US: Non- farm payrolls to come in on the weak side at 160k - TDS

Analysts at TD Securities expect the US Non-farm payrolls to come in on the weak side at 160k (consensus: 190k), this time dampened by Hurricane Michael.

Key Quotes

“The latter should more than offset any rebound from Hurricane Florence, which contributed to the weaker September print, in our view.”

“We expect wages to lend a more upbeat tone to the report and rise 0.3% (consensus: 0.2%), taking the y/y pace to 3.2%. However we see risk for downward revisions.”

“Finally, the unemployment rate should be unchanged at its cycle low of 3.7%.”