Clues on whether the U.S. economy is merely in a temporary tariff-induced funk or a more damaging longer-turn downtrend should come Friday when the Labor Department releases the April jobs report.

Economists expect nonfarm payrolls to post an increase of 133,000, which would be a steep slide from the 228,000 in March, according to the Dow Jones consensus. However, it would be only slightly below the 152,000 average for the first three months of the year and likely would be enough to hold the unemployment rate around 4.2%.