Economic Preview: Time to panic on economy? No, but ongoing trade wars give a taste of unpleasant future

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Time to press the panic on the economy? Not yet.

The economy looked like it was perking up a few months ago, but now gray clouds are moving in.

The latest shadow was cast by a dismal May employment report that showed a meager 75,000 increase in new jobs along with slowing wage growth. Thankfully the unemployment rate held fast at a 49-year low of 3.6%.

Read:U.S. adds a meager 75,000 jobs in May in warning sign for economy

Also:The worst part of a crummy jobs report might be ebbing pay gains for workers

One poor jobs report is usually nothing to worry about, but the slowdown in hiring in May is part of a broader trend.

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