Deutsche Bank analysts suggest that all eyes today will be on the first payrolls Friday of the new decade and on the back of that bumper 266k payrolls print in November, the consensus expects a 160k reading for last month.
“Our US economists make the point that the November data was boosted by returning GM workers so they also expect some payback and forecast 155k. In light of the strong ADP report this week they also nudged their private payrolls forecast slightly higher, to 145k. As for the other details, our colleagues expect the unemployment rate to hold steady at 3.5%, hours worked to also hold steady at 34.4 and average hourly earnings to rise +0.3% mom – all of which is in line with the wider consensus. The report is due out at 1.30pm GMT/8.30am EST.”