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TD Securities economists estimate...>

US DATA PREVIEW
US DATA PREVIEW: TD Securities economists estimate +175k increase in the Feb
jobs report out Friday at 0830ET, below MNI survey mean est of +220k and a "pace
slightly below the 6-month average trend," TD said. Aside from a stable
unemployment rate est of 4.1%, focus will be on avg hourly earnings after
"January upside surprise that left wage growth tracking at 2.9% y/y."
TD warns markets may be disappointed by a lack of follow-through and technical
factors as monthly reads tend to revert to the mean. TD estimates "0.1% m/m
increase, leaving the y/y pace lower at 2.6% vs 2.9%. Downward revisions cannot
be excluded as well, which point to further downside risk to the y/y figure."

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