Wall Street needs a lousy employment report on Friday.

The Labor Department will announce job growth for March then — and as much as the rest of America would love to see the job market’s cup running over, investors need to see the exact opposite.

One of Wall Street’s many concerns these days is that it would like to see put to rest the notion that the Federal Reserve needs to raise interest rates.

Experts are expecting March job growth to be about 170,000 and the unemployment rate to drop to 4 percent from February’s 4.1 percent. Job growth in February was a very strong 313,000, which gave the Fed a good excuse to raise interest rates in March.

And the Fed did raise rates at its last meeting. The next time the Fed has a chance to increase borrowing costs at a regular meeting is in early May.

A blockbuster jobs report would certainly put Wall Street on edge — probably causing stock and bond prices to fall and interest rates to rise in the open market, which the Fed doesn’t control.

The stock market already has lots of problems. The trade war heated up this week when China said it would impose tariffs on 106 American products in retaliation for actions the Trump administration took against Chinese goods imported to the US.

What China hasn’t done yet is pull out its big artillery — threats to stop buying US government bonds, or worse, to sell the more than $1 trillion worth they already own. There have been cautious words from Beijing about doing so, but thus far nothing has come through official channels.

A trade war will take its full toll on America if, or when, the Chinese make that announcement. As I’ve been saying for a long time, America has relinquished its ability to govern itself by allowing China to acquire so much of our debt. In essence, the Chinese are holding an ace in the hole that could decimate our financial markets, although most people are hoping that China would suffer more by taking such action.

The Dow Jones industrial average declined sharply in early trading Wednesday on the news of the tariffs on US products. But things changed after calming words from Washington, and the Dow closed up by 230.94 points, at 24,264.30 — after a day that featured a 700-point swing.

Another problem for the stock market: President Trump’s disdain for Jeff Bezos, who happens to own much of Amazon and all of the Washington Post. Trump’s attacks on Amazon have destabilized all technology stocks, helped along by problems that Facebook is having with customers and advertisers over the issue of trust.

So the next big hurdle for an already beaten-down stock and bond market is Friday’s employment report. On Wednesday, ADP, which conducts independent employment surveys of the private sector, said jobs grew by 241,000 in March.

Labor’s jobs report doesn’t necessary follow the ADP trend, but if it is too strong, Wall Street could have another serious concern on its hands.