Wages also continued to climb, with average hourly earnings rising 0.3% month-over-month and 3.8% year-over-year.
A pre-storm snapshot
President Trump’s announcement last week of a 10% minimum tariff on most imported goods has already shaken global markets and prompted retaliation from major trade partners, a report from Reuters noted. Economists worry the fallout will hit hiring, investment, and consumer confidence in the coming months.
“Today’s employment report feels more dated and backward-looking than usual,” said Michael Pugliese of Wells Fargo. “The sharp escalation in trade tensions this week has fundamentally altered the economic outlook.”
Investopedia’s preview of the report predicted a slowdown to 140,000 new jobs from 151,000 in February, citing rising uncertainty as businesses face unclear policy signals, higher import costs, and elevated interest rates. “Although recent consumer surveys show households are bracing for a worsening job market, forecasters say unemployment claims have remained relatively low, suggesting tariffs have not yet led to mass layoffs,” Investopedia noted.
The Trump administration’s effort to slash federal jobs through the Department of Government Efficiency has added to economic jitters, even as courts slow the pace of layoffs, Reuters highlighted.