Goldman Sachs NFP preview

Goldman Sachs is expecting:

  • nonfarm payrolls +1,150k in July 
  • a 0.4pp drop in the unemployment rate to 5.5%

GS cite:

  • Labor supply constraints eased further due to the wind-down of federal unemployment top-ups in some states and the addition of over 2 million youth job seekers in June and July
  • strong household employment gain offset by a sizable rise in the participation rate
  • We also note little impact on dining activity in response to the Delta variant

Nonfarm Payroll report due at 1230 GMT on Friday 6 August 2021 

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