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Apr 04 - 12:55 PM

Goldman Sachs: Here Is What We Expect From Tomorrow's NFP?

By eFXdata  —  Apr 04 - 11:30 AM


Goldman Sachs provides insights into the upcoming US jobs report for March, forecasting a 215k increase in payrolls and a decrease in the unemployment rate to 3.8%. This outlook surpasses the consensus expectation of a 200k rise in payrolls. The forecast attributes the anticipated job growth to factors such as heightened immigration levels, positive trends in Big Data employment metrics, and a low layoff tracker count. Despite this optimism, Goldman expects the pace of payroll gains to decelerate to 150k by the end of the year.

Key Points:

  • Payroll Growth Forecast: Predicts a 215k rise in March payrolls, attributing this growth to robust immigration, strong employment indicators, and minimal layoffs.

  • Unemployment Rate Decline: Forecasts a decrease in the unemployment rate to 3.8%, indicating ongoing labor market strength.

  • Average Hourly Earnings: Estimates a 0.25% increase in average hourly earnings for March, which would result in a year-on-year rate reduction to 4.0%.


Goldman Sachs' forecast for the March US jobs report paints a positive picture of the labor market, with expectations of continued job growth and a slight improvement in the unemployment rate. However, the projected slowdown in payroll gains towards the year-end suggests a cautious outlook on the pace of labor market expansion. This upcoming jobs report will thus serve as a crucial indicator of current economic health and future labor market trends.

Goldman Sachs Research/Market Commentary


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