Nonfarm payrolls were projected to increase by 169,000 in January, according to the Dow Jones consensus forecast.
rose by a seasonally adjusted 143,000 for the month, down from an upwardly revised 307,000 in December and below the 169,000 forecast from Dow Jones. The unemployment rate nudged lower to 4%.The report also featured significant benchmark revisions to the 2024 totals that saw substantial downward changes to the previous payrolls level.
The level of those reporting at work, as computed in the household survey, soared by 2.23 million, the product of annual adjustments for population and immigration in the country. The household survey happens separately from the establishment survey used to tally total jobs. Markets showed little reaction to the report, with stock market futures modestly positive and Treasury yields higher as well.
While some economists had expected that the California wildfires would reduce the job count, the bureau said they"had no discernible effect" on the total.
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