Impressive Jobs Report Numbers Prevail Amid U.S. Aluminum and Steel Tariff Plan

• On Friday, March 9th, the U.S. Bureau of Labor Statistics published its monthly jobs report with numbers that surprised many economists. Total non-farm employment increased by 313,000, the largest monthly gain in over a year (it was only expected to increase by roughly 200,000). It was the 89th consecutive month of job gains. The main sectors of employment growth were: mining, manufacturing, construction, retail and trade, professional and business services, and financial services. For the fifth consecutive month, the unemployment rate stayed at 4.1%, the lowest rate since 2000.

• Many businesses that are either directly or indirectly involved with the aluminum and steel industries could face higher costs, starting next month after the introduction of a tariff on the imported metals. The import tariffs, which currently exempt Mexico and Canada, on aluminum and steel would be 10% and 25%, respectively. Canada and Mexico were two of the top five exporters of steel to the United States in 2017.