US Firms Seen Holding Onto Workers Despite Tariff Uncertainty

US hiring likely moderated further in May and the unemployment rate was little changed, suggesting employers are yet to implement big changes to their headcount in response to President Donald Trump’s trade policy.

Nonfarm payroll growth probably decelerated to 125,000 last month after handily beating expectations for a second month in April, according to the median estimate in a Bloomberg survey of economists. While that would still represent a healthy rate of job growth, the estimates vary widely from 75,000 to 190,000 payrolls. Unemployment is seen holding at 4.2%.

The report from the Bureau of Labor Statistics is expected to ...