6% for 2016 and 2017 respectively. After an incredible growth of expansion, the slowing has been painful to the Chinese job market and ramifications can be felt throughout the world economy. Though China seeks investors to support further growth they also move away from a state run investment and manufacturing economy to depend on services and consumer products. For the US labor market, the fallout is complicated at best.China grew to be the world’s most important consumer of iron ore, lead, steel, zinc, copper and many other industrial or investment commodities. This slowdown has already further deflated the price of gas in the US and the steel 
industry is following. Before China integrated into the global economy, the US accounted for nearly a quarter of world GDP. China is slowing from a nearly 10% growth rate that it reported in the first three decades of its reform period, starting in 1980, to around a more sustainable 7% and the global economy will slow with it. The main areas where the impact will be felt would include not only commodities, but also consumer goods, including luxury goods. The slowdown will deflate prices of luxury items. China and non-Japan Asia account for 20-30% of all luxury sales, including Prada, Harry Winston, Burberry, and Omega.
