Slow but healthy US labour market strengthens Fed's case for no rush to cut rates

February 7, the U.S. Bureau of Labor Statistics released a report on Friday showed that non-farm payrolls increased by 143,000 last month, compared with a revised increase of 307,000 in December. The Bureau of Labor Statistics said the wildfires in Los Angeles and the harsh winter weather in the rest of the U.S. had ‘no discernible impact’ on employment during the month.The change in January's jobs data and the latest jobs data for early 2023 suggest that the labour market is slowing, but healthy, and continues to drive economic growth without contributing to inflationary pressures. This also helps explain why Fed policymakers have said they are in no hurry to lower borrowing costs further after three rate cuts last year.