This is a “flashing yellow light regarding growth and inflation prospects,” said Mohamed El-Erian, chief economic adviser at European insurance giant Allianz.
The president wants to raise taxes on private equity profits to help pay for populist campaign promises like eliminating taxes on overtime, tipped income and Social Security benefits.
A striking percentage of job growth has consisted of immigrant workers — with one bank estimating they accounted for as much as two-thirds of the net gains over the last year.