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Page 17 of 22 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />Table 8 <br />Despite this strength, data suggests some tightening in the labor market. According to a recent CNN article, <br />Job growth is slowing, hiring has dropped off, the manufacturing sector is <br />exhibiting some weakness and people are staying unemployed for longer, <br />fueling concerns that a greater weakening could be afoot. <br />The job gains have also been somewhat narrow. The lion’s share of the job gains <br />in 2024 occurred in healthcare, government (specifically, state and local hires) <br />and leisure and hospitality – three industries that were continuing to play catch- <br />up from the pandemic. <br />Examined in another way, the chart labeled “US job vacancies vs jobseekers” in the Reuters article entitled “The <br />U.S. job market hits milestone on long, strange trip back to pre-pandemic normal” provides further evidence of a <br />cooling labor market, . While the economy continues to see more open jobs than jobseekers nationwide, the <br />degree to which this is happening has come down significantly since the peak in 2022. <br />Ordinarily, underlying strength of the national economic data – as demonstrated by GDP, CPI, and labor <br />market trends cited above – would point to a positive outlook for the future. However, there is <br />considerable potential for economic uncertainty and turmoil in the immediate term. Since his <br />inauguration on January 20, 2025, President Trump has announced a flurry of drastic domestic and <br />international policy initiatives, including threats of significant tariffs on international trade; curtailing <br />current and future Federal funding to state and local governments and other service providers; restricting <br />8.A. - Page 17 of 70 <br />182