US NFP preview: We expect a print of 188K - Wells Fargo
|Analysts from Wells Fargo, expect that on Friday, the non-farm payroll report will show an increase of 188K.
Key Quotes:
“Nonfarm payrolls blew past expectations in July, rising 255,000 on the heels of June’s robust 292,000 reading. Despite recent volatility in the headline number, monthly nonfarm payrolls gains have averaged a rock-solid 186,000 thus far in 2016. Although this pace is slower than the 229,000 averaged in 2015, it is still fast enough to whittle away at any remaining labor market slack.”
“Over the past year, employment gains have been heavily concentrated in the service sector. Leisure & hospitality, professional & business services and education & health services have outperformed while manufacturing and government have lagged.”
“Continued employment growth, coupled with a more stable labor force participation rate and strengthening average hourly earnings, support our call for a December rate hike by the Fed. We expect a trend-like print of 188,000 jobs next Friday and for the unemployment rate to tick down to 4.8 percent.”
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