“The U.S. labor market is steadily losing steam as evidenced by the staggering downward revisions and a declining labor force participation rate,” Bullard added. This slowdown should feed through to hiring and business investment activity, and lead to soft, yet still positive, GDP growth in the second half of the year.”

President Donald Trump's economic policies are facing scrutiny as weak indicators emerge. Job gains are dwindling, inflation is rising and growth has slowed compared to last year.