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In March, employment in the United States grew more than expected, with a net increase of 228,000 jobs, and the unemployment rate slightly rose to 4.2%. The labor market remains healthy, although it faces risks of economic recession and tax impacts. Wage growth remains stable, and traders predict that the Federal Reserve may cut interest rates by 25 basis points in May and consider multiple rate cuts before the end of the year. The healthcare, transportation, and hospitality industries led job growth, with the retail sector also rebounding. However, federal government employment has seen a continuous decline.

According to reports from overseas media, the latest data shows that employment growth in the United States in March exceeded expectations, although the unemployment rate slightly increased, indicating that the labor market remains resilient before the global economy is broadly impacted by tariffs. According to data released last week by the U.S. Bureau of Labor Statistics, non-farm payrolls increased by 228,000 in March, surpassing economists' predictions of 140,000. The data from the previous two months was revised downward. The unemployment rate in March rose slightly to 4.2%, while the labor participation rate increased, and wage growth remained stable.

Traders still expect about a 50% chance of the Federal Reserve cutting interest rates by 25 basis points at the May meeting, fully reflecting the possibility of four rate cuts before the end of the year. This data report indicates that the U.S. labor market continues to perform strongly before President's full implementation of reciprocal tariffs.

Many Wall Street economists say that this year the U.S. faces the risk of economic recession, including predictions of rising unemployment and inflation rates. These expectations will present a more challenging situation for the Federal Reserve, as policymakers may need to take measures to support the economy, which could mean cutting rates or maintaining high borrowing costs to curb inflation.

Data shows that healthcare, transportation and warehousing, leisure and hospitality are the main drivers of non-farm employment growth, while employment performance in the retail sector has also rebounded. As the U.S. government's efficiency department advances plans to reduce federal employees, non-farm employment in the federal government has seen consecutive declines for the first time since 2022. According to the U.S. Bureau of Labor Statistics, employees who receive paid leave or severance pay are also counted as employed.