live to cbs news business analyst jill schlesinger in new york. n the numbers and especially what they mean. we're going into a new administration. how's this being framed this morning, jill? >> reporter: i think this is pretty largely expected. i know it's a little bit lower and you know we were thinking 150,000 to 200,000. but, you know, listen. 49 consecutive months of job growth, pretty good. and the unemployment rate came down a little bit down to 4%. i think the most important number for those who are working is the annual wage increase. wages accelerated last month. and that meant that annual wages, up by 4.1%, and i got to tell you something. if your wages are growing at 4.1%, and prices are growing by 2.9%, that's a good chunk of money that's falling to your bottom line. so this is good news for workers. >> well, in the report the government also released a revision to the 12 months worth of jobs data. why do they the that revision and what do we learn from that? >> reporter: it might surprise you to learn that the way the bureau of labor

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>>>>cbs news business analyst jill schlesinger says rising rent and housing costs continue to drive overall inflation higher, and many economists are trying to gauge the future impact of president trump's tariffs on imported goods. >>>>if those tariffs stayed in place for a number of months, we would see prices go up and we would see the inflation rate rise. >>>>all this is bad news for people looking to get a loan with prices moving higher. the federal reserve is expected to leave interest rates alone at its next meeting in march, and the fed is not likely to cut rates again until inflation starts easing. >>>>internationally, president trump says negotiations to end the war in ukraine are starting immediately. earlier, he had a call with russian president vladimir putin and has since spoken with ukrainian president volodymyr zelensky. the conversations come one day after russia released a schoolteacher from pennsylvania, mark fogel. he is now back on u.s. soil. fogel was arrested at the airport in moscow back in 2021 for having marijuana. his family said it was for medical reasons. mark fo

. >> cbs news business analyst jill schlesinger says they will drive inflation higher with many economists trying to gauge the impact. it will be president trump's tariffs on imported goods. >>> meanwhile house republicans unveiled the budget resolution calling for tax cuts up to $4.5 trillion, while also slashing $2 trillion of federal spending. democrats say the plan mainly helps billionaires and other corporations. republicans currently hold a slim majority in the house. 218 to 215. >>> well, california's production of wine grapes have seen a big dip in 2024. the state posting a 23% drop in crushed grapes from the previous year. they were seen in both red and white varieties, but the report is signaling it was the state's lowest crush in 20 years. >>> and what began as a day of adventure for northern california teen turned into a complex rescue mission to save a 16-year-old from a mine shaft. why firefighters say he's lucky to be alive. >> and there is a feeling of immense physical pain. >> the bay area man who decided to run seven marathons in seven days on seven different continents.

. >> reporter: cbs analyst jill schlesinger says rising rent and housing costs continues to drive inflationrall. and many are trying to judge the impact of president trump's tariffs on imported goods. >> if those tariffs stayed in place for a number of months, we would see prices go up and we would see the inflation rate rise. >> reporter: all this is bad news for people looking to get a loan. with prices moving higher, the federal reserve is expected to leave interest rates alone at its next meeting in march, and the fed is not likely to cut rates again until inflation starts easing. kelly o'grady, cbs news, new york. >>> when "cbs news roundup" continues, we'll tell you why one of the most popular spring break destinations is telling party crowds to stay away this year. [vo]: fear. i love you. [vo]: confusion. alright, i'll just take your arm - [vo]: pain. it's gonna be okay. [vo]: worry. [vo]: exhaustion. [vo]: boredom. [vo]: and bravery. -you got this. [vo]: all in the life... - i love you. [vo]: ...of a child. this is why starlight exists. to bring happiness to hospitalized children...

well, cbs news business analyst jill schlesinger joining us live talking to us here with the latest numbers good morning to you and what does january data show us? >> reporter: exactly what you said. we are not going anywhere anytime soon so we went from a 2.9% annual inflation rate to a 3% annual inflation rate. and, you know, listen, the monthly reading really still gets moved by the big categories. like shelter which accounted for about 30% of price increases in the month of january. now the core rate it removes food and energy also accelerated a bit. 3.3% from a year ago higher than december's 3.2% and you know listen i know we talk a lot about grocery shopping. that is very important. the egg thing is nuts by the way. because egg prices were up by 15% in the month of january. up by more than 50% over the last year. i have got a great idea though. i know we all like our protein. maybe ditch the protein and go to cereals. they were down month over month for prices so no eggs, yes to oatmeal. are you on board or not? >> i am on board and in fact cereal has been very popular our house late