January jobs report: Economy at full employment. Wage pressure picks up.
Economists had been 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, which effectively closes the book on the Biden-era job market,
Friday’s report provided evidence of slowing expansion. The 143,000 jobs added would be the weakest January total since 2016.
The January jobs report revealed fewer new jobs than expected but the unemployment ticked down slightly.
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