US non-farm payroll employment increased by 130,000 in January, outperforming expectations and signalling a tentative shift in labour market momentum.
This follows weak growth in Q4 2025 and a significant downward revision to total non-farm employment growth over the calendar year, falling from 584,000 to 181,000.
The unemployment rate also fell to 4.3% in January, down from 4.4% in December. The most recent data gives credence to the Federal Open Market Committee’s decision to hold interest rates steady at its latest meeting in January.
Alongside strong GDP growth in Q3, this suggests that the US economy is running hot following consecutive interest rate cuts at the three previous meetings. This also supports
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