Free Trial

TD: Payroll Growth To Drop Sharply In August

US OUTLOOK/OPINION

TD is at the bottom of sell-side nonfarm payroll expectations for August, looking for a drop to 400k (and unemp rate of 5.3%).

  • They cite "less help from the seasonal adjustment process, particularly for the government sector...but underlying momentum appears to have faded as well."
  • Re weakening momentum, they cite Homebase data as suggesting a "sharp slowing in the leisure and hospitality category in particular".
  • They also see hiring as being held back "to some extent by factors temporarily limiting labor supply (including COVID fears and supplemental unemployment benefits)".

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.