Editor’s Note: This edition of Morning Money is published weekdays at 8 a.m. POLITICO Pro Financial Services subscribers hold exclusive early access to the newsletter each morning at 5:15 a.m. Learn more about POLITICO Pro’s comprehensive policy intelligence coverage, policy tools and services at politicopro.com. Welcome to a huge jobs day — All jobs reports are important economically and politically. This one is especially so given this week brought a disastrous manufacturing report and a not-at-all good non-manufacturing survey. Story Continued Below Both surveys suggested significant trade war impact. On the much larger non-manufacturing side, the numbers are still positive but the decline indicates growing concern among companies about the impact of tariffs on consumer spending. That’s the last leg holding up the economy. If jobs wobble, spending will wobble and it could all fall down. Today’s jobs should be fine. But not much more than that. Moody’s Mark Zandi emails: “Employment will increase by 150K, of which 15K will be temporary census workers. Unemployment will hold steady at 3.7 percent. “Job growth, abstracting from the vagaries of the monthly data and upcoming revisions, is running close to 125K per month. This is down from close to 225K per month… Read full this story
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