NFP Preview: Expect mixed labour fundamentals - Goldman Sachs

Analysts at Goldman Sachs out with their preview on the June non-farm payrolls data due later today at 1230GMT.

Key Points:

Headline NFP figures seen at +180k

Unemployment rate at 4.3%

Average hourly earnings: +0.3% m/m & +2.6% y/y

“Our forecast reflects mixed labor market fundamentals in the month:

• Solid employment surveys
• But weaker jobless claims
• A positive impact from youth summer hiring

Unemployment rate ... we view the risks as skewed towards rounding up to 4.4%

Average hourly earnings ... reflecting somewhat favorable calendar effects”