NFP: Payrolls likely to have continued to lose steam in October – TDS
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
On Friday, the US official employment report will be release. Analysts at TD Securities expect an increase in payrolls of 220K, slightly above the market consensus of 200K. They see the dollar trading in the direction of the data.
“We expect payrolls to have continued to lose steam in October (TD: 220k), reflecting modest deceleration vs the 263K print registered in September. We look for October’s deceleration in job creation to also be reflected in a jump in the unemployment rate to 3.7% following its new drop to 3.5% in September. We are also forecasting wage growth to accelerate to 0.4% m/m, but to slow to 4.7% on a y/y basis.”
“USD should trade in the direction of the data, though our above-consensus forecast is likely not enough to justify major upside pressure. Asymmetric reaction profile on weaker data, though we think there is some limit to the downside as CPI will be the main focus next week.”
[/s2If]
Join Our Telegram Group
