Yes, you read that right. The monthly jobs report, a Friday tradition, is coming out this morning, five days later than originally scheduled due to the partial government shutdown.
Economists expect the US added 65,000 jobs in January and unemployment remained at 4.4%.
Investors are looking at the January jobs report to see if the job market has continued stabilizing following a difficult 2025. The US added only 584,000 jobs last year, the lowest employment growth since 2003, excluding recessions.
The coming report will include revisions to past job growth, so last year's employment level could change.
The report is expected to drop at 8:30 a.m. ET. Stay with us as we preview the data and then give you an inside look at everything you need to know about the report when it drops.
The job market has stabilized a bit
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Fed chair Jerome Powell said at a press conference on January 28 that job market "conditions may be stabilizing after a period of gradual softening."
He said there's been "little change" in several indicators, including layoffs and wage growth.
"A good part of the slowing in the pace of job growth over the past year reflects a decline in the growth of the labor force, due to lower immigration and labor force participation, though labor demand has clearly softened as well," Powell said.
The Fed decided to hold interest rates steady in its first decision of the year at the end of January, after three straight cuts before 2025 ended. The December press release said "downside risks to employment rose in recent months," but the January press release didn't include that.
2026 could remain a tough job market
Job seekers' frustrations with finding a job will likely persist this year. Data from Indeed showed that it's taking longer for job postings to become hires than a few years ago.
Cory Stahle, an economist at the Indeed Hiring Lab, said that could be due to less urgency, more uncertainty, and a qualifications mismatch.
"Longer hiring times, paired with muted overall hiring activity, suggest that finding a job may prove difficult for many job seekers in 2026," Stahle told Business Insider.
Guy Berger, senior fellow at the Burning Glass Institute, expects this year to "look a lot" like the past few years, with a weaker job market that still avoids a recession.
"The labor market will end up in mildly worse condition than how it started: slightly higher unemployment (with most of the increase concentrated among the young), slightly lower hiring and turnover, and minimal or no increase in layoffs," Berger wrote in his Substack.
Here's how hiring has looked by industry
Leisure and hospitality had the largest gain over the month in December among major industries, adding 47,000 jobs. Retail had the largest loss, falling by 25,000.
Looking at the year overall, healthcare and social assistance were bright spots, adding over 700,000 jobs between December 2024 and December 2025. The government and the professional and business services sectors had relatively large job losses. Many government workers took the federal buyout offered as part of the big DOGE-backed employment cuts last year.
"I'd enjoyed my time in the federal government, but it was clear that this would no longer be the same job I'd signed up for," said Jide Adebowale, who took the buyout and has since landed a job in the tech sector.
The US added fewer jobs than expected in December
Last month's report showed the US added 50,000 jobs in December, below the expected 70,000.
It capped off several months of weak gains and even a few reports showing job losses. Laura Ullrich, the director of economic research in North America at the Indeed Hiring Lab, said these have been "mediocre" reports when taken together.
"It doesn't have to be a really bad report for the cumulative effect to be pretty negative," Ullrich told Business Insider.
The new report will include revised employment, hours, and earnings data, so the past few years of data could be affected.
Last year was a tough, low-fire, low-hire market for job seekers
Cooler job growth didn't lead to a massive surge in unemployment last year. Unemployment rose from 4% in January to 4.4% in December, still pretty low.
Preston Caldwell, the chief US economist at Morningstar, said in commentary that unemployment hasn't accelerated even more quickly because the drop in the supply of workers is offsetting cooler demand for workers.
"Even though the unemployment rate is still fairly low by historical standards, there's not much hiring or firing going on, and that's bad news for people who are trying to find a job," Jed Kolko, senior fellow at the Peterson Institute for International Economics, told Business Insider. "We've seen employment fall for younger workers who are typically near the beginning of their career."
Stocks are in a holding pattern
Investors are holding their breath for today's jobs report.
Futures for the three main US stock indexes are virtually unmoved as of around 6 a.m. ET. S&P 500 futures are flat, Dow Jones futures are up about 0.1%, and Nasdaq 100 futures are down about 0.1%.
Precious metals are trading higher with gold up 1.9% at around $5,130 an ounce, and silver up 6% at just over $85 per troy ounce. Crude oil prices are also in the green with Brent crude up 1.3% at around $69.70, and West Texas Intermediate up 1.4% at $64.80.