Employment Research Brief

Job creation sturdy preceding new tariff pressures. Total employment increased by 228,000 positions last month, above the mean from both last year and for the month of March from 2014 to 2019. Sustained hiring in health care and social assistance contributed the most to this growth. The federal workforce retreated by 4,000 roles, but that figure undercuts the full impact of DOGE reductions, as workers receiving severance are still counted as employed. Regardless, the overall unemployment rate inched up 10 basis points to 4.2 percent. These figures preceded the announcement of new U.S. tariffs on April 2 by the Trump administration, which has imposed a general 10 percent import tax, with dozens of countries facing higher fees. Select products, such as aluminum, are also subject to separate levies. The additional taxes are anticipated to weigh on economic growth.