According to analysts at Nordea Markets, the trend of US NFP is likely to come down somewhat as the pace of the economic expansion is slowing.

“Consensus is 170k new jobs in February. The unemployment rate rose in January due to the government shutdown. With this effect vanishing, we expect the rate to plummet in February. Consensus if for wage growth at 0.3%m/m and 3.3%y/y. With labour shortage being visible across industries, we believe wage growth will continue its upward trend going forward.”