Thursday, October 01, 2020

Goldman September Payrolls Preview

by Calculated Risk on 10/01/2020 05:50:00 PM

A few brief excerpts from a note by Goldman Sachs economist Spencer Hill:

We estimate nonfarm payrolls rose 1.1mn in September, above consensus of +0.875mn. High-frequency labor market information indicates strong September job gains, and the second derivative improvement in the public-health situation suggests scope for a pickup in Sun Belt job growth. ...

We estimate the unemployment rate declined by three tenths to 8.1%.
emphasis added
CR Note: The consensus is for 850 thousand jobs added, and for the unemployment rate to decrease to 8.2%.