US employers added 143,000 jobs in January in a substantial slowdown from the month before after the Federal Reserve hinted at few interest rate cuts this year, and wildfires and snowstorms stifled some industries.
The number fell short of the 169,000 jobs economists had expected. The unemployment rate, however, ticked down to 4% from 4.1% the month before versus expectations that it would stay flat.
Just 14.5% of investors placed odds on the Fed issuing a rate cut at its March meeting after the weak jobs report, which missed expectations of an additional 169,000 jobs, according to CME FedWatch.
The slower pace is likely not drastic enough to push the Fed to cut rates, with economists believing the Fed would need to see consistent growth below 100,000 jobs and a rise in unemployment before issuing more rate cuts.
