Employment

So far, pain from the tariffs has not shown up in any obvious way in the labor market data, and it may not for a few months.

Layoffs are important, but focusing on layoffs risks missing the other part of the equation: hiring.

This is our last snapshot of the labor market before we really start seeing the effects of the new Administration’s policies on the economy.

The growth rate for Total Nonfarm Employment ticked down in the February data, to 1.27% year-over-year from 1.38% in the January data.

So far, the labor market has taken the slowdown in labor demand in the healthiest way possible. If the labor market slows more than expected, the Fed may not have the luxury of patience anymore.