US NFP preview: Looking for 195K in July - Wells Fargo
|Next Friday, the US employment report will be released. Analysts from Wells Fargo, estimate an increase of 195K in NFP.
Key Quotes:
“Nonfarm payrolls rose by 222,000 in June while the unemployment rate edged higher to 4.4 percent. One of the more disappointing aspects of the report was the very modest rise in average hourly earnings. While there have been minor month to month fluctuations in the headline nonfarm number, the 12-month average has remained relatively steady over the past several months at 187,000.”
“Looking ahead to next Friday’s employment situation release for July, we estimate that nonfarm payrolls increased by 195,000 in July and the unemployment rate fell back to 4.3 percent. As the year progresses, we continue to estimate average monthly job growth in the 150,000 range and expect the unemployment rate to fall to 4.2 percent by the fourth quarter of this year.”
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