Institutions: US January non-farm payroll report may be revised downwards on record.

Analysts point out that a larger-than-usual jobs report is expected to reveal the extent of the slowdown in the US labor market in recent years—or perhaps even show that it hasn't grown at all. In addition to the regular monthly non-farm payrolls and unemployment data, the January non-farm payrolls report, to be released Wednesday, also includes a highly anticipated revision to the employment data. Preliminary estimates indicate that the annual employment figure ending in March 2025 will be revised downwards by a record 911,000, significantly lowering the pace of job growth. "This year's annual baseline revision will be more impactful than in previous years," said Scott Anderson, chief US economist at BMO Capital Markets. "The labor market is indeed at a tipping point between net job growth and potential job contraction." Every January, the US Bureau of Labor Statistics revises the non-farm payrolls data based on the more accurate but less timely Quarterly Employment and Wage Census (QCEW). This data is based on state unemployment insurance tax records and covers most jobs in the US. (Jinshi)