WASHINGTON—The April jobs report indicates the U.S. labor market remains strong in the aftermath of President Trump's "Liberation Day" reciprocal tariff announcements, which had unsettled markets.
In April, the U.S. economy added 177,000 nonfarm payroll jobs, surpassing economists’ expectations of 138,000. The unemployment rate remained unchanged at 4.2%.
"The April jobs report was solid even in the face of mild downward revisions to prior months,” said Curt Long, America's Credit Unions chief economist. “Sectors believed to be most exposed to tariffs were resilient through the second week of April when data was collected. There are reasons to remain concerned that industries like trucking will see significant job losses in future months, as shipping volume is already contracting. But this is a reassuring report that likely pushes any rate cut from the Federal Reserve to the second half of the year at the earliest. In the event that economic turbulence appears, credit unions will play a critical role in providing financial assistance to their local communities."