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U.S. services industry hit by trade war

Video Credit: Reuters Studio - Duration: 01:08s - Published
U.S. services industry hit by trade war

U.S. services industry hit by trade war

The massive U.S. services sector experienced a sharper-than-expected slowdown in September, fueling fears that trade tensions are pushing the economy closer to a recession.

Conway G.

Gittens has the details.

A volatile trading day as investors digested more disappointing economic news.

Data released Thursday showed growth in the massive U.S. services sector slowed more than expected in September, to its lowest since President Trump came to office.

This is the latest sign the long-lasting trade war between the U.S. and China is putting the brakes on the U.S. economy.

So far the services sector - which includes everything from travel to banking to retail to restaurants - is still growing, unlike the manufacturing sector which is already in the midst of its biggest contraction in more than a decade.

And now the Trump administration is preparing to slap tariffs on European goods, which economists worry could push the U.S. economy even closer to the brink of a recession.

The Dow tumbled at first, putting the closely-watched index on track for its worst week of the year.

But then, losses evaporated on hopes the Federal Reserve will see the need for more interest rate cuts to stave off a recession.

Wall Street may get a clue on Friday when Fed Chairman Jerome Powell speaks after the latest national hiring figures are released.




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