January job growth is forecast to slow slightly, but the impact from big corporate layoffs is uncertain
Publishing timestamp: 2023-02-02 17:04:04
Summary
Economists expect job growth to have slowed in January, but some, like those at Goldman Sachs, expect more jobs than consensus due to companies trying to hold on to as many jobs as possible. Unemployment rate is expected to edge higher, while wage growth is expected to stay the same. Layoff announcements from major tech companies and other non-tech firms have been made, but it is unclear how much of that will show up in labor numbers. The Federal Reserve is trying to slow the economy and inflation by cooling the hot labor market. The market is looking for a weak employment report to show that the Fed will pivot. ADP's private sector payroll data was weaker than expected, but weekly unemployment claims were at a nine-month low. Business is still strong for recruiting and staffing firms, and accounting and finance are continuing to add workers.
Sentiment: MIXED
Tickers: GS,
Keywords: stock markets, jerome powell, market insider, economy, wall street, markets, jobs, earnings, business news, goldman sachs group inc,