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5 Feb 2016
US NFP to print 170k in January – Goldman Sachs
Research Team at Goldman Sachs, expects a 170k gain in nonfarm payroll employment in January, below consensus expectations of 190k—and a downward revision from our forecast at the start of the week.
Key Quotes
“Labor market indicators were weaker in January, with declines in the employment components of both the ISM manufacturing and nonmanufacturing surveys and rising jobless claims. We also expect some payback from the unusually warm weather and residual seasonality in couriers and messengers’ employment, which boosted payrolls in 2015Q4.
The unemployment rate is likely to remain unchanged at 5.0%. Average hourly earnings are likely to rise at 0.4% month-over-month due mostly to calendar effects and a likely small boost from state-level minimum wage hikes.”
Key Quotes
“Labor market indicators were weaker in January, with declines in the employment components of both the ISM manufacturing and nonmanufacturing surveys and rising jobless claims. We also expect some payback from the unusually warm weather and residual seasonality in couriers and messengers’ employment, which boosted payrolls in 2015Q4.
The unemployment rate is likely to remain unchanged at 5.0%. Average hourly earnings are likely to rise at 0.4% month-over-month due mostly to calendar effects and a likely small boost from state-level minimum wage hikes.”