Economists had been expecting an overall healthy reading, with 169,000 net new jobs created in the month and the unemployment rate holding steady at 4.1%. The January report, which effectively closes the book on the Biden-era job market,

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.

U.S. employers added 143,000 jobs last month, somewhat fewer than forecast, while unemployment fell to 4 percent and hourly earnings rose.