But the forecasting firm Macroeconomic Advisers, which prepares the report with ADP, warned Wednesday that its estimate of December job growth might have been stronger than merited because of seasonal-adjustment problems specific to the ADP data set.

WSJ: What's Behind the Jobs Report?

Fred Bergsten of the Institute of International Economics argues that the problems of adjustment - and the huge trade imbalance - will generate growing protectionist pressures in the US and Europe, undermining support for free trade.

BBC: Analysis

But some academics have been looking back at the 1920s to make comparisons with the present day and they find similarities both in the nature of the economic problems and the adjustment efforts designed to alleviate them.

WSJ: Brussels Beat: Parallels With 1920s Raise Worries Over Extremism