Friday is nonfarm payroll day in the US – Goldman Sachs preview

September NFP is due at 1230 GMT on Friday 2 October 2020

  • Headline expected is +875k, prior +1371K
  • Unemployment expected 8.2%, prior 8.4%
  • Average hourly earnings expected +0.2% m/m and +4.8% y/y, prior 0.4 and 4.7% respectively
Estimate from Goldman Sachs:
  • headline +1.1m in September
  • unemployment rate 8.1%.
GS cite:
  • High-frequency labour market information indicates strong September job gains,
  • the second derivative improvement in the public-health situation suggests scope for a pickup in Sun Belt job growth