Hiring slowed in august because the economy lost manufacturing jobs.  Labor Department reported on Friday that the U.S. economy added 130,000 jobs in August including 25,000 temporary positions from the United States Census Bureau.  The new job number missed the three month average of 156,0000.

Despite the low August job numbers, the unemployment rate is still at historic lows.  The average hourly earnings rose by 3.2 percent from a year ago, and the labor participation rate increased from 63 to 63.2 percent.

President Donald Trump tweeted, “The economy is great.  The only thing adding to “uncertainty” is the Fake News.”  However, several indicators disagree with the President.   China Quantitative easing, potential hefty stimulus package in Europe, and movements in the bond market are all signs of a global economic slowdown.

The U.S. decade-plus economic growth makes it seems like business cycles no longer exist.  That illusion can precipitate the next U.S. economic recession