Healthcare and retail were the top industry gainers in January as U.S. companies added a total of 143,000 new jobs over the prior month. The unemployment rate was 4%, down from 4.1% in December, the Labor Department reported.

The government said healthcare added 44,000 jobs in January, with retail increasing by 34,000 and social assistance adding 22,000 jobs. Government employment rose by 32,000, on par with monthly gains of the past year, though analysts were watching for future effects of federal government moves to cut its workforce through buyouts and layoffs.

While overall January job growth was lower than expected, some analysts said the latest numbers on their own were unlikely to spur the Federal Reserve to lower its key lending rate, with the next Fed rate-setting meeting slated for March 18-19. Fed Chair Jerome Powell said last month that labor market conditions were “broadly in balance” with wage growth not putting significant pressure on inflation, as the Fed left rates unchanged.

Challenger, Gray & Christmas reported that U.S.-based firms announced 49,795 planned job cuts in January, up 28% from the prior month but down 40% from January 2024. That was the lowest January job cut total since 2022, the outplacement firm said.

Technology led all industries with 7,488 announced cuts in January, the firm said. New rounds of workforce reductions have been announced this year by companies such as Microsoft, Amazon, Salesforce and Facebook parent Meta.

President Trump said he planned a 25 percent tariff on all non-U.S. steel and aluminum imports into the country starting Monday and expects to institute reciprocal levies on trading partners, according to the New York Times and Wall Street Journal.

The New York Times said Trump made the comments on Air Force One on his way to the Super Bowl. Steel and aluminum tariffs will apply to every nation exporting the metals to the U.S., according to the Wall Street Journal. Steel and aluminum are used in commercial buildings.

Trump has already imposed a 10 percent tariff on products from China and has held off on instituting tariffs on Mexico and Canada. For the U.S., the No. 1 steel supplier is Canada, ahead of Brazil, Mexico, South Korea and Vietnam, the New York Times reported, citing the American Iron and Steel Institute.

Consumer sentiment fell for the second straight month in a closely watched national survey by the University of Michigan, due in part to concerns that planned trade tariffs will reignite inflation after several months of price moderation. A new 10% tariff on goods imported from China took effect Feb. 4, with a 25% tariff on goods from Canada and Mexico currently slated to be enacted in March.

The university’s February index of consumer sentiment posted at 67.8, down from 71.1 in January and also below the 76.9 for February 2024. Numbers generally reflect the percentage of respondents with favorable views of the economy, based on several metrics including household income, consumer prices and job growth.

University researchers found sentiment declining across age and wealth groups, as well as political party affiliation. Confidence in buying conditions for big-ticket “durable” goods, like appliances and cars, was particularly hard-hit by perceptions that it may be too late to avoid negative impacts from tariff policies being enacted by President Donald Trump’s administration.

“Many consumers appear worried that high inflation will return within the next year,” Joanne Hsu, the university’s director of consumer surveys, said in a statement. Average year-head expectations for inflation jumped from 3.3% in the January survey to 4.3% in the February survey, the highest reading since November 2023 and marking two consecutive months of “unusually large increases,” Hsu said.

Shoppers are on track to shell out a record $27.5 billion this year on candy, flowers and other items for Valentine’s Day, Feb. 14, according to the latest forecast by the National Retail Federation and consulting firm Prosper Insights & Analytics.

That level would surpass the previous record of $27.4 billion set in 2020, with a national survey of more than 8,000 adults showing consumers this year will spend an average of $188.81 for the holiday, up from $185.81 last year. Over half of respondents, 56%, plan to celebrate this year’s holiday, up from 53% in 2024.

In line with 2024, the top shopping destinations this year will be online retailers, selected by 38% of respondents. Department stores were listed by 34%, with discount stores at 29%, and florists and specialty stores tied at 18%.

Candy was the most popular gift category, with 56% of respondents planning to purchase that item, with flowers at 40%, greeting cards at 40%, an evening out at 35% and jewelry at 22%. Venues like restaurants are expected to reel in $5.4 billion in spending from that special night out, with jewelry retailers taking in $6.5 billion — both outpacing the $2.5 billion to be spent on candy and $2.9 billion on flowers.