Jobs report Friday to provide important clues on where the economy is heading

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2. U.S. Job Growth Expected to Have Slowed in April

LIVE Updated
May 2, 2025, 7:05 a.m. ET 22 minutes ago

Live Updates: U.S. Job Growth Expected to Have Slowed in April

Economists expect hiring fell back to 138,000 positions in April, from 228,000 in March. After a month of volatile trading, Wall Street will be scrutinizing the report for signs of restrained growth in the economy.


A job fair last month in San Antonio, Texas. Montinique Monroe for The New York Times

Talmon Joseph Smith

Here’s what to know:

The government’s monthly employment report is set to be released Friday morning, with tensions high among consumers and businesses now bracing for the financial impact of the Trump administration’s worldwide tariff campaign. … Economists surveyed by Bloomberg expect the data for April to show that the unemployment rate held steady at 4.2 percent, while job growth slowed to 138,000 from 228,000 in March.

Although President Trump had been telegraphing his intention to institute high tariffs since reassuming office in January, the White House did not put those import taxes into effect until early April. So if employers have substantially pulled back on hiring, that shift may not show up in official data until other reports capture it in the coming weeks and months.

Data released this week showed that the U.S. economy contracted in the first three months of the year — largely a result of a surge in imports as firms and households bought goods to try to get ahead of the tariffs.

White House officials have downplayed the early consequences of the president’s tariffs. But a broad range of economists are concerned that the dip in growth will not be isolated as businesses, especially those that rely on supplies from China, pull back on activity until tariffs are either reduced or locked in at a predictable level.

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