Unit 3.1
PART A: Text for translation
Jobs report shows labor market solid as economy faces new
trade threats
KEY Job creation was a solid 164,000 in June, wages grew more than expected and POINTS
the labor market remains strong, but hiring has slowed from last year’s levels.
The markets, under pressure from the latest trade headlines, took the report in
stride and see it as a positive, as new concerns arise for the economy from the
threat of more tariffs.
“Directionally, it’s fine and I certainly think we’re at a place where we need
good news. We have enough bad news in terms of what’s going to be a drag
in terms of escalation of trade concerns,” said one market strategist.
Wages picked up and hiring continued to be strong in July but at a much slower pace than
last year, reflecting an economy heading toward full employment but still with workers looking
to move into the labor force.
The economy added 164,000 nonfarm payrolls in July, nearly as expected, but revisions
reduced job growth in May and June by 41,000. That took the three-month average to
140,000 job gains, well off the 200,000-plus levels of last fall. Wages rose 0.3% in July, or
3.2% year over year, and June wage growth was revised higher to the same level.
“It’s got a good enough feel to it,” said Art Hogan, chief market strategist at National
Securities. “The trend is steady as she goes. There was a little bit of a tick up in participation.
Directionally, it’s fine and I certainly think we’re at a place where we need good news. We
have enough bad news in terms of what’s going to be a drag in terms of escalation of trade
concerns.”
The typically important jobs report was released Friday morning, and markets took it in
stride as stocks remained under pressure from the latest trade developments. Economists say
the latest tariff threats increase the potential for an economic slowdown, and even recession, if
business turns even more cautious, postponing further spending and ultimately slowing down
hiring because of them.
President Donald Trump’s escalation of the trade wars Thursday, with a new threat of
tariffs on $300 billion in Chinese goods, diverted market focus from the Fed’s rate cut
Wednesday and Fed Chairman Jerome Powell’s seemingly hawkish comment. The market is
ignoring Powell’s lack of commitment to further hikes, and is now expecting a rate cut in
September, to defend the economy from the impact of tariffs.
Economists said the jobs report should have little impact on the Fed, which does not meet
until September, after the August jobs report is released.
“The Fed can feel comfortable that they just cut rates. Unfortunately, they’re going to
have to cut them again because of the headwinds we now face,” said Diane Swonk, chief
economist at Grant Thornton.
The jobs report was viewed as mostly positive, with a pickup in labor participation to
63%, its highest since March, and the total labor force rising to 163.4 million, setting a record
high.
The report is also important in that the job market provides crucial fuel for consumer
spending, about two-thirds of the U.S. economy. That so far, has remained strong while
business investment has been more cautious due to tariffs and trade friction. Trump’s new
tariffs would hit many consumer products for the first time.
May’s total nonfarm payrolls were revised down to 62,000 and June job creation was
trimmed by 31,000 to 193,000. Health-care hiring in July rose 30,000 while professional and
technical services added 31,000. Computer systems design and related services rose by 11,000
jobs and was responsible for about a third of employment gains in professional and technical
services in July and during the year.
Manufacturing jobs grew at a better-than-expected pace of 16,000 in a sector that has
been feeling the impact of trade conflicts. Hours worked in the sector however, fell by
threetenths to 40.4, the lowest since July 2011.
“We’re still bringing workers in to the labor force, so it suggests we’re finally tapping
some of the slack we missed before,” said Swonk, noting teenagers contributed to gains in the
workforce. “It’s good news. ... Teenagers are finally coming in after a long hiatus.”
Swonk said the gains in manufacturing, however, were mostly all auto sector and there
could be losses next month with the shuttering of plants in Ohio and Michigan.
Consumer sentiment data, also released Friday, showed a slight improvement over June.
July sentiment was in line with the 98.4 reading reported earlier in the month, though it is
very slightly below expectations.
Richard Curtin, who runs the survey for the University of Michigan, noted consumers in
the survey were the most optimistic since 2003 no the expectations toward their financial
situation.
“The job market is good, they are pleased with their income gains, and household net
wealth continues to climb as well. It’s not that they expect these factors will continue to
accelerate, but rather that they expect continued moderate growth in income and jobs.
Consumers don’t expect much change in the unemployment rate in the year ahead,” according
to Curtin.
(Source of text: https://www.cnbc.com/2019/08/02/jobs-report-shows-hiring-stillsolidas-trade-wars-threaten-economy.html)
(Source of photo: https://collegelearners.com/job-opportunities-after-mscinmanagement/)
PART B: Language development
Task 1: Match the following words with their appropriate translation.
