The U.S. created 228,000 nonfarm jobs in March, the U.S. Bureau of Labor Statistics reported Friday. The seasonally adjusted payroll growth exceeded estimates by Dow Jones economists, who had predicted that employers would add 140,000 jobs last month.

However, the overall jobs picture was tempered by a slight uptick to the unemployment rate, which rose to 4.2% from 4.1% in February. And year-over-over wage growth slowed to 3.8%, down from 4% in February.

Sam Williamson, senior economist at First American Financial Corp., said in a statement that the Federal Reserve is likely to take a “wait-and-see stance” on interest rate cuts based on the spike in jobs added last month.

“The broad-based March surge in jobs came as more people joined the labor force, causing a slight uptick in the unemployment rate,” Williamson stated. “At first glance, this strong report highlights the Federal Reserve’s stance that the job market is holding steady, offering some optimism amid economic uncertainty.”

Mike Fratantoni, senior vice president and chief economist of the Mortgage Bankers Association, offered a similar outlook. Fratantoni said in a statement that the Fed, “in data-dependent mode, is likely to remain cautious with respect to any rate cuts so long as inflation is above target, and the job market data continues to come in strong.”

But Fratantoni also noted that the Labor Department data do not reflect the impacts of this week’s announcement by the Trump administration that it is imposing sweeping tariffs on imports from virtually every U.S. trading partner.

“In light of the tariff announcements this week and the sharp drop in stock markets around the world in response, these data are likely not capturing the moment with respect to the actual strength of the economy,” Fratantoni stated.