US employment report is clearly the highlight of the week – Deutsche Bank

Research Team at Deutsche Bank, suggests that today’s US employment report is clearly the highlight of the week, because it has the potential to change both investors’ and monetary policymakers’ assessment of the economic outlook.

Key Quotes

“The unemployment rate (4.9% vs. 4.9%) is expected to remain at its trailing 12-month average. Growth in average hourly earnings (+0.2% vs. +0.1%) is expected to remain soft.

Finally, we expect the nonfarm workweek to remain steady at 34.3 hours. Later on Friday morning, the August wholesale inventories (-0.1% vs. Unch.) data should provide further evidence that meaningful inventory restocking has yet to materialize.

We complete the week with August consumer credit (+$16.0 billion vs. +$17.7 billion). Historically, this series has not been a market-moving release given that it is a lagging indicator of consumer spending.”