Employers' hiring practices are at the center of the November elections

Even though employers are eager to hire more workers, concerns about a potential recession and possible layoffs are causing them to put their hiring plans on hold.

Accordingly CNNIn August, unemployment fell to 4.2%, and in July, job openings were at their lowest level since 2021. One reason for employers' concerns depends in part on which presidential candidate will win the election in November, as former President Donald J. Trump and Vice President Kamala Harris have taken very different approaches to the economy.

Among black workers, unemployment fell to 6.1%, a slight decrease from the 6.3% rate in July. CNBCThe unemployment rate for black men fell sharply from 6.6% in July to 5.9%, while the rate for black women stagnated at 5.5%.

According to Elise Gould, an economist at the Economic Policy Institute, the employment rate, especially among female workers, shows that the labor market is doing well despite the hiring freeze.

“The employment-to-population ratio for prime-age women remains at a quarter-century high,” said Gould CNBC“This is still very strong, even if there is still some moderation in other measures. It is understandable that we will see some weakness now that we are approaching full employment.”

As for the election, Trump has essentially promised to pursue economic isolationism and has floated the idea of ​​proposing a 60 percent increase in import tariffs on imports from China, as well as a 10 percent tariff on goods imported from other countries.

Accordingly VoxTrump's economic plans would be a disaster for the American economy's recovery from inflation and would likely make things much worse for the average consumer than they are currently experiencing. In his crusade against imports, Trump's supposed desire to weaken the strength of the dollar will result in prices becoming more expensive for the average American.

Eric Levitz warns in his conclusion: “Unfortunately, Trump's proposals and their economic consequences seem to have little impact on American voters, possibly because they have not received much media attention. If that does not change by November, the country could pay a heavy price.”

Vice President Harris' economic plans, however, were praised by Goldman Sachs in a note to Reuters on September 3. Like Levitz, Goldman Sachs believes that a Trump victory or a Republican-controlled legislature would be disastrous for the economy.

A campaign spokesman for Vice President Harris released a statement to salon after the publication of the note emphasizing the importance of a Harris victory for Americans.

“Vice President Harris has a positive vision to strengthen the economy by building the middle class, lowering taxes and costs for working families and small businesses, and providing opportunities for all Americans to get ahead,” a spokesperson said in a statement. “On the economy, the decision this November couldn't be clearer.”

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