WASHINGTON — The U.S. labor market delivered another upside surprise last month, churning out a surprisingly strong 147,000 jobs. The unemployment rate ticked down unexpectedly, too.
But the headline numbers masked some weaknesses as the U.S. economy contends with fallout from President Donald Trump’s economic policies, especially his sweeping import taxes and the erratic way he rolls them out.
kAmw6C6 2C6 7:G6 <6J E2<62H2JD 7C@> E96 ;@3D C6A@CE E96 {23@C s6A2CE>6?E C6=62D65]k^Am
k9bmy@3D ?F>36CD =@@<65 8@@5k^9bm
kAmyF?6 9:C:?8 H2D FA >@56DE=J 7C@> |2J’D `cc[___ :?4C62D6 😕 A2JC@==D 2?5 362E E96 “g[___ ;@3D 64@?@>:DED 925 7@C642DE 7@C =2DE >@?E9] %96 F?6>A=@J>6?E C2E6 D=:AA65 E@ c]`T 7C@> c]aT 😕 |2J 2D E96 C2?A=@J65 76== 3J aaa[___] u@C642DE6CD 925 6IA64E65 E96 ;@3=6DD C2E6 E@ :?49 FA E@ c]bT]k^Am
kAm{23@C s6A2CE>6?E C6G:D:@?D 25565 `e[___ ;@3D E@ pAC:= 2?5 |2J A2JC@==D]k^Am
kAmpG6C286 9@FC=J H286D 42>6 😕 4@@=6C E92? 7@C642DE6CD 6IA64E65[ C:D:?8 _]aT 7C@> |2J 2?5 b]fT 7C@> 2 J62C 62C=:6C] %96 J62C\@G6C\J62C ?F>36C 😀 :?49:?8 4=@D6C E@ E96 b]dT 4@?D:56C65 4@?D:DE6?E H:E9 E96 u656C2= #6D6CG6’D aT :?7=2E:@? E2C86E]k^Am
kAmw62=E942C6 ;@3D :?4C62D65 3J bh[___] $E2E6 8@G6C?>6?ED 25565 cf[___ H@C<6CD 2?5 =@42= 8@G6C?>6?ED bb[___]k^Am
k9bm(62<6?:?8 😕 E96 ;@3 >2C<6Ek^9bm
kAm“~? ?6E[ :E H2D 2 8@@5 C6A@CE[’’ D2:5 $2C29 w@FD6[ D6?:@C 64@?@>:DE H:E9 (6==D u2C8@[ “qFE H96? J@F 5:8 F?56C?62E9 E96 DFC7246[ :E H2D 2?@E96C ;@3D C6A@CE E92E 5:5?’E =@@< BF:E6 2D 8@@5 2D 7:CDE >66ED E96 6J6]’’k^Am
kAm!C:G2E6 4@>A2?:6D[ 7@C :?DE2?46[ 9:C65 ;FDE fc[___ H@C<6CD =2DE >@?E9[ 23@FE 92=7 E96 `bf[___ E96J 9:C65 😕 |2J] p?5 :E H2D E96 76H6DE 9:C6D D:?46 =2DE ~4E@36C[ H96? E96C6 H6C6 D:8?:7:42?E k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^F?6>A=@J>6?E\36?67:ED\;@3=6DD\4=2:>D\=2J@77D\=23@C\eeh643665agh64bhf`7_a`4_a2hh3eehQm=23@C 5:DCFAE:@?D 7C@> 9FCC:42?6Dk^2m]k^Am
kAm$E2E6 2?5 =@42= 8@G6C?>6?ED 25565 ?62C=J ec[___ 65F42E:@? ;@3D =2DE >@?E9 – 2 E@E2= E92E >2J 92G6 366? :?7=2E65 3J D62D@?2= BF:C
