Jan NFP to reveal continued progress in the US labor market – TDS

Analysts at TDS offer brief insights on the upcoming US Jan payrolls data.

Key Quotes:

“January nonfarm payrolls are expected to reveal continued progress in the labor market.”

“TD looks for job growth to accelerate from 156k to 175k, in line with the consensus, though we see upside risk to our forecast after the strong performance in ADP and other labor market indicators.”

“Despite the above-breakeven rate of job growth, the unemployment rate is expected to hold at 4.7% while earnings should post a gain of 0.3% m/m, both in line with market estimates.“