Daily Update — May 8, 2025
US Jobs Stay Strong; Tariffs in the Pipeline; and Sustainability in Chemicals
Today is Thursday, May 8, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Economy
US jobs market stays strong in April; tariff 'shocks' lie ahead
The US labor market has shown resilience, with an increase of 575,000 jobs in the first four months of the year and an unemployment rate that has remained steady at just above 4%. In April the country added 177,000 jobs, maintaining the unemployment rate at 4.2%, where it has been for nearly a year, according to the US Bureau of Labor Statistics. However economists cautioned that this stability may be misleading, viewing the job data as a precursor to more challenging conditions, particularly as the Trump administration seeks to reduce the federal workforce and companies begin to slow or halt hiring in response to tariffs.
As businesses adapt to the implications of tariffs, economists foresee a shift from job growth to job losses, marking the first decline since December 2020. There is also expected to be a rise in unemployment and in the number of Americans struggling to find work.
Global Trade
Tariffs in the pipeline: Energy services firms set to use pricing, sourcing responses
The supply chains involved in producing oil and natural gas have somewhat benefited from the Trump administration’s policies. However, energy equipment and services companies have expressed concerns regarding the impact of extensive tariffs introduced under the reciprocal trade program, particularly the removal of exemptions on steel and aluminum under Section 232. These tariffs are expected to raise costs associated with new and ongoing energy projects, as highlighted during earnings calls by major firms in the sector.
Oil country tubular goods are especially vulnerable, as nearly 50% of the US’ supply is sourced from imports. In 2024, South Korea was the source of a significant portion of the US’ pipe imports, accounting for 34.8% by mass, followed by the EU, Canada and Taiwan.
Energy Transition & Sustainability
Listen: How chemical giant Dow is tackling sustainability, climate change and circularity
In recent episodes of the “All Things Sustainable” podcast, we heard how some of the biggest companies are navigating the changing sustainability landscape. In this episode, co-hosts Lindsey Hall and Esther Whieldon sat down with Dow, one of the world’s largest chemical and plastic production companies.
Dow has sustainability targets related to climate change, waste transformation and the advancement of a circular economy through product reuse or recycling. Han Zhang, Dow’s global sustainability director for packaging and specialty plastics, said the company sees decarbonization and circularity as interconnected issues that can’t be treated in silos.
In case you missed it
- Brand loyalty across the motorcycle and powersports industry segments remained stable in 2024, an encouraging sign following a drop in loyalty during the COVID-19 pandemic.
- In a hearing held by the Senate Committee on Banking, Housing, and Urban Affairs, a number of US senators expressed concern that cuts to Federal Emergency Management Agency funding will increase property insurance costs.
- Recent legislative developments and comments from the Trump administration suggest the US may be considering new sanctions to motivate Russia to sign a peace deal.