US Labor Market to Continue Solid Growth in January, Annual Revisions to Temper Hiring Pace
US
- Payrolls likely increased by 170,000 in January, reflecting recovery from hurricanes and a strike.
- Bureau of Labor Statistics (BLS) to release annual revisions aligning payroll levels with a more comprehensive job count.
- Benchmark revisions expected to reduce estimated 2024 monthly job growth from 182,000 to 148,000.
Federal Reserve
- Expected outcome of the January jobs report and revisions consistent with views of moderating labor demand.
- Policymakers kept interest rates unchanged on Wednesday pending further progress on inflation.
Other Data
- BLS to report approximately 8 million job openings in December.
- Institute for Supply Management to release manufacturing and services surveys on Monday and Wednesday, respectively.
International
Canada
- January labor force survey to indicate if strong job gains continued into the year.
- Trade data for December to reveal surplus with the US.
Asia
- Factory output data from Australia, Japan, South Korea, and Indonesia to provide insights into manufacturing activity.
- Australian retail sales for December to show if holiday spending continued.
- Indonesia to release consumer price data for January.
- Caixin PMI from China to reflect activity after December's stimulus-driven expansion.
- Reserve Bank of India expected to cut repurchase rate to 6.25%.
Europe, Middle East, Africa
UK
- Bank of England likely to deliver third rate reduction to ease economic constriction.
- Investors to watch for signals on future policy moves.
Eurozone
- First inflation reading of 2025 to remain unchanged at 2.4%.
- National manufacturing data to show if Germany's downturn is easing.
- ECB officials to comment on rate decision.
Turkey
- January inflation likely slowed to 41%.
- Central bank aims to reduce inflation to 21% by year-end.
Bank of Mauritius
- Likely to cut rates as inflation remains within target range.
Poland
- Central bank expected to keep borrowing costs unchanged.
Iceland
- Policymakers likely to cut rates by half a point.
Kenya
- May lower borrowing costs as inflation remains below target range.
Uganda
- Expected to maintain benchmark rate as price growth continues.
Czech Republic
- Central bank anticipated to reduce rate by a quarter point.
Latin America
Chile
- GDP-proxy data to confirm economic slowdown.
Mexico
- Banxico may deliver a fifth quarter-point rate cut due to declining inflation.
Brazil
- Central bank to release minutes of meeting where it signaled further rate hikes.
Colombia
- Inflation expected to decline marginally.
Mexico
- Consumer prices likely slowed dramatically.