US non-farm payrolls likely increased by 170,000 in November – Danske Bank

Research Team at Danske Bank, suggests that today, the US jobs report for November due out at 14:30 CET will be the main focus.

Key Quotes

“Despite the moderate headline employment growth of 161,000, the October US jobs report was strong with declines in both the unemployment and underemployment rates and acceleration of wage growth to 2.8% y/y, the highest wage growth since 2009. This should be sufficient 'further evidence' for the FOMC to raise rates on 14 December, which is now also fully priced in by markets. For the November report we estimate non-farm payrolls increased by 170,000 (consensus: 180,000) in line with recent trends and estimate an unchanged unemployment rate at 4.9%. We also expect average hourly earnings increased 0.2% m/m implying an unchanged wage growth rate of 2.8% y/y.”