4 Jul 2013
Fash: NFP expected at 165, jobless rate at 7.6% - Nomura
FXstreet.com (Barcelona) - On Friday, 5 July, Nomura Economists expect the Non-Farm Payrolls number to come at 155k jobs added vs the consensus of the marketplace, which point for a creation of 165k jobs.
Nomura argues that the slightly below consensus number picked reflects their belief that there has been no significant acceleration in labor market momentum in June. On the unemployment rate, Nomura expects it unchanged at 7.6% in June.
According to Nomura: "Consensus on the other hand expects the unemployment rate to drop to 7.5%. Our forecast for the unemployment rate in June is supported by the insured unemployment rate (from the weekly initial jobless claims data) which remained unchanged in June and our assumption that there was no improvement in the labor force participation rate."
Nomura concludes by saying that "Markets will pay a lot of attention to the unemployment rate as Fed Chairman Bernanke indicated that at the conclusion of asset purchases "the unemployment rate would likely be in the vicinity of 7%."
Nomura argues that the slightly below consensus number picked reflects their belief that there has been no significant acceleration in labor market momentum in June. On the unemployment rate, Nomura expects it unchanged at 7.6% in June.
According to Nomura: "Consensus on the other hand expects the unemployment rate to drop to 7.5%. Our forecast for the unemployment rate in June is supported by the insured unemployment rate (from the weekly initial jobless claims data) which remained unchanged in June and our assumption that there was no improvement in the labor force participation rate."
Nomura concludes by saying that "Markets will pay a lot of attention to the unemployment rate as Fed Chairman Bernanke indicated that at the conclusion of asset purchases "the unemployment rate would likely be in the vicinity of 7%."