Friday’s jobs data is likely to reinforce their cautious stance. The payroll estimates that the Labor Department releases every month — including the surprisingly sturdy January report on Friday morning — are based on a survey of about 122,000 employers. Each 12 months, the government revises those estimates to bring them according to more definitive data collected by states by way of their unemployment insurance coverage methods. Mr. Powell said this week that strong growth in and of itself wouldn’t fear the Fed — or essentially stop them from decreasing rates of interest this year — so lengthy as inflation continued to return down.
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