Goldman Sachs non - farm payroll preview (NFP)

There is a preview of Friday's (7 August 2020 at 1230GMT) nonfarm payroll report here:

• Half the expected jobs gain in July are because of a quirk in seasonal adjustments

In brief comments via Goldman Sachs on what to expect:

• We estimate nonfarm payroll growth slowed to +1.0mn in July
• after +4.8mn in June (consensus is +1.5mn)
• we believe education seasonality could boost July payroll growth by as much as 500-750k
• We estimate the unemployment rate declined by 0.4pp to 10.7%