Preliminary data released in August indicated that employers added about 25,000 fewer jobs per 30 days in late 2022 and early 2023 than initially believed. That wouldn’t be enough to change the basic image of a labor market that is gradually slowing but proving surprisingly resilient. The Labor Department on Friday will revise its estimate of job progress in 2022 and 2023, part of an annual process by which monthly estimates are reconciled with knowledge collected by state agencies that is extra accurate however much less well timed. The central bank’s policy fee is now set at 5.25 to 5.5 %, a degree excessive sufficient that economists assume it will cool the economic system as it trickles through monetary markets and weighs on mortgage, credit card and business borrowing. The payroll estimates that the Labor Department releases every month — together with the surprisingly robust January report on Friday morning — are based mostly on a survey of about 122,000 employers.
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