US jobs report due Friday – Goldman Sachs preview the Nonfarm Payroll for January

A preview of the NFP from GS, but first a look at consensus expectations.

This
snapshot from the ForexLive economic data calendar,

access
it here





.

The
times in the left-most column are GMT.

The
numbers in the right-most column are the ‘prior’ (previous month)
result.

The
number in the column next to that, where is a number, is what is the
consensus median expected.

Goldman Sachs’ estimate for the headline number us a drop of 250,000, well under the consensus of +150K

• Our forecast reflects a large and temporary drag from Omicron on the order of 500-1000k, as survey data indicate a surge in absenteeism during the month
• We estimate an unchanged unemployment rate of 3.9%—in line with consensus—reflecting likely declines in both household employment and labour force participation due to the virus wave.