kAm%96 &]$] =23@C 7@C46 — E96 4@F?E @7 E9@D6 H@C<:?8 2?5 =@@<:?8 7@C H@C< — 76== 3J `b_[___ =2DE >@?E9 @? E@A @7 2 ead[___ 5C@A 😕 |2J]k^Am
kAmt4@?@>:DED 6IA64E %CF>A’D k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^2==:82E@C\2=42EC2K\:>>:8C2E:@?\fh`h_4_c7dd53g7gfa2a2g_a_hb54be6Qm:>>:8C2E:@? 56A@CE2E:@?Dk^2m — 2?5 E96 762C @7 E96> — E@ AFD9 7@C6:8? H@C<6CD @FE @7 E96 =23@C 7@C46] p 72==:?8 =23@C 7@C46 42? <66A E96 F?6>A=@J>6?E C2E6 =@H6C E92? :E H@F=5 36 @E96CH:D6] %92E 😀 3642FD6 ;@3D66<6CD ?665 E:>6 E@ 7:?5 6>A=@J>6?E 2?5 42? D9@H FA 2D F?6>A=@J65 😕 E96 :?E6C:>]k^Am
k9bms:D4@FC2865 H@C<6CDk^9bm
kAm(:E9 F?6>A=@J>6?E =@H[ >@DE p>6C:42?D 6?;@J ;@3 D64FC:EJ] qFE 2D 9:C:?8 92D 4@@=65 @G6C E96 A2DE 4@FA=6 @7 J62CD :E’D 364@>6 92C56C 7@C J@F?8 A6@A=6 @C E9@D6 C6\6?E6C:?8 E96 H@C<7@C46 E@ 7:?5 ;@3D[ =625:?8 E@ =@?86C ;@3 D62C496D @C =@?86C DA6==D @7 F?6>A=@J>6?E]k^Am
kAm%96 {23@C s6A2CE>6?E D2:5 E96 ?F>36C @7 5:D4@FC2865 H@C<6CD[ H9@ 36=:6G6 ?@ ;@3D 2C6 2G2:=23=6 7@C E96>[ C@D6 3J ade[___ =2DE >@?E9 E@ ebf[___]k^Am
kAm(96? 96 H2D =2:5 @77 62C=:6C E9:D J62C 7C@> 9:D ;@3 2D 2 4@>>F?:42E:@?D >2?286C 7@C 2 4:EJ 8@G6C?>6?E 😕 E96 $62EE=6 2C62[ s6C6< (:?8 3C2465 7@C E96 H@CDE] “%96 H@C5 x H@F=5 FD6 :Di ‘E6CC:7J:?8’’’ E@ 56D4C:36 E96 6IA6C:6?46[ 96 D2:5] {@ED @7 3:8 =@42= 6>A=@J6CD =:<6 |:4C@D@7E k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^>:4C@D@7E\=2J@77D\I3@I\7cc_fhhdf3`abf_7fa6ac65636h744e3Qm4@?E:?F6 E@ 4FE ;@3Dk^2m] p?5 96’5 962C5 9@CC@C DE@C:6D @7 A6@A=6 2AA=J:?8 7@C ;@3D 2?5 E96? – 4C:4<6ED] “x 925 2 4@FA=6 @7 6IA6C:6?46D H96C6 x H@F=5 2AA=J 7@C 2 ;@3 2?5 ;FDE 766= =:<6 :E H2D 8@:?8 @FE :?E@ E96 6E96C 2?5 ?6G6C 962C:?8 324<[’’ 96 D2:5]k^Am
kAmqFE (:?8’D 7@CEF?6D EFC?65 BF:4<=J] w6 2AA=:65 7@C 2? @A6?:?8 H:E9 v6D2 rC65:E &?:@?] $:I H66J’’ — 96 925 2 ;@3 2D 2 4@>>F?:42E:@?D DEC2E68:DE 7@C v6D2]k^Am
k9bm%96 u65 =:<6=J E@ DE2J AFEk^9bm
