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Metro Area Job Numbers Watched as Trump Tariff Confusion Rages
Report expected to return healthy numbers as businesses await tariff talks outcome
U.S. metropolitan area employment and unemployment report of the Bureau of Labor Statistics for April is expected to return healthy numbers despite the uncertainty surrounding President Donald Trump’s new tariffs. The Trump administration is continuing to negotiate with trade partners despite distraction of geopolitical conflicts in the Middle East, South Asia and Ukraine.
Businesses have largely paused their activities as contours of the global tariff landscape emerge.
Watch video: Federal Reserve leaves key rate unchanged as it sees risk of higher prices and higher unemployment
The BLS report for March said unemployment rates were higher in March than a year earlier in 279 of the 387 metropolitan areas, lower in 72 areas, and unchanged in 36 areas. Jobless rates were less than 3% in 25 areas while 10 areas reported rates of at least 8%. Nonfarm payroll employment increased over the year in 23 metropolitan areas, decreased in 1 area, and was unchanged in 363 areas.
National unemployment rate
The critical national unemployment rate in March was 4.2%, not seasonally adjusted, up from 3.9 percent a year earlier. A persistently high unemployment rate that has eluded the Federal Reserve target of 2% has been a key factor in the monetary regulator’s approach to the interest rates. Trump has been pressing Fed Reserve chair Jerome Powell to cut the interest rate to stimulate economic growth. The Fed Reserve authorities have been insistent on bringing down national unemployment rate to the targeted 2% to cushion any likely impact of the tariff jolt.
Rapid City, SD, and Sioux Falls, SD-MN, had the lowest unemployment rates, 1.7% and 1.8%, respectively. El Centro, CA, had the highest rate, 16.4%. A total of 223 areas had March jobless rates below the U.S. rate of 4.2%, 145 areas had rates above it, and 19 areas had rates equal to that of the nation.
The largest over-the-year unemployment rate increase in March occurred in Yuma, AZ (+2.6 percentage points). Forty-six other areas had rate increases of at least 1.0 percentage point. Kahului-Wailuku, HI, had the largest over-the-year rate decrease in March (-1.7 percentage points). Seven other areas had rate declines of at least 1.0 percentage point.
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