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On tap for Friday: February.........>

US DATA PREVIEW: On tap for Friday: February nonfarm payrolls (183k) and private
payrolls (170k); unemployment rate (3.9%) and average hourly earnings (0.3%);
housing starts (1.178m) and building permits (1.288m) for February. On payrolls,
most llok for a reversion to mean after two consecutive blow-out reads.
- RBC economists "look for nonfarm payrolls to decelerate to about 200,000.
Nonfarm payroll growth has now come in at 200,000 or better in six of the last
nine months and three of the last four."
- Nomura forecasts a "170k increase in February nonfarm payroll employment,"
adding that a "170k increase in NFP will remain above the level needed to absorb
new labor market entrants, putting downward pressure on the unemployment rate,
which we expect to decline 0.2pp to 3.8%."
- Morgan Stanley "expect a sharp moderation in employment 141,000.
Sequential growth in average hourly earnings, meanwhile, is likely to accelerate
to 0.4%M, raising the year-over-year wage growth to 3.5% from 3.2% in Jan. After
rising to 4.0% in Jan, the unemployment rate should drop back down to 3.8%."

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