Institution: This US Non-farm Payrolls (NFP) data will reflect the extent of early damage caused by tariffs.

According to Mars Finance news, on May 2, foreign media analysis reports that the U.S. non-farm payrolls are expected to increase by 165,000 in April, and the breadth of job creation is rapidly narrowing, with employment growth likely concentrated in just two sectors - construction, and professional and business services. Although overall data may still show a stable pump, it will reflect early signs of damage caused by the trade war. The first wave of tariffs implemented in February may have already led to a slowdown in transportation and logistics hiring. With domestic and international tourism declining, hiring in the leisure and hospitality industry will be below its typical spring recruitment numbers. ( Jin10 )