US: NFP to increase by 175k in July - HSBC

Analysts at HSBC present a brief preview on what to expect from the upcoming US jobs numbers slated for release at 1230GMT.

Key Quotes:

“The average monthly increase in nonfarm payrolls in the first half of 2017 was 180,000. Retail employment growth has slowed this year, but many other key industries continue to create jobs at a steady pace.

We forecast nonfarm payrolls increased by 175,000 in July.

Wage growth has picked up only modestly in recent years, even as the unemployment rate has continued to fall. We forecast a 0.3% m-o-m rise in average hourly earnings in July. The year-on-year rate could slip to 2.4%, down from 2.5% in June.

We forecast the unemployment rate fell to 4.3% in July from 4.4% in June.”