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US NFP will grab all the attention – Danske Bank

FXStreet (Edinburgh) - The monthly report on the US labour market will be the most relevant event today, commented Flemming Nielsen, Senior Analyst at Danske Bank.

Key Quotes

US non-farm payrolls take centre stage. We expect a rise of 250k, higher than the consensus estimate of 218k”.

“There are two reasons why we continue to look for payroll growth around 250k. First, our model for payrolls comprising a range of labour market indicators points to job growth of 250-260k”.

“Second, there is going to be some technical payback from very weak service employment in August, which was partly related to strike activity”.

“We look for an unchanged unemployment rate of 6.1% in line with consensus. Wage increases have remained subdued around 2% but we expect to see a gradual increase soon as the labour market is gradually tightening”.

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