US: NFP consensus is 180K for July - Rabobank

Michael Every, Senior Asia-Pacific Strategist at Rabobank suggests that the US July payrolls consensus is 180K, which is down from 222K.

Key Quotes

“More importantly, average hourly earnings are seen up 0.3% vs. 0.2% last time, although even that will take the headline rate down from 2.5% to 2.4% y-o-y. As such, if we get a weaker print we could see potentially earnings slip to 2.3%, or even 2.2% in a worst case scenario depending on revisions. On the other hand, if we do suddenly see earnings beat the bullet it’ll be a shot across the bow of Treasury yields: that could be interesting given how unloved USD is at present.”