Strategists from Toronto-Dominion Securities are out with a note explaining why they're expecting a deeper contraction in both the US Non-Farm Payrolls (NFP) Friday report and US Average Hourly Earnings (AHE) compared to the median market forecast.
Payrolls to soften at a steeper rate for October We look for payrolls to soften in October, registering a 140k gain and reflecting a mean-reversion after a booming NFP report in September. Average hourly earnings likely advanced 0.
2% m/m for a third consecutive month, with the y/y measure dropping to 4.0%. A weak payroll report could spark a continuation of the recent bull flattening move in rates. A moderation in headline job gains coupled with another 0.2% m/m increase for AHE will put further pressure on the USD.
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Private sector payrolls rose 113,000 in October, less than expected, ADP saysADP reported that companies added 113,000 workers for the month, higher than the 89,000 in September but below the estimate of 130,000.
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Private sector payrolls rose 113,000 in October, less than expected, ADP saysADP reported that companies added 113,000 workers for the month, higher than the 89,000 in September but below the estimate of 130,000.
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US private payrolls, wage gains slowingUS private payrolls, wage gains slowing - ADP
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US private payrolls, wage gains slowingU.S. private payrolls increased less than expected in October and wage growth moderated, according to a report on Wednesday.
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US Private Payrolls Miss Expectations in OctoberU.S. private payrolls increased far less than expected in October, but that likely understates the health of the labor market, which remains tight. Private payrolls rose by 113,000 jobs last month, the ADP National Employment Report showed Wednesday.
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Gold Price Forecast: XAU/USD buyers look to $2,000 and US Nonfarm PayrollsGold price is finding its feet to attempt another run to the $2,000 threshold early Thursday, as the United States Dollar (USD) and US Treasury bond yields lick their wounds following a non-committal US Federal Reserve (Fed) interest rate outlook and mixed US economic data.
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