US: NFP likely to print 140k for August – Deutsche Bank

Deutsche Bank analysts note that the consensus expects a 160k reading for August NFP, which is broadly in line with last month’s 164k reading.

Key Quotes

“Our economists are, however, below consensus at 140k, partly reflecting a one-tenth increase in average weekly hours. Our colleagues also make the point that headline and private payrolls have missed the consensus forecast in four of the last five August numbers with the median miss being 38k.”

“For wages, they expect average hourly earnings to have increased +0.3% mom, which is in-line with the market although the risk is that the annual rate rounds down to +3.0% yoy. The unemployment rate is expected to hold steady at 3.7%.”