(New throughout with more details)

By Caren Bohan

WASHINGTON, Feb 5 (Reuters) - U.S. President Barack Obama on Friday will name a panel of outside advisers who will help shape his response to the recession and the worst financial crisis since the Great Depression.

Obama announced in November that former Federal Reserve Chairman Paul Volcker would lead the Economic Recovery Advisory Board, a group that would include businesspeople, labor experts and academic economists.

The panel is modeled after the Foreign Intelligence Advisory Board, which was created under former President Dwight Eisenhower and gives advice on intelligence matters.

"President Obama and Paul Volcker will announce the members of the President's Economic Recovery Advisory Board and outline plans for the board moving forward at an event at the White House tomorrow," White House spokeswoman Jen Psaki said.

The naming of the panel comes amid a raft of data showing the economy is sinking deeper into recession as layoffs surge.

Economists are bracing for more grim news on Friday when the Labor Department issues its January employment report at 8:30 a.m. EST (1330 GMT).

Analysts polled by Reuters predicted the data will show U.S. employers slashed another 525,000 workers from their payrolls after cutting 524,000 jobs in December.