Banks’ preview: NFP, unemployment rate and average hourly earnings

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The consensus expectation for the US NFP – 178K jobs. That is stronger than the 138K in May. A number like that (or any other number above 118K) will probably not deter the FED from their planned path. An additional hike is still expected this year as well as a run-off of the QE.

Our expectations in brief: the jobless rate is unchanged at 4.3%; average hourly earnings picking up slightly from 0.2% to 0.3%; probably weaker jobless claims.

Banks' preview:

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