The American economy is reportedly one of the richest in global history. Hundreds of people both young and old are finding their way into the United States as they aspire to be part of it. On the other hand, the labor market front has had different representations given that jobs are dwindling by the day. This is despite reports that the month of June added more jobs into the economy.
The American economy revolves around small-business owners and companies. They are the primary supporters of the economy. A majority of them have between one and nineteen workers. However, they are the main culprits of the economic downturn, which experts say is likely to be there for the next couple of months.
For the last couple of months, these business ventures have had to let go close to 61,000 jobs. Others have had to either cut down on put on hold their marketing budgets. Their fear is in spending on projects, which may never the light of day. This is seemingly a blow to an economy known to support millions of people locally and internationally. The question, which continues to beg for an answer is, where is the global health of the American economy headed to?
Sadly despite all the indicators of a weakening economy, no one seems to turn their heads to small businesses owners. Not even the democratic U.S. President, Donald Trump. The trade wars between the US and other nations like China is one of the many concerns allegedly lagging the economy. However, there are no new on how soon they would end. In any case, they seem to escalate by the day.
As a result, companies and small business owners are choosing a more conservative approach in filling vacant positions. This includes the use of freelancers who are relatively cheap. Nonetheless, the small business is still at a loss because they cannot match the offers, big companies are offering the freelancers. This means they are not likely to attract the right talent.
As the Americans continue to lose confidence in their economy, all eyes are set on the repercussions of the war on tariffs.
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