TD Research discusses its expectations for this week's US jobs report on Friday. TD looks for 370k for NFP (cons: 300k) and 3.4% for unemployment rate (cons: 3.5%).
"Employment likely continued to advance robustly in August but at a more moderate pace following the booming 528k print registered in July. High-frequency data, including Homebase, point to still above-trend job creation," TD notes.
"We also look for the UE rate to drop by a tenth for a second consecutive month to 3.4%, and for wage growth to advance at a firm 0.4% m/m (5.3% y/y)," TD adds.