US NFP report to remind markets that growth outlook remains stable - Nomura
Analysts at Nomura offer a sneak peek at what to expect from the December US labor market report due later on Friday at 1330 GMT.
“Indicators of labor demand remain strong but beware of weather effects in coming months.
NFP Forecast 200k.
Employment components of the latest regional surveys and initial claims data suggest labor demand remains strong.
With temperatures returning to a normal seasonal range, construction employment likely rebounded.
We expect some payback from a softer-than-expected 155k NFP gain in November.
We expect 0.3% m/m and 3.0% y/y average hourly earnings
Unemployment rate at 3.6%.
Altogether, we expect the December employment report to remind markets that the US growth outlook remains stable despite financial market volatility.”