According to Labor Department officials, the U.S. economy added 143,000 jobs in January, while the unemployment rate fell to 4%, indicating a slowing labor market that remains on solid footing.
Hiring was impacted by the Los Angeles wildfires, frigid weather nationwide, and uncertainty surrounding President Donald Trump’s trade and immigration policies. Despite missing job growth expectations, the unemployment rate hit an eight-month low.
Job growth was mainly concentrated in the healthcare, retail, and government industries. Wages also exceeded expectations, with average hourly earnings rising 0.5% for the month and 4.1% year-over-year, surpassing projections.
Overall, economists see no cause for concern about the economy, suggesting the Fed is unlikely to cut interest rates anytime soon.
