US NFP to increase by 185k in November – RBC CM

Research Team at RBC Capital Markets, is looking for the US headline and private payrolls to increase by 185k in November.

Key Quotes

“Fundamentals remain sound with initial jobless claims, in particular, drifting down to a fresh all-time (labor force-adjusted) low recently. Note that retail hiring had a very poor showing in October, declining -1k sequentially, and this is inconsistent with holiday hiring trends (which are up slightly vs. last year)—look for this sector to rebound sharply. Consistent with healthy job gains, we look for the unemployment rate to drift down to 4.8%.”