U.S. job growth likely slowed considerably in May as businesses struggled with headwinds from tariff uncertainty, but probably not enough for a cautious Federal Reserve to resume cutting interest rates anytime soon.

Most Asian stocks moved in a tight range on Friday as investors awaited more cues on trade talks between the U.S. and major regional economies, especially China.

Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.

Oil edged lower on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia’s July prices for Asian crude buyers, with global economic uncertainty weighing on prices as well.

U.S. economic activity has declined and higher tariff rates have put upward pressure on costs and prices in the weeks since Federal Reserve policymakers last met to set interest rates, the U.S. central bank said on Wednesday in its latest snapshot of the nation’s economy.

Japanese real wages fell for a fourth consecutive month in April, eroded by stubborn inflation that has continued to outpace pay hikes delivered so far by companies, government data showed on Thursday.