The US Non-Farm payrolls report for March will be released today at 12:30 GMT.
Expectations show payrolls increasing 176K in March, which is well below February’s 235K increase and upwards-revised 238K in January.
Strong bullish signal came from US ADP report which is usually used as an indication for NFP release that showed surprise in private sector by 263K in March compared to forecast at 185K.
The US economy enjoyed strong job gains in January and February, as unusually warm temperatures pulled forward hiring in weather-sensitive sectors like construction, leisure and hospitality. Economists are expecting a payback after temperatures dropped in March.
Forecasts show that US job growth likely slowed in March mild weather boosted hiring over the prior two months, but the pace of gains should underscore the economy’s strength despite a recent slowdown in economic growth.
US jobs data could surprise in either direction, as strong private sector data suggest that NFP could follow firm sentiment and come above forecasted levels.
On the other side, weather-related factors could have influenced US jobs sector and affect more significantly very positive results in first two months of 2017.
The economy needs to create 75K to 100K jobs per month to keep up with growth in the working-age population.
Forecasts for March
Nonfarm payrolls forecast increasing 176K in March
Unemployment rate seen holding steady at 4.7%
Average hourly earnings expected to rise 0.2%