Experts predicted another lukewarm report, but the latest federal jobs numbers show a resilient labor market, though cracks are starting to appear.

In the latest sign that the labor market continues to cool, the pay premium for workers who leave their jobs shrank in March to its lowest level since ADP began tracking the data in November 2020.

Treasury yields remained down Wednesday morning as traders assessed data from payroll company ADP showing the U.S. added more private-sector jobs in March than expected. The yield on the 10-year Treasury note was trading about four basis points lower at around 4.

Markets rattle as trade tariffs announced; U.S. labor market the only strong pillar in a cooling economy. Economists expect slower hiring in March.

Hiring in the private sector picked up pace in the U.S., driven by a rebound in manufacturing amid uncertainty around trade tariffs, according to a monthly survey.Some 155,000 new positions were added to the economy in March,

U.S. businesses boosted hiring in March despite all the uncertainty in the economy caused by the Trump administration tariffs, suggesting the jobs market is still in good shape and weathering the storm for now.