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Payrolls Seen Slowing to +170k

US DATA

Two hours out from the August NFP release, MNI Preview here: https://roar-assets-auto.rbl.ms/files/55566/USNFPS...

  • Consensus sees payrolls growth of 170k with perhaps a little under 20k as a temporary drag from the actors’ strike June, along with a potential seasonal bias lower.
  • The strike is seen unlikely to have a material impact on AHE, forecast at 0.3% M/M after July’s surprise strength, or average hours worked, seen holding at pre-pandemic lows.
  • It could help push the u/e rate higher though, with analysts skewed higher than consensus for no change.

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