Why People Are Getting Super-Nervous About Today's Jobs Report

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The official estimate is for 140K new jobs created in January, with the unemployment rate holding steady at 8.5%.But there’s definitely a lot of nervousness about a “miss.”

TrimTabs, for example, which looks at tax withholding data thinks we’ll only see a +45K number.

Gallup is also out saying the jobs data might be slowing again.

And here’s Moody’s Mark Zandi, via Morning Money:

 The January employment report will be on the soft side. I expect payroll employment to increase by just over 100K and private sector employment to increase by 125k. Unemployment will edge higher to 8.6%. The January report will reflect some pay back from the strong December report in which payrolls rose by closer to 200k. December was juiced-up by mild winter weather, adding to construction payrolls, and a seasonal jump in courier jobs related to strong growth in online retailing. Seasonal adjustment issues may also mean that some of the December gain in retail jobs will be reversed in January.

Obviously we’ll be here LIVE with the data at 8:30.

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