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Goldman February Payrolls Preview

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by Calculated Risk on 3/03/2022 04:28:00 PM

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

We estimate nonfarm payrolls rose by 500k in February (mom sa), above consensus of +400k. Our forecast assumes the return of roughly 200k payroll workers who missed work in January due to Omicron. … We estimate a two-tenths drop in the unemployment rate to 3.8%–compared to consensus of 3.9%.
emphasis added

CR Note: The consensus is for 400 thousand jobs added, and for the unemployment rate to decline to 3.9%.

February jobs report expected to show strong labor market continuing with solid wage gains

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