According to online reports, Goldman Sachs expects the Federal Reserve to cut interest rates three times this year, in September, October and December due to weak employment growth in the United States. Analysts pointed out that the number of new jobs has slowed to about 30,000 per month, far below the approximately 80,000 needed to achieve full employment, and future revisions may be negative. They believe the risks come not just from trade and immigration, that compensatory hiring is fading, and that growth in most industries is close to zero. Goldman Sachs warned that while unemployment remained stable, even a slight slowdown in the labor market was a concern. A more significant rise in unemployment could trigger a larger 50-basis point rate cut.