US nonfarm payrolls should come in near trend at 170k – RBC CM

Research Team at RBC Capital Markets, suggests that the data we have in-hand suggest US nonfarm payrolls should come in near trend at 170k for both the headline and private reads.

Key Quotes

“Jobless claims continue to plumb the depths and suggest no stress in the labor market at present. Meanwhile, job openings remain at the highs of the cycle and point to robust demand for headcount. Accordingly, we expect payroll growth to remain well above potential in the near-term.”