NFP Preview: Forecasts from nine major banks, employment to soften due to Omicron NFP Macroeconomics DollarIndex Banks
me, here are the forecasts by the economists and researchers of nine major banks regarding the upcoming employment data.
The US economy is expected to have added 150K jobs in January, down from 199K reported in the previous month. The unemployment rate is foreseen to hold steady at 3.9% and Average Hourly Wages are anticipated to rise 0.5% MoM, 5.2% YoY during the reported month.. Employment growth is unlikely to pick up pace until more people return back to the labour force.”and the unemployment rate to edge down to 3.8%.
Chair Powell has already said that his personal view is that labour market conditions were consistent with maximum employment, “in the sense of the highest level of employment that is consistent with price stability’.”“Payrolls likely plunged in January, but only because of temporary Omicron fallout; if anything, we see downside risk to ourestimate. Several Fed officials have already made clear that they will discount weak data as temporary.
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