Trump got a strong jobs report, but not in the way he necessarily wanted

• A nearby view of the April work data It suggests that it becomes more than a response to US economic strength than a ring endorsement of President Donald Trump’s economy plan. However, equity markets have drawn a sigh while the fears of drying overflow, which can provide the administration that is more likely to administer the future negotiations in future negotiations.

Tarsiff is insecure did not prevent arrival on Friday Report at work From the gushing of Wall Street, and President Donald Trump intends to claim victory. Stephen MiranThe main adviser of the President’s economy, continues to television at Bloomberg To celebrate the “second job of Trump in a row” after the economy added 177,000 jobs in April, above payroll markets are expected.

Many economists and investors warn the worst effect From tariffs still on the horizon, however, if the administration was not found Outgoing ramp Soon. Meanwhile, a closer view of job data suggests that it becomes more than a US economic testament than endorsement of the President’s plan.

For example, Trump’s tariffs are targeted, at least in part, to rebuild America Based on industryand the President signed a Executive Order On his first day of office calling for deregulation “Iles” Americans’ energy.

On Friday, however, the Bureau of Labor Statistics reported Employment showed little to no change in Industries like manufacturing, construction, mining, quarrying, and oil and gas extraction.

However, most new jobs come from industries that do not need to reflect administrative priorities. Healthcare sector adds 51,000 jobs in April, while private education and health services cost 70,000 new hires, no matter what the federal funds mean.

And even if the Elion Musk Musk Department of Government of Vicement Efficiency is obtained saws In federal federal worker – with the sector lost 9,000 jobs in April and 26,000 generally since the development of workman jobs in 10,000 as government hiring.

Those nuances never stop administration from celebrating the report.

“The wages continue to increase, and participation in energy to work is growing,” White House Press Secretary Karoline Leavitt said a statement of wealth. “This is exactly what we want to see. Many Americans work for higher wages. The more wins on the road!”

Average earnings time grows 0.2% in April, at the low Wall Street forecast: Annual wage growth is 3.8%, unchanged from March.

Good and bad news for Trump

The market signs remain strong, however, Trump suggested that he does not get his way when it comes to interest. Shortly after the report was released, the President posted to Social fact to demand that the Federal Reserve Cut its policy rate to lower borrowing costs for Americans.

Most Wall Street, however, detect data as cement of “wait-and-see” approach. The fed is almost guaranteed to keep rates steadily when it meets next week, and most of the merchants look at the same as the 2-base point cut in July, according to CME Group Equipped with fedwatch.

Traders scaled their betting rates in the Fed Put rate by selling the bonds, which would be more attractive relative to the new debt when the central bank wears interest in interest. The harvest of two years of treasury, which rises as the bond price falls and closely tied to the Federal Funds Rate, which is 13 Japanese points in Japanese. Jay Hatfield, the CEO of capital management in infrastructure, speaks wealth The chance of a June rate cut as far away.

“The only thing that can dispel them in Dime, because they are all economists in the work market, a weak in the labor market,” he said to the Fed.

Of course, a good job report cannot be all the bad news for the President. Then, no signs of tariff stress hit the labor market, said Jami Cox, handling the Harris Financial Group in Richmond.

“If you go to a trading war and your economy is the consumer open, it’s the leverage you want,” he wrote on a note on Friday.

The stock market, which changes from a tariff that has been caught free fall At the beginning of the month, it was compared to a sigh. S & P 500 has about 1.5% Friday afternoon.

“If the labor market holds and the Trump administration walks the most awesome tariffs, the economy can cling to a deep shrinkage,” Chief Economist of Froker-Deader in Froker Financial, wrote on a note on Friday.

If it’s about Trump’s tax on imports, however, many economists have warned most of the effects to play. For example, Friday’s payroll data appeared in transportation and warehousing has added 29,000 workers in April. Some economists have justifies imports of imports to stock goods before the higher tariffs kick in the privise giant in private apollo, predicted Loads of Mass can hit the industry this month between a dramatic delay To global shipping, especially in the US and China.

“It’s surprising if the logistics payers, make, and sectors together unscathed with gems entrance to Pantheons Macroeconomics, writing a note on Friday.

That can start showing the report next month.

This story originally shown Fortune.com

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