Economists forecast a slight pickup in job growth in January over December, but warmer weather could have pushed it even higher.
Economists expect to see 158,000 nonfarm payrolls added in January, up from 145,000 in December.
The job revision, the biggest since the financial crisis, is largely reflecting reductions in leisure and entertainment categories as well a sharp reduction in retail, reflecting the shift from stores to online spending. About 500,000 jobs will be cut from March 2018 through March 2019 as part of benchmark revisions. That would wipe out about 40,000 jobs a month and is the largest reversal in that number since the financial crisis. Sectors with the most jobs lost are retail and leisure and hospitality.
Swonk said that could mean more construction workers than expected and more workers added in the leisure and hospitality sector. Plus, the recent pickup in ISM manufacturing, which now shows expansion again, means more jobs should have been added jobs in manufacturing, the category that would be hit by Boeing, so it might be difficult to find the impact.
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