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In March, the United States unexpectedly added 228,000 jobs, and the unemployment rate also rose to 4.2%. Although the employment data exceeded market expectations, experts warn that the effects of layoffs and tariff policies could trigger an economic recession, suppressing companies' willingness to hire. The new jobs were mainly concentrated in healthcare, transportation, and retail, while employment in the public sector continued to decline. The number of initial jobless claims slightly decreased, but the overall labor market still shows signs of cooling. Economists predict that the unemployment rate could exceed 4.5% in the future.

As U.S. President Trump's tariff policies impact the global economy, the employment report related to the Federal Reserve's (Fed) interest rate decisions was released on the 4th. The U.S. added 228,000 jobs in March, unexpectedly increasing, but the unemployment rate also rose to 4.2%. Although the latest employment report did not show as much weakness as the market expected, experts warned that the effects of widespread layoffs by the U.S. government to cut spending will continue to manifest, and the newly imposed tariff policies could lead to an economic recession, diminishing companies' willingness to hire, and the labor market may continue to cool down.

According to data from the U.S. Department of Labor, non-farm employment in March increased by 228,000, far surpassing the revised 117,000 in February and market expectations of 135,000. However, the job data for January and February was revised down by a total of 48,000, offsetting some of the gains in March. Additionally, the unemployment rate in March rose again, increasing from 4.1% in February to 4.2%.

The report indicated that the new jobs in March primarily came from the healthcare, social assistance, transportation, and warehousing sectors, with an increase in retail employment reflecting the return of striking workers to their positions. Meanwhile, employment in the government sector saw a decline again. Elon Musk, who is in charge of the Department of Government Efficiency (DOGE), is significantly reducing the federal workforce, having cut 11,000 jobs in February and another 4,000 in March.

Although the current employment data shows that the U.S. labor market is gradually cooling down, it has not immediately shrunk. The pace of hiring by companies has slowed, but the number of layoffs remains low. According to data released by the Labor Department on the 3rd, the number of initial claims for unemployment benefits last week fell from 225,000 the previous week to 219,000. Although most of Trump's tariff measures did not take effect in March, there are expectations that he will announce more tariff plans, which may have already affected companies' willingness to hire.

Economists state that the impact of tariffs could become evident in the April employment report. One economist pointed out that with the deterioration of the labor market and weakened hiring by companies, the unemployment rate could surpass 4.5% in the upcoming quarters this year. Another economist mentioned in the report: "The layoff plans from the Department of Government Efficiency and measures to restrict immigration will become more apparent in the employment report for the second quarter."