Retail Sector Slumps in Jobs Report

Despite the U.S. Labor Department’s reports of more than 200,000 jobs added in June, putting the unemployment rate at 4 percent, the retail sector was a weak spot in the report.

The retail industry lost 22,000 jobs in June, erasing most of the gains posted in May, reports The New York Times. Some of those losses are being credited to store closures, however, the closing of all Wayne, N.J.-based Toys “R” Us stores will likely not show until the July jobs report.

There is escalated anxiety around how Trump administration-imposed tariffs on China will affect jobs, with the Fed noting in its meeting last month that the new policy could eventually “have negative effects on business sentiment and investment spending. Business owners remain uncertain about the consequences of the tariffs, according to recent surveys, says the Times.