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On Friday's headline employment.....>

US DATA PREVIEW
US DATA PREVIEW: On Friday's headline employment data, Morgan Stanley economists
estimate the "labor market to have generated 194,000 net new jobs in August,
with the unemployment rate falling to 3.8% and a 0.2% monthly increase in
average hourly earnings, holding the year-over-year rate steady at 2.7%." On the
high-side of estimates, RBC Capital Markets economists "look for the unwind of a
one-off event to help lift nonfarm payrolls to an above consensus 225k in
August." while "unemployment rate to slide about 0.1ppt to 3.8%".
"Fundamentally," RBC added that "trend payroll growth looks to be about 200k"
citing:1) "strong ADP (which has about 1/3 the volatility of monthly NFP)," 2)
"initial jobless claims that just printed a new record low (back to 1948,
population-adjusted)," and 3) "job openings that remain near all-time highs at
an eye popping 6.6 million (there are more openings than officially unemployed
folks right now)."

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