Instead, the most recent labor data shows unemployment low and steady, clocking in at 4%. Plus, job growth is still apparently moving at a healthy pace. Maybe official labor data

The Labor Department has released its first jobs report of the year, covering January 2025. It shows that payrolls grew by 143,000 — somewhat lower than economists’ expectations of 175,000. On the other hand, payroll growth for the end of 2024 was revised up quite a bit. Over the past 3 months, payroll growth has averaged a very strong 234,000.

The economy added a mild 143,000 new jobs in January as massive California wildfires and a cold snap in much of the country acted as a drag on hiring. But the details of the employment report point to a robust labor market that gained strength at the end of 2024.

The U.S. labor market started 2025 — and President Trump's term — in a state of uncanny balance. Why it matters: Unemployment is low and steady, and job growth is chugging consistently forward. It's an environment that allows policymakers at the Federal Reserve and beyond to be patient in deciding what to do next.

The US added 143,000 jobs in January, with a drop in unemployment. Find out why wage growth and job gains lead to a hawkish Fed outlook.

Consensus forecasts call for a still-robust 170,000 jobs added last month, though that’d be the lowest January total since 2018.