Economy Week Ahead: U.S. Job Market and Trade in Focus

Wednesday

The Commerce Department reports on U.S. exports and imports in January. The U.S. posted its largest trade deficit on record last year. For the full year, imports exceeded exports by $948.1 billion, a 12.2% wider trade deficit from 2021.

Mr. Powell testifies before the U.S. House Financial Services Committee.

The Labor Department releases January data on job openings, quits and layoffs. Openings jumped to 11 million in December, but private-sector measures of job postings have shown a steep decline in recent months. 

China’s National Bureau of Statistics releases February figures on inflation. Consumer prices in China rose 2.1% in January from a year earlier, a faster pace than December’s 1.8% rise.

The Bank of Canada announces its latest interest-rate decision.

Thursday

The Labor Department reports the number of worker filings for unemployment benefits in the week ended March 4. Initial jobless claims have remained at low levels for several months despite layoffs at large companies.

The Bank of Japan announces its latest monetary-policy decision. Kazuo Ueda, the Japanese government’s nominee to lead the central bank, said he believes the benefits of monetary easing are bigger than the costs.

Friday

The Labor Department reports on the state of the U.S. labor market in February, including the level of payrolls, the unemployment rate and average weekly earnings. Employers added a robust 517,000 jobs in January, and the unemployment rate fell to a 53-year low of 3.4%.

Write to Bryan Mena at bryan.mena@wsj.com