US: NFP likely to increase by 180k in July – Westpac

Analysts at Westpac are forecasting that the US NFP is likely to post a figure of 180 K for the month of July, while the unemployment rate is likely to dip to 3.9%.

Key Quotes

“The US labour market has continued to exceed expectations in 2018. Employment growth continues to run well ahead of the pace needed to hold the unemployment rate constant. And, as a result, all measures of labour market slack have continued to move lower, past historically low levels.”

“Come July, we look for another strong result, albeit a little more modest than those seen of late. A 180k gain would still see the average pace of 2018-to-date remain above that of 2017, and would further build the case for stronger wage gains.”