What to look for in the nonfarm payroll report due from the US on Friday
This via Westpac (in summary):
February …
result came as a significant shock to the market, coming in at just 20k.
- Still, for the year- to-date, the average monthly gain is robust at 166k.
March …
we look for a 185k gain to keep month-average growth around 170k.
- There is however a material risk of significant positive revisions to Feb, and hence of a softer March
unemployment rate will most likely be unchanged at 3.8%
- the trend remains downward … 3.5% could be seen in the second half of 2019.
Hourly earnings
- At 3.4%yr, wages growth is well up on its lows, but still not indicative of a 'hot' labour market. This modest uptrend should persist through 2019, to near 4.0%yr