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In March, the United States added 228,000 jobs unexpectedly, surpassing market expectations, but the unemployment rate rose to 4.2%. Despite the employment data not being as weak as anticipated, experts warn that government layoffs and tariff policies could affect the economy and weaken companies' willingness to hire. The report shows that the job gains primarily came from the healthcare, social assistance, and transportation sectors. At the same time, employment in the government sector decreased again, indicating that while the labor market is cooling, it is not quickly shrinking. Economists predict that as market conditions change, the unemployment rate may exceed 4.5%.

President Trump of the United States, while implementing reciprocal tariffs, has impacted the global market. At the same time, the employment report regarding the Federal Reserve's (Fed) interest rate decision was released on the 4th. According to the report, 228,000 new jobs were unexpectedly added in the U.S. in March, far exceeding market expectations, but the unemployment rate rose to 4.2%. Although the latest report was not as weak as the market had anticipated, experts warned that the impact of the U.S. government's significant layoffs to cut spending would continue, and that the tariff policy could lead to an economic recession, thereby reducing companies' willingness to hire, which could cause the labor market to continue to cool.

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 the market expectation of 135,000. However, data for January and February were revised down by 48,000, which partially offset March's increase. Additionally, the unemployment rate rose again in March, climbing from 4.1% in February to 4.2%. The Department of Labor's report indicated that job gains in March were mainly from healthcare, social assistance, transportation, and warehousing, while employment in retail also increased, showing that workers who had been on strike had returned to their jobs.

However, employment in the government sector decreased again. The Department of Government Efficiency (DOGE), led by Musk, is significantly reducing the workforce of federal government agencies, with employment in the government sector decreasing by 11,000 in February and by another 4,000 in March. Current employment data shows that although the U.S. labor market is gradually cooling, it is not rapidly contracting. The pace of hiring by businesses has slowed, but the number of layoffs remains low. The number of initial unemployment claims announced by the Department of Labor on the 3rd decreased from 225,000 the previous week to 219,000.

Although most of Trump's tariff measures had not yet taken effect in March, there are expectations that he will announce more tariff plans, which may have already affected companies' hiring willingness. Economists point out that the effects of reciprocal tariffs may become apparent in the April employment report. Economists at EY Parthenon stated that as the labor market worsens and corporate hiring weakens, the unemployment rate could exceed 4.5% in the coming quarters. Economists at Bank of America noted in their report that the layoffs planned by the Department of Government Efficiency and restrictions on immigration would be more prominently reflected in the employment report for the second quarter.