Goldman Sachs’ economists present a brief preview of what to expect from today’s US labor market release due on the cards at 1230 GMT.
“Estimate nonfarm payrolls +340k in October, above consensus of +310k and the 3-month average pace of +91k.
Our forecast reflects solid underlying job growth and a sharp rebound in employment in hurricane-affected areas, as we estimate flooding and power outages reduced the level of September payrolls by approximately 180k.
Unemployment rate forecast is 4.2%.
For average hourly earnings.
Increase 0.2% m/m and 2.7% y/y. “
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