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NFP: Employment growth to regain its upward momentum – Wells Fargo

Next Friday, the US official employment report will be released. Analysts at Wells Fargo, forecast nonfarm payrolls to rise by 200K in August. 

Key Quotes: 

“Nonfarm payrolls rose 157,000 in July, with the monthly change coming in a bit lower than the pace seen over the past few months. However, payroll growth has still averaged 215,000 jobs per month since the beginning of the year, up from 184,000 over the same period in 2017. The manufacturing sector has shown particular strength, adding 37,000 jobs in July for the largest monthly increase so far this year.”

“Although July’s employment growth came in slightly weaker than expected, average hourly earnings continued their steady rise, up 0.3 percent over the month. Solid wage growth along with the unemployment rate ticking back down to 3.9 percent confirms that the labor market remains tight.”

“We look for employment growth to regain its upward momentum, and forecast nonfarm payrolls to rise 200,000 in August. These trends should support the Fed’s assessment of a strengthening labor market, and reinforces our call for two more rate hikes before the end of the year.”
 

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