The Labor Department has released its first jobs report of the year, covering January 2025. It shows that payrolls grew by 143,000 - somewhat lower than economists’ expectations of 175,000. On the other hand, payroll growth for the end of 2024 was revised up quite a bit. Over the past 3 months, payroll growth has averaged a very strong 234,000.

The economy added a mild 143,000 new jobs in January as massive California wildfires and a cold snap in much of the country acted as a drag on hiring. But the details of the employment report point to a robust labor market that gained strength at the end of 2024.

Defying fears of a pandemic-driven Great Depression and bucking Federal Reserve interest rate hikes as well, the U.S. job market has hit what U.S. central bank officials are characterizing as a moment of stable full employment,

The US labor market added fewer jobs than forecasted in January while the unemployment rate unexpectedly fell. Data from the Bureau of Labor Statistics released Friday showed 143,000 new jobs were created in January,

Economists are expecting an overall healthy reading, with 169,000 net new jobs created in the month and the unemployment rate holding steady at 4.1%. The January report includes annual benchmark revisions and updates to models that could affect the data.

The January jobs report, to be released Friday morning by the Labor Department, will provide the first look at employment in 2025.

Consensus forecasts call for a still-robust 170,000 jobs added last month, though that’d be the lowest January total since 2018.

Friday marked the release of the first jobs report under a new Trump administration.