US: NFP to print 165k in March - TDS

According to analysts at TD Securities, after two zig-zagging reports for January and February, they are looking for US payrolls to return to a more sustainable 165k print in March.

Key Quotes

“In particular, we expect a recovery in employment in the construction sector following a sharp decline in February that probably reflected adverse weather effects. We also look for an improvement in services employment to be led by job gains in the education and leisure sectors.”

“All in, the household survey should show the unemployment rate remained steady at 3.8% in March, while we expect wages to rise by a “soft” 0.3% m/m pace as we anticipate some payback from the February rise. This should bring down the annual print by a tenth to 3.3%.”