Annual revisions to jobs data and disruptions related to the catastrophic Los Angeles fires and severe winter storms are likely to be reasons behind the slump in job gains.

Economists had been expecting an overall healthy reading, with 169,000 net new jobs created in the month and the unemployment rate holding steady at 4.1%. The January report, which effectively closes the book on the Biden-era job market,

January job creation was down from 307,000 in December and 263,000 in November. Economists had expected about 170,000 new jobs in January.