Overview
- Manufacturers cut about 8,000 jobs in December, bringing losses since April’s “Liberation Day” tariffs to roughly 68,000–72,000, according to Labor Department data.
- The ISM manufacturing PMI slipped to 47.9 in December for a tenth straight month of contraction, with survey respondents pointing to tariffs as a drag on demand and hiring.
- Economists and business owners blame shifting tariff rules for clouding input costs, and a Richmond Fed survey found most mid-sized firms lack cost certainty and are delaying investment.
- The White House argues the trade measures are working, highlighting roughly $30 billion a month in tariff revenue and claimed new factory commitments, including about $70 billion from automakers.
- Corporate pullbacks continue as Westlake plans 295 job cuts and semiconductor makers have shed over 13,000 jobs since April, with a Supreme Court case pending that could upend the emergency tariffs.