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MNI Payrolls Preview: A Messy Report Likely

US
  • Payrolls are expected to have increased +125k in Jan but risks are skewed lower, with a dealer median of +70k and a whisper of just +5k.
  • There are various distortions likely at play, with Omicron-related absenteeism clashing with a seasonal adjustment boost from fewer layoffs plus the annual benchmark revision/population adjustment potentially further muddying things.
  • Please find the MNI preview including a selection of sell-side analyst views here: https://roar-assets-auto.rbl.ms/documents/13737/USNFPFeb2022Preview.pdf

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