Thursday, November 05, 2020

Goldman October Payrolls Preview

by Calculated Risk on 11/05/2020 03:06:00 PM

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

We estimate nonfarm payrolls rose 500k in October, below consensus of 600k. High-frequency labor market information indicates further deceleration in job growth, consistent with a drag from the virus resurgence and fiscal fizzle. ...

We estimate the unemployment rate declined by two tenths to 7.7%.
emphasis added
CR Note: The consensus is for 600 thousand jobs added, and for the unemployment rate to decrease to 7.6%.