讀後心得

The U.S. March employment report shows that the number of newly added jobs unexpectedly increased by 228,000, although it was higher than expected, the unemployment rate also rose to 4.2%. Experts warn that government spending cuts and high tariff policies may affect companies' willingness to hire, and the labor market may continue to cool down. Job growth in non-farm sectors primarily came from industries such as healthcare, social assistance, and transportation and warehousing, while employment numbers in the government sector continued to decline. Economists predict that as the labor market deteriorates, the unemployment rate may exceed 4.5% in the future.

The policy of equal tariffs by the U.S. President is creating waves globally, while the employment report crucial to the Federal Reserve's (Fed) interest rate decisions was released on the 4th. In March, the U.S. added 228,000 jobs unexpectedly, far exceeding market expectations, but the unemployment rate also rose to 4.2%. Although the latest employment report was not as weak as the market had predicted, experts warned that the impact of significant layoffs by the U.S. government to cut spending would continue to be felt, and the tariff policy could potentially trigger an economic recession, leading to weakened hiring intentions among businesses and a cooling labor market.

According to data from the U.S. Department of Labor, non-farm employment increased by 228,000 in March, significantly higher than the revised figure of 117,000 for February and market expectations of 135,000. However, the figures for January and February were revised down by 48,000, offsetting part of March's increase. Additionally, the unemployment rate rose from 4.1% in February to 4.2% in March.

The Labor Department's report indicates that the new job opportunities in March primarily came from healthcare, social assistance, transportation, and warehousing, and there was also an increase in retail employment, reflecting that workers who had previously gone on strike returned to their jobs. Meanwhile, employment in the government sector decreased again. The Department of Efficiency is significantly cutting down on the human resources of federal agencies, with a reduction of 4,000 in March following a decrease of 11,000 in February.

Currently, various employment data show that the U.S. labor market is gradually cooling, but it has not seen a rapid contraction. The pace of hiring by businesses is slowing, but layoffs remain low. The number of initial jobless claims announced by the Labor Department on the 3rd fell from 225,000 the previous week to 219,000. Although most of Trump's tariff measures had not yet taken effect in March, the market anticipates more tariff plans to be announced in the future, which may have already affected businesses' hiring intentions. Economists point out that the impact of equal tariffs might be reflected in the April employment report.

Economists say that with the labor market deteriorating and business hiring decreasing, the unemployment rate may exceed 4.5% in the coming quarters. Additionally, an economist from a certain bank noted that the Department of Efficiency's layoff plans and actions to restrict immigration will be more clearly reflected in the employment report for the second quarter.

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