This segment from the Forward Guidance newsletter discusses recent developments in the global economy. It highlights the impact of tariffs on trade and the manufacturing sector, with a substantial decrease in order volume following the implementation of tariffs. The article also mentions the potential contraction in the economy as a result of the uncertainty surrounding tariffs. Additionally, it discusses the significant job cuts in the government sector, particularly in the Department of General Employment (DOGE), as well as the impact of Trump's policies on the private sector. The article concludes by mentioning the upcoming jobs report, which may provide further insight into the state of the labor market.



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