南财快评丨关税对美国经济不利影响显现，增长呈缓慢减速趋势

Group 1: Employment Data Overview - In May, the U.S. added 139,000 non-farm jobs, exceeding the expected 125,000, and aligning closely with the average monthly addition of 149,000 over the past year, while the unemployment rate remained stable at 4.2% [1] - The private sector contributed significantly to job growth, adding 140,000 jobs, with the service industry being the largest contributor, indicating a solid foundation for economic growth [2][3] - Average hourly earnings increased by 0.4% month-over-month and 3.9% year-over-year, surpassing market expectations, reflecting strong wage pressure in the labor market [2] Group 2: Impact of Tariffs on Employment - The manufacturing sector, particularly those sensitive to tariffs, saw a reduction of 8,000 jobs, marking the largest decline this year, signaling potential economic concerns [4] - The actual unemployment rate slightly increased, with approximately 71,000 more people unemployed in May, indicating a rise from 4.187% in April to 4.244% [4] - A notable decrease in labor supply was observed, with about 625,000 individuals leaving the labor market, contributing to a decline in the labor force participation rate [5] Group 3: Economic Outlook - The overall economic impact of tariffs is becoming evident, with a slow and mild growth deceleration trend expected to continue unless significant unexpected events occur [5] - The labor market remains relatively stable despite the challenges posed by tariffs, with the Federal Reserve focusing on the unemployment rate as a key indicator for economic health [3]