BMO, MS, Scotia Right Around Consensus On Aug Payrolls

Rounding up some at/slightly below consensus views on payrolls:

• BMO is just above consensus in forecasting +750K August payrolls (which when published earlier this week week was right in line with Bloomberg consensus), with the education sector providing some boost but far less than in the prior two months. On Fed policy: "Prior to the stunning July jobs report, Chair Powell wanted to see a few more months of strong payroll gains before considering tapering asset purchases, so another solid report in August could advance the timing.
• Morgan Stanley expects payrolls to have risen +725K in August, right in line with current Bloomberg consensus, with the unemp rate falling to 5.1%.
• Scotiabank looks for +650K payrolls, slightly below consensus: "We already know that several activity readings have softened of late and it may be reasonable to expect the same for job growth", as the August payrolls report "might offer the first test of the US economy's resilience in the face of rising COVID-19 cases". They see potential for supply-side issues continuing, and note that the "low hanging fruit" on bringing back leisure/hospitality workers "might have already been picked".