Nov NFP Preview – Goldman Sachs

Analysts at Goldman Sachs present a brief preview on the upcoming US labor market report, which will be published later today at 13.30GMT.

Key Highlights:

Forecast nonfarm payroll growth at +200k in November

Previous forecasts at +180k, citing a flow of stronger data so far this week (especially ADP)

Cite positive weather effects and "possible residual seasonality"

The US unemployment rate seen at 4.8%

Average hourly earnings expected +0.1% on the month (a lot lower than the +0.4% in October)

Cite "negative calendar effects" (forecast for y/y is at +2.7%)