Total nonfarm payroll employment rose by 143,000 in January, and the unemployment rate edged down to 4%, the U.S. Bureau of Labor Statistics reported Friday.

"The January jobs report indicates that the labor market remains solid, despite annual revisions showing last year’s gains were lower than initially reported. The Bureau of Labor Statistics' preliminary August revision estimated that total employment for the year ending in March was overcounted by 818,000 jobs. This figure has since been adjusted to 589,000, still reflecting a moderating labor market but to a lesser extent,” said Dawit Kebede, America's Credit Unions senior economist.  Meanwhile, the unemployment rate declined to 4%, and stronger payroll gains over the past three months suggest a resilient economic foundation. This bodes well for credit unions, supporting loan growth and enhancing members’ ability to repay their loans on time."