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Let's Get Ready For NFP This Week!

BySaxo Bank
AuthorSaxo Bank
Published 09/01/2014, 08:09 AM
Updated 03/19/2019, 04:00 AM

Get ready folks! The US nonfarm payrolls print is just four days away and we've lined up a terrific array of prizes for the lucky winner of the best NFP competition out there for the financial trading community. We'll be turning to Saxo Bank's head of macro strategy Mads Koefoed throughout the week as we build into Friday assessing the likely outcome of the number that matters above all others in US employment. As a barometer of US performance, you couldn't get much more symbolic than this. Mads will use Thursday's ADP report − the monthly trailblazer for the NFP print − to assess what we can glean for the NFP number. He'll also factor in the latest economic trends in the US to help create a picture that elevates TradingFloor's community above the noise, and provide clarity on an ever-changing and complex backdrop. We've already seen second-quarter GDP for the US revised up to 4.2% on August 28 and jobless claims coming in at under 300,000. Mads said: "The labour market’s shift into a higher gear this year should continue in August, setting us up for the sixth straight increase in nonfarm payrolls of more than 200,000. " "The second quarter GDP report released last week shows the US economy has bounced back in style from a weather-related poor patch in the first quarter and I expect growth to remain strong for the rest of the year, which will push the unemployment rate lower and up the pressure on the Fed to hike rates before mid-2015," said Mads. "In terms of this week’s employment report, available indicators are still scarce, but the weekly jobless claims figures support another increase in payrolls of at least 200,000," he added.

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