On Friday, the US official employment report will be released. Analysts at Wells Fargo, expect payrolls to rise by 185K.
Key Quotes:
“Job growth continued its tear in August, with employers adding 201,000 jobs. We expect to see a similarly strong gain for September and look for payrolls to rise by 185,000. Demand for workers remains exceptionally strong. Job openings and the share of small business reporting they have at least one job to fill are at record highs, while jobless claims are at the lowest levels since the late 1960s when the workforce was half its current size. The amount of available labor continues to shrink as a result.”
“Although the unemployment rate has fallen more slowly over the past year as more prime-age workers (ages 25-54) join the labor force, we expect to see it tick back down to 3.8% in August. Average hourly earnings may slow a touch in September after an impressive 0.4% rise last month, but should continue to rise on trend in the coming months as the labor market tightens further.”
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