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3mo ago

U.S. Adds 143,000 Jobs in January, Falling Short of Expectations

The unemployment rate dipped to 4%, while wage growth and revised payroll data highlight a complex labor market picture.

Recalibrations in government population data could impact Friday's jobs report.
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The US economy was expected to add 170,000 jobs in January and the unemployment rate was expected to hold steady at 4.1%.

Overview

  • January's job growth of 143,000 fell below economists' expectations of 170,000, marking the weakest start to a year since 2016.
  • The unemployment rate decreased from 4.1% to 4%, accompanied by a slight rise in the labor force participation rate to 62.6%.
  • Revised data added 100,000 jobs to November and December totals, painting a stronger picture of late 2024 hiring trends.
  • Wages grew 4.1% year-over-year, with a 0.5% monthly increase, the largest since March 2022, signaling continued upward pressure on pay.
  • Factors such as severe weather and California wildfires likely impacted January's job numbers, while new tariffs and trade policies raise concerns about future hiring.