US nonfarm payrolls seen firmer at +340k in October – Goldman Sachs

Goldman Sachs’ economists present a brief preview of what to expect from today’s US labor market release due on the cards at 1230 GMT.

Key Quotes:

“Estimate nonfarm payrolls +340k in October, above consensus of +310k and the 3-month average pace of +91k.

Our forecast reflects solid underlying job growth and a sharp rebound in employment in hurricane-affected areas, as we estimate flooding and power outages reduced the level of September payrolls by approximately 180k.

Unemployment rate forecast is 4.2%.

For average hourly earnings.

Increase 0.2% m/m and 2.7% y/y. “