US non-farm payrolls rose 143,000 in January, a sharp slowdown from December’s strong increase. Meanwhile, the unemployment rate fell to 4.0% last month — lowest since May. “The weaker January increase masks what may be a firming trend in hiring,” advises a note from TMC Research, a unit of The Milwaukee Co., a wealth manager. “Using a 3-month average of payrolls to reduce the short-term noise suggests the hiring trend appears to be picking up. Note, too, that the 6-month trend turned above the 1-year change in January for the first time since May.”
