Nomura Talk NFP


Nomura expects the August employment report to show another trend-like +200k gain in payrolls and another decline in the unemployment rate to 5.2%.

The bank believes the Bureau of Labor Statistics (BLS) will announce on Friday, 4 September, a net new 220k jobs were added to US non-farm payrolls in August, near July’s gain as economic momentum appeared to be roughly the same in August.

Nomura forecasts that private payrolls increased by 210k in August, as it expects a 10k increase in government payrolls. The bank assess the risks to our payrolls forecasts as balanced.