The U.S. labor market started 2025 — and President Trump's term — in a state of uncanny balance. Why it matters: Unemployment is low and steady, and job growth is chugging consistently forward. It's an environment that allows policymakers at the Federal Reserve and beyond to be patient in deciding what to do next.

U.S. employers added 143,000 jobs in January — a modest slowdown from the two previous months. The unemployment rate dipped to 4%.