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The U.S. economy added 228,000 jobs in March, while the unemployment rate ticked up to 4.2%, the Labor Department said on Friday.

Why it matters: Hiring was strong — the latest sign that, as of last month, the labor market remained solid as President Trump ramped up tariffs.

• The Labor Department said job gains in January and February were revised lower by a combined 48,000 payrolls.

The big picture: The report is the most comprehensive snapshot of the labor market, as surveys suggest weakening sentiment among businesses and consumers.

• The Federal Reserve is closely watching economic indicators — including today’s jobs report — for signs of how the White House’s trade policy is impacting the economy.
• Fed chair Jerome Powell will speak at 11:25 a.m. ET on Friday, the first public comments since Trump ratcheted up tariffs earlier this week.

The bottom line: Wall Street economists are downgrading economic growth forecasts, while hiking inflation expectations for 2025 following Trump’s reciprocal tariffs.

• But as of last month the labor market was on solid footing — so far defying suggestions of a slowdown in survey data.