Its nonfarm payroll day. If it wasn't for all the political chaos in the US it'd be getting more attention.
- Its due at 1230GMT Friday 4 August 2017
- Nonfarm payrolls for July
Median consensus expected is +180K headline,
- u/e at 4.3%,
- average hourly earnings +0.3%m/m & +2.4% y/y,
- weekly hours 34.5
Goldman Sachs estimate is for a headline at +190k in July
- unemployment rate 4.3%
- +0.3% m/m for average hourly earnings (+2.4% y/y)
Citing:
- reflects generally favorable labor market fundamentals
- potential boost from evolving seasonality (July job growth has been strong in recent years in both the establishment and household surveys)
- Combination of diminished labor market slack & favorable calendar effects to produce rise in average hourly earnings
Earlier in the week GS published a note on the labour market, nos specifically on the NFP, but my summary is here if you are interested: Goldman Sachs on the US labor market ahead of the NFP (& FOMC implications)
