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Thursday, December 03, 2020

Goldman November Payrolls Preview

by Calculated Risk on 12/03/2020 03:33:00 PM

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

We estimate nonfarm payrolls rose 450k in November ... The breadth and severity of the virus resurgence suggests a larger labor market impact than during in the second wave ...

We estimate the unemployment rate declined a tenth to 6.8% ... reflecting an increase in household employment and a pause in the labor force participation rebound.
emphasis added
CR Note: The consensus is for 500 thousand jobs added, and for the unemployment rate to decrease to 6.7%.