The bank expects the NFP today to go as expected - 160K. However, they note that market participants should also pay attention to wage data.
The bank's economists expect today's consensus on data to be 160,000. From the Fed's perspective, the annual trend in private employment is much more important as it has to overcome the trend in employment growth and its pace to keep unemployment is maintained at low levels. If the monthly payroll stays in the range of 75K - 120K, this will be within the overall growth trend of the economy, the activity will remain high.
With regard to the remaining data, the bank expects unemployment to remain at 3.6% and wages to rise by + 0.3%. Expectations for hourly pay are to be kept at 34.4.
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