Employment Situation Preview

We are likely to see another ugly NFP report on Friday. The early data points ain’t pretty:

Layoffs: Challenger job layoffs surged to 242k in January — the highest level for a month since 2002. The monthly rise was +75k and year over year, the increase in layoffs was 165k.

ADP Report: 522k jobs lost in January, consistent with consensus expectations.

I am looking for another 500k plus job loss (potentially as high as 700k) and unemployment ticking up to 7.8%

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