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March jobs report expected to show hiring slowed, unemployment rate held steady before Trump's tariffs

Josh Schafer • Reporter
Thu, April 3, 2025 at 4:35 PM EDT • 3 min read

The March jobs report is set for release as markets are in a tailspin following President Trump's stronger-than-expected tariff stance.

The Bureau of Labor Statistics' monthly jobs report is expected to show nonfarm payrolls rose by 140,000 in March, while the unemployment rate held steady at 4.1%, according to consensus estimates compiled by Bloomberg.

In February, the US economy added 151,000 jobs, while the unemployment rate moved up slightly to 4.1%.

Here are the numbers Wall Street is expecting Friday, according to data from Bloomberg:

• Nonfarm payrolls: +140,00 vs. +151,000 in February
•Unemployment rate: 4.1% vs. 4.1% in February
• Average hourly earnings, month over month: +0.3% vs. +0.3%
• Average hourly earnings, year over year: +4% vs. +4%
• Average weekly hours worked: 34.2 vs. 34.1 in February

The jobs report comes as investors grow increasingly worried Trump's tariffs could slow economic growth and possibly push the US economy toward recession. Those concerns drove a stock market sell-off Thursday in which the S&P 500 (^GSPC) fell almost 5%.

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