JOIN Kathleen Brooks at 13:25 GMT and find out everything there is to know about the US labour market.
This Friday we will get the latest labour market data from the US. For now, economists expect the US labour market to create 160k jobs last month. This is a slight uptick on January’s figure of 143k, but it suggests a slowdown in labour market momentum since 2024. A strong labour market has been a key support for the US economy and for consumer spending, however, the push by Elon Musk and his colleagues at Doge to reduce the size of the government and to cut government spending risks weakening the labour market. While there have not yet been mass redundancies of Federal workers, there have been some, and there is also a hiring freeze. The government has been a key component of the labour market in recent years. Last month, the government boosted jobs growth by 32,000, we doubt that it will have the same impact in February.
Data from the US has been trending lower in recent months, and the Citi economic surprise index fell to its lowest level since September, as the US economic malaise continues. The deteriorating economic data has hindered US stock markets as growth fears remain elevated. The stirrings of discontent around the US economy in recent weeks risks turning into something more onerous for investors if this week’s US economic data shows further deterioration. It is worth noting that the ISM services employment component was stronger than expected for February, so there is a chance of an upward surprise for payrolls later today.
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