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US NFP to be impacted by Hurricane Florence – Goldmans Sachs

According to analysts at Goldman Sachs, Friday’s US Non-Farm Payrolls result is likely to see a slight knock on the headline figure thanks to minor fallout from Hurricane Florence.

Key highlights

GS is calling for a headliner on NFP of +175 thousand jobs added in September, expecting a temporary drag of approximately 33 thousand, while GS is also calling for the unemployment rate to sit at 3.8%.

GS is also expecting average hourly earnings to clock in at 0.3% month-over-month, with the annualized rate printing at 2.7%.

“We believe the underlying pace of job growth likely accelerated from the +185k average pace this summer, our forecast reflects a temporary drag of around 33k from Hurricane Florence.” – Goldman Sachs

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