U.S. job growth likely slowed in January, partly restrained by wild fires in California and cold weather across much of the country, though not enough for the Federal Reserve to resume interest rate cuts before the end of the first half.

"We expect the annual revision will reduce the recent trend pace of growth by 35,000, and by about 70,000 on average over the April 2023-March 2024 period," said Andrew Husby, a senior US economist at BNP Paribas Securities. "A larger effect on recent momentum is possible, but we are skeptical given robust economic growth."

The Labor Department’s January survey will include revisions making data for previous months look stronger in some cases and weaker in others.