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US business hiring drops to a 7-year low



Later this week, the government will release its monthly job report for October, at a time when a new survey says hiring is slow.

The hiring of US companies has dropped to a seven-year low and fewer employers are raising wages, a business survey found.

Only one fifth of economists surveyed by the National Association for Economic Economics said their companies had hired additional workers in the last three months.

This is a one-third reduction in July. The total number of jobs is unchanged at 69 percent of companies compared to 57 percent in July. A broad measure of job creation in the survey fell to its lowest level since October 201

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The slowdown in hiring comes as more businesses report more slowly sales and profits. [19659003] Business economists also expect the economy to slow down next year, in part because tariffs have pushed up prices and reduced sales for many businesses.

Perhaps because of concerns about a weakening economy, businesses are less likely to offer higher pay, even with unemployment at the 50-year low. Only one-third of economists said their companies have raised wages in the last three months, down from more than half a year ago.

Companies are also reducing their investment in machinery, computers and other equipment. The percentage of companies that increase their spending on such goods is at its lowest level in five years, according to the survey.

WHERE ARE ALL WORKS? THESE SECTORS HAVE THE BEST SEPTEMBER

Sales are also growing at a slower pace. Only 39 percent of economists said they have increased in the last three months, down from 61 percent a year earlier. And only 38 percent said they expect sales to increase in the next three months, also down from 61 percent a year ago.

Many business economists blame President Trump's tariffs on steel, aluminum and most imports from China for deteriorating business conditions, Thirty-five percent say customs have hurt their companies, while only 7 percent said they have positive effect.

Of those who said tariffs had affected their companies, 19 percent said they had reduced their sales and 30 percent said that customs

The US economy probably added 90,000 new non-farm jobs this month, according to economists surveyed by Refinitive, which is 46,000 compared to September from 136,000 jobs. This will mark the slowest growth since the addition of 62,000 salaries in May and will be well below the average monthly increase of 161,000 this year.

Two-thirds of economists surveyed predict that the economy will grow by only 1.1 percent to 2 percent from the third quarter of 2019 to the third quarter of 2020.

A year ago, they were bullish: Nearly three fourth predict growth of 2.1 percent to 3 percent from third quarter of 2018 to third quarter of 2019.

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NABE surveys 101 economists from companies and trade associations from September 26 to October 14.

The Associated Press contributed to this article.


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