Goldman Sachs preview of the US nonfarm payroll (NFP) report due Friday, 6 January 2023

US jobs data is due at 0830 New York time.

Earlier:

• Preview: December non-farm payrolls by the numbers

Snippet from Goldman Sachs, estimates:

• headline nonfarm payrolls Nonfarm Payrolls Nonfarm Payrolls (NFP) is the single biggest monthly economic news indicator released out of the United States, usually on the first Friday of every month. Reported by the US Bureau of Labor Statistics, the NFP measures the increase or decrease in the number of people employed during the previous month, except for those working in the farming and agriculture industry.The NFP can also be referred to as an Employment Change, and is the most anticipated monthly report. As it's released at the begin Nonfarm Payrolls (NFP) is the single biggest monthly economic news indicator released out of the United States, usually on the first Friday of every month. Reported by the US Bureau of Labor Statistics, the NFP measures the increase or decrease in the number of people employed during the previous month, except for those working in the farming and agriculture industry.The NFP can also be referred to as an Employment Change, and is the most anticipated monthly report. As it's released at the begin Read this Term +225k
• unemployment rate unchanged at 3.7%
• 0.35% increase in average hourly earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term
• year-on-year rate to 4.95%

GS say:

• "We are still in a good data is bad for stocks set up but the new spin is that really bad data is also bad for stocks. AKA risk is skewed to the downside"

JP Morgan take a wider look:

• payroll growth to slow to an average of about 60K per month in Q1 2023
• turning negative in Q3 this year
• peak-to-trough job losses of over 1 million workers through 2Q24 as the US economy slips into a mild recession

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.