If confirmed by the Senate, Kevin M. Warsh, a former governor at the central bank, will replace Jerome H. Powell, whose term as chair ends in May.

© Tierney L. Cross/Bloomberg

If confirmed by the Senate, Kevin M. Warsh, a former governor at the central bank, will replace Jerome H. Powell, whose term as chair ends in May.

© Tierney L. Cross/Bloomberg

As economists pointed to some of the president’s policies to explain the latest Labor Department data, White House aides sought to make the case for optimism in the new year.

© Doug Mills/The New York Times