Societe Generale: US Nonfarm Payrolls Preview

Quotes from Societe Generale

• Our analysis suggests that last month's readings on hiring and joblessness will once again support the upgraded assessment of labour-market conditions expressed by FOMC voters following their January meeting. 
  
  
• We expect government statisticians to report that nonfarm payrolls expanded by a healthy 280,000 in February, following the breakneck 336,000 pace set over the prior three months, while the civilian unemployment rate declined to a new expansion-low of 5.5%.
   
• Previously discussed calendar quirks associated with the early termination date of the establishment survey, however, likely capped average hourly earnings growth at a consensus-matching 0.2% last month, after the encouraging 0.5% uptick posted in January.
• Meanwhile, the mean workspan of all private workers probably remained glued at 34.6 hours for the fifth consecutive month.