Friday preview: US jobs report, global services PMIs in the spotlight

All eyes at the end of the week will be on what economists consider the most important of all economic reports published each, the monthly non-farm payrolls data.

Consensus is for a modest decline in the pace of hiring from 220,000 in December to 170,000 for January.

Average hourly earnings meanwhile were seen rising by 0.3% month-on-month and 4.3% year-on-year.

Worth noting, the latest figures will arrive at a moment when markets' expectations for central bank policy are quite finely balanced.

And if the complexities of seasonal adjustment are always a concern then even more so around Christmas and given the extreme weather during part of the reference period.

The report will also come amid potentially conflicting data with the official jobless claims numbers still pointing to a very tight labour market, even as layoff announcements have been on the rise.

The data will be released at 1330 GMT.

Investors will also be keeping a close eye on the Institute for Supply Management's services sector Purchasing Managers' Index for January.

The last update from the ISM surprised sharply to the downside, prompting some economists top muse out loud that further such outcomes would set off alarm bells at the Federal Reserve.

ISM was scheduled to release its survey data at 1500 GMT.

Comparable services sector surveys were due out on this side of the Pond as well, courtesy of S&P Global, at 0930 GMT in the UK and 0900 GMT for the euro area.

A reading for producer prices in the single currency bloc covering the month of December were expected at 1000 GMT.

Friday 03 February

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INTERNATIONAL ECONOMIC ANNOUNCEMENTS

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Non-Farm Payrolls (US) (13:30)

PMI Composite (EU) (09:00)

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PMI Composite (US) (14:45)

PMI Services (EU) (09:00)

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