Goldman: October Payrolls Preview

A few brief excerpts from a note by Goldman Sachs economist Spencer Hill: We estimate that nonfarm payrolls increased 340k in October , above consensus of +310k and the 3-month average pace of +91k. Our forecast reflects solid underlying job growth and a sharp rebound in employment in hurricane-affected areas, as we estimate flooding and power outages reduced the level of September payrolls by approximately 180k. We estimate the unemployment rate was unchanged at 4.2% ... we expect average hourly earnings to increase 0.2% month over month and 2.7% year over year. emphasis added...(read more)

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