Just Got Wall Street's Blessing Amazon Shares Fall Because Cloud Unit's Growth Wasn't Enough for Wall Street The unemployment rate rose slightly to 4.2% from 4.1%. Hiring in May and June was much weaker than previously reported. Revisions showed employers added a combined 258,000 fewer jobs in May and June than previously estimated. July's report comes as economists and policymakers are trying to figure out which of two competing narratives about the economy is more true. One view is that of surprising resilience. Tariff threats, though they have started to seep into some prices, have yet to translate into pronounced inflation. Consumers, after holding back earlier in the year, are feeling a bit more confident. The other perspective is that cracks are starting to appear and could deepen. Some companies, such as Procter & Gamble and Chipotle Mexican Grill, are reporting that customers are becoming more sensitive to prices. Young consumers in particular are cutting back on discretionary spending, and much of the economy's growth is being driven by the wealthiest Americans. 'Everyone is trying to understand what direction the economy is taking,' said Jonathan Pingle, chief U.S. economist at UBS. Guy Berger, senior fellow at labor-market think tank Burning Glass Institute, is of the opinion that the economy is still stable. 'You look at almost every major indicator,' Berger said, 'and they have all been pretty steady since last fall.' One factor that hasn't been steady, though, is the policy backdrop. 'I would not bet a lot of money on things staying stable going forward,' Berger said, citing tariffs, restrictions on immigration and a big new tax bill. Economists are paying particular attention to changes in the supply of workers. A dramatic decrease in border crossings is constraining the number of people from abroad coming into the labor force. High-profile immigration raids are keeping many workers at home. Meanwhile, the U.S. is aging, boosting retirements and limiting the number of younger people joining the workforce. A year and a half ago, the economy needed to add 166,000 jobs a month to keep the labor market steady, according to Peterson Institute for International Economics senior fellow Jed Kolko. As of June, Kolko said, the needed number was only 86,000. 'It's fallen so much because this immigration surge has ended,' Kolko said. In other words, a job creation number that might have looked lackluster a year and a half ago might actually be strong today. Recently, the number of jobs created each month has been slowing, but the unemployment rate has risen only slightly. 'People are going to have to get used to employment gains that are meh that will not tell us on their own that the job market is weak,' said Berger. 'That is a weird thing for people to get used to.' Write to Rachel Wolfe at Shake Shack Leans Into Innovation to Keep Customers Coming Figma Shares Jump 250% in Their Stock-Market Debut Apple's iPhone Sales Blow Past Estimates as Customers Raced to Beat Tariffs UnitedHealth Group Replaces CFO John Rex Here's How Companies Are Dealing With $50 Billion of New Tariffs Sign in to access your portfolio
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Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday Amid Revived Trade War Fears
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Enbridge reports Q2 profit up from last year to $2.18 billion
CALGARY — Enbridge Inc. says its profits rose in the second quarter compared with last year, largely from changes in the value of derivative financial instruments. The Calgary-based energy company says earnings amounted to $2.18 billion for the quarter ending June 30, up from $1.85 billion in the same quarter last year. The company says adjusted earnings worked out to $1.42 billion for the quarter, up from $1.25 billion last year. Adjusted earnings was 65 cents per common share, compared to 58 cents per share last year. The mean analyst estimate had been for earnings of 57 cents per share, according to LSEG Data & Analytics. Chief executive Greg Ebel says steady demand and low-risk commercial frameworks have led to predictable results despite geopolitical and macroeconomic volatility. This report by The Canadian Press was first published Aug. 1, 2025. Companies in this story: (TSX:ENB) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
