Next Friday, the US official employment report is due. According to analysts at Wells Fargo, the report will show the US economy added 160K jobs in December, below the 266K of November and in line with market consensus.
Key Quotes:
“We expect Nonfarm payrolls to rise by 160,000 in December, following November’s blowout 266,000-job gain. As noted earlier, employment forecasts may change a bit before the data are released depending upon what is reported in the ISM surveys and possibly the ADP employment report, which has not shown anywhere near as much strength as the BLS data have.”
“The employment report is full of interesting details that provide insight into many areas of the economy. The manufacturing data have been more volatile of late due to the earlier strike at GM and return of striking workers in the November data. Amidst this noise, the diffusion index, which measures the share of manufacturing industries adding jobs, has been gradually improving, hinting that the manufacturing slowdown may be coming to an end. The household data for 2019 will also be revised to new population estimate and seasonal factors.”
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