The U.S. economy defied expectations by adding 228,000 jobs in March far surpassing forecasts of 140,000 even as unemployment inched up to 4.2%. The strong hiring numbers in health care, transportation, and warehousing contrasted with federal workforce cuts that have yet to fully appear in government data due to reporting lags.
While the report signals ongoing labor market resilience, economists warn it captures a pre-tariff reality that has since been upended. Markets remained turbulent after President Trump’s sweeping trade measures triggered a historic selloff, with analysts at Goldman Sachs noting the jobs data had become “a side dish” to the tariff-dominated economic outlook.
“The would be stillness of this report isn’t indicative of what’s coming,” cautioned Bankrate’s Mark Hamrick, comparing the tariff fallout to an “economic tsunami.” Stock futures continued sliding Friday, extending Thursday’s pandemic-level losses as investors braced for ripple effects.
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