Experts issue 'preemptively gloomy' prediction for summer: 'You're going to see shortages'

The new jobs report contained some surprisingly good news, but a global economic analyst issued a "preemptively gloomy" prediction for the coming months.

Hiring slowed in April over the previous month, going from 228,000 in March to 177,000 last month, and a Commerce Department report this week showed the U.S. economy shrank over the first three months of this year, but CNN's Rana Foroohar warned that president Donald Trump's tariffs have not fully taken effect.

"I would just say that the jobs numbers tend to be backward looking," Foroohar said. "You're getting a picture of what has happened in the past, and it tends to be a picture that, you know, as you go forward and get more nuanced numbers, is often revised downward. So I don't want to, you know, be preemptively gloomy, but I wouldn't look at this and say, the economy is going to be strong and getting better. I would look at this and say, it's been okay. We don't know where we're going to be this summer."

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Treasury secretary Scott Bessent has tried to reassure Americans that Trump's tariffs would not lead to shocks to the supply chain, saying that retailers had managed their inventory to ensure their shelves would not go bare, but an expert said those supplies would not last forever.

"If you're a big retailer, you could front load everything," said Jeff Rightmer, a professor of supply chain management at Wayne State University. "So you saw the increase in traffic on the ports in the East Coast, and a lot of these big organizations – Walmarts, Targets and so forth – have brought in a lot of goods in anticipation of this happening. So they probably have six to eight weeks worth of inventory on hand. After that, then it starts to hit, and if the 145 percent tariffs continue, you're going to start to see shortages of some products. It's just bound to happen."

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