In January, job growth in the US economy moderated, with 143,000 jobs added, below economists' expectations of 168,000. The unemployment rate remained steady at 4%, slightly down from 4.1% in December. Job growth revisions showed an increase in previously reported figures for November and December, though overall, 589,000 fewer jobs were added in early 2024 than estimated. The labor market is cooling since its peak in 2022, with fewer job openings and less job-hopping among Americans. The Federal Reserve's decision to maintain interest rates reflects uncertainty about economic impacts under the new administration.
Hiring across the US economy moderated in January, but the labor market continued to grow at a steady pace during the transition period between Biden and Trump.
The unemployment rate remained steady at a relatively low 4%, edging slightly downward from 4.1% in December, reflecting a resilient labor market.
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