The U.S. labor market is slowing but healthy, strengthening the case for the Federal Reserve to be in no hurry to cut interest rates

On February 7, a report released by the Bureau of Labor Statistics on Friday showed that the number of non-farm payrolls increased by 143,000 last month, and the revised increase in December was 307,000. The Bureau of Labor Statistics said that wildfires in Los Angeles, as well as severe winter weather in other parts of the United States, had "no significant impact" on employment this month. Changes in the January employment data and the latest employment data in early 2023 show that the labor market is slowing but healthy, continuing to drive economic growth without inflationary pressures. It also helps explain why Federal Reserve policymakers said they are in no hurry to lower borrowing costs further after three interest rate cuts last year.