US NFP: We expect 191K in March  - Wells Fargo

Analysts from Wells Fargo, expect that on Friday, the NFP will show that the US economy created 191K jobs. The projection is above the market consensus of 170K.

Key Quotes: 

“The U.S. labor market remained robust in February, surprising markets by adding 235,000 jobs, bringing the three-month average gain to 209,000 jobs. Manufacturing and construction had strong months of hiring, as the factory sector rebuilds its workforce and mild winter weather pulled construction work forward in February.”

“We may see some payback in construction job gains in March, but ISM employment indices continue to point to expanding manufacturing payrolls, though the pace may moderate. We expect the U.S. economy added 191,000 jobs in March, which is closer to its average over the past year and well above consensus.”

“The tight labor market may restrain hiring, with the unemployment rate currently at 4.7 percent in February. We expect the jobless rate was 4.7 percent in March.”