Hiring slowed in January as U.S. employers added 143,000 jobs amid the Los Angeles wildfires, frigid weather across much of the nation and uncertainty generated by President Donald Trump’s trade and immigration policies. But payroll gains for the previous two months were revised up by a whopping 100,000, depicting an even more robust picture of the labor market at the end of 2024. The unemployment rate, which is calculated from a separate survey, fell from 4.1% to 4%, an eight-month low, the Labor Department said Friday. Economists had estimated that 170,000 jobs were added last month, according to the median estimate of those surveyed by Bloomberg.
U.S. employers added just 143,000 jobs last month, but the unemployment rate fell to 4% to start 2025. The first monthly jobs report of Donald Trump’s second presidency suggested he’s inherited a solid but unspectacular U.S. labor market. January job creation was down from the 261,000 added in November, and the 307,000 created in December. Economists had expected about 170,000 new jobs in January. Most Americans still enjoy unusual job security. But for those looking for work, the job hunt has been getting harder as the labor market cools from the red-hot hiring days of 2021-2023.
The U.S. economy added jobs at a slower pace than expected in January, as the Federal Reserve remains in a holding pattern for interest rate cuts as it evaluates the labor market and inflation data. The Labor Department on Friday reported that employers added 143,000 jobs in January, below the estimate from LSEG economists. The unemployment rate came in at 4%, lower than economists' expectations. The number of jobs added in the prior two months were both revised, with job creation in November revised up by 49,000 from a gain of 212,000 to 261,000; while December was revised up by 51,000 from a gain of 256,000 to 307,000. Taken together, 100,000 more jobs were created in those two months than previously reported.
