8 May 2015
US NFP forecast at 215K – Danske
FXStreet (Barcelona) - Jens Nærvig Pedersen, Senior Analyst at Danske Bank, previews the US jobs report to be released today, and further forecasts nonfarm payrolls to print a below consensus figure at 215K.
Key Quotes
“Focus is on the US job report. We expect a rebound in job growth in April with nonfarm payrolls up 215,000, which is slightly below consensus. This would be a significantly higher pace of job creation than in March, when job growth was a modest 126,000.”
“We estimate that the unemployment rate held steady at 5.5% and continue to expect the Fed’s long-term neutral rate of 5.0-5.2% to be reached in H2 this year.”
“Markets are likely to pay close attention to the average hourly earnings component in the employment report.”
“The Employment Cost Index for Q1 released last week showed that wage inflation accelerated and we would expect to see a similar pick-up in average hourly earnings soon, as the labour market continues to tighten.”
Key Quotes
“Focus is on the US job report. We expect a rebound in job growth in April with nonfarm payrolls up 215,000, which is slightly below consensus. This would be a significantly higher pace of job creation than in March, when job growth was a modest 126,000.”
“We estimate that the unemployment rate held steady at 5.5% and continue to expect the Fed’s long-term neutral rate of 5.0-5.2% to be reached in H2 this year.”
“Markets are likely to pay close attention to the average hourly earnings component in the employment report.”
“The Employment Cost Index for Q1 released last week showed that wage inflation accelerated and we would expect to see a similar pick-up in average hourly earnings soon, as the labour market continues to tighten.”