US employers added just 143,000 jobs last month, jobless rate slips to 4%
jobless rate slipped to 4% to start 2025 and the government revised November and December payrolls higher.
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The first job report of Donald Trump's second presidency suggested that he inherited a labor market that is solid but unspectacular. January job creation was down from 307,000 in December and 263,000 in November. Economists had expected about 170,000 new jobs in January.
Average hourly wages rose by 0.5% from December and 4.1% from January 2024, coming in a bit hotter than forecasters had expected — news that might be disappointing to the inflation fighters at the Federal Reserve. The Labor Department also revised payrolls for November and December up by a combined 100,000.
Healthcare companies added 44,000 jobs, down from a 2024 average of 57,000. Retailers hired 34,000 workers. And government at all levels added 32,000 jobs. Mining companies shed 8,000 jobs.
The future is cloudier.
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