Sunday , 10 November 2024
Home Forex US jobs numbers due Friday – Non-farm payrolls preview
Forex

US jobs numbers due Friday – Non-farm payrolls preview

Employment data from the US has shown a resilient labour market, freeing traders up to focus on inflation data. The resilience is expected to continue in today’s data:

The data is due at 230 GMT, which is 0830 US Eastern time.

Snippet via Bank of America:

  • The May employment report is
    likely to show a healthy but better-balanced labor market.
  • Nonfarm
    payrolls likely rose by 200k, a 25k increase from April.
  • Strong
    hiring is likely to result in the unemployment rate edging down a
    tenth to 3.8%. and wage growth would likely remain at 3.9% yoy.
  • In
    short, the report should signal strong labor demand and little
    concern of an economic slowdown, in our view.

More broadly:

  • We think strong employment growth in laggard industries can persist this year, albeit to a lesser extent.
  • We expect payrolls to increase by around 170k per month in 2024.
  • Job growth should then slow to an average of 100k in 2025.
  • We also expect the participation rate to be rangebound at 62.6-62_7% across our forecast horizon. As a result. we only see a small and gradual increase in the unemployment rate, with a peak of 4.1% in 4Q 2025

This article was written by Eamonn Sheridan at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

ICYMI – China inflation data over the weekend showed CPI flirting with deflation

Chinese inflation data for October was sneaked out over the weekend:China October...

ECB’s Holzmann sees no reason not to cut rates in December

Robert Holzmann, Governor of Austria's central bank and a European Central Bank...

Fed’s Kashkari: Fed wants to have confidence inflation will go all the way back to 2%

Federal Reserve Bank of Minneapolis President Neel Kashkari spoke with US media,...

Economic calendar in Asia Monday, November 11, 2024

Reserve Bank of New Zealand inflation expectations data can move the NZD...