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Payrolls: Primary Dealers See Hawkish Skew For U/E & AHE

US
  • Breaking down the Bloomberg analyst survey for Friday's payrolls report, there is an unusually asymmetrical skew to risks of a more hawkish outturn for both the unemployment rate and average hourly earnings growth in January compared to consensus of 3.6% and 0.3% M/M respectively.
  • The last few months have seen at least some two-sided risk but this time analysts are either in line with consensus or hotter: see table.


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