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Thursday, November 03, 2022

Goldman October Payrolls Preview

by Calculated Risk on 11/03/2022 05:01:00 PM

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

We estimate nonfarm payrolls rose by 225k in October (mom sa) ... Labor demand remains elevated despite declining this year, and Big Data indicators generally point to above-consensus payroll gains. ... We estimate the unemployment rate was unchanged at 3.5% in Octobe ... We estimate average hourly earnings rose 0.35% month-over-month and 4.7% year-on-year.
emphasis added