April's non-farm data exceeded market expectations, but the heavy pressure from tariffs will force companies...
The recently released non-farm report was stronger than market expectations, but it is important to note that this report is retrospective, and the current labor market cannot yet reflect the impact of Trump's erratic tariff policy. It is necessary to understand that due to companies attempting to avoid tariffs, a large volume of imported goods in the first quarter has already put downward pressure on the U.S. economy.
In the current market environment, the Federal Reserve is expected to decide to hold steady at the May meeting. However, economists believe that in the future, companies will reduce employees' working hours due to the negative effects of tariffs, and then take large-scale layoffs to "cut costs and increase efficiency." The negative impacts brought about by tariff policies will be reflected in the summer employment report and other "hard data."
