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Focus on US October nonfarm payrolls data– TDS

FXStreet (Delhi) – James Rossiter, Senior Global Strategist at TD Securities, suggests that after the lacklustre performance over the past two months, we expect the US labor market to snap back to life in October with the pace of jobs growth rebounding to a respectable 193K pace (consensus: 180k).

Key Quotes

“While this remains well short of the 250K/monthly pace over the past year, it will nonetheless reflect a meaningful uptick from the subpar 139K average during the prior two months. The unemployment rate should remain unchanged at 5.1%. The overall tone of this report should be positive, as the resuscitation in jobs growth will allay fears that the employment wheels have fallen off.”

“Nevertheless, given the slowing in domestic growth momentum and the more challenging global environment, we expect the trend pace of monthly jobs growth to downshift to the 150K to 200K range going forward.”

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