S & P Global Market Intelligence said next Friday's US monthly jobs report, which includes non-farm payrolls data, will provide an update on the strength of the labour market. While the January data showed a weaker-than-expected increase in jobs, it also showed the unemployment rate falling from 4.1% to 4.0% and wage growth rising from 3.8% to 4.1%. As a result, the labour force data is widely seen as supporting the Federal Reserve's shift to a slower pace of rate cuts this year, "although more signs will have to wait to show how the economy has fared since the presidential election".