US: Focus on the October jobs report this week

Analysts at ING suggest that following a strong US GDP print, the US data focus in the week ahead shifts to the October jobs report.

Key Quotes

“Our economists expect a strong employment rebound after a weather-depressed September reading caused by Hurricane Florence – and they had even hoped for an even stronger outcome than our 200,000 forecast for payrolls, but note that Hurricane Michael hit Florida the week of October payrolls data collection.”

“In terms of wages, we think the annual rate will move up to 3.2%, which would make the fastest rate of pay growth since April 2009, while the unemployment rate could drop to the lowest since December 1969. While markets are broadly expecting this – any strong US inflationary signs could give US Treasury yields another boost and see global risky assets take a hit. The USD would likely remain bid in this scenario.”

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