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Wall Street's main indexes fell on Friday after the latest jobs data raised the prospects of a more cautious Federal Reserve, while a survey showed unexpected weakness in U.S. consumer sentiment. A Labor Department report showed the U.S. economy added 143,000 jobs in January, compared with a rise of 170,000 expected by economists. The unemployment rate stood at 4%, compared with the expectations of 4.1%, while the U.S. economy created 598,000 fewer jobs in the 12 months through March than previously estimated.

"I think it's perhaps the future of American hegemony, in terms of our economic status, our economic might," Trump Jr. said.

Success in closing the carried-interest loophole is anything but guaranteed.

For now, he said, the Fed is in "wait and see" mode amid uncertainty over the economic effects of Trump administration policies, he told CNBC. With unemployment at 4% and a cooling rental market poised to help bring overall inflation closer to the Fed's 2% goal, he said, "we're in a very good place to just sit here until we get a lot more information on the tariff front, on the immigration front, on the tax front, etc." Meanwhile, he said, the next two months of inflation data will be paramount in shaping Fed policy, he said.

WASHINGTON (Reuters) -U.S. job growth slowed more than expected in January after robust gains in the prior two months, but a 4.0% unemployment rate probably will give the Federal Reserve cover to hold off cutting interest rates at least until June. The Labor Department's closely watched employment report on Friday also showed strong wage growth last month, with average hourly earnings surging, which should keep consumer spending supported. Labor market resilience is the driving force behind the economic expansion.

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The January jobs report comes as investors are closely watching for any clues about whether or not the Federal Reserve will cut interest rates in 2025.