Friday’s report provided evidence of slowing expansion. The 143,000 jobs added would be the weakest January total since 2016. January is the ninth consecutive month of at least 4% unemployment, after the U.S. spent all of Feb. 2022 to April 2024 below that mark.

U.S. job growth slowed more than expected in January after robust gains in the prior two months, but a 4.0% unemployment rate probably will give the Federal Reserve cover to hold off cutting interest rates at least until June.

Annual revisions to jobs data and disruptions related to the catastrophic Los Angeles fires and severe winter storms are likely to be reasons behind the slump in job gains.