NFP: Looking for a 325K increase in payrolls in August – Wells Fargo
|The key economic report of the week will be the US official employment report on Friday. Market consensus point to an increase in payrolls by 285K; analysts at Wells Fargo forecast a larger increase by 325K in August.
Key Quotes:
“July's employment report was a blowout, with nonfarm payrolls increasing 528K despite consensus expectations for "just" a 250K gain. Job growth was broad-based across most industries, and revisions to employment over the prior two months were mildly positive. However, the report likely still caused some indigestion for members of the FOMC. Wage growth came in stronger than expected, and the labor force participation rate fell by a tenth of a percentage point, putting it three-tenths of a percentage point below its March 2022 level.”
“Job growth of more than half a million new jobs per month is consistent with an economy that is experiencing robust economic growth. Yet, other indicators suggest the economy is slowing down, and monetary policymakers are charting a course that bring labor supply and demand more into balance. As a result, we would be surprised by job growth continuing anywhere near the July pace in the months ahead. We look for nonfarm payrolls to have risen 325K in August.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.