US NFP Preview: 7 major banks expectations from the February’s Nonfarm Payroll report

By FXStreet We are closing in on the February’s release of US Non-Farm Payrolls data. The following are the expectations as forecasted by the economists and researchers of 7 major banks. After posting a weaker than expected 151k in January, all the 7 major banks are expecting February NFP to print a number in between 100K to 205K while the unemployment rate is expected to remain in between 4.9% to 5% range.

Nomura

Incoming data suggest that we should see stronger job growth in February. For example, initial jobless claims have moved lower this month. We forecast that private payrolls added a net new 205k workers, with no increase in government workers, implying that total nonfarm payrolls will gain 205k jobs. We forecast that manufacturing payrolls declined by 5k in February, as regional manufacturing surveys suggest that activity in the sector remained sluggish on the month. We expect the unemployment rate to remain unchanged at 4.9%. Last, we expect average hourly earnings to grow by only +0.20% m-o-m (+2.6% y-o-y), paring back from strong gains in the prior month, and owing to unfavorable effects from a calendar quirk.

MUFG

The consensus is for a pick-up in the pace of job gains from the weaker than …read more

Source:: FX Street