Although U.S. unemployment may be at its lowest level in nearly 50 years, the jobless rate would be even lower if not for the U.S.-China trade war, Moody’s Analytics said in a recent analysis.
The White House’s imposition of tariffs on hundreds of billions worth of Chinese imports has resulted in 300,000 fewer jobs being created and reduced U.S. gross domestic product by an estimated 0.3%, Moody’s Analytics’ chief economist Mark Zandi said in the report.
That estimate is based on the difference between actual nonfarm employment and projections of what employment would have been as of June 30 if not for the U.S.-China trade war.