English words/phrases
Vietnamese equivalents
1. Job creation
a) ma sát thương mại
1-D
2. trade conflict
b) thuê nhân công
2-K
3. tariff
c) chiến lược gia về thị trường
3-F
4. escalation
d) tạo công ăn việc làm
4- G
5. market strategist
e) suy thoái
5- C
6. spending
f) thuế quan
6- M
7. hiring
g) sự leo thang, sự gia tăng
7- B
8. payrolls
h) Cục Chứng khoán quốc gia
8- J
9. Fed
i) sự sụt giảm của nền kinh tế
9-N
10. trade friction
j) bảng lương, sự trả lương
10- A
11. National Securities
k) xung đột thương mại
11- H
12. economic slowdown
l) lực lượng lao động
12- I
13. recession
m) mức chi tiêu
13- E
14. workforce, labor force
n) Cục Dự trữ Liên bang Mỹ
14- L
Task 2: Find the equivalent of the following words/phrases. Some of them are collocations
in English that require deeper inquiries into their usage in the source language.
1. took the report in stride
Thản nhiên đối diện với khó khăn
2. a solid 164,000
16400 công việc cố định
3. Directionally,
Một cách có định hướng
4. the three-month average
Trung bình 3 tháng
5. to be a drag
Cản trở, cản đường
6. to be under pressure
Chịu áp lực
7. head toward
Đi về phía
8. little bit of a tick up
9. lack of commitment
Thiếu sự cam kết
10. defend the economy from the
impact of tariffs
Bảo vệ nền kinh tế khỏi những tác động của
thuế quan
PART C: Translation skills development
Dealing with numeric information.
The following words and phrases will help you describe trends:
Nouns
a rise an increase a
surge a growth a
peak a fluctuation
a variation a period
of stability a
plateau a fall a
decrease a decline
a dip
Verbs
to rise to
increase to
surge to
grow to
peak to
skyrocket
to fluctuate
to vary
to fall to
decrease
to decline
to dip to
dive to
plunge
Phrases to show an upward trend
to show a downward
trend to hit the highest
point to hit the lowest
point
to reach a peak to show
some fluctuation to
fluctuate wildly to
remain stable to remain
static to remain
unchanged to stay
constant to reach a
plateau to level off to
flatten out the highest the
lowest the second highest
the third highest
compared to compared
with relative to
Adverbs
sharply
suddenly
rapidly
abruptly
dramatically
significantly
steadily
considerably
markedly
slightly gently
gradually
wildly
Adjectives
sharp sudden
rapid abrupt
dramatic
steep
significant
steady
considerable
marked
slight gentle
gradual
Task 1: Put the following words/phrases into their most relevant cells.
doubled 2
Collapse/a collapse 2
a downward trend 5
dip 2
jump/a jump 1
go into free-fall halved
drop/a drop in 5
plunge 2
leap/a leap
move upward 1
changes Intermittently 3
leveled out
plummet (giảm mạnh) 2
rocket(ed) 1
reduce/a reduction 5
plateaued/plateau 3
an upward trend 1
shot up
skyrocket 1
take a nosedive
slump 2
remained stable/a stability 2
soar 7
fall/a fall 5
tripled (tang gấp 3) 4
remained constant 3
surge 1
go down/a downward trend 5
decrease/a decrease in 8
remain static 3
dive 2
upsurge 6
a downward tendency
remained steady/steadiness 3
slide/a slide
a descending trend
decline/a decline in
change sporadically
increase/an increase in
Climb/a climb trend
remained the same
fluctuate
irregularly – irregular
improve/an improvement
an upward tendency
was unchanged
go up/an upward
rise and fall erratically – erratic
rise/a rise in
Increase (Fast) 1
Decrease (Fast) 2
No change 3
Increase (Neutral) 4
Decrease (Neutral) 5
Ups and Downs 6
Increase (Slow) 7
Decrease (Slow) 8
Task 2: Find the structures that can be used to report changes with figures in the above text.
Increase
rose
Decrease
Stability and
others
a rate cut
revised higher to the
same level
Task 3: In a group, translate the first three paragraphs of the text in Part A (“Wages picked
up … trade concerns.”) into Vietnamese. Then compare your translation with the other
groups’ translations.
PART D: Further practice
Task 1: Edit your translation in Task 3 of Part C.
Task 2: Translate the rest of the text in Part A into Vietnamese.
Task 3: Look for a text with varied expressions of numeric information and translate it into
Vietnamese.