• U.S. nonfarm payrolls report to come in stronger than market consensus - ING

Market news

6 December 2019

U.S. nonfarm payrolls report to come in stronger than market consensus - ING

After the ISM non-manufacturing disappointed this week, analysts at ING expect that today’s jobs report in the U.S. to come in stronger than market consensus. 

  • "Our economics team is expecting a 210k increase in hiring (consensus 183k) which should mark a strong rebound from the October reading. The headline gauge should largely benefit from the ending of the General Motors strike. This should give some respite to the dollar which has been under pressure in the past few days, mostly on the back of increased trade optimism. 
  • An improvement in the labour outlook should endorse the notion that the Federal Reserve will stay on hold as it announces monetary policy next week (the market is already fully pricing in this eventuality). 
  • Nonetheless, we continue to see a non-negligible risk of the Fed restarting its easing cycle early next year as the economic outlook keeps softening."

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