NFP: catching up effect for November driven by the service sector - Danske Bank
Analysts from Danske Bank, expect to see a catching up effect for non-farm payrolls in November. They expect an increase of 195K in NFP driven mainly by the service sector.
“In the US, the jobs report for November is due for release on Friday. Several indicators (particularly PMI employment index) point towards a solid jobs report although it delivered several figures below what could be expected based on other indicators this year.”
“We expect a catching up effect for November driven by the service sector. Hence, we estimate non-farm payrolls increased 195,000 in November with services the main contributor. We estimate average hourly earnings increased in line with trend of 0.2% m/m (2.6% y/y vs. 2.4% y/y in October) and an unchanged nemployment rate. Besides the jobs report on Friday, there are no other market movers on the agenda in the coming week.”