Job creation in the United States was weaker than expected in January, according to data released by the Bureau of Labor Statistics (BLS) on Friday.
Nonfarm payrolls increased by 143,000 in January, significantly lower than December’s upwardly revised 307,000 and below the 169,000 forecast by Dow Jones. Meanwhile, the unemployment rate edged down to 4%.
According to CNBC, the report also included notable benchmark revisions to 2024 payroll data, with substantial downward adjustments to previously reported figures.
In key economic indicators:
- U-6 unemployment rate stood at 7.5%, in line with estimates.
- Labor force participation rate was 62.6%, slightly higher than the expected 62.5%.
- Government payrolls increased by 32,000, exceeding the forecast of 25,000.
The latest data marks the first jobs report since President Donald Trump took office on January 20, with an agenda focused on tax cuts, economic growth, and trade protectionism through higher tariffs on major U.S. trading partners.
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