Commenting on today’s non-farm payrolls and employment data release, Goldman Sachs’ Jan Hatzius writes that “government policy changes appear to have had only a modest impact on today’s employment report. First, the reduction in force efforts led by the Department of Government Efficiency likely contributed to the 4K decline in federal government employment in March and the 15k decline over the last two months. However, spillovers to state & local government, healthcare, and education hiring appeared limited.” Goldman Sachs also noted that the manufacturing employment increased modestly, though the March report pre-dated the spike in trade policy uncertainty and this week’s large tariff announcements.
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