By Lucia Mutikani WASHINGTON | Fri Feb 3, 2012 12:17am EST WASHINGTON (Reuters) - U.S. employment growth likely cooled in January, but the jobless rate is expected to hold at a near three-year low, consolidating a recent improvement in the labor market. Nonfarm payrolls rose by an estimated 150,000 as the hiring boost from a busy holiday shopping season unwound, according to a Reuters survey, after jumping by 200,000 in December.The unemployment rate is seen holding steady at 8.5 percent - the lowest level since February 2009 - after declining 0.6 percentage point over the past five months."The underlying details should not be as soft as the figures would imply. Looking through the distortions, we believe the labor market is improving," said Daniel Silver, an economist at JPMorgan in New York.Payroll growth in January was likely restrained by the loss of 42,000 couriers hired in December on the back of strong online shopping during the holidays.But outside transportation and warehousing, details of the report are expected to be fairly encouraging, with gains expected in construction and manufacturing. A rise in average hourly wages is also expected.The Labor Department will release the employment report at 8:30 a.m.The employment report will be scrutinized for signs of whether an anticipated slowdown in U.S. economic growth in the first quarter is impacting on companies' hiring decisions.The sluggish labor market was one of the key factors that prompted the U.S. Federal Reserve to say it would probably hold interest rates near zero at least through 2014. It could also help determine whether President Barack Obama gets re-elected."The report may have a bearing on the chances of getting a QE3 (quantitative easing), not that the Fed will make that decision on just one report," said Anthony Karydakis, chief economist at Commerzbank in New York."If it is a very disappointing report and there is no legitimate silver lining in it, that will call into question how meaningful some recent improvement we have seen in economic activity is."The U.S. central bank has already bought $2.3 trillion worth of bonds and Chairman Ben Bernanke said the Fed was mulling further purchases to speed up the recovery.JOBS DEFICIT HUGEEmployment in the private sector is expected to have risen by 170,000. Government payrolls probably fell by a further 20,000 as local authorities continued to struggle with tight budgets.The U.S. economy grew at a 2.8 percent annual rate in the final three months of 2011, quickening from 1.8 percent in the third quarter. However, the rebuilding of stocks by businesses accounted for two-thirds of the rise, setting the economy up for a slower growth pace this pace.Growth is also seen moderating as the European debt crisis, which has already pushed some economies in the region into recession, takes an edge off U.S. exports.Still, there are signs that some of the momentum carried into the early part of the year, with auto sales buoyant in January, factory activity at a seven month high and the four-week average of new jobless claims falling through the month.While job growth has quickened, employment remains about 6.1 million below its pre-recession level. There are no jobs for three out of every four unemployed people and 23.7 million Americans are either out of work or underemployed.But there is reason for cautious optimism. The unemployment rate has declined for four straight months, partly because of unemployed workers giving up the hunt for a job and people actually finding work.A broad measure of unemployment, which includes people who want to work but have stopped looking and those working only part time but who want more work, dropped to an almost three-year low of 15.2 percent in December."If we get an 8.5 percent unemployment rate in January, then it tells us that there is slow to steady progress being made on the employment front," said Omair Sharif, an economist at RBS in Stamford, Connecticut.However, there is a chance the jobless rate rose last month as the recent signs of improvement may have lured some discouraged jobseekers back into the labor market in January.BENCHMARK REVISIONSThe January household survey data will incorporate new population controls that will make month-to-month comparisons between the size of the labor force or number of employed or unemployed impossible.Along with the new population controls, the department will release annual revisions to the payrolls data from the survey of employers and introduce new factors to adjust for seasonal fluctuations.In an early benchmark estimate last year, it said the level of employment in March of last year was likely 192,000 higher than it had reported.Mild winter weather likely boosted construction employment last month, after the sector added 17,000 jobs in December. A fourth straight month of job gains is expected in manufacturing. jobs, with most of the losses concentrated at the local level.Weak spots in the report could come from transportation and warehousing as the courier jobs added in December disappear.Retail employment could see a pull back after recent hefty gains. Temporary help services could shed more clues on the state of hiring, after declining for the first time since June.Despite the anticipated slowdown in hiring, hourly earnings likely increased 0.2 percent, the same as in December. A bump-up in earnings could help support spending.(Reporting By Lucia Mutikani; Editing by Diane Craft) Бесплатные советники на форекс.