Economists: In addition to the non-farm payroll data tonight, we should also pay attention to the Bureau of Labor Statistics' annual population adjustment data.

The Bureau of Labor Statistics (BLS) will release new population control data that was delayed last year due to the 43-day government shutdown. BNP Paribas chief U.S. economist, Eggerhoff, stated that the latest Census Bureau data shows the BLS has been overestimating population growth since the end of 2024. The adjusted January data is expected to see a downward revision of approximately 590,000 in the population aged 16 and over, a downward revision of approximately 370,000 in the labor force, and a similar downward revision in the household survey's employment figure. Using a BLS experimental series that smooths out past population control and immigration data, combined with the latest Census data, the BLS projects only 900,000 new jobs in the U.S. by 2025, and a total labor force growth of well below 500,000 by 2026. The population control adjustments will only affect the January household survey data. This means that month-over-month data for indicators such as household employment, unemployment, and labor force will not be directly comparable. Bank of America Securities economist Mishra stated that the good news is that key ratios (unemployment rate and labor force participation rate) are typically minimally affected. Last year, population control adjustments increased both ratios by 0.1 percentage points, while the risk this year is that new control adjustments may cause both ratios to decline slightly. (Jinshi)