Analysts at Deutsche Bank suggest that in terms of expectations, market consensus is for a 193k payrolls print which compares to the above market 213k in June, while the unemployment rate is expected to nudge down one-tenth to 3.9%.
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“The earnings data should be the main focus though with average hourly earnings expected to come in at +0.3% mom. Our US economists are forecasting the same for earnings which would keep the annual rate steady near +2.75% yoy.”
“Our team are slightly below market on payrolls at 180k but that’s still more than indicative of the ongoing tightening in the labour market. So all eyes on that at 1.30pm BST.”
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