The April U.S. jobs report is out and the market performed better than expected with 177,000 jobs added during the month. That surpassed expert estimates for 133,000 jobs to be added in April, but was lower than the 185,000 added in March. The U.S. jobs report also includes an unemployment rate of 4.2%, which was the same in the month prior.
The jobs report follows the Challenger report released yesterday, which showed 105,441 cuts last month. That was up 63% from the 64,789 cuts announced in April 2024, but dropped 62% from the 275,240 cuts reported in March.
Did President Trump Help Boost Job Growth?
The growth of the job market may be tied to President Trump’s tariff plan. Transportation and warehousing jobs jumped by 29,000 in April, which could be a sign that companies are increasing orders before tariffs start.
Trump addressed this in a post on Truth Social and X, formerly Twitter. He stated, “Just like I said, and we’re only in a TRANSITION STAGE, just getting started!!!” The President also renewed his call for the Federal Reserve to lower interest rates.
What’s Next for the U.S. Economy?
As investors closely watch economic indicators, there’s a major event on the horizon. Next week the Federal Reserve will hold its Federal Open Market Committee (FOMC). This will take place on May 6 and May 7, and will have the central bank weigh potential interest rate cuts.
While President Trump continues to push for interest rate cuts, Fed Chairman Jerome Powell has resisted doing so this year. This is due to inflation remaining above 2%, which is the Fed’s target. A cut this month would be a surprise as most experts don’t expect any until later in the year.
Investors can keep up with all of this information with TipRanks Economic Calendar and Economic Indicators Dashboard.
