Next Friday, the US official employment report will be released. Analysts at Wells Fargo, forecast nonfarm payrolls to rise by 200K in August.
“Nonfarm payrolls rose 157,000 in July, with the monthly change coming in a bit lower than the pace seen over the past few months. However, payroll growth has still averaged 215,000 jobs per month since the beginning of the year, up from 184,000 over the same period in 2017. The manufacturing sector has shown particular strength, adding 37,000 jobs in July for the largest monthly increase so far this year.”
“Although July’s employment growth came in slightly weaker than expected, average hourly earnings continued their steady rise, up 0.3 percent over the month. Solid wage growth along with the unemployment rate ticking back down to 3.9 percent confirms that the labor market remains tight.”
“We look for employment growth to regain its upward momentum, and forecast nonfarm payrolls to rise 200,000 in August. These trends should support the Fed’s assessment of a strengthening labor market, and reinforces our call for two more rate hikes before the end of the year.”
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.