REUTERS/Nir Elias
The January jobs report is set for release from the BLS at 8:30 am ET.
Here are Wall Street's expectations:
- Nonfarm payrolls: +230,000
- Unemployment rate: 5.6%
- Average hourly earnings, month-on-month: +0.3%
- Average hourly earnings, year-on-year: +1.9%
- Average weekly hours worked: 34.6
Ahead of Friday's report, Jim O'Sullivan at High Frequency Economics noted that the seasonal adjustments can often have big impacts on the January jobs report. O'Sullivan expects payrolls gains to total 210,000.
The US labor market is currently in the midst of its longest streak of monthly payrolls adds over 200,000 since the mid-90s, and a payroll number over 200,000 on Friday will make it 12 straight months.
At 5.6%, the unemployment rate is at its lowest level since June 2008.
Goldman Sachs' David Mericle, who also has a below-consensus outlook for job gains at 210,000, outlined six reasons in a note to clients on why today's jobs number could disappoint.
Stephen Stanley, chief economist at Amherst Pierpoint, expects payroll gains to top expectations, totaling 250,000 in December. Stanley added that if there is a miss on the jobs report, it will likely be to the upside.
Keep it here, as we will have complete coverage, LIVE, of the numbers when they hit.