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US economy adds 228,000 jobs in March amid stock market turmoil
The US economy added 228,000 jobs in March, but experts warn that President Trump's new tariffs could impact future growth.
Washington Bureau Reporter
The U.S. economy added 228,000 jobs in March, surpassing expectations, even as the stock market experienced significant declines, and the unemployment rate ticked up slightly.With the stock market in free fall, American companies added jobs at a surprising pace last month. President Donald Trump took to social media to urge Americans to "hang tough" and claimed credit for the hiring numbers, stating they prove his tariff policies are "already working." However, economists caution that these job gains reflect the economy's past performance, not its future trajectory."There's a good chance that it could be a peak, not that there will be a lot of layoffs, but I think if there's any impact from this uncertainty in terms of trade policy. Right now, it may be that the pace of hiring slows," said Steve Cochran of Moody's.Experts are uncertain if this growth can withstand the turbulence caused by Trump's new tariffs, with the first round set to take effect starting Saturday.This week, car maker Stellantis announced it is laying off North American workers due to the tariffs. Additionally, the electronics trade association group IPC reported that nearly one in five companies have implemented a hiring freeze, with another 36 percent considering it."We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation," said Federal Reserve Chair Jerome Powell on Friday, noting the unclear impact of the tariffs and the uncertain direction of interest rates."It's a good time to take a step back and let things clarify," Powell added.President Trump responded by arguing that now is the "perfect time for Fed Chairman Jerome Powell to cut interest rates."A day after President Trump announced the reciprocal tariffs, economists at J.P. Morgan predicted the probability of a recession now stands at 60 percent, making it more likely than not.
WASHINGTON —
The U.S. economy added 228,000 jobs in March, surpassing expectations, even as the stock market experienced significant declines, and the unemployment rate ticked up slightly.
With the stock market in free fall, American companies added jobs at a surprising pace last month. President Donald Trump took to social media to urge Americans to "hang tough" and claimed credit for the hiring numbers, stating they prove his tariff policies are "already working." However, economists caution that these job gains reflect the economy's past performance, not its future trajectory.
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"There's a good chance that it could be a peak, not that there will be a lot of layoffs, but I think if there's any impact from this uncertainty in terms of trade policy. Right now, it may be that the pace of hiring slows," said Steve Cochran of Moody's.
Experts are uncertain if this growth can withstand the turbulence caused by Trump's new tariffs, with the first round set to take effect starting Saturday.
This week, car maker Stellantis announced it is laying off North American workers due to the tariffs. Additionally, the electronics trade association group IPC reported that nearly one in five companies have implemented a hiring freeze, with another 36 percent considering it.
"We face a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation," said Federal Reserve Chair Jerome Powell on Friday, noting the unclear impact of the tariffs and the uncertain direction of interest rates.
"It's a good time to take a step back and let things clarify," Powell added.
President Trump responded by arguing that now is the "perfect time for Fed Chairman Jerome Powell to cut interest rates."
A day after President Trump announced the reciprocal tariffs, economists at J.P. Morgan predicted the probability of a recession now stands at 60 percent, making it more likely than not.
