Goldman Sachs preview the US labor market report:
- Despite the labor market continuing to rebalance, with our jobs-workers gap now a large part of the way back to pre-pandemic levels, we estimate Friday’s jobs report will show a strong 200k (mom sa) rise in nonfarm payrolls in September.
We expect the unemployment rate to decline to 3.7% (from 3.8% in August)
and forecast a 0.3% increase in average hourly earnings (mom sa) that slightly lowers the year-on-year rate to 4.28%, partly reflecting waning wage pressures.
Earlier: