U.S. employers added just 143,000 jobs last month, but the unemployment rate fell to 4% to start 2025. The first monthly jobs report of Donald Trump’s second presidency points to a solid but unspectacular labor market.

The January jobs report revealed a drop in the unemployment rate to 4%, accompanied by payroll gains of 143,000. A Fed interest rate cut in March is now very unlikely.

U.S. January payrolls fell short of expectations with 143,000 jobs added while the unemployment rate fell to 4.0% and hourly wages climbed a better-than-estimated 0.5%. Michael McKee breaks down the numbers on Television.