Welcome to the NewsHour. The U.S. labor market beat expectations last month, adding 177,000 jobs.

The unemployment rate held steady at 4.2%. But the April jobs number was lower than the March tally,

and some economists are concerned that cracks in the economy are beginning to show as the effects of President Trump's tariffs

become clearer.

To parse, the latest report, we're joined by Julia Coronado, president and founder

of macro policy perspectives.

That's an independent economic research and consulting firm.

She's also a professor at the McComb School of Business at the University of Texas at

Austin.

Julia, welcome back to the news hour.

So a stronger than expected jobs report here, what does that say to you about how employers

are viewing these tariffs and trade wars?

So you're right.

It's a still healthy job market.

We had a solid number of job gains for April. We did see a few warning signs. So we saw some downward revisions to the job gains of prior months. And we also know that the federal job cuts that have been announced to date have not fully been reflected. Many of these employees are still on paid leave,

and so they did not show up as job losses. We also saw a boost from the trade, from that

surge of imports we saw that was ahead of the tariffs. We saw a lot of transportation and

warehousing. That sector may feel some pain in coming months. So still healthy, still

a decent number of job gains, but still concern about the trend, which is sort of on a cooling

trend. And we know the Trump administration says that they expect trade deals to start to close

soon and announce them. But in this era of uncertainty,

what does that mean for how employers are able to plan, how they're able to make plans for

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