NFP preview: Another solid report coming in August - Wells Fargo

Next Friday, the US official employment report will be released. Analysts from Wells Fargo, expect another solid print for August with a 186K increase in payrolls. 

Key Quotes: 

“After a slowdown this spring, monthly hiring broke back above 200,000 jobs in June and July. We expect another solid payroll print for August. Initial jobless claims declined in recent weeks, consistent with fewer layoffs.”

“Meanwhile, the most recent readings on job openings and difficulty filling open positions sit at cycle highs. However, the BLS has historically underestimated the initial August print more than any other month. Therefore, we suspect the payroll figures will show a more modest gain in August of 186,000 jobs.”

“The unemployment rate likely stayed at 4.3 percent following two months of above-trend gains in the household measure of employment.”