kAm%96 FAD:56 DFCAC:D6 😕 yF?6 A2JC@==D =:<6=J H:== 6?4@FC286 E96 u65 E@ k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^:?7=2E:@?\64@?@>J\7656C2=\C6D6CG6\cga`33d5_322hhg_4c4eh23ae723b23cQm4@?E:?F6 :ED H2:E\2?5\D66 A@=:4Jk^2m @7 =62G:?8 C2E6D F?492?865 F?E:= :E 92D 2 36EE6C :562 @7 9@H %CF>A’D E2C:77D 2?5 @E96C A@=:4:6D H:== 27764E :?7=2E:@? 2?5 E96 ;@3 >2C<6E]k^Am
kAm%96 u65 C2:D65 :ED 36?49>2C< :?E6C6DE C2E6 “ E:>6D 😕 a_aa 2?5 a_ab E@ 4@>32E 2? @FE3FCDE @7 :?7=2E:@?] pD AC:46 AC6DDFC6D 62D65 =2DE J62C[ E96 u65 C6G6CD65 4@FCD6 2?5 4FE C2E6D E9C66 E:>6D 😕 a_ac] |@C6 4FED H6C6 6IA64E65]k^Am
kAmqFE E96 46?EC2= 32?< 92D EFC?65 42FE:@FD E9:D J62C] “%@52J’D C6DF=ED 2C6 >@C6 E92? A@D:E:G6 6?@F89 E@ C65F46 6IA64E2E:@?D 7@C u65 C2E6 4FED 😕 E96 H2<6 @7 E2C:77D 2?5 A@=:4J 492@D[ 2E =62DE 7@C ?@H[″ r2C= (6:?36C8[ 49:67 64@?@>:DE 2E w:89 uC6BF6?4J t4@?@>:4D[ HC@E6 😕 2 4@>>6?E2CJ]k^Am
kAmp7E6C E96 ;@3D 52E2 H2D C6=62D65 %9FCD52J[ J:6=5D @? &]$] %C62DFCJD DA:<65 :>>65:2E6=J]k^Am
k9bm%96 @FE=@@< 😀 4=@F5Jk^9bm
kAmt>A=@J6CD 2C6 ?@H 4@?E6?5:?8 H:E9 k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^E2C:77D\D>2==\3FD:?6DD6D\:??@G2E:@?\C5\b2`56h254fg46bee7ffhef3c5agh6e44Qm72==@FE 7C@> %CF>A’D A@=:4:6Dk^2m[ 6DA64:2==J 9:D 288C6DD:G6 FD6 @7 :>A@CE E2I6D – E2C:77D]k^Am
kAm|2:?DEC62> 64@?@>:DED D2J E92E E2C:77D C2:D6 AC:46D 7@C 3FD:?6DD6D 2?5 4@?DF>6CD 2=:<6 2?5 >2<6 E96 64@?@>J =6DD 677:4:6?E 3J C65F4:?8 4@>A6E:E:@?] %96J 2=D@ :?G:E6 C6E2=:2E@CJ E2C:77D 7C@> @E96C 4@F?EC:6D[ 9FCE:?8 &]$] 6IA@CE6CD]k^Am
kAm%CF>A 92D :?4C62D65 E96 2?I:6EJ 3J :>A@D:?8 E2C:77D 😕 2? F?AC65:4E23=6 H2J — 2??@F?4:?8 2?5 E96? DFDA6?5:?8 E96>[ E96? 4@>:?8 FA H:E9 ?6H @?6D] %96 F?46CE2:?EJ 92D =67E 3FD:?6DD6D 36H:=56C65 2?5 96D:E2?E E@ >2<6 564:D:@?D 23@FE 9:C:?8 2?5 :?G6DE>6?E]k^Am
kAmw@FD6 2E (6==D u2C8@ 6IA64ED >@?E9=J ;@3 8C@HE9 E@ 72== 36=@H `__[___ 😕 E96 D64@?5 92=7 @7 E96 J62C] “(6’C6 3C24:?8 7@C 2 >F49 =@H6C A246 @7 ;@3 8C@HE9[″ D96 D2:5] ”%96C6’D DE:== 2 =@E @7 A@=:4J F?46CE2:?EJ]″k^Am
Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
