Tariffs and international trade uncertainty are skyrocketing, US job growth slowed significantly in April.

ADP reported on Wednesday that the company significantly slowed down hiring in April to address the potential impact of President Trump's tariffs on U.S. trading partners. The private sector added only 62,000 jobs that month, the smallest increase since July 2024. This was due to increased uncertainty caused by the level of tariff implementation, recruitment plans, and economic conditions. Wage growth also took a step back, with those who did not change jobs seeing a 4.5% year-on-year increase, a decrease of 0.1 percentage points from March. However, the number of job switchers increased to 6.9%, up by 0.2 percentage points. From an industry perspective, the leisure and hospitality industry saw the largest increase, adding 27,000 jobs. Other industries that experienced growth include trade, transportation, utilities, financial activities, and construction. Meanwhile, education and health services positions decreased by 23,000, and information services positions decreased by 8,000.