Friday’s employment numbers will garner significant attention as market participants gauge the likelihood of a rate hike in the coming months, notes Credit Suisse.
"We project nonfarm jobs to rise 205k, down from the prior month’s 223k and below consensus of 225k. Our unemployment rate projection of 5.3% is in line with consensus and unchanged from the prior month. Though last week’s ECI print disappointed, we expect average hourly earnings to rise 0.3% (consensus 0.2%), up from the prior month's 0.0%, bringing year-over-year growth to 2.3%," CS projects.
Prior to the employment report, we will receive on Wednesday both of the ADP employment and the ISM nonmanufacturing data.
"ADP Employment is projected to rise by 210k, 27k below June’s 237k growth. We expect ISM non-manufacturing to tick down from 56.0 to 55.7 (consensus 56.3)," CS adds.
"We remain bullish on the USD following the FOMC statement – as it kept a 2015 hike on the table," CS advises.
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