U.S. employers added just 143,000 jobs last month, but the jobless rate slipped to 4% to start 2025 and the government revised November and December payrolls higher. The first job report of Donald Trump’s second presidency on Friday suggested that he inherited a labor market that is solid but unspectacular.

U.S. job growth likely slowed in January, partly restrained by wild fires in California and cold weather across much of the country.