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hiring managers hit the brakes in may and that sharp slowdown in hiring is fueling fears of an economic slowdown the jobs report released by the labor department on Friday came and way below expectations at just seventy five thousand new jobs created last month a steep fall off from March and April to make matters worse hiring for the previous two months was softer than the labor department first announced , rate held steady at three point six percent I'm calmly gives in New York ahead of this week's payroll number there was already a steady drumbeat of economists predicting that the fed's next move would be a rate cut now after this number the conviction is even louder financial markets have raised their expectations to the number rate cuts this year up to three from two and also increase the odds the next move will come as early as the meeting in July , so we're with the weak spots in hiring there was a slow down across the board but transportation and warehousing and government hiring swung from a net positive to a net negative during the month of may and construction hiring slowed dramatically during the month when I should have picked up along with warmer weather manufacturing also had another month of subdued employment gains without the push to hire many new workers employers workforce to dish out many raises average hourly earnings rose just six cents last month following a similar gain in April some economic watches worry a trade war between the US and China the world's two biggest economies is putting pressure on the economy here at home and now trade tensions have been ratcheted up with Mexico another major American trading partner