Mike Feroli, J.P. Morgan's chief U.S. economist, dives into the solid April jobs report, noting the addition of 177,000 jobs despite economic uncertainties. He discusses how trade and tariff policies are shaping job growth, particularly in distributive services. The conversation shifts to the Federal Reserve's potential interest rate cuts amidst labor market changes. Feroli highlights economic resilience, consumer sentiment, and the impacts of fiscal policies like tax cuts on growth projections and inflation concerns.
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insights INSIGHT
Steady Job Growth Defies Concerns
April's job growth beat expectations with 177,000 new jobs added, slightly above the 12-month average.
This steady growth happened despite widespread economic concerns, signaling resilience in the labor market.
insights INSIGHT
Front-Loading Boosts Some Sectors
Transportation and warehousing jobs grew stronger, likely due to front-loading imports ahead of tariffs.
Manufacturing jobs saw a modest decline, possibly from higher input costs and tariffs.
insights INSIGHT
Tariff Impact Yet to Show
Early April data shows the economy remains robust and tariff effects aren't apparent yet.
The economy is expected to grow okay in the second quarter but slow in the second half.
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Join Mike Feroli, J.P. Morgan's chief U.S. economist, and Alexa Hanelin from the North America Rate Sales team as they discuss the better-than-expected numbers from the April employment report. They break down the implications of trade and tariff policies, the resilience of the U.S. economy and expectations for the Federal Reserve.
This episode was recorded on May 2, 2025.
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