US NFP preview: Expectations of a solid reading above 200K - Wells Fargo

Analysts from Wells Fargo, expected a gain in non-farm payroll of 210K in February, above the market consensus of 190K. 

Key Quotes: 

“Nonfarm payrolls rose a solid 227,000 in January, boosting the three month average to 183,000. Gains were strong across the private sector, with payrolls rising 237,000 versus a pullback of 10,000 jobs in the public sector. The jobless rate ticked up to 4.8 percent. The U-6 rate, the broadest measure of unemployment, also rose as more workers reported working part-time for economic reasons. On the wage front, average hourly earnings rose at a slower-than-expected pace, likely due to the composition of hiring, as job growth was concentrated in lower-paying industries.”

“Most employment measures remain solidly positive. Jobless claims continue to trend near multi-decade lows and the employment components of both ISM surveys signal another solid print for payrolls. We expect to see that U.S. employers added 210,000 jobs in February and expect the jobless rate edged down to 4.7 percent.”