Strong jobs report surprises economists
WASHINGTON (NEXSTAR) – A strong jobs report caught economists by surprise Friday.
The new numbers show unemployment and hiring stayed steady even as Americans worry about the impact of new Trump tariffs.
The U.S. added 177,000 jobs last month, above expectations and unemployment remained at a relatively low 4.2%.
President Trump celebrated Friday's economic news in a Truth Social post, writing in part….'employment strong, and much more good news, as Billions of Dollars pour in from Tariffs. Just like I said, and we're only in a TRANSITION STAGE, just getting started!!!'
Though recent polling shows his optimism about tariffs doesn't match the mood among most Americans.
'Consumer sentiment is quite miserable right now,' said BankRate Senior Economic Analyst Mark Hamrick.
BankRate analyst Mark Hamrick says the new trade policies are driving fears about the future of the economy.
'People are worried about their job security and concerned about the prospect of higher prices,' said Hamrick.
The president insists the hefty taxes on foreign imports will be worth it.
'It's going to make us very rich. We're going to be paying off debt. We'll be lowering your taxes very substantially,' said Trump.
The administration promises in the long-term it will strengthen American manufacturing.
Hamrick warns in the short-term tariffs could mean less goods on store shelves, higher prices for products, and downsizing at some companies.
President Trump is calling for the Federal Reserve to lower interest rates, but economists say that's unlikely to happen in the near term.
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