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.