November US Nonfarm Payroll report due Friday 03 December 2021 – what to expect

The US NFP labour market report is due at 1330 GMT. Its expected to show continued gains for jobs.

Consensus is for the headline job gains at +550k (prior 531K)

  • unemployment rate expected 4.5% (prior 4.6%)
  • average hourly earnings expected 0.4% m/m, prior 0.4%
  • average hourly earnings expected 5.0% y/y, prior 4.9%
  • average weekly hours expected 34.7, prior 34.7

Given Fed Chair Powell pivoted to saying inflation is not transitory the usual intense focus on the jobs report is not here today. A downside surprise would be a complicating factor while an upside surprise would add to the likelihood of a quicker taper and should provide a tailwind for the dollar. 

The US NFP labour market report is due at 1330 GMT. Its expected to show continued gains for jobs.

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