‘Consequential’ US Jobs Report Will Define Labor Market Slowdown

A denser-than-usual jobs report is expected to show just how much the US labor market has slowed in recent years — or perhaps that it wasn’t growing at all.

In addition to the usual monthly payrolls and unemployment data, the January jobs report, due Wednesday, also includes highly anticipated revisions to payrolls. Those are expected to substantially mark down the pace of hiring, after a preliminary estimate suggested a record downward adjustment of 911,000 in the year through March 2025.

“The annual benchmark revisions are going to be more consequential than normal this year,” said Scott Anderson, chief ...