NFP preview: Payrolls expected to rise by 220K - Wells Fargo
|Analysts from Wells Fargo, expected NFP to rise by 220K in November. That is above the 198K expected by market consensus.
Key Quotes:
“Nonfarm employment bounced back in October following a disappointing reading in September related to post-hurricane effects. Nonfarm payrolls rose 261,000 in October following a gain of just 18,000 in September. The unemployment rate continued to fall, reaching a cycle low of 4.1 percent. A bit more disappointing was the flat average hourly earnings reading following a 0.5 percent rise in September.”
“We expect nonfarm payrolls to rise by 220,000 in November, which should keep the unemployment rate steady at 4.1 percent. Overall, job growth should average 197,000 in the fourth quarter, and we expect the unemployment rate to end the year at the current 4.1 percent rate. We continue to expect the pace of job growth to gradually decelerate next year as slack in the labor market continues to diminish. By the end of 2018 we see the unemployment rate at 3.9 percent.”
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