White House Temps Wall Street: January Jobs Report Expected Wednesday, January Numbers Likely Slightly Below Expectations

The White House is downplaying expectations ahead of the January nonfarm payrolls report, scheduled for Wednesday, February 11, at 8:30 a.m. ET. National Economic Council Director Kevin Hassett told CNBC on Monday not to expect a panic, and that slightly smaller gains may be the norm. Economists expect about 70,000 jobs, with estimates ranging from a loss of 10,000 to an addition of 135,000. The unemployment rate is expected to remain near 4.4%. Recent indicators show pressure: ADP reported 22,000 private jobs in January, JOLTS showed job openings at a 2020-low, and Challenger, Gray & Christmas recorded the highest layoff announcements since 2009. Officials attribute potential weakness to a productivity boom and a decline in the labor force due to immigration factors. Senior trade counselor Peter Navarro urged adjusting expectations down, suggesting 50,000 net new jobs could suffice considering population growth and ongoing deportation operations.