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.

The US labor market added fewer jobs than forecasted in January while the unemployment rate unexpectedly fell. Data from the Bureau of Labor Statistics released Friday showed 143,000 new jobs were created